Wise Plc Feedback from New York analyst presentation: Consistent messaging on business model and opportunity

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Wise Plc Feedback from New York analyst presentation: Consistent messaging on business model and opportunity

C A Z E N O V E Europe Equity Research

12 May 2026

Wise Plc

Feedback from New York analyst presentation: Overweight

Consistent messaging on business model and WISEa.L, WISE LN

opportunity Price (12 May 26):1,040p

Price Target (Dec-27):1,260p

This afternoon we attended Wise’s Dual Listing Presentation held in New York and European Tech Hardware &

webcast. The presentation provided a helpful overview of the business and vast Payments

market opportunity to new investors/analysts, as well as providing better detail on Craig A McDowell AC

the financial model (in particular in the context of US GAAP adoption) - although (44-20) 7742-4576

CFO Thomassin said an update on capital return framework would come at the craig.mcdowell@jpmorgan.com

FY26 results. The content of the presentation was broadly similar to that presented Sandeep Deshpande

at the “Owners Day” roughly ~13 months ago; however, we sensed a greater (44-20) 7134-5276

emphasis on Deposit growth as a driver of profitable growth, but also as a phase sandeep.s.deshpande@jpmorgan.com

of the flywheel enabling the core cross-border business. In addition, CEO Kaarman Anthony Girard

(44-20) 3493-6469

indicated that going forward, management would take a more gradual approach to anthony.girard@jpmorgan.com

price / take-rate reduction (unlike the sharp cuts seen in FY25). J.P. Morgan Securities plc

• Wise Network - outlining the asset: Management spent time detailing the Specialist Sales contact details:

combination of technology, regulatory licenses, connections and operations Scott Silver - Specialist Sales -

that forms the Wise network/infrastructure - which we see as an important European TMT