FY26 Preview: Efficiency Gains likely compensate Investments

研报英文原文证据摘录

FY26 Preview: Efficiency Gains likely compensate Investments

USA | Payments & FinTech

Wise EquityJuneResearch19, 2026

COMPANY UPDATEFY26 Preview: Efficiency Gains likely

RATING BUYcompensate Investments

PRICE $10.84^

Wise is due to report FY26 results on 25th June, followed by an analyst

call (4pm ET/9pm BST). We expect mostly a resilient profitability given the PRICE TARGET | % TO PT $17.45 | +61%

topline momentum, efficiency gains from direct connections compensating 52W HIGH-LOW $17.47 - $10.36

investments (mostly headcount, marketing). After a strong run earlier this FLOAT (%) | ADV MM (USD) 75.8% | 15.49

year, we believe the momentum was broken by US listing shift and AML MARKET CAP $11.4B

investigation, which can only be regained by continuous customer growth. TICKER WSE ^Prior trading day's closing price unless otherwise

noted.

Sentiment turned more cautious: While Wise's customer momentum remained strong in FQ4

RATING BUY

update, the volatile share reaction post listing change and the AML investigation in Belgium

broke recent share momentum, which we believe will last until the investigation is resolved, TICKER WISE LN

albeit no timeline given, while customer growth likely remains healthy (>20%) throughout FY27. PRICE 820.00p^

FY26 setup: For FY26 results, we look for incremental data post the FQ4 trading update. We PRICE TARGET | % TO PT 1,299.00p | +58%

model adj. IBT (Income Before Tax) of $809m/32%, with margin of 32.3%, which is a 5pp y/y

compression and driven by strong hiring, increased marketing spend offset by efficiency gains FY (Mar) CHANGE TO JEFe JEF vs CONS

through direct connections. 2026 2027 2026 2027

REV NA NA NA NA

Key focus into the print: Besides financials, we focus on: (1) Marketing spend, which has

EPS NA NA NA NA