Strong Start with +25%; FY27 Confirmed

研报英文原文证据摘录

Strong Start with +25%; FY27 Confirmed

UK | Payments & FinTech

Wise EquityJulyResearch17, 2026

ESTIMATE CHANGEStrong Start with +25%; FY27 Confirmed

FQ1 net revenue beat by 3% on +25% to $714m on a 7% beat in NII (2.3% vs RATING BUY

2.1% gross yield), compensating for a 1bp sequential cross-border take-rate PRICE $12.92^

reduction, while TPV grew 24% cc to $69bn (2% beat) as customers grew PRICE TARGET | % TO PT $16.60 | +28%

21% (1% beat). FY27 guidance was confirmed, despite the strong start, as 52W HIGH-LOW $17.47 - $10.36

FX fee cuts (1-2bp/qtr) will weigh on growth. However, if current momentum FLOAT (%) | ADV MM (USD) 77.2% | 18.14

in customers and cards continues, we see upside risk building. We expect MARKET CAP $13.3B

shares to rise on Friday. TICKER WSE

^Prior trading day's closing price unless otherwise

noted.

Conclusion: With FY27 guidance confirmed, despite a strong start (FQ1: +25%), and while

already digesting 1bp cross-border decline and confirming expectations for continuous RATING BUY

momentum in customer growth and card usage, we believe sentiment will likely improve into TICKER WISE LN

FH1. The called out accelerated card adoption on the back of recent strong businesses,

PRICE 948.80p^

particularly in the US, was also very encouraging.

PRICE TARGET | % TO PT 1,239.00p | +31%

FQ1'27 details: Wise grew net revenue by +25%, or +7% q/q to $714m, 3% above cons ($693m/

+21%), driven by a 1% beat on customer growth, with VPC being up 4% to $5.8k, a decreased FY (Mar) CHANGE TO JEFe JEF vs CONS

seq cross-border take rate, and a NII beat (+17% y/y). Thus, TPV grew 26% y/y and 4% 2027 2028 2027 2028

sequentially, to $69bn, being 2% ahead. Within the mix, Personal ($48bn/+21%) was in line,

REV NM NM NM NM

while Business ($21bn/+39%) was 5% ahead.