# WSE earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/WSE) · [Earnings tab](https://www.lopjlb.com/stock/WSE?tab=earnings)

Updated: 2026-11-12T06:18:07

Quarters analyzed: 7

## Cross-quarter narrative

Across the calls, Wise has consistently scaled its customer base and volumes, with active customers growing from 12.8M (FY24) to 15.6M (FY25) and volumes rising from £118B to £145B. Underlying income growth has tracked the 15-20% medium-term guide, reaching 16% in FY25 and 21% in Q2 FY27, prompting guidance to be raised to the upper half of that range. Instant transfer adoption improved from 62% to 74%, while take rate has gradually compressed from 53bps to 49bps, with platform take rate around 40bps. The platform segment expanded to 5% of volume and added partners like Itau and Raiffeisen. Management tone remained positive (0.7) through FY25 and H1 FY26, dipping to 0.3 in Q2 FY27 despite strong results. Investment themes persisted: price cuts, marketing, infrastructure, a $2B investment plan, and a focus on SMB and US growth. UK business onboarding delays noted in 2024 Q2 were not referenced later. Dual listing was underway in FY25 but unmentioned subsequently. Guidance evolved from vague to specific (15-20% CAGR, PBT margin 13-16%, later ~16% ex-listing). Uncertainty scores stayed at 0.50, but QA pressure remained negligible.

## Latest CallCard · Q2

Wise Q2 FY27: active customers +20% to 12.5M, volume +22% to $72B, net revenue +21% to $739M; guidance raised to upper half of 15-20% net revenue growth; take rate 49bps, platform ~40bps; investing in SMB, US fastest growing.','tone': {'mgmt': 0.3, 'mgmt_rationale': 'Management highlights strong gro

**Guidance:** vague

**Tone:** mgmt 0 · Q&A pressure 0 · divergence 0

## Quarter one-liners

- **2027 Q2:** Wise Q2 FY27: active customers +20% to 12.5M, volume +22% to $72B, net revenue +21% to $739M; guidance raised to upper half of 15-20% net revenue growth; take rate 49bps, platform ~40bps; investing in SMB, US fastest growing.','tone': {'mgmt': 0.3, 'mgmt_rationale': 'Management highlights strong gro
- **2026 Q2:** Wise H1 FY26: 13M customers, volumes +24% to £85B, holdings £25B, take rate 52bps, 74% instant, platform 5% of volume, guiding 15-20% income growth, ~16% PBT margin ex-listing.','tone': {'mgmt': 0.7, 'mgmt_rationale': 'Prepared remarks emphasize strong customer growth, volume growth, pricing discipl
- **2025 Q4:** Wise FY25: active customers +21% to 15.6M, volume +23% to GBP145B, holdings +33% to GBP21.6B, underlying income +16% to GBP1.4B, PBT +17% to GBP282M, take rate 53bps; platform expanding with Itau/Raiffeisen, dual listing underway, $2B investment plan.','tone':{'mgmt':0.7,'mgmt_rationale':'CEO and CF
- **2025 Q1:** —
- **2024 Q4:** Wise FY24: 12.8M customers, £118B volume, 62% instant transfers; FY25 underlying income growth guided 15-20%, medium-term 15-20% CAGR, PBT margin target 13-16%; investing in price cuts, marketing, infrastructure.','tone': {'mgmt': 0.7, 'mgmt_rationale': 'Management emphasizes strong product-led grow
- **2024 Q2:** Wise reports 30% YoY customer growth, 58% income growth, 37% EBITDA margin; Wise Account adoption rises (44% consumer, 58% business), direct connectivity in Australia and SWIFT correspondent services launched; interest sharing at 35% of 80% target, UK business onboarding delays persist.','tone':{'mg
- **2023 Q4:** —

## Theme arcs

- **Customer growth** (improving): Consistent 20-30% YoY active customer growth across all periods.
- **Volume growth** (improving): Volumes grew 22-24% YoY in recent periods, reaching £145B in FY25.
- **Income growth guidance** (improving): Medium-term 15-20% CAGR guided since FY24; FY25 delivered 16%, Q2 FY27 21%, guidance raised to upper half.
- **Instant transfer adoption** (improving): Rose from 62% (FY24) to 74% (H1 FY26).
- **Take rate compression** (deteriorating): Blended take rate declined from 53bps (FY25) to 49bps (Q2 FY27); platform take rate ~40bps.
- **Platform expansion** (improving): Platform volume share reached 5% (H1 FY26); partnerships with Itau, Raiffeisen added.
- **Geographic focus on US** (new): US highlighted as fastest growing market in Q2 FY27.
- **Investment in growth** (stable): Ongoing investment in price cuts, marketing, infrastructure, $2B plan, SMB focus.

## Guidance path

2023 Q4:vague → 2024 Q2:vague → 2024 Q4:vague → 2025 Q1:vague → 2025 Q4:vague → 2026 Q2:vague → 2027 Q2:vague

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