REG - Wise PLC - FY26 Half Year Results
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RNS Number : 4667G Wise PLC 06 November 2025
06 November 2025
Wise plc
Unaudited interim results for the six months ended 30 September 2025
Strong financial performance, investing for growth
"Over the first six months of this financial year, we focused on strengthening
our infrastructure and expanding the functionality of our products to capture
a greater share of the £32 trillion annual market opportunity for
cross-border payments.
We are now a direct participant of 7 domestic payment systems, most recently
Pix, the domestic payment system in Brazil, and will complete our eighth, with
Zengin in Japan, later this month. In October, we also secured regulatory
approvals from the Central Bank of the UAE, to bring our products to the
country. Enhancements like these make our infrastructure increasingly
efficient: 74% of transfers are now completed instantly, and our average
cross-border take rate is at 52 bps.
We made the Wise account more useful: travellers get easy access to key
information like exchange rates and the location of the nearest ATM with our
new Travel Hub and we're making family spending easier with accounts for under
18s. We made it possible for more customers to earn a return on their balances
through the launch of Wise Assets in Brazil. We also announced new Wise
Platform partnerships, including Upwork, MBSB Bank and Lunar, further
embedding Wise into the global financial system.
These developments continue to support our growth and helped drive active
customers of 13.4m in the period - an 18% increase on HY FY25 with cross
border volume up 24% to £84.9bn, and customer holdings(( 1 )) up 37% to
£25.3bn as at 30 September 2025.
Looking ahead, we remain focused on building for the long term: investing in
product innovation, infrastructure and partnerships that make moving and
managing money even faster, cheaper, easier and more transparent for our
customers worldwide."
- Kristo Käärmann, Co-founder and Chief Executive Officer
Highlights for the six months ended 30 September 2025(( 2 ))
We operate in a huge, expanding market, with a still small but growing share
● Active customers increased by 18% YoY; in H1 FY26 alone we helped
13.4m people and businesses move and manage their money around the world.
● Our customers moved £84.9bn with us in H1 FY26, an increase of
24% vs H1 FY25 (26% on a constant currency basis).
Investments in our infrastructure continue to improve customer experience
● Instant payments delight our customers and make clear the quality
of our network; 74% of payments were instant in the latest quarter.
● Pix (Brazil) direct integration is live, with Zengin (Japan)
imminent, taking our total number of direct participations in domestic payment
systems to eight.
● Secured licence approvals by the Central Bank of the UAE to bring
a suite of products to people and businesses in the country.
Customer centric product development driving global customer growth
● Customers can now pay invoices in seconds by simply uploading an
invoice and Wise completing the payment. Our invoice generator for businesses
can now also create invoices in 23 languages. Wise Business volumes increased
significantly, by 35% vs H1 FY25 to £24.0bn, as more customers choose Wise
for their primary business account.
● New launches for our Wise Account means greater usage from more
customers, including our new Travel Hub helping customers spend like a local
when abroad, with advice on cash, card and public transport.
● Following the approval of our AD-2 licence in India, we announced
the country's first "travel card" and opened the waitlist for local customers.
● Wise Platform welcomed new partners, including Upwork, MBSB Bank
and Lunar, with both new and existing partnerships contributing to growth in
cross-border volume from Wise Platform, now representing c.5% of Wise's total
cross-border volume.
Financials - underlying basis(( 3 ))
Half-year ended 30 September
2025 2024 YoY Movement
£m £m £m %
Revenue 658.0 591.9 11%
Underlying interest income (first 1% yield) 91.5 70.5 30%
Underlying income 749.5 662.4 13%
Cost of sales (173.7) (152.9) 14%
Net credit losses on financial assets (4.6) (4.5) 2%
Underlying gross profit 571.2 505.0 13%
Administrative expenses (465.9) (366.7) 27%
Net interest income from corporate investments 23.7 15.9 49%
Other operating income, net 3.8 2.3 65%
Underlying operating profit 132.8 156.5 (15%)
Finance expense (10.8) (9.4) 15%
Underlying profit before tax 122.0 147.1 (17%)
Interest income above the first 1% yield 205.9 230.2 (11%)
Benefits paid relating to customer balances (73.3) (84.8) (14%)
Reported profit before tax 254.6 292.5 (13%)
Income tax expense (67.4) (75.2) (10%)
Profit for the period 187.2 217.3 (14%)
Underlying basis of reporting - margins (%)
Underlying gross profit margin 76.2% 76.2% 0%
Underlying profit before tax margin 16.3% 22.2% (6%)
Growth Metrics
H1 FY2026 H1 FY2025 YoY YoY
Movement Movement
Constant
CCY
Active customers (thousand) 13,424 11,367 18% -
Personal (thousand) 12,811 10,844 18% -
Business (thousand) 613 523 17% -
Cross border volume (£ billion) 84.9 68.4 24% 26%
Personal (£ billion) 60.9 50.6 20% 23%
Business (£ billion) 24.0 17.7 35% 37%
Customer balances (£ billion) 19.7 14.7 34% -
Personal (£ billion) 12.4 9.0 37% -
Business (£ billion) 7.3 5.7 28% -
Cross border revenue (£ million) 440.9 419.1 5% 7%
Personal (£ million) 347.2 334.3 4% 6%
Business (£ million) 93.7 84.8 11% 13%
Card and other revenue (£ million) 217.1 172.8 26% 27%
Personal (£ million) 161.0 130.1 24% 25%
Business (£ million) 56.1 42.7 31% 32%
Underlying interest income (first 1pct yield) (£ million) 91.5 70.5 30% 31%
Personal (£ million) 57.3 42.5 35% 36%
Business (£ million) 34.2 28.0 22% 23%
Underlying income (£ million) 749.5 662.4 13% 15%
Personal (£ million) 565.5 506.9 12% 13%
Business (£ million) 184.0 155.5 18% 20%
Interest income (above the first 1pct yield) (£ million) 205.9 230.2 (11%) (9%)
Personal (£ million) 128.9 138.4 (7%) (6%)
Business (£ million) 77.0 91.8 (16%) (15%)
Benefits paid relating to customer balances (£ million) (73.3) (84.8) (14%) (13%)
Personal (£ million) (46.4) (51.3) (10%) (9%)
Business (£ million) (26.9) (33.5) (20%) (19%)
Cross-border take rate (%) 0.52% 0.62% -10 bps -
Note: Differences between 'total' rows and the sum of the constituent
components of Personal and Business are due to rounding.
Quarterly Growth Metrics Q2 FY2024 Q3 FY2024 Q4 FY2024 Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 Q1 FY2026 Q2 FY2026 QoQ Q YoY QoQ Q YoY
Movement Movement Movement Movement
Constant Constant
CCY CCY
Active Customers (thousand)¹ 7,232 7,512 7,911 8,374 8,892 9,047 9,291 9,797 10,440 7% 17% - -
Personal (thousand) 6,847 7,120 7,517 7,962 8,469 8,612 8,838 9,321 9,936 7% 17% - -
Business (thousand) 385 392 395 412 423 435 453 475 504 6% 19% - -
Cross-border volume (£ billion)² 29.2 30.6 30.6 33.2 35.2 37.8 39.1 41.2 43.7 6% 24% 6% 26%
Personal (£ billion) 21.6 22.3 22.6 24.5 26.1 27.4 28.4 29.7 31.2 5% 20% 4% 21%
Business (£ billion) 7.6 8.3 8.0 8.7 9.1 10.4 10.7 11.5 12.5 9% 38% 9% 39%
Customer balances (£ billion)³ 12.3 12.9 13.3 14.1 14.7 16.2 17.1 18.1 19.7 8% 34% - -
Personal (£ billion) 7.0 7.5 7.9 8.4 9.0 9.8 10.5 11.3 12.4 9% 37% - -
Business (£ billion) 5.3 5.4 5.4 5.7 5.7 6.4 6.6 6.8 7.3 7% 28% - -
Cross-border revenue (£ million) 196.5 206.2 204.6 211.2 207.9 212.9 208.4 214.8 226.1 5% 9% 5% 10%
Personal (£ million) 154.7 161.2 161.0 167.1 167.2 169.3 166.0 170.2 177.0 4% 6% 3% 7%
Business (£ million) 41.8 45.0 43.6 44.1 40.7 43.6 42.4 44.6 49.1 10% 21% 10% 22%
Quarterly Growth Metrics Q2 FY2024 Q3 FY2024 Q4 FY2024 Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 Q1 FY2026 Q2 FY2026 QoQ Q YoY QoQ Q YoY
Movement Movement Movement Movement
Constant Constant
CCY CCY
Card and other revenue (£ million) 62.2 70.4 72.6 80.0 92.8 97.8 100.9 103.3 113.8 10% 22% 10% 23%
Personal (£ million) 46.1 51.9 54.0 59.6 70.5 74.0 75.6 76.7 84.3 10% 20% 9% 20%
Business (£ million) 16.1 18.5 18.6 20.4 22.3 23.8 25.3 26.6 29.5 11% 32% 11% 32%
Underlying interest income (first 1pct yield) (£ million) 29.7 31.3 32.3 34.2 36.3 38.8 41.1 43.9 47.6 9% 32% 8% 32%
Personal (£ million) 16.9 18.0 19.0 20.4 22.1 23.6 25.1 27.4 29.9 9% 36% 9% 36%
Business (£ million) 12.8 13.3 13.3 13.8 14.2 15.2 16.0 16.5 17.7 8% 25% 7% 25%
Underlying income (£ million)¹ 288.4 307.9 309.5 325.4 337.0 349.5 350.4 362.0 387.5 7% 15% 7% 16%
Personal (£ million) 217.7 231.1 234.0 247.1 259.8 266.9 266.7 274.3 291.2 6% 12% 6% 13%
Business (£ million) 70.7 76.8 75.5 78.3 77.2 82.6 83.7 87.7 96.3 10% 25% 10% 26%
Interest income (above the first 1pct yield) (£ million) 85.7 100.9 109.6 114.3 115.9 110.0 103.7 103.2 102.7 (1%) (12%) (1%) (11%)
Personal (£ million) 48.7 58.0 64.3 68.0 70.4 67.0 63.5 64.4 64.5 (0%) (9%) (1%) (8%)
Business (£ million) 37.0 42.9 45.3 46.3 45.5 43.0 40.2 38.8 38.2 (2%) (16%) (2%) (16%)
Benefits paid relating to customer balances (£ million) (29.0) (33.7) (37.9) (41.3) (43.5) (38.2) (38.2) (36.0) (37.3) 4% (14%) 3% (15%)
Personal (£ million) (16.9) (19.1) (22.6) (24.8) (26.5) (24.3) (23.6) (22.7) (23.7) 5% (10%) 3% (11%)
Business (£ million) (12.1) (14.6) (15.3) (16.5) (17.0) (13.9) (14.6) (13.3) (13.6) 2% (20%) 1% (20%)
Cross-border take rate (%) 0.67% 0.67% 0.67% 0.64% 0.59% 0.56% 0.53% 0.52% 0.52% +0 bps -7 bps - -
An update from Kristo Käärmann, Co-founder and Chief Executive Officer
Our vision is to become 'the' network to move and manage the world's money.
Over the last six months we continued to make progress on our long-term
journey, serving 13.4m active customers and powering £84.9bn in cross border
volume. The investments we are making into our infrastructure, marketing and
products are bringing us closer to our ambition to one day move trillions
rather than billions around the world.
We will do this by continuing to develop our global payments network, enabling
more instant payments and lower pricing over time, with 74% of transactions
already instant at an average cross-border take rate of 52bps. Our growth is
being delivered with an underlying PBT margin closer to our medium-term target
and with strong cash generation. For the six months ended 30 September 2025,
our underlying income was £749.5m and underlying PBT margin was 16.3%.
Wise has grown quickly and our potential remains huge
Earlier this year, we held our first Owners' Day, where we described the
massive problem that continues to exist for people and businesses around the
world; moving and managing money internationally remains expensive, slow,
inconvenient and opaque.
The opportunity that comes with solving this problem is enormous, estimated at
around £32 trillion across personal, SMBs and large enterprises. We currently
have around a 5% and 1% share, respectively, of the expanding personal and SMB
market segments, and we're just getting started in the large enterprise
segment of the market.
The network that we've spent over 14 years creating provides Wise with the
unique opportunity to move trillions rather than billions around the world as
'the' network for the world's cross-border payments, as well as being the
market leader in providing people and businesses with an account that is truly
international.
We remain laser focused on improving our infrastructure and products to help
us achieve our goal: this half year, we gained new licences, launched new
direct integrations to domestic payment systems and rolled out new products.
This infrastructure and our strong product set will fuel our growth and drive
increased share in the huge market opportunity ahead of us.
An infrastructure that enables instant movement of money around the world at
the lowest possible unit cost
We continue to deepen our infrastructure, enhancing how we operate across our
network which spans over 160 countries, with 40 currencies.
The key differentiator of our infrastructure and the network we're building is
the integrations we have into domestic payment systems. These connections give
us full end-to-end control of the payment network, allowing us to complete
payments instantly, with a simplified process and reduced costs. They also
improve reliability, convenience and speed. Our direct participation into
Brazil's domestic payment system, Pix, is now live and we expect to go live in
Zengin, Japan's domestic payment system, later this month.
We operate in a highly regulated environment and hold over 70 licences
globally. So far this year we've been delighted to receive a number of
additional regulatory approvals. This includes full licence approvals in the
UAE, covering Stored Value Approvals and Retail Payment Services. We have also
launched our Wise Assets product in Brazil, allowing more customers to make a
return on their balances held with Wise.
Like any regulated financial institution, we are subject to regular
inspections and audits, which may lead to areas of improvement being
identified. Between July 2022 and September 2023, the Multi-State MSB
Examination Taskforce (MMET) conducted a routine examination of Wise US, Inc.
Wise fully cooperated with regulators to implement their recommendations. As
part of the consent order in July 2025, Wise also agreed to pay a $4.2m
penalty. We are on track with our related remediation program.
We are investing in building products that customers love, at prices worth
talking about
Through the Wise Account, Wise Business, and Wise Platform, we serve millions
of people, small businesses, financial institutions and enterprises all over
the world.
With continued investment in intuitive features for customers, combined with
low cost, fast payments, the quality of our account speaks for itself. We
consistently see around two-thirds of new customers join us through
word-of-mouth from existing customers. However, to reach every potential
customer, we have recently launched marketing campaigns to increase brand
awareness of Wise. We have rolled out campaigns in the UK, US, Canada and New
Zealand to support our strong word-of-mouth growth, in addition to a
continuation of the successful campaigns we kicked off in Australia last year.
We are also investing to enhance our products and have launched more features
within the Wise Account to help people and businesses move and manage their
money. Once a customer is an account holder, we see increased retention and
diversified product usage, with non-cross-border revenue representing 41% of
total underlying income in the period.
More customers using the account features has also led to an increase in
customer holdings with Wise. As at 30 September 2025 customers held £25.3bn
with us, 37% higher than this time last year and this includes over £5bn of
funds in the 'Assets' feature.
Wise Business has grown significantly over the past six months, allowing more
business owners to be paid like locals with local account details, tools like
Quick Pay and invoice creation now in 23 languages. These product enhancements
have helped increase volumes by 35% year on year, to £24bn.
As we enhance our infrastructure, develop our products and reduce pricing, we
also see a greater number of Wise Platform partners choosing Wise to help them
and their customers with their cross border needs.
In the last six months we began new Wise Platform partnerships with Raiffeisen
Bank International, UniCredit and Upwork. These partnerships start with a
subset of customers and currencies and, over time, we build in extra
currencies, further volume and serve more customers. We are already starting
to see this happen, in line with the growth trajectory we described in our
Owners' Day. Today, around 5% of Wise's cross-border volume is driven by Wise
Platform, up from 4% as reported at our Owners' Day. We continue to expect
this to increase materially, to around 10% in the medium term, and over 50% in
our long-term vision.
New technology
Stablecoins are becoming a more visible part of the payments ecosystem and
could be an exciting development in how money moves globally. At Wise, we have
spent more than a decade building the infrastructure that delivers what many
see as the promise of stablecoins: instant, low-cost and reliable cross-border
payments. New technology will not only need to improve upon the speed and cost
of our cross-border transfers, but it will also need to do so in a safe way -
being regulatory compliant and legitimate from a financial crime perspective.
Where there is real demand or benefit to customers, we will look to provide
compliant access to digital assets or leverage the technology, while also
considering the important role of interoperability the Wise infrastructure can
play within a payments ecosystem that is growing ever more fragmented with the
availability of new forms of currency and payment rails.
Dual listing
Looking forward and in keeping with our vision to be 'the' network to move the
world's money, we want as many people, businesses and potential Wise Platform
partners to know about Wise and what we do. Our US listing will increase our
profile in the biggest market opportunity in the world for our products today,
as well as enabling better access to the world's deepest and most liquid
capital market. We are grateful to our Owners for supporting this move, which
will enable more investors to hold our stock and also benefit from our growth.
We remain on track for a listing in Q2 2026.
We're confident in the outlook for the second half of the year and beyond
Over the last six months we've made a strong start to the investments in our
infrastructure, marketing and products that we outlined at our Owners' Day
which will, over time, contribute to further improvements to speed, unit cost
and our proposition for customers from personal to Wise Platform.
We continue to expect these ongoing investments to move us towards an
underlying PBT margin of c.16% for FY26, excluding one-off costs related to
our dual-listing project. This remains at the top end of our medium-term
guidance of 13-16%.
We are making good progress on our mission. We are a much bigger business
delivering exceptional growth and profitability for our customers and
shareholders and I'm confident we will continue on this path to provide value
for all our stakeholders.
Kristo
An update from Emmanuel Thomassin, Chief Financial Officer
Delivering on our commitment to sustainable growth
I'm pleased with our financial performance for the first half of FY26, a
period that clearly demonstrates the impact of our investments across the
business. We've achieved good financial results, reflecting our long-term
commitment to profitable growth. I'm particularly encouraged by the pace of
our investment, which positions us well for continued expansion. This is
evident in our H1 underlying Profit Before Tax (PBT) margin of 16.3%,
underscoring the effectiveness of our strategy to balance investment with
profitability, ensuring that we are building a resilient and scalable business
for the future.
Our performance over the period demonstrates consistent momentum:
● Active customers have grown 18% to 13.4 million
● Cross-border volume has grown 24% to nearly £85 billion
● Customer holdings have exceeded £25 billion, with growth of 37%
● Underlying income has grown 13% to £749.5 million
● Underlying profit before tax margin has been delivered at the top
end of our 13-16% target range
This statement details how we have achieved this through targeted investments
that strengthen our competitive position and broaden the foundation for
long-term growth.
Sustainable growth and investments in price - setting up the foundation of our success
Customer growth remains a key measure of our performance. In H1 FY26, over 13
million active customers used Wise to complete an international transaction.
Personal customers increased 18% year-on-year to 12.8 million and business
customers increased 17% year-on-year to 613,000, reflecting improving growth
momentum in this segment.
During the first half of the year, we acquired 3.5 million new active
customers, representing an increase of 14% compared to the prior year period.
This acceleration reflects our strategic marketing investments, detailed in
subsequent sections.
This strong customer growth is the main driver of volume growth, with
cross-border volume increasing 24% year-on-year to nearly £85 billion, or 26%
on a constant currency basis. This is particularly impressive, considering the
market volatility we saw in the first half of the year.
This growth is also supported by a greater proportion of customers sending
larger amounts, a key indicator of how our targeted investments into price
result in growth over time.
Wise Platform also continues to scale, now representing approximately 5% of
cross-border volume. We onboarded significant partners including Unicredit and
Raiffeisen Bank during the period, whilst delivering continued growth from our
existing partner base.
At 24%, cross-border volume grew at a faster pace than cross-border revenue
growth of 5% year-on-year as our cross-border take rate decreased 10 basis
points year-on-year to 52 basis points. This reduction in take rate represents
a strategic investment into reduced prices, driving long-term customer
acquisition, retention and advocacy.
Account adoption: building deeper relationships and diversifying our revenue
base
Wise Account adoption is central to our strategy of increasing customer
retention and broadening product usage. In H1 FY26, non-cross-border revenue
represented 41% of total underlying income, demonstrating successful
diversification of our revenue base and creating multiple growth engines
within the business. In particular, card volume exceeded £15 billion in the
period, generating £132 million in card revenue, an increase of 28%
year-on-year.
Customer holdings have also increased substantially. As of 30 September 2025,
our customers held nearly £20 billion in Wise Accounts and invested £5.6
billion in Wise Assets, bringing total customer holdings to over £25 billion.
Balances held in the Wise Account generated £297 million in interest income
during H1, albeit marginally lower year-on-year due to reducing market yields.
As a result, revenue increased 11% year-on-year to £658 million, and
underlying income increased 13% year-on year to £750 million.
Investment Strategy: building for the future
In H1 FY26, reported administrative expenses increased 27% year-on-year to
£466 million, including approximately £11.5 million in expenses related to
our dual-listing project or 24% year-on-year excluding these, which is in line
with last year's growth.
The greatest form of investment has been into the growth of our team, with
over 1,000 additional colleagues joining Wise during the first half of the
year and we expect to continue hiring in the second half. This exceeds our
initial plans for the year and reflects deliberate investment into the
capacity and capabilities designed to drive long-term growth, including an
increase in servicing functions to meet operational demand, improve SLAs, and
meet regulatory requirements, while continuing to implement AI solutions to
drive efficiencies.
For the full year, we expect administrative expenses of approximately £1
billion, including approximately £35 million of costs associated with
implementing the dual-listing of Wise shares across the US and UK. This growth
reflects the investments made to support a larger and more active customer
base, as well as those made to fuel further growth.
Servicing: building for scale
Our investment into servicing increased 20% year-on-year to £134 million, as
we grew the operational infrastructure required to onboard and support our
growing customer base. We have built new teams to support growth of high
volume customers, and we continue to invest into our compliance processes,
as these are critical to the success of our business.
Our historic investments have been paying off with improvements to our main
customer service metrics. We have also started to see the benefits of AI and
automation in customer service, and expect to continue investing in this area.
Marketing & sales: strategic, diversified growth
Our investment in marketing and sales, which includes channel spend and
employee expenses, among others, increased 59% year-on-year to £57 million in
H1 FY26, with investment across multiple channels, including the deployment of
brand marketing. We have increased brand marketing expenditure to build
awareness and drive organic traffic growth, executing campaigns across key
markets, which we expect to continue to do.
The continued strength of word-of-mouth customer acquisition, alongside the
return on these investments validates our approach with over 3.4 million new
customers completing an international transaction with Wise in H1 whilst we
continue to invest with a relentless focus on payback returns.
Technology and development: innovation across the board
Our total investment in product development, including our teams and ongoing
investment into our technology, totalled £144 million in H1, an increase of
18% year-on-year, allocated across multiple development streams. We continue
to enhance core product experiences, maintaining and improving our existing
products, launching new products, features and capabilities, and rolling-out
existing products in new markets.
Setting up the right foundations for scale
Investment into other corporate functions increased 35% to £131 million,
supporting capabilities needed to operate in a highly regulated and increasing
financial crime risk environment, and investment to drive sustainable
long-term growth. With the impending dual-listing we are also increasing our
investment in the controls and systems uplift which will be required under US
rules.
The virtuous cycle in action
Our financial framework demonstrates how operational improvements create a
compounding effect: efficiency improvements enable faster speeds and price
reductions, which drive customer growth, leading to volume growth and
increased profitability, part of which funds further investment.
This framework is evidenced in our margin progression. The high level of
margin seen generated in H1 FY25, when we reported an underlying PBT margin
of 22%, has now been reinvested, with our underlying PBT margin now at 16.3%,
returning towards our target range of 13-16%. As a result underlying PBT was
£122 million in H1 FY26, down 17% year-on-year.
As you may recall, our underlying interest framework only considers the first
1% yield we receive on interest income, as we are committed to building a
business that is sustainable without relying on cyclical forms of income -
such as interest.
However, including additional interest income beyond the first 1%, less
benefits paid to customers, our reported profit before tax for the period was
£255 million, a reduction of 13% year-on-year. This mainly reflects our
investment back into the business, in line with our target underlying PBT
margin framework, in addition to a lower interest yield environment during the
period.
Outlook for FY26 and beyond
Looking ahead, we are reiterating our guidance of:
● underlying income growth of 15-20% on a constant currency basis in
FY26 and over the medium term
● underlying PBT margin for FY26 of around 16% excluding one-off
costs of c.£35m related to our dual-listing project, at the top of our
mid-term target range of 13%-16%
Capital allocation: disciplined and shareholder-focused
Our approach to capital allocation remains disciplined and focused on
long-term shareholder value creation. We maintain a robust capital and cash
position to ensure resilience and operational flexibility appropriate for a
regulated financial services business.
At our Owners Day, we announced a share repurchase program of approximately 25
million shares into our employee benefit trust to fund existing employee share
options. This program commenced in early FY26. To date, we have completed
c.50% of shares repurchases from the programme. This program reflects our
commitment to disciplined capital allocation whilst ensuring we maintain our
ability to attract and retain exceptional talent. We expect to complete this
repurchase program through the remainder of FY26 and will provide an update on
capital allocation in our FY26 results in June 2026.
In summary, we are executing our strategy with discipline and delivering
strong performance across all key metrics. We are expanding our customer base,
deepening customer engagement, diversifying revenue streams, and investing
strategically for future growth, whilst generating profitability within our
target range.
The fundamentals of our business remain strong and position us well for
continued sustainable, compounding growth.
Emmanuel
Results presentations
A presentation of the half-year results will be held at 9.30am Thursday, 6
November 2025 at Wise's London office in Worship Square. We invite you to join
the live stream using this link
(https://vimeo.com/event/5463152/e8fab0e2df?fl=so&fe=fs) .
Enquiries
Martin Adams - Investor Relations
owners@wise.com (mailto:owners@wise.com)
Sana Rahman - Communications
press@wise.com
Brunswick Group
Charles Pretzlik / Emily Murphy
Wise@brunswickgroup.com
+44 (0) 20 7404 5959
About Wise
Wise is a global technology company, building the best way to move and manage
the world's money.
With Wise Account and Wise Business, people and businesses can hold 40
currencies, move money between countries and spend money abroad. Large
companies and banks use Wise technology too; an entirely new network for the
world's money. Launched in 2011, Wise is one of the world's fastest growing,
profitable tech companies.
In fiscal year 2025, Wise supported around 15.6 million people and businesses,
processing over £145 billion in cross-border transactions and saving
customers around £2 billion.
FORWARD LOOKING DISCLOSURE DISCLAIMER
This report may include forward-looking statements, which are based on current
expectations and projections about future events. These statements may
include, without limitation, any statements preceded by, followed by or
including words such as "forward looking", "guidance", "target", "believe",
"expect", "intend", "may", "anticipate", "estimate", "forecast," , "project",
"will", "can have", "likely", "should", "would", "could" and any other words
and terms of similar meaning or the negative thereof. These forward-looking
statements are subject to risks, uncertainties and assumptions about Wise and
its subsidiaries. In light of these risks, uncertainties and assumptions, the
events in the forward-looking statements may not occur.
Past performance cannot be relied upon as a guide to future performance and
should not be taken as a representation that trends or activities underlying
past performance will continue in the future, and the statements in this
report speak only as at the date of this report. No representation or warranty
is made or will be made that any forward-looking statement will come to pass
and there can be no assurance that actual results will not differ materially
from those expressed in the forward-looking statements.
Wise expressly disclaims any obligation or undertaking to update, review or
revise any forward-looking statements contained in this report and disclaims
any obligation to update its view of any risks or uncertainties described
herein or to publicly announce the results of any revisions to the
forward-looking statements made in this report, whether as a result of new
information, future developments or otherwise, except as required by law.
Principal risks and uncertainties
The principal risks and uncertainties that the Group faces for the rest of the
financial year
are consistent with those previously reported in the Annual Report and
Accounts 2025. For
a more detailed overview of how we manage our risks at Wise, please refer to
the 'Risk
Management' section on pages 60 to 68 of the Annual Report.
Responsibility statement of the directors in respect of the interim financial
statements
The directors confirm that these condensed interim financial statements have
been
prepared in accordance with UK adopted International Accounting Standard 34,
'Interim
Financial Reporting' and the Disclosure Guidance and Transparency Rules
sourcebook of the
United Kingdom's Financial Conduct Authority and that the interim management
report
includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8,
namely:
● an indication of important events that have occurred during the
first six months and their impact on the condensed set of financial
statements, and a description of the principal risks and uncertainties for the
remaining six months of the financial year; and
● material related-party transactions in the first six months and
any material changes in the related-party transactions described in the last
annual report.
The directors of Wise plc are listed in the Annual Report and Accounts 2025,
with the exception of the following change: Ingo Uytdehaage stepped down as an
Independent Non-Executive Director on 25 September 2025. A list of current
directors is maintained at https://wise.com/owners/corporate-governance
(https://wise.com/owners/corporate-governance)
On behalf of the Board of directors:
Kristo Käärmann, Director
Date: 6 November 2025
Independent review report to Wise plc
Report on the condensed consolidated interim financial statements
Our conclusion
We have reviewed Wise plc's condensed consolidated interim financial
statements (the "interim financial statements") in the Unaudited interim
results of Wise plc for the 6 month period ended 30 September 2025 (the
"period").
Based on our review, nothing has come to our attention that causes us to
believe that the interim financial statements are not prepared, in all
material respects, in accordance with UK adopted International Accounting
Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial Conduct
Authority.
The interim financial statements comprise:
● the Condensed consolidated statement of financial position as at
30 September 2025;
● the Condensed consolidated statement of comprehensive income for
the period then ended;
● the Condensed consolidated statement of cash flows for the period
then ended;
● the Condensed consolidated statement of changes in equity for the
period then ended; and
● the explanatory notes to the interim financial statements.
The interim financial statements included in the Unaudited interim results of
Wise plc have been prepared in accordance with UK adopted International
Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, 'Review of Interim Financial Information Performed by
the Independent Auditor of the Entity' issued by the Financial Reporting
Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim
financial information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and, consequently, does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
We have read the other information contained in the Unaudited interim results
and considered whether it contains any apparent misstatements or material
inconsistencies with the information in the interim financial statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed. This conclusion is based on the review
procedures performed in accordance with ISRE (UK) 2410. However, future events
or conditions may cause the group to cease to continue as a going concern.
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The Unaudited interim results, including the interim financial statements, is
the responsibility of, and has been approved by the directors. The directors
are responsible for preparing the Unaudited interim results in accordance with
the Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority. In preparing the
Unaudited interim results, including the interim financial statements, the
directors are responsible for assessing the group's ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors either intend
to liquidate the group or to cease operations, or have no realistic
alternative but to do so.
Our responsibility is to express a conclusion on the interim financial
statements in the Unaudited interim results based on our review. Our
conclusion, including our Conclusions relating to going concern, is based on
procedures that are less extensive than audit procedures, as described in the
Basis for conclusion paragraph of this report. This report, including the
conclusion, has been prepared for and only for the company for the purpose of
complying with the Disclosure Guidance and Transparency Rules sourcebook of
the United Kingdom's Financial Conduct Authority and for no other purpose. We
do not, in giving this conclusion, accept or assume responsibility for any
other purpose or to any other person to whom this report is shown or into
whose hands it may come save where expressly agreed by our prior consent in
writing.
PricewaterhouseCoopers LLP
Chartered Accountants
London
6 November 2025
Condensed consolidated statement of comprehensive income
For the half-year ended 30 September 2025 (unaudited)
Half-year ended 30 September
2025 2024
Note £m £m
Revenue 3 658.0 591.9
Interest income on customer balances 4 297.4 300.7
Benefits paid relating to customer balances 5 (73.3) (84.8)
Cost of sales 6 (173.7) (152.9)
Net credit losses on financial assets 6 (4.6) (4.5)
Gross profit 703.8 650.4
Administrative expenses 7 (465.9) (366.7)
Interest income from corporate investments 23.7 15.9
Other operating income, net 3.8 2.3
Operating profit 265.4 301.9
Finance expense (10.8) (9.4)
Profit before tax 254.6 292.5
Income tax expense 8 (67.4) (75.2)
Profit for the period 187.2 217.3
Other comprehensive income
Items that may be reclassified to profit or loss:
Fair value gain on investments, net 1.9 12.3
Currency translation differences 2.2 (7.8)
Total other comprehensive income 4.1 4.5
Total comprehensive income for the period 191.3 221.8
Earnings per share
Basic, in pence 9 18.23 21.12
Diluted, in pence 9 17.99 20.73
Alternative performance measures
Income¹ 882.1 807.8
Underlying income² 749.5 662.4
Underlying PBT³ 122.0 147.1
(1) Income is defined as revenue plus interest income on customer balances,
less interest expense on customer balances and benefits paid relating to
customer balances.
(2) Underlying Income is a measure of income retained from customers. It is
comprised of revenue from customers and the first 1% yield of interest income
on customer balances that Wise retains.
(3) Underlying PBT is a profitability measure calculated as profit before tax
on Underlying Income, excluding Benefits paid relating to customer balances.
All results are derived from continuing operations.
The accompanying notes form an integral part of these condensed consolidated
financial statements.
Condensed consolidated statement of financial position
As at 30 September 2025 (unaudited)
As at 30 September As at 31 March
2025 2025
Note £m £m
Non-current assets
Deferred tax assets 80.9 84.7
Property, plant and equipment 135.1 115.9
Intangible assets 4.2 4.0
Trade and other receivables 44.4 38.8
Total non-current assets 264.6 243.4
Current assets
Current tax assets 16.7 15.0
Trade and other receivables 330.8 347.6
Short-term financial investments 10 4,846.7 4,654.9
Derivative financial assets 4.8 2.5
Cash and cash equivalents 11 16,648.1 13,982.8
Total current assets 21,847.1 19,002.8
Total assets 22,111.7 19,246.2
Non-current liabilities
Trade and other payables 12 55.7 45.8
Borrowings 13 198.5 98.1
Lease liabilities 14 88.7 75.9
Deferred tax liabilities 5.1 4.0
Provisions 15.1 11.9
Total non-current liabilities 363.1 235.7
Current liabilities
Trade and other payables 12 20,269.7 17,578.8
Borrowings 13 4.9 1.3
Lease liabilities 14 9.2 10.3
Current tax liabilities 3.4 4.4
Derivative financial liabilities 3.8 3.7
Provisions 25.2 25.8
Total current liabilities 20,316.2 17,624.3
Total liabilities 20,679.3 17,860.0
Equity
Share capital 10.2 10.2
Equity merger reserve (8.0) (8.0)
Share-based payment reserve 303.6 299.4
Own shares reserve (203.3) (66.8)
Other reserves (0.2) (2.1)
Currency translation reserve (12.0) (14.2)
Retained earnings 1,342.1 1,167.7
Total equity 1,432.4 1,386.2
Total liabilities and equity 22,111.7 19,246.2
The accompanying notes form an integral part of these condensed consolidated
financial statements.
Condensed consolidated statement of changes in equity
For the half-year ended 30 September 2025 (unaudited)
Note Share capital Equity merger reserve Share-based payment reserves Own shares reserve Other Reserves Currency translation reserve Retained earnings Total equity
allotted, called up and fully paid
£m £m £m £m £m £m £m £m
At 1 April 2024 10.2 (8.0) 306.5 (55.5) (12.4) (3.8) 742.9 979.9
Profit for the period - - - - - - 217.3 217.3
Fair value gain on investments, net 10 - - - - 12.3 - - 12.3
Currency translation differences - - - - - (7.8) - (7.8)
Total comprehensive income for the period - - - - 12.3 (7.8) 217.3 221.8
Shares acquired by ESOP Trust - - - (36.1) - - - (36.1)
Share-based compensation expense - - 31.2 - - - - 31.2
Tax on share-based compensation - - (23.5) - - - - (23.5)
Employee share schemes - - (32.4) 22.5 - - 10.2 0.3
At 30 September 2024 10.2 (8.0) 281.8 (69.1) (0.1) (11.6) 970.4 1,173.6
At 1 April 2025 10.2 (8.0) 299.4 (66.8) (2.1) (14.2) 1,167.7 1,386.2
Profit for the period - - - - - - 187.2 187.2
Fair value gain on investments, net 10 - - - - 1.9 - - 1.9
Currency translation differences - - - - - 2.2 - 2.2
Total comprehensive income for the period - - - - 1.9 2.2 187.2 191.3
Shares acquired by ESOP Trust - - - (181.2) - - - (181.2)
Share-based compensation expense - - 30.1 - - - - 30.1
Tax on share-based compensation - - 5.9 - - - - 5.9
Employee share schemes - - (31.8) 44.7 - - (12.8) 0.1
At 30 September 2025 10.2 (8.0) 303.6 (203.3) (0.2) (12.0) 1,342.1 1,432.4
The accompanying notes form an integral part of these condensed consolidated
financial statements.
1. As at 30 September 2025, called up share capital consists of 1,025,000,252
(31 March 2025: 1,025,000,252) class A ordinary shares of £0.01 each and
218,584,255 (31 March 2025: 243,584,255) class B Ordinary shares of
£0.000000001 each.
2. During the period ended 30 September 2025, the Company redeemed 25,000,000
Class B Ordinary Shares with a nominal value of £0.000 000 001 in
accordance with Article 15.3.2 of the Company's Articles of Association (year
ended 31 March 2025: 155,305,559 Class B Ordinary Shares).
3. Wise continued the programme, which commenced in 2023, to purchase Wise
shares in the market through the Employee Benefit Trust in order to reduce the
impact of dilution from employee share award plans. During the period ended 30
September 2025, a total of 17,030,373 shares were purchased from the market at
an average of £10.57 per share. The relevant directly attributable costs for
these purchases of £1.3m have been deducted from equity.
Condensed consolidated statement of cash flows
For the half-year ended 30 September 2025 (unaudited)
Half-year ended 30 September
2025 2024
Note £m £m
Cash generated from operations 15 2,630.0 1,830.0
Interest received 276.7 251.2
Interest paid (6.9) (13.5)
Corporate income tax paid (59.6) (62.2)
Net cash generated from operating activities 2,840.2 2,005.5
Cash flows from investing activities
Payments for property, plant and equipment (11.7) (11.7)
Payments for intangible assets (1.2) (1.0)
Payments for financial assets at FVOCI (3,652.4) (3,006.8)
Proceeds from sale and maturity of financial assets at FVOCI 3,516.2 2,986.2
Net cash used in investing activities (149.1) (33.3)
Cash flows from financing activities
Funding relating to share purchases and employee share schemes (181.2) (35.2)
Proceeds from issues of shares and other equity 0.1 0.1
Proceeds from borrowings 200.0 100.0
Repayments of borrowings (100.0) (300.0)
Principal elements of lease payments (4.1) (4.1)
Net cash generated used in financing activities (85.2) (239.2)
Net increase in cash and cash equivalents 2,605.9 1,733.0
Cash and cash equivalents at beginning of the period 11 13,982.8 10,479.2
Effects of exchange rate changes on cash and cash equivalents 59.4 (323.2)
Cash and cash equivalents at end of the period 11 16,648.1 11,889.0
The accompanying notes form an integral part of these condensed consolidated
financial statements.
Notes to the interim condensed consolidated financial statements
For the half-year ended 30 September 2025 (unaudited)
Note 1. Summary of material accounting policies
1.1 General information
Wise plc (the 'Company') is a public limited company and is incorporated and
domiciled in England (Registration number 13211214). These condensed financial
statements for the six months ended 30 September 2025 comprise the Company and
its subsidiaries (the 'Group'). The principal activity of the Group is the
provision of cross-border and domestic financial services. The address of its
registered office is 1st Floor Worship Square, 65 Clifton Street, London,
United Kingdom, EC2A 4JE.
These condensed consolidated interim financial statements do not comprise
statutory accounts within the meaning of sections 434(3) and 435(3) of the
Companies Act 2006. Statutory accounts for the year ended 31 March 2025 were
authorised for issue by the Board of Directors on 5 June 2025 and delivered to
the Registrar of Companies. The report of the auditors on those accounts was
unqualified, did not contain an emphasis of matter paragraph and did not
contain any statement under section 498 of the Companies Act 2006.
On 28 July 2025, Wise owners approved the proposed listing of the Company's
securities on a US stock exchange, while retaining a secondary listing on the
London Stock Exchange ("LSE"). Following this approval, the Group has
initiated various preparatory activities related to the US listing process.
1.2 Basis of preparation and accounting policies
These condensed consolidated interim financial statements of the Group have
been prepared in accordance with the UK-adopted International Accounting
Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial Conduct
Authority.
The interim report does not include all of the notes of the type normally
included in an annual financial
report. Accordingly, the condensed consolidated interim financial statements
should be read in conjunction with the Annual Report and Accounts for the year
ended 31 March 2025, which has been prepared in accordance with UK-adopted
international accounting standards and the requirements of the Companies Act
2006, and any public announcements made by Wise plc during the interim
reporting period.
The accounting policies and presentation applied by the Group are consistent
with those in the previous financial year.
Going concern
The condensed consolidated financial statements are prepared on a going
concern basis as the Directors are satisfied that the Group has the available
resources to continue in business for a period of at least 12 months from
approval of the interim financial statements. In making this assessment, the
Directors have considered severe downside scenarios to stress test the
viability of the business.
These downside scenarios covered reduction in revenues, profitability, cash
position and liquidity as well as the Group's ability to meet its regulatory
capital and liquidity requirements.
The assessment indicated that the Group has sufficient liquidity to continue
its operations and meet its financial obligations as they fall due for a
period of at least 12 months from approval of the interim financial statements
and remained above its minimum regulatory capital and liquidity requirements.
1.3 Critical accounting areas of judgement and estimation
In preparing these interim financial statements, management has made
judgements and estimates that affect the application of accounting policies
and the reported figures. Management assessed that there were no material
changes in the current period to the critical accounting estimates and
judgements, as disclosed in the 2025 Annual Report and Accounts.
Note 2. Segment information
Description of segment
The Group is managed on the basis of a single segment. Based on the Group's
business model, the Group has determined that it has only one reportable
segment under IFRS 8, which is provision of cross-border and domestic
financial services.
The Group's revenue, assets and liabilities for the reportable segment can be
determined by reference to the statement of comprehensive income and the
statement of financial position. The analysis of revenue by nature and
geographical region is set out in note 3.
At the end of each reporting period, the majority of the non-current assets
were carried by Wise Payments Limited in the UK and its branch in Estonia.
Based on the location of the non-current asset, the following geographical
breakdown of non-current assets is provided:
As at 30 September As at 31 March
2025 2025
£m £m
Non-current assets by geographical region*
United Kingdom 92.5 87.6
Rest of Europe 47.2 48.9
Rest of the world 38.0 15.7
Total non-current assets 177.7 152.2
* Non-current assets exclude deferred tax assets and financial instruments.
Note 3. Revenue
Half-year ended 30 September
2025 2024
£m £m
Revenue by nature
Cross-border 440.9 419.0
Card 131.7 103.0
Other 85.4 69.9
Total revenue 658.0 591.9
Disaggregation of revenues
In the following table, revenue is disaggregated by major geographical market:
Half-year ended 30 September
2025 2024
£m £m
Revenue by geographical region
Europe (excluding UK) 202.8 178.7
Asia-Pacific 153.7 127.5
North America 121.1 119.6
United Kingdom 116.3 109.6
Rest of the world 64.1 56.5
Total revenue 658.0 591.9
The geographical market disclosed depends on the type of the service provided
and is based either on customer address or the source currency.
No individual customer contributed more than 10% to the total revenue in this
or the prior period.
Note 4. Interest income on customer balances
Half-year ended 30 September
2025 2024
£m £m
Interest income
Interest income from cash at banks 120.0 111.4
Interest income from investments in money market funds (MMFs) 93.1 102.9
Interest income from investments in listed bonds 84.3 86.4
Total interest income 297.4 300.7
Note 5. Benefits paid relating to customer balances
Half-year ended 30 September
2025 2024
£m £m
Benefits paid relating to customer balances
EU cashback 48.1 66.0
US interest 21.3 18.8
Other 3.9 -
Total benefits paid relating to customer balances 73.3 84.8
Note 6. Cost of sales and net credit losses on financial assets
Breakdown of expenses by nature:
Half-year ended 30 September
2025 2024
£m £m
Cost of sales
Banking and customer related-fees 141.9 130.1
Net foreign exchange movements and other product costs 31.8 22.8
Total cost of sales 173.7 152.9
Net credit losses on financial assets
Amounts charged to credit losses on financial assets 4.6 4.5
Net credit losses 4.6 4.5
Expected credit losses are presented as net credit losses within gross profit
and subsequent recoveries of amounts previously written off are credited
against the same line item.
Subsequent recoveries of amounts previously written off are immaterial in both
current and prior reporting period.
Note 7. Administrative expenses
Half-year ended 30 September
2025 2024
£m £m
Administrative expenses
Employee benefit expenses 248.5 200.2
Consultancy and outsourced services 86.5 63.2
Other administrative expenses 45.0 39.9
Technology 39.3 31.5
Marketing 35.2 23.2
Depreciation and amortisation 10.6 8.7
Impairment of property, plant and equipment 0.8 -
Total administrative expenses 465.9 366.7
Note 8. Tax
Half-year ended 30 September
2025 2024
£m £m
Current income tax for the period 65.6 72.5
Deferred tax charge for the period 1.8 2.7
Total tax expense for the period 67.4 75.2
Income tax expense for the current half-year period is calculated representing
the best estimate of the annual effective tax rate expected for the full year
by geographical unit applied to the pre-tax income of the six month period,
which is then adjusted for tax on exceptional items.
The effective tax rate for the half-year ended 30 September 2025 is 26%
(half-year ended 30 September 2024: 26%). The rate remains marginally above
the UK rate due to a movement in tax provisions and differences in overseas
tax rates.
The Organisation for Economic Co-operation and Development (OECD)/G20
Inclusive Framework on Base Erosion and Profit Shifting published on 20
December 2021 introduced the Pillar Two model rules designed to address the
tax challenges arising from the digitalisation of the global economy. The
Pillar Two regulation provides for an international framework of rules aimed
at ensuring that worldwide profits of multinational groups are subject to tax
at a rate not lower than 15% in every jurisdiction in which a group operates.
The Group operates in the United Kingdom (amongst other locations), which has
enacted new legislation to implement the global minimum top-up taxes. The
first period for which enacted legislation is effective for the Group is the
year ended 31 March 2025.
The Group has performed an assessment of the Group's exposure to Pillar Two
income taxes. This calculation is based on the accounting data for the first
half of the 2026 fiscal year. Based on the calculation, the Group does not
expect any material top-up taxes under enacted or substantively enacted Pillar
Two legislation. The Group will continue to monitor and assess the application
of these rules to the Group.
Note 9. Earnings per share
Half-year ended 30 September
2025 2024
Profit for the period (£m) 187.2 217.3
Weighted average number of Ordinary Shares for basic EPS (in millions of 1,027.0 1,029.1
shares)
Plus the effect of dilution from share options (in millions of shares) 13.6 18.9
Weighted average number of Ordinary Shares adjusted for the effect of dilution 1,040.6 1,048.0
(in millions of shares)
Basic EPS, in pence 18.23 21.12
Diluted EPS, in pence 17.99 20.73
Basic EPS has been calculated by dividing the profit attributable to the
Group's owners by the weighted average number of ordinary shares outstanding
during the period, including, the ordinary shares issuable for no
consideration for which all conditions are satisfied (20.3 million shares as
at 30 September 2025 and 24.3 million shares as at 30 September 2024).
Shares held by the Employee Share Ownership Plan (ESOP) Trust are deducted
from both basic and diluted EPS calculations. At the end of the reporting
period, there were 24.9 million (30 September 2024: 19.7 million) shares held
in the ESOP Trust.
The diluted EPS calculation adjusts the weighted average number of shares used
in the basic EPS calculation by assuming all potentially dilutive shares
convert into ordinary shares. Rights granted to employees under employee share
award plans, with a strike price and/or with conditions which have not yet
been met, are considered to be potential dilutive shares and therefore have
been included in the calculation of diluted EPS.
Note 10. Short-term financial investments
Short-term financial investments mainly comprise debt investments at FVOCI and
are as follows:
As at 30 September As at 31 March
2025 2025
£m £m
Short-term financial investments
Corporate debt securities 608.1 554.2
Government bonds 4,238.4 4,100.5
Other 0.2 0.2
Total short-term financial investments 4,846.7 4,654.9
During the period, the following movements were recognised in other
comprehensive income in relation to listed bonds:
Half-year ended 30 September
2025 2024
£m £m
Debt investments at FVOCI
Fair value gain recognised in other comprehensive income 1.8 15.0
Tax on debt investments at FVOCI 0.1 (2.7)
Net fair value gain recognised in other comprehensive income 1.9 12.3
Note 11. Cash and cash equivalents
As at 30 September As at 31 March
2025 2025
£m £m
Cash and cash equivalents
Cash at banks and in transit between Group bank accounts 9,642.3 7,845.9
Investment into money market funds 6,846.6 5,992.2
Cash in transit to customers 159.2 144.7
Total cash and cash equivalents 16,648.1 13,982.8
Cash at banks, in hand and in transit between Group bank accounts include term
deposits of £259.6m (31 March 2025: £204.2). Their settlement date is three
months or less.
Of the £16,648.1m (31 March 2025: £13,982.8m) cash and cash equivalents at
the period end, £1,583.2m (31 March 2025: £1,430.2m) is considered the
corporate cash balance, which is not related to customer funds that are held
in Wise accounts or collected from customers as part of the money transfer
settlement process.
The Group is subject to various regulatory safeguarding compliance
requirements with respect to customer funds. Such requirements may vary across
the different jurisdictions in which the Group operates. Within the £9,642.3m
(31 March 2025: £7,845.9m) of cash at banks and in transit between Group bank
accounts is £6,616.4m (31 March 2025: £5,807.5m) of customer funds in
segregated, safeguarding bank accounts and term deposits held at investment
grade banking institutions, or the highest possible credit-rated institutions
in non-investment grade jurisdictions (bank ratings being limited by the
relevant country rating). The remainder of safeguarded customer deposits were
held across highly liquid global money market funds (MMFs), treasury bonds and
investment grade corporate paper, as allowed by local regulations. In
addition, the Group implements a hybrid approach to safeguarding UK customer
funds via Comparable Guarantee, of total value of £845.0m (31 March 2025:
£520.0m), with nine investment grade sureties. The Group holds the amount
equal to the value of the guarantee in our customer network to support
customer activity and liquidity.
Note 12. Trade and other payables
As at 30 September As at 31 March
2025 2025
£m £m
Non-current trade and other payables
Accounts payable and accrued expenses 9.3 8.7
Other payables 46.4 37.1
Total non-current trade and other payables 55.7 45.8
Current trade and other payables
Wise accounts 19,669.3 17,056.4
Outstanding money transmission liabilities(*) 234.7 188.8
Payables to payment processors 123.9 125.3
Accrued expenses 126.5 103.0
Other payables 55.9 65.5
Other taxes 27.1 10.2
Accounts payable 17.8 16.8
Deferred revenue 14.5 12.8
Total current trade and other payables 20,269.7 17,578.8
* Money transmission liabilities represent transfers that have not yet been
paid out or delivered to a recipient
Trade and other payables are unsecured unless otherwise indicated; due to the
short-term nature of current payables, their carrying values approximate their
fair value.
Note 13. Borrowings
As at 30 September As at 31 March
2025 2025
£m £m
Current
Interest expense related to Revolving Credit Facility 4.9 1.3
Total current borrowings 4.9 1.3
Non-current
Revolving Credit Facility 198.5 98.1
Total non-current borrowings 198.5 98.1
Total borrowings 203.4 99.4
Debt movement reconciliation:
Revolving credit facility
£m
As at 1 April 2025 99.4
Cash flows:
Proceeds 200.0
Repayments (100.0)
Interest expense paid (3.4)
Non-cash flows:
Interest expense 7.4
Closing balance 203.4
The Group retains its access to a £330.0m multi-currency, unsecured, debt
facility offered by a syndicate of six lenders, namely: HSBC Innovation
Banking Limited, JP Morgan Chase Bank N.A. London Branch, National Westminster
Bank Plc, Citibank N.A., London Branch, Barclays Bank PLC and Goldman Sachs
Lending Partners LLC. The maturity date of the facility is December 2027, and
the agreement offers two, one-year, extension options. The currency
denomination, interest rate, covenant and security terms of the RCF remain
consistent with that disclosed in the Annual Report and Accounts 2025. The
Group monitors compliance with the covenants throughout the reporting period
and has complied with all financial covenants throughout the reporting period.
The undrawn available committed funds as at 30 September 2025 is £130.0m (31
March 2025: £230.0m).
Note 14. Lease liabilities
As at 30 September As at 31 March
2025 2025
£m £m
Lease liabilities
Current 9.2 10.3
Non-current 88.7 75.9
Total lease liabilities 97.9 86.2
Lease liabilities
£m
As at 1 April 2025 86.2
Cash flows:
Repayments (4.1)
Interest expense paid (2.8)
Non-cash flows:
New leases 14.5
Interest expense 2.8
Foreign currency translation differences 1.5
Other (0.2)
Closing balance 97.9
Note 15. Cash generated from operating activities
Half-year ended 30 September
2025 2024
Note(s) £m £m
Cash generated from operations
Profit for the period 187.2 217.3
Adjustments for:
Depreciation, impairment of PPE and amortisation 7 11.4 8.7
Non-cash share-based payments expense 29.8 31.0
Foreign currency exchange differences 102.6 25.7
Current tax expense 8 67.4 75.2
Adjustment for interest income and expense (310.8) (307.2)
Effect of other non-monetary transactions 0.9 (0.6)
Changes in operating assets and liabilities:
Increase in prepayments and receivables (8.8) (30.3)
Increase in trade and other payables 46.4 15.9
Decrease in receivables from customers and payment processors 20.3 56.6
increase /(Decrease) in liabilities to customers, payment processors and 38.1 (86.7)
deferred revenue
Increase in Wise accounts 2,445.5 1,824.4
Cash generated from operations 2,630.0 1,830.0
Note 16. Transaction with related parties
There have been no material changes to the nature or size of related party
transactions since 31 March 2025.
Note 17. Events occurring after the reporting period
No material post balance events have occurred since 30 September 2025.
Alternative performance measures
The alternative performance measures ('APMs') used by the Group remain
consistent with those
disclosed in the Annual Report and Accounts 2025, unless otherwise noted, and
should be viewed as
supplemental to, but not as a substitute for, measures presented in the
financial statements which
are prepared in accordance with IFRS.
Underlying profit before tax
Half-year ended 30 September
2025 2024
£m £m £m
Revenue 658.0 591.9
Underlying interest income (first 1% yield) 91.5 70.5
Underlying income 749.5 662.4
Cost of sales (173.7) (152.9)
Net credit losses on financial assets (4.6) (4.5)
Underlying gross profit 571.2 505.0
Administrative expenses (465.9) (366.7)
Net interest income from corporate investments 23.7 15.9
Other operating income, net 3.8 2.3
Underlying operating profit 132.8 156.5
Finance expense (10.8) (9.4)
Underlying profit before tax 122.0 147.1
Interest income above the first 1% yield 205.9 230.2
Benefits paid relating to customer balances (73.3) (84.8)
Reported profit before tax 254.6 292.5
Income tax expense (67.4) (75.2)
Profit for the period 187.2 217.3
Free cash flow
Half-year ended 30 September
2025 2024
£m £m
Underlying profit before tax 122.0 147.1
Underlying income 749.5 662.4
Underlying profit before tax margin 16.3% 22.2%
Corporate cash working capital change excluding collaterals 1.7 (27.3)
Adjustment for exceptional and pass-through items in the working capital (0.9) (0.1)
Depreciation, impairment of PPE and amortisation 11.4 8.7
Payments for lease liabilities (4.1) (4.1)
Capitalised expenditure - Property, plant and equipment (11.7) (11.7)
Capitalised expenditure - Intangible assets (1.2) (1.0)
Underlying free cash flow (UFCF) 117.2 111.6
UFCF conversion (UFCF as a % of Underlying profit before tax) 96.1% 76.0%
Adjustments to profit before tax
Interest income above the first 1% yield 205.9 230.2
Benefits paid relating to customer balances (73.3) (84.8)
Profit before tax 254.6 292.5
Free cash flow (FCF) 249.8 257.0
FCF conversion (FCF as a % of reported profit before tax) 98.2% 87.9%
Income
Half-year ended 30 September
2025 2024
£m £m
Revenue 658.0 591.9
Interest income on customer balances 297.4 300.7
Benefits paid relating to customer balances (73.3) (84.8)
Income 882.1 807.8
Corporate cash
The tables below show a non-IFRS view of the 'Corporate cash' metric that is
used by Group management to monitor available liquidity. Corporate cash
represents cash and cash equivalents that are not considered customer related
balances.
Information presented in the table below is based on the Group's internal
reporting principles and might differ from the similar information provided in
IFRS disclosures:
Half-year ended 30 September
2025 2024
£m £m
Corporate cash at beginning of year 1,430.2 1,061.1
Free cash flow 249.8 257.0
Net corporate cash generated from operating activities (2.4) (9.5)
Net proceeds/(repayments) from the RCF 100.0 (200.0)
Funding relating to share purchases and employee share schemes (181.2) (35.2)
Other (13.2) (12.2)
Corporate cash at end of year 1,583.2 1,061.2
As at 30 September As at 31 March
2025 2025
£m £m
Breakdown of corporate and customer cash
Cash and cash equivalents and short-term financial investments 21,494.6 18,637.5
Receivables from customers and payment processors 156.9 209.6
Adjustments for:
Outstanding money transmission liabilities and other customer payables (399.9) (361.2)
Wise customer accounts (19,668.4) (17,055.7)
Corporate cash at end of period 1,583.2 1,430.2
(( 1 )) Customer holdings is the total of the amount of customer balances in
the Wise account as well as the amounts invested in the 'Assets' feature.
(( 2 )) All data is for the six months ended 30 September 2025, and
comparisons provided are H1 FY26 vs H1 FY25, unless otherwise stated.
(( 3 )) Underlying income and underlying profit before tax are alternative
performance measures (APM) which are non-IFRS measures. See page 34 for more
information and reconciliation to IFRS.
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