FY26 Recap: More than Solid; FQ1'27 Preview: Trends Should Continue

研报英文原文证据摘录

FY26 Recap: More than Solid; FQ1'27 Preview: Trends Should Continue

UK | Payments & FinTech

Wise EquityJulyResearch8, 2026

TARGET | ESTIMATE CHANGEFY26 Recap: More than Solid; FQ1'27 Preview:

RATING BUYTrends Should Continue

PRICE $13.03^

Wise shares bounced on strong FY26 results, which included a >$550m

buyback announcement, but otherwise on track with its long-term ambition, PRICE TARGET | % TO PT $16.60 ($17.45) | +27%

including a 1-2bp/qtr cross-border fee reduction to increase its economic 52W HIGH-LOW $17.47 - $10.36

moat. While that leads us to trim estimates, we remain constructive FLOAT (%) | ADV MM (USD) 77.2% | 20.59

on customer growth and the platform opportunity, and we expect FY27 MARKET CAP $13.4B

to potentially bring a further push towards digital assets, with recent TICKER WSE ^Prior trading day's closing price unless otherwise

commentary turning more positive. noted.

RATING BUY

Sentiment remains cautious: The strong results around sustainable underlying profitability

and confirmed momentum appear to have boosted sentiment, albeit questions on customer TICKER WISE LN

growth sustainability and long-term margin profile will likely persist. The move to US GAAP PRICE 970.00p^

guidance remains a key discussion given it creates less visibility on the core performance. 1,239.00p (1,299.00p) |

PRICE TARGET | % TO PT

+28%

Most noteworthy: (1) Net Active Customer adds jumped 20% to 7.1m, implying a 1.2m

incremental increase over just +0.5m in FY25, resulting in total customers on the platform now

at 34m. The added 7m new customers made up 38% of total active customers in FY26 in-line FY (Mar) CHANGE TO JEFe JEF vs CONS

with FY25; (2) Card spend accelerated with an incremental $12bn added vs. $8bn in FY25, 2027 2028 2027 2028