Wise FY26首次展望：强劲现金流、新增客户增长及超5亿美元回购

UK | Payments & FinTechWise FY26 First View: Strong cash generation; NewCustomers up; New >$500m Buyback FY26 IBT beat of 1% was driven by margins coming in ahead of underlying18% margins despite marketing & sales ramp (+62%) and hiring (+2,285).FY27 guidance of +c18% cc net revenue growth (cons: +21%) and IBTmargins of c25% ahead of cons (29%) and JEFe (27%). The buyback was Conclusion: While results were "messy" due to the recent listing and accounting standardchanges, which resulted in limited data and consensus, we can see an underlying $700min cash generation, as well as the overall direction of the FY27 guidance. Growth would be The FH2'26 details:Post FQ4 update, we focus on incremental new disclosure: IBT, adj/marginwas up 29% to $424m/32%, 16% above cons ($365m/28%) and 2% below JEFe ($431m/33%),while IBT decreased 2% to $288m, a 22% margin (cons: $279/24%), while EPS, adj. dil, wasdown 9% to 19.4ct$, 6% above cons. (18.3ct$). Corporate cash stood at $2.2bn at Mar-end Geographic transaction revenue performance in FY26:The UK increased 14% y/y to $329m,representing 17% of transaction revenue (FY25: +13%/19%). Europe (ex-UK) was $569m/+22%making up 30% (FY25: +15%/30%), followed by the United States with $262m/+14%/14%(FY25: +10%/15%), APAC with $451m/+34%/24% (FY25: +24%/22%) and RoW ($283m/+26%/15% [FY25: +23%/15%]). On Net Rev basis, UK grew 7% (+14%), APAC +35% (+29%),Europe (ex UK) +20% (+18%), United States +15% (+9%) and RoW +25% (+23%). On both Most noteworthy: 1.In FY26,headcountgrew 35% (+2,285) y/y to 8,805, with 63% being in Servicing, 24% inProduct Development, and the rest in marketing and other functions.2.Costs:FH2'26 M&S grew 59% y/y, or +24% h/h, to $95m, 7% of net revenue; Servicinggrew 50% y/y, or +21% h/h, to $217m, 17% of net revenue, while SBC was $56m (JEFe:$47m) and up 59% y/y, or c4% of net revenue (FH1: 4%/FH2'25: 3%);3.Buyback: In FY26, $470m worth of shares were bought back, or 35.9m, reducing sharecount by c3.5%. For FY27, more than $0.5bn is targeted with 40% covering recurring SBC,implying at today's share price, a c3% share reduction; 4.Other stats: New Active Customers grew 20% y/y to 7.1m, which is an incremental 1.2mincrease vs. +0.5m in FY26, lifting total customer base to 35m; US listing costs amountedto $45m for FY26 in-line with the initial indicated $45m (£35m), suggesting u/lying IBTmargin would have been 23% ex one-offs; 75% of transfers were made instantly vs. 65% FY27 guidance:Wise introduced FY27 guidance targeting c/c net revenue growth in the middleof the mid-term range (15-20%), implying $2.92-2.96bn, while we model $3.0bn/+22% (cons:$2.96bn/+21%). For IBT, margins are expected to be"around the top"of the mid-term ambitionrange of 20-25% (cons: 29% [JEFe: 27%]), implying a $733-798m range (JEFe: $816m/cons: Hannes Leitner * | Equity Analyst44 (0) 20 7548 4712 | hleitner@jefferies.comCharles Brennan * | Equity Analyst 44 (0) 20 7548 4140 | cbrennan@jefferies.com Wise PLC (WSE / WISE LN)Equity ResearchJune 26, 2026 Company Description Wise Wise (formerly TransferWise) is a UK-based FinTech company founded in 2011 as a cross-border transfer service for people, with the vision ofmaking international money transfers cheap and fast. Over the last decade, the company has focused on developing its global network of directand indirect integrations with local payment systems, worldwide regulatory, and compliance coverage, payments technology over API, and full- Company Valuation/Risks Wise We derive our PT using a DCF methodology. Key risks include change in consumer behavior leading to elevated customer churn, increasedcompetition from mega-tech companies making inroads into cross-border transfer market, and exposure to the macroeconomic cycle. Analyst Certification:I, Hannes Leitner, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or I, Charles Brennan, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or Registration of non-US analysts:Hannes Leitner is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by Registration of non-US analysts:Charles Brennan is employed by Jefferies International Limited, a non-US affiliate of Jef