Wise Plc: FY26 preview: Costs, capital allocation and regulatory update key watch points with Q4 figures already known

研报英文原文证据摘录

Wise Plc: FY26 preview: Costs, capital allocation and regulatory update key watch points with Q4 figures already known

C A Z E N O V E Europe Equity Research

23 June 2026

Wise Plc Overweight

WISEa.L, WISE LN

FY26 preview: Costs, capital allocation and regulatory Price (22 Jun 26):824p

update key watch points with Q4 figures already known Price Target (Dec-27):1,260p

Wise will report FY26 results after-close on Thursday 25 June. The Q4 trading update European Tech Hardware &

has already been issued, so focus will be on costs (consensus expecting high-teens Payments

step-up after ~36% step up in FY26), capital allocation (which was not covered at the Craig A McDowell AC

recent analyst presentation), and regulatory issues (following newspaper allegations (44-20) 7742-4576

earlier in June). We think regulatory issues will have a bearing on the former two craig.mcdowell@jpmorgan.com

points, i.e. investigation potentially leading to a fine and additional investment in Sandeep Deshpande

controls (both manageable within the current profitability guidance, in our view), and (44-20) 7134-5276

possibly limiting the amount which Wise could be seen to be returning to sandeep.s.deshpande@jpmorgan.com

shareholders. Underlying the trends appear to be very strong, with the core cross- Anthony Girard

(44-20) 3493-6469

border business showing good momentum while management are actively expanding anthony.girard@jpmorgan.com

their offering beyond cross-border to better monetise their loyal customer base (as we J.P. Morgan Securities plc

detailed here).

Specialist Sales contact details:

• Results and guidance expectations: For FY26, Q4 volume/revenue figures Scott Silver - Specialist Sales -

have been released (here), so the new datapoint will be on profitability, where European TMT