Wise Group PLC (WISEa.L): Solid FY26 Results, But Pricing and NII Risks Keep Thesis Unchanged

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Wise Group PLC (WISEa.L): Solid FY26 Results, But Pricing and NII Risks Keep Thesis Unchanged

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26 Jun 2026 00:00:00 ET │ 11 pages

Wise Group PLC (WISEa.L)

Solid FY26 Results, But Pricing and NII Risks Keep Thesis Unchanged

CITI’S TAKE

Wise delivered FY26 results largely in line with expectations, including a

Sell modest 1% profit beat, broadly unchanged FY27 guidance and the

Price (25 Jun 26 16:30) £8.30 announcement of a milestone $500m share buyback, all of which should

be incrementally supportive for sentiment. However, management flagged Target price £7.60

a resumption of pricing pressure through FY27 following a period of stable Expected share price return -8.4%

take rates, alongside continued reliance on net interest income, which is Expected dividend yield 0.0%

expected to normalise as more yield is passed back to customers. Taken Expected total return -8.4%

together, this reinforces the central debate around the sustainability of Market Cap £8,509M

growth and margins, and we leave our investment thesis unchanged. Sell.

US$11,260M

FY26 Results — Net revenue growth of 19% was in line with the trading update, while

Income Before Tax of $660m came in 1% ahead of consensus ($652m), implying a

margin of 26.4%. Strategically, the company continued to expand its global Pavan Daswani, CFAAC

infrastructure, securing new licence approvals in South Africa, the UAE and Thailand, +44-20-7986-6889

following recent go-lives in Brazil and Japan. Wise Platform also showed continued pavan.daswani@citi.com

traction, with the addition of Capitec (Wise Connect) and volumes tracking ahead of

its mid-term ambition to reach 10% of group volumes (currently c.5% in FY26, with Balajee Tirupati, CFA

indications of a higher exit rate).