Wise (WSE) H1 FY2027

H1 net revenue rose 23% to $1,453.1M, but the IBT margin fell to 23.0% from 25.9%.

Wise · H1 FY2027 · Published Nov 13, 2026 · By DeepCell AI · Sources

Wise (WSE) H1 FY2027

Six months ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Wise (WSE) H1 FY2027 earnings review

H1 net revenue rose 23% to $1,453.1M, but the IBT margin fell to 23.0% from 25.9%

  1. 1.Income before tax rose 9%, as stated, to $334.9M, in line with the c.23% margin Wise expected
  2. 2.Total operating expenses rose 28%, as stated; transaction expense fell 12.0%
  3. 3.Cross-border volume rose to $141.0B; the take rate fell to 0.50%
  4. 4.Wise kept its FY27 outlook: net revenue growth of 17.5%–20% in constant currency
  5. 5.Nasdaq shares were up 7.2% pre-market at $11.72 as of 8:33 AM EST, not a close

Note: IBT is income before tax. The IBT margin and the transaction expense change are DeepCell calculations. Pre-market trading is not a close.Source: Wise official H1 FY2027 results release, Nov 12, 2026; Q2 FY27 results (Form 6-K, Oct 15, 2026); CNBC, Nov 13, 2026 8:33 AM EST

2

2 · Executive summary

The H1 IBT margin of 23.0% matched the c.23% Wise guided in October

H1 FY2027 results vs. the company’s Oct 15, 2026 expectation

MetricActualExpectedVarianceResult
H1 IBT margin23.0%c.23%n.a.In line

Share price, Nov 12 regular close to Nov 13 pre-market last

Wise Group plc (Nasdaq)Nov 12 closePre-market, 8:33 AM ESTChange ($)Change (%)
WSE$10.93$11.72+$0.79+7.2%

Note: IBT is income before tax. No third-party consensus is shown: we did not open a consensus for the six-month period on the basis Wise reports. Prices are from CNBC for the Nasdaq line; the pre-market last at 8:33 AM EST is not a close. Wise also trades in London.Source: Wise official H1 FY2027 results release, Nov 12, 2026; Q2 FY27 results (Form 6-K, Oct 15, 2026); CNBC, Nov 13, 2026 8:33 AM EST

3

3 · H1 results vs. company view

Wise kept its FY27 outlook for 17.5%–20% net revenue growth and an IBT margin near 25%

FY2027 outlook vs. prior outlook, as stated in the Nov 12 and Oct 15, 2026 releases

MetricPrior outlookNew outlookStatus
Net revenue growth, constant currency17.5%–20%17.5%–20%Unchanged
IBT marginAround the top of 20%–25%Around the top of 20%–25%Unchanged
H1 FY27 IBT marginc.23%Actual 23.0%In line
Share buyback programOver $500MAbout 50% completedOn track

Note: IBT is income before tax. The revenue range is the upper half of Wise’s 15–20% medium-term range. The growth outlook assumes no material change in the share of interest paid to customers. The H1 actual is a DeepCell calculation.Source: Wise official H1 FY2027 results release, Nov 12, 2026; Q2 FY27 results (Form 6-K, Oct 15, 2026); analysis of company data

4

4 · FY2027 outlook

Net revenue rose to $1,453.1M; net income rose to $249.2M

  1. Revenue grewNet revenue rose 23%, or 22% in constant currency, as stated.
  2. Costs grew fasterTotal operating expenses rose to $1,150.3M from $898.9M.
  3. EPS roseDiluted EPS rose to 24.45 cents from 22.67 cents.

Key figures

$M unless notedH1 FY2026H1 FY2027YoY
Net revenue$1,183.8M$1,453.1M+22.7%
Total operating expenses$898.9M$1,150.3M+28.0%
Income before tax$306.7M$334.9M+9.2%
Net income$234.8M$249.2M+6.1%
Diluted EPS (cents)22.6724.45+7.9%

Note: YoY rates in this table are DeepCell calculations from the interim statements. Wise reports in U.S. dollars and EPS in cents.Source: Wise official H1 FY2027 results release, Nov 12, 2026; interim financial statements, Nov 12, 2026; analysis of company data

5

5 · H1 key financials

Card and other revenue rose 36.3%, faster than cross-border revenue

Net revenue components

$M, H1 FY2026 and H1 FY2027

v · Cross-border, H1 FY26: $591.8Mv · Cross-border, H1 FY27: $705.0Mv · Card and other, H1 FY26: $291.4Mv · Card and other, H1 FY27: $397.2Mv · Interest income, H1 FY26: $399.0Mv · Interest income, H1 FY27: $463.6MCross-bord…Cross-bord…Card andother, H1…Card andother, H1…Interestincome, H1…Interestincome, H1…$0M$250M$500M$800M$591.8M$705.0M$291.4M$397.2M$399.0M$463.6M
Card revenue was $252.0M on $27.2B of card spend. Interest income on customer balances rose to $463.6M.“More than 16 million people and businesses used Wise in the past six months.” Kristo Käärmann, Co-founder and CEO

Note: Net revenue also deducts interest paid to customers of $112.7 million. Cross-border revenue rose 19.1%, a DeepCell calculation.Source: Wise official H1 FY2027 results release, Nov 12, 2026; interim financial statements, Nov 12, 2026; analysis of company data

6

6 · Net revenue components

Technology and G&A costs rose, while transaction expense fell to $229.7M

Selected operating expenses

$M, H1 FY2026 and H1 FY2027

v · Transaction, H1 FY26: $260.9Mv · Transaction, H1 FY27: $229.7Mv · Technology, H1 FY26: $193.3Mv · Technology, H1 FY27: $292.2Mv · G&A, H1 FY26: $182.7Mv · G&A, H1 FY27: $256.7MTransactio…Transactio…Technology,H1 FY26Technology,H1 FY27G&A, H1FY26G&A, H1FY27$0M$100M$200M$300M$350M$260.9M$229.7M$193.3M$292.2M$182.7M$256.7M
Technology and development rose 51.2%. G&A rose 40.5%, including about $15M of listing costs.

Note: G&A is general and administrative. Growth rates are DeepCell calculations. Wise attributes lower transaction expense to efficiencies and supplier terms; H1 FY2026 also had a $28 million FX item.Source: Wise official H1 FY2027 results release, Nov 12, 2026; interim financial statements, Nov 12, 2026; analysis of company data

7

7 · Operating expense lines

Business volume rose 35.4% to $43.6B, faster than personal volume

Cross-border volume

$B, H1 FY2026 and H1 FY2027

v · Personal, H1 FY26: $81.8Bv · Personal, H1 FY27: $97.5Bv · Business, H1 FY26: $32.2Bv · Business, H1 FY27: $43.6BPersonal, H1 FY26Personal, H1 FY27Business, H1 FY26Business, H1 FY27$0.0B$25.0B$50.0B$75.0B$100.0B$120.0B$81.8B$97.5B$32.2B$43.6B
Total cross-border volume rose to $141.0B. The take rate fell to 0.50% from 0.52%.

Note: Growth rates are DeepCell calculations. The take rate is as stated. Wise says growth was led by the U.S. and Asia Pacific.Source: Wise official H1 FY2027 results release, Nov 12, 2026; interim financial statements, Nov 12, 2026; analysis of company data

8

8 · Cross-border volume

The IBT margin fell to 23.0% from 25.9% as costs grew faster than revenue

  1. Operating marginOperating income was $302.8M, a 20.8% margin.
  2. Other income roseOther income, net rose to $32.1M on interest from corporate investments.
  3. TaxThe effective tax rate was 25.6%, compared with 23.4%.

Profit lines

$M unless notedH1 FY2026H1 FY2027
Operating income$284.9M$302.8M
Other income, net$21.8M$32.1M
Income before tax$306.7M$334.9M
IBT margin25.9%23.0%
Net income$234.8M$249.2M

Note: IBT margin is income before tax divided by net revenue, as Wise defines it. Margins and the tax rate are DeepCell calculations.Source: Wise official H1 FY2027 results release, Nov 12, 2026; interim financial statements, Nov 12, 2026; analysis of company data

9

9 · Profit and margins

Active customers rose to 16.2 million and holdings rose to $43.5B

  1. Customers grewActive customers rose 20.8% from 13.4 million.
  2. Holdings grewCustomer holdings rose 28.3%. Assets under custody rose to $11.4B.
  3. Take rate fellThe cross-border take rate fell to 0.50% from 0.52%.

Growth metrics

MetricH1 FY2026H1 FY2027
Active customers (millions)13.416.2
Cross-border volume ($B)113.9141.0
Customer balances ($B)26.432.1
AuC ($B)7.511.4
Customer holdings ($B)33.943.5

Note: Customer holdings are customer balances plus assets under custody. Growth rates are DeepCell calculations.Source: Wise official H1 FY2027 results release, Nov 12, 2026; interim financial statements, Nov 12, 2026; analysis of company data

10

10 · Customers and holdings

Wise bought back $165.4M of shares in H1 and kept long-term debt at $329.4M

  1. BuybacksShare repurchases were $165.4M, compared with $243.9M.
  2. Customer moneyAmounts due to customers rose to $32,533.5M.
  3. EquityEquity attributable to the parent was $1,958.9M.

Balance sheet items

$MMar 31, 2026Sep 30, 2026
Cash and cash equivalents$27,802.2M$27,865.4M
Debt securities, current$4,582.7M$6,223.2M
Total assets$33,259.8M$35,795.7M
Funds payable and due to customers$30,254.2M$32,533.5M
Long-term debt$328.7M$329.4M

Note: Most cash and securities back customer balances. Operating cash flow includes changes in customer funds, so it is not shown as a profit measure.Source: Wise official H1 FY2027 results release, Nov 12, 2026; interim financial statements, Nov 12, 2026; analysis of company data

11

11 · Balance sheet and buybacks

Take rate, cost growth and interest income are the main watch items

Indicator
What to watch
Implication
Latest reading
Take rate
Wise keeps cutting prices
Revenue grows slower than volume
0.50%
Operating costs
Costs rose faster than revenue
IBT margin fell
Up 28%, as stated
Interest income
Depends on central bank rates
Outlook assumes stable pass-through
$463.6M in H1
Regulation
Belgian matter now settled
Compliance costs remain high
G&A $256.7M

Note: IBT is income before tax; G&A is general and administrative. Watch items are DeepCell observations from company data. They are not forecasts.Source: Wise official H1 FY2027 results release, Nov 12, 2026; interim financial statements, Nov 12, 2026; analysis of company data

12

12 · Key watch items

13 · Appendix: Revenue items

Appendix: income statement detail

Revenue and costs

$M unless notedH1 FY2026H1 FY2027YoY
Transaction revenue$883.2M$1,102.2M24.8%
Net revenue$1,183.8M$1,453.1M22.7%
Servicing$179.2M$250.6M39.8%
Marketing and sales$76.6M$111.7M45.8%

Earnings

$M unless notedH1 FY2026H1 FY2027YoY
Income before tax$306.7M$334.9M9.2%
Income tax expense$71.9M$85.7Mn.a.
Net income$234.8M$249.2M6.1%
Share-based compensation$40.0M$64.7Mn.a.

Note: YoY rates in this appendix are DeepCell calculations from the interim statements.Source: Wise official H1 FY2027 results release, Nov 12, 2026; interim financial statements, Nov 12, 2026; analysis of company data

14

14 · Appendix: Income statement

Appendix: sources

  • Results release, H1 FY2027 (GlobeNewswire, Nov 12, 2026 16:00 ET) — https://www.globenewswire.com/news-release/2026/11/12/3402135/0/en/wise-group-plc-h1-results-for-fiscal-year-2027.html
  • Interim financial statements, six months ended Sep 30, 2026 (PDF with the release) — https://ml-eu.globenewswire.com/Resource/Download/f3a0fe29-b0e5-4b21-ad6c-51ba711ca1f0
  • Prior outlook: Q2 FY27 results (Form 6-K Exhibit 99.1, Oct 15, 2026, accession 0001171843-26-006666) — https://www.sec.gov/Archives/edgar/data/2099039/000117184326006666/exh_991.htm
  • Investor relations event page, H1 FY27 results presentation — https://owners.wise.com/events/event-details/h1-fy27-results-presentation
  • Share price: CNBC WSE quote (Nasdaq), Nov 12, 2026 regular close $10.93 and pre-market last $11.72 at 8:33 AM EST — https://www.cnbc.com/quotes/WSE
  • Wise Group plc reports under US GAAP in U.S. dollars. When this deck was built, the latest Wise 6-K on EDGAR was a Nov 10 share buyback notice; no 6-K for these results had been posted.

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15

15 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Wise Group plc’s H1 FY2027 results release and interim financial statements published on November 12, 2026. Share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are US GAAP, in U.S. dollars, for the six months ended September 30, 2026 and September 30, 2025. Wise’s fiscal year ends on March 31.

Forward-looking statements. Company outlook and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original release.

Date of analysis. Share prices are the CNBC regular-session close on November 12, 2026, and the pre-market last at 8:33 AM EST on November 13, 2026, for the Nasdaq line. The pre-market last is not a close.

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16

16 · Disclosures

Sources

Not investment advice; no rating or price target.

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