Wise Group plc Class A Ordinary Shares

For H1 FY26, Wise reported underlying income of GBP 750 million, up 16% year over year, and cross-border volume of GBP 85 billion, up 24% year over year (26% constant currency). Active customers were over 13 million, personal customers rose 18% to 12.8 million, and business customers rose 17% to 613,000. Cross-border take rate decreased 10 bps year over year to 52 bps, while card spend exceeded GBP 15 billion and generated GBP 132 million in revenue, up 28% year over year. Customer holdings were above GBP 25 billion, with nearly GBP 20 billion in Wise Account balances and GBP 5.6 billion in Assets. Wise reiterated FY26 guidance for underlying income growth of 15%-20% constant currency and underlying PBT margin of around 16% excluding the one-off listing expense of circa GBP 35 million. Management also said admin expense for the full year is expected to be around GBP 1 billion.

Kristo Kaarmann framed the quarter as proof that Wise’s lower-price, better-infrastructure strategy is working: more customers, more volume, and more balances, even after an almost 15% reduction in average fees. He emphasized that the company is building a larger network effect through direct integrations, international banking features, and word-of-mouth recommendations, with 70% of customers discovering Wise through friends and family. On stablecoins, he said Wise’s existing local payment connectivity and regulatory infrastructure could be valuable if that market develops, but the company will stay deliberate and not bet on one payment rail over another.

Emmanuel Thomassin said Wise delivered across key metrics: underlying income rose 16% to GBP 750 million, cross-border volume rose 24% to GBP 85 billion, and customer holdings exceeded GBP 25 billion. He highlighted that the cross-border take rate fell to 52 bps after the sharpest pricing adjustment in the company’s history, but that volume growth and mix shift helped offset the lower take rate; non-cross-border revenue now represents 41% of underlying income. He also detailed investment spending: servicing up 20% to GBP 134 million, marketing and sales up 59% to GBP 57 million, tech and development up 18% to GBP 144 million, and corporate functions/infrastructure up 35% to GBP 131 million, while noting a 6-month payback period, around GBP 1 billion of admin expense for the full year, and a one-off listing expense of roughly GBP 35 million. He said Wise had already repurchased half of the incremental 25 million shares placed into the Employee Benefit Trust.

Analysts pressed on Wise Platform growth, pricing elasticity, instant payments, margin sustainability, hiring, and the company’s interest in stablecoins and a possible banking/trust license. Management said platform momentum is coming from both newly onboarded partners and volume ramping at existing partners, and reiterated the medium-term goal for platform to reach 10% of volume. On pricing, they said the lower take rate is intentionally driven by price reductions and that the volume response is real but plays out over time. On stablecoins, Kristo said Wise could be well positioned if reliable on/off-ramps become important, but the company is not making a specific bet yet. On margins and the one-off listing cost, Emmanuel said Wise remains disciplined and expects the temporary listing expense not to recur at the same level next year.