Wise Group plc H1 FY27 Results

Wise Group plc H1 Results for Fiscal Year 2027

Another quarter of strong growth, with increased earnings diversification and robust profitability, as we continue to make progress toward achieving our Mission

 

 

	H1 FY27	H1 FY26	YoY Movement
Active customers (millions)	16.2	13.4	21%
Cross-border volume ($ billion)	141.0	113.9	24%
Customer holdings ($ billion)	43.5	33.9	28%
Net revenue ($ million)	1,453.1	1,183.8	23%
Cross-border take rate (%)	0.50%	0.52%	-2 bps

 

 

Kristo Käärmann, Co-founder and Chief Executive Officer, commented:

 

“More than 16 million people and businesses used Wise in the past six months. These customers moved $141 billion across borders, up 24% year on year. Customers also used Wise for more, spending $27 billion on Wise cards and increasing holdings by 28% to $44 billion, including $11 billion held in Wise Assets.

 

We expanded the infrastructure behind this growth. We added our ninth direct connection in Malaysia, reducing our reliance on intermediaries and helping us move money faster and at lower cost. 78% of transfers are now instant, while customers paid an average fee of only 50 bps to move money around the world in the period.

 

Banks are also adopting our infrastructure. In recent months, Wise Platform has announced new partnerships in the UK and Europe with OakNorth and Vivid. Additionally, we have partnered with two of the top 20 largest banks in North America, while we continue to expand the services we provide to Morgan Stanley.”

 

 

Business highlights for the six months ended September 30, 2026:

• Successfully dual-listed in May across Nasdaq (U.S.) and LSE (UK)
• Expanded our global infrastructure with the addition of our ninth direct integration, in Malaysia
• Continued to roll out more products globally, including the launch of: 
  • Our international money transfer service in Chile
  • Wise Account and Wise Card in Thailand
  • Wise chequing account in Canada with our first Canadian pop-up branch in Toronto
  • New accounting integrations in Germany, the Netherlands and Belgium for our Wise Business customers
• Increased Wise Platform partners with three silent launches including two large banks in North America

 

Additional business highlights post September 30, 2026:

• Added additional Wise Platform partners, including OakNorth, the digital bank for entrepreneurs, and Vivid, the European financial platform
• Appointed Barak Eilam as Non-Executive Director and Chair Designate of the Board of Directors
• Wise Europe, Wise’s Belgian subsidiary, has been engaging with the Brussels prosecutor’s office in response to queries about its business. An agreement has now been reached to fully resolve and settle this matter, with no admission of wrongdoing
• Launched products Wise Interest and Stocks in the U.S. and Wise Assets in New Zealand

 

H1 FY27 financial overview

• Active customers increased 21% YoY to over 16 million, with 4.1 million new active customers during the period
• Cross-border volume was $141.0 billion, an increase of 24% YoY (or 22% in constant currency) -  this was mainly driven by strong growth in the U.S. and Asia Pacific
• Transaction revenue increased 25% YoY to $1.1 billion, driven by:
  • Cross-border revenue increasing 19% YoY to $705.0 million, driven by strong volume growth and including a reduction of 2 bps in cross-border take rate, as we continued to proactively invest part of our operating leverage to further strengthen our competitive advantage of lower prices for customers
  • Card revenue increasing 43% YoY to $252.0 million, due to increased card spend volume of 33% YoY to $27.2 billion and higher interchange fees, on average, from higher business adoption and use of the Wise Card, mainly in the U.S.
  • Other revenue growth of 27% YoY to $145.2 million as more customers use and trust Wise for more aspects of their daily financial lives
• Customer holdings increased 28% YoY to $43.5 billion as of September 30, 2026, including $11.4 billion held in Assets under custody, which increased 52% YoY
• In line with our interest income framework we invest customer balances and aim to return interest back to customers:
  • Interest income on customer balances increased 16% YoY to $463.6 million, driven by high growth in customer balances of 22% year-on-year; this was partly offset by lower gross yield in H1 FY27 compared to the prior year
  • Interest expense on customer liabilities increased by 15% YoY to $112.7 million
• Net revenue increased 23% YoY to $1,453.1 million (22%* growth YoY on a constant currency basis)
• Total operating expenses increased by 28% YoY to $(1,150.3) million. Meanwhile, transaction expenses decreased by 12% YoY and reflected greater transactional efficiency and reinvestment of gains to drive future growth:
  • Transaction expenses decreased (12)% to $(229.7) million, as we were able to drive efficiencies and improve terms with suppliers. Additionally, there is a non comparable FX impact of $(28) million in H1 FY26, which related to the US GAAP treatment of available-for-sale debt securities
  • Transaction and credit losses increased 52% to $(9.4) million
  • Technology and development increased 51% YoY to $(292.2) million, driven by increased investment in launching new products and maintaining our infrastructure, including cloud services, which relate to higher transactions and the addition of a second site to enable further redundancy
  • Servicing increased 40% YoY to $(250.6) million, reflecting growth in customer base and continued investment in onboarding, customer support, and regulatory/compliance operations
  • Marketing and sales increased 46% YoY to $(111.7) million, as we continued to invest in scaling and expanding our marketing channels to acquire more customers, build our upper funnel, and unlock regional growth opportunities through brand-related marketing
  • General and administrative increased 41% YoY to $(256.7) million, driven by headcount growth in corporate functions, including new teams related to compliance with US listing requirements, in addition to one-off expenses including approximately $(15) million related to listing expenses
• Other income, net increased by 47% YoY to $32.1 million, driven by increased interest earned on corporate investments, partly offset by other factors, including interest expenses on our corporate bond
• Income before tax increased 9% YoY to $334.9 million, at a 23% margin
• Net income increased 6% YoY to $249.2 million

 

 

Outlook and capital allocation strategy

Our focus on customer outcomes generates strong levels of growth, sustainable profits and significant cash flow. This financial strength enables us to maintain robust cash balances and the flexibility required to execute our long-term mission while returning excess capital to our owners. 

• In July 2026 we commenced a new share repurchase program, expected to be over $500 million, of which c.40% is expected to be allocated to our recurring EST share purchase program. To date we have purchased almost 50% of the expected total amount

The operating leverage in our business model and our ability to balance growth investment with profitability are also reflected in our forward-looking expectations. As of November 12, 2026:

• Wise expects FY27 net revenue growth to be in the upper half (17.5-20%) of our 15-20% medium-term target range on a constant currency basis[1]*
• Wise expects FY27 income before tax (‘IBT’) margin** around the top of our 20-25% range

 

 

* Net revenue on a constant currency basis is translated using the average monthly exchange rates from the comparable prior period for operations with functional currencies other than the U.S. dollar. We present net revenue on a constant currency basis, which is a non-GAAP financial measure, to facilitate comparison of underlying growth trends without the effects of exchange rate fluctuations. Please see below for reconciliation from the closest GAAP financial metric:

 

** Income before income taxes margin, which is a non-GAAP financial measure, is calculated as income before tax divided by net revenue, each as presented in our condensed consolidated statement of comprehensive income.

 

($ millions)	Six months ended Sept. 30, 2026	Six months ended Sept. 30, 2025	YoY growth
Net revenue	1,453.1	1,183.8	23%
Impact of Foreign Exchange⁽¹⁾	(14.1)
Net Revenue on a Constant Currency Basis⁽²⁾	1,439.0	1,183.8	22%

(1) Represents the difference between H1 FY27 net revenue as reported and H1 FY27 net revenue on a constant currency basis translated at prior-period exchange rates. Each month’s revenue for operations with functional currencies other than the U.S. dollar is translated at the average exchange rate for the same month in the prior year (e.g., April 2026 at the April 2025 average exchange rate).

(2) Constant currency growth compares H1 FY27 net revenue on a constant currency basis with H1 FY26 net revenue as reported. The prior period requires no adjustment as it is the comparison base.

 

 

 

Growth Metrics

 

 

	H1 FY2027	H1 FY2026	YoY Movement
Active customers (thousand)	16,221	13,424	21%
Personal (thousand)	15,452	12,811	21%
Business (thousand)	769	613	25%
Cross-border volume ($ billion)	141.0	113.9	24%
Personal ($ billion)	97.5	81.8	19%
Business ($ billion)	43.6	32.2	35%
Customer balances ($ billion)	32.1	26.4	22%
Personal ($ billion)	20.2	16.7	21%
Business ($ billion)	11.9	9.7	23%
Assets under custody ($ billion)	11.4	7.5	52%
Customer holdings ($ billion)	43.5	33.9	28%
Cross-border revenue ($ million)	705.0	591.8	19%
Card and other revenue ($ million)	397.2	291.4	36%
Interest income on customer balances ($ million)	463.6	399.0	16%
Interest expense on customer liabilities ($ million)	(112.7)	(98.4)	15%
Net revenue ($ million)	1,453.1	1,183.8	23%
Cross-border take rate (%)	0.50%	0.52%	-2.0 bps
Personal (%)	0.55%	0.57%	-2.0 bps
Business (%)	0.38%	0.39%	-1.0 bps

 

Note: Differences between ‘total’ rows and the sum of the constituent components of Personal and Business are due to rounding.

 

 

 

 

 

 

 

Principal Risks and Uncertainties

 

Principal Risks

 

Principal risks represent events or circumstances that have been identified as having the greatest potential to threaten Wise’s business model, future performance, solvency or liquidity and reputation. In deciding which risks are principal risks, Wise considers the potential impact and probability of the related events or circumstances and the timescale over which they may occur. We have identified five principal risks (below) that provide an overview of those risks or combinations of risks which the Board considers the most important.

 

For more information on risk factors underlying these principal risks, please refer to the Wise Group plc’s Fiscal Year 2026 Annual Report on Form 20-F, Item 3.D. Key Information—Risk Factors, available at https://www.sec.gov.

Financial Crime and Fraud

Financial crime risk covers any failure on the part of the business to detect and prevent customers using our services for financial crimes, such as money laundering, bribery and corruption and other fraudulent activity. We have been, and may in the future be, subject to investigations relating to financial crimes.

As a financial institution, Wise’s growth depends on the Group meeting stringent regulatory standards, including those to combat money laundering and terrorism financing.

Fraud risk is the possibility of the organization, its customers, or both, being subject to fraudulent activity. This can come either from within (by Wisers) or externally (by individuals abusing our services and/or our customers while they use our services).

Fraud prevention links directly to Wise’s mission of providing fast, low-cost and secure payments. We also regard effective fraud management as essential for growth in customer numbers and retaining trust in a borderless financial system.

Cyber Security and Data Privacy

Cyber security risks are threats to the effectiveness, availability, integrity and security of IT systems and the data stored and processed therein, due to either external or internal security compromise.

The almost exclusively digital nature of our business means that cyber security risks are particularly acute. They are central to our operational considerations – even where risk appears minimal.

Data privacy risk involves failure to safeguard the rights and freedoms of users through the improper use or disclosure of their personal information.

As a financial technology company, we and the third parties with whom we work process sensitive data, which includes financial information and personal data.

 

Operational Resilience

Operational resilience risk describes the risk that Wise is vulnerable to an internal or external incident which has the capacity to adversely affect our ability to deliver important business services to customers or wider market participants.

Operational resilience is directly linked to Wise’s strategy by supporting uninterrupted, 24/7 and instant (under 20 seconds) money transfers amidst rising global digital disruptions. The resilience of our services builds customer trust and facilitates regulatory compliance with resilience standards, allowing Wise to scale sustainably while maintaining high reliability.

Wise’s customer-focused mission means that the business has been designed to be resilient and therefore, from a customer perspective, reliable from the outset.

Liquidity Management

Liquidity management risk describes the risk that Wise does not have the right type and quantity of funds, in the right place, at the right time and in the right currency to meet liabilities as they fall due.

Liquidity risk can arise if we're unable to meet our short-term obligations due to:

• A lack of available cash reserves
• Limited access to external funding sources
• An unexpected large outflow of cash

Market liquidity and funding risks are limited, as (i) our own liquidity and safeguarded balances are largely held in readily monetizable high-quality liquid assets; (ii) we place limited reliance on external funding sources; (iii) we hold own liquidity to face sudden and severe shocks (calibrated via stress testing).

However, sudden changes in behavior of customers or counterparties, or operational challenges such as varying payment processing speeds across multi-currency accounts and the settlement cycles for our Assets product can affect the speed of delivery and customer experience.

Regulatory Risk

This is the risk that Wise fails to comply with applicable requirements as a group of regulated entities with licenses to provide our products and services globally. We have in the past been, and may in the future be, unable to satisfy such requirements. We are required to comply with laws, regulations, license conditions, regulatory guidelines and statements of policy applicable to our business activities across several functional areas and multiple jurisdictions.

 Additional Uncertainties

We recognize that, in addition to the above Principal Risks, we face risks to our current or projected financial condition and resilience arising from adverse business decisions, poor implementation of those decisions, or lack of responsiveness to changes in the financial industry and operating environment. These strategic uncertainties include:

• Future revenue and growth depend on our ability to retain existing customers, attract new customers and increase transaction volume with both new and existing customers. If our features, products and services fail to be successful, or if our competitors develop new features, products and services that rival our own, our ability to acquire new customers may be unsuccessful and our growth may materially slow or decline;
• If one or more of our counterparties, including financial institutions, default on their financial or performance obligations to us or fail, we may incur significant losses;
• We may be unable to compete successfully against existing and future competitors that employ a variety of existing business models and technologies or new innovations;
• Increases in transaction, processing and other fees could increase our costs, affect our profitability, cause us to lose customers or otherwise limit our operations;
• Unfavorable geopolitical or macroeconomic conditions could limit our ability to grow our business and negatively affect our operating results;
• We expect fluctuations in our financial results, making it difficult to project future results and if we fail to meet the expectations of securities analysts or investors with respect to our operating results, the market price of our shares could decline; and
• Our estimates of market opportunity and forecasts of market growth may prove to be inaccurate and even if the market in which we compete achieves the forecasted growth, our business could fail to grow at similar rates, if at all.

Our vigilance around our risk environment includes monitoring the highly uncertain risks that could emerge and cause harm or present challenges to our business. These risks are managed through our Emerging Risk Forum, composed of senior leadership team members, which meets bi-annually to review the emerging risks facing Wise.

For additional risk factors affecting our business, see the risk factors described in our Annual Report on Form 20-F for the year ended March 31, 2026.

 

 

 

 

Related Party Transactions

 

Other than the reorganization transaction described in the condensed consolidated interim financial statements, there have been no material changes in the reported related party transactions since our last annual report that have materially affected our financial position. For additional information on related party transactions, please see Note 15 to our condensed consolidated interim financial statements.

 

 

 

 

 

Earnings call information

 

Wise will host an earnings call today, November 12, 2026 at 4:30 p.m. Eastern Time to discuss the company’s performance and expectations. Listeners may access the live call via webcast at http://owners.wise.com, where they can also find Wise’s earnings press release and slide presentation. Following the call, the webcast will be made available at the same website for at least 30 days.

 

Enquiries

 

Investor Relations: [email protected]

 

Communications: [email protected]

 

Brunswick Group

Charles Pretzlik / Emily Murphy

[email protected]

+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, as we build an entirely new network for the world’s money.

 

In fiscal year 2026, Wise supported around 19 million people and businesses, processing over $240 billion in cross-border transactions and saving customers over $3 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.Responsibility Statement of the Directors

 

The directors confirm that these condensed interim financial statements have been

prepared in accordance with U.S. generally accepted accounting principles (US GAAP) as codified by the Financial Accounting Standards Board and recognized by the Securities and Exchange Commission (SEC) 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 Group plc are listed in the Wise Group plc’s Fiscal Year 2026 Annual Report on Form 20-F, available at https://www.sec.gov. A list of current directors is maintained at https://wise.com/owners/corporate-governance.

 

 

On behalf of the Board of Directors:

 

 

Kristo Käärmann

Date: November 12, 2026

 

 

 

 

 

 

 

 

 

WISE GROUP PLC

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited)

(in millions, except for per share data)

 

 

 

				Six months ended September 30,
	Note			2026			2025
Transaction revenue	3		$	1,102.2		$	883.2
Interest income on customer balances				463.6			399.0
Interest expense on customer liabilities				(112.7)			(98.4)
Net revenue			$	1,453.1		$	1,183.8
Operating expenses:
Transaction expense				(229.7)			(260.9)
Transaction and credit losses				(9.4)			(6.2)
Technology and development				(292.2)			(193.3)
Servicing				(250.6)			(179.2)
Marketing and sales				(111.7)			(76.6)
General and administrative				(256.7)			(182.7)
Total operating expenses				(1,150.3)			(898.9)
Operating income			$	302.8		$	284.9
Other income, net	4			32.1			21.8
Income before tax			$	334.9		$	306.7
Income tax expense				(85.7)			(71.9)
Net income			$	249.2		$	234.8
Attributable to:
Equity holders of the Parent				249.1			234.8
Non-controlling interests				0.1			0.0
Net Income			$	249.2		$	234.8
Net income per share - basic, in cents	7		$	24.63		$	22.95
Net income per share - diluted, in cents	7		$	24.45		$	22.67
Weighted average shares outstanding - basic	7			1,011.4			1,023.0
Weighted average shares outstanding - diluted	7			1,018.9			1,035.7
Other comprehensive income, net of tax benefit of $0.2 million and tax charge of $8.4 million in 2026 and 2025, respectively
Gain on foreign currency translation	6			27.4			75.0
Unrealized gain/(loss) on available-for-sale debt securities, net	6			(4.9)			28.7
Other comprehensive income, net of tax			$	22.5		$	103.7
Total comprehensive income			$	271.7		$	338.5
Attributable to:
Shareholders of Wise				271.6			338.5
Non-controlling interests				0.1			0.0
Total comprehensive income			$	271.7		$	338.5

 

 

 

The accompanying notes form an integral part of these Group condensed consolidated interim financial statements.

WISE GROUP PLC

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (unaudited)

(in millions)

 

 

				As at September 30,			As at March 31,
	Note			2026			2026
Current assets
Cash and cash equivalents			$	27,865.4		$	27,802.2
Debt securities, current	8			6,223.2			4,582.7
Accounts receivable, net of allowance for credit losses	9			643.4			391.3
Prepaid expenses and other current assets				170.5			185.4
Current tax assets				68.4			19.0
Total current assets			$	34,970.9		$	32,980.6
Property, plant and equipment, net				206.6			189.9
Intangible assets, net				3.6			4.5
Other assets, noncurrent				21.5			27.4
Debt securities, noncurrent	8			536.5			0.0
Deferred tax assets				56.6			57.4
Total assets			$	35,795.7		$	33,259.8
Liabilities and shareholders' equity
Current liabilities
Accounts payable and other current liabilities			$	708.1		$	522.3
Funds payable and amounts due to customers				32,533.5			30,254.2
Current tax liabilities				18.0			6.7
Short-term debt	12			6.0			6.0
Operating lease liabilities	10			18.8			16.4
Total current liabilities			$	33,284.4		$	30,805.6
Deferred tax liabilities				9.6			8.2
Other long term liabilities				70.5			59.5
Operating lease liabilities, noncurrent	10			142.7			132.6
Long-term debt	12			329.4			328.7
Total liabilities			$	33,836.6		$	31,334.6
Commitments and contingent liabilities	14
Shareholders’ equity
Class A Common shares - $0.01 par value; 1,025,164,562 shares authorized; 1,025,164,562 shares issued and outstanding as at September 30, 2026 and 1,025,672,252 shares issued and outstanding as at March 31, 2026	6			10.3			14.2
Class B Common shares - $0.000 000 001 par value; 204,338,749 shares authorized; 204,338,749 shares issued and outstanding as at September 30, 2026 and 208,883,268 shares issued and outstanding as at March 31, 2026	6			-			-
Additional paid-in capital				142.7			166.2
Treasury stock	6			(610.5)			(422.8)
Retained earnings				2,337.4			2,111.1
Accumulated other comprehensive income	6			79.0			56.5
Total shareholders' equity attributable to equity holders of the Parent			$	1,958.9		$	1,925.2
Non-controlling interests				0.2			0.0
Total liabilities and equity			$	35,795.7		$	33,259.8

 

 

 

 

 

 

The accompanying notes form an integral part of these Group condensed consolidated interim financial statements.

WISE GROUP PLC

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited)

(in millions, except per share data)

 

 

 

		Common Shares
	Note	Class A			Class B
		Shares	Cost		Shares		Cost		Additional paid-in capital		Treasury stock			Retained earnings			Accumulated other comprehensive income			Total	Non- controlling interests		Total shareholders' equity
At April 1, 2025		1,025,000,252	$	14.2		243,584,255	$	-	$	163.5	$	(85.0)		$	1,655.9		$	(11.2)	$	1,737.4	-	$	1,737.4
Net income				-				-		-		-			234.8			-		234.8	-		234.8
Other comprehensive income, net	6	-		-		-		-		-		-			-			103.7		103.7	-		103.7
Common shares issued	6	-		-		(25,000,000)		-		-		-			-			-		-	-		-
Shares acquired by Employee Share Trust	6	-		-		-		-		-		(244.0)			-			-		(244.0)	-		(244.0)
Share-based compensation expense		-		-		-		-		40.3		-			-			-		40.3	-		40.3
Exercise of share awards		-		-		-		-		(42.2)		59.6			(17.0)			-		0.4	-		0.4
At September 30, 2025		1,025,000,252	$	14.2		218,584,255	$	-	$	161.6	$	(269.4)		$	1,873.7		$	92.5	$	1,872.6	-	$	1,872.6

 

 

 

 

 

 

 

At April 1, 2026		1,025,672,252	$	14.2		208,883,268	$	-	$	166.2	$	(422.8)		$	2,111.1		$	56.5	$	1,925.2	$	-	$	1,925.2
Net income				-				-		-		-			249.1			-		249.1		0.1		249.2
Other comprehensive income, net	6	-		-		-		-		-		-			-			22.5		22.5		-		22.5
Scheme shares due to reorganization transaction	6	(507,690)		(3.9)																(3.9)		-		(3.9)
Common shares redeemed	6	-		-		(4,544,519)		-		-		-			-			-		-		-		-
Shares acquired by the Company	6	-		-		-		-		-		(275.6)			-			-		(275.6)		-		(275.6)
Share-based compensation expense		-		-		-		-		64.4		-			-			-		64.4		-		64.4
Exercise of share awards		-		-		-		-		(64.9)		87.9			(22.8)			-		0.2		-		0.2
Merger and reorganization reserve		-		-		-		-		(23.0)		-			-			-		(23.0)		0.1		(22.9)
At September 30, 2026		1,025,164,562	$	10.3		204,338,749	$	-	$	142.7	$	(610.5)		$	2,337.4		$	79.0	$	1,958.9	$	0.2	$	1,959.1

 

 

 

 

 

 

 

WISE GROUP PLC

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)

(in millions)

 

 

				Six months ended September 30,
	Note			2026			2025
Cash flow from operating activities
Net income			$	249.2		$	234.8
Adjustments for non-cash items:
Depreciation and amortization				7.1			7.3
Impairment of assets				0.0			1.1
Share-based compensation				64.7			40.0
Foreign currency transactions				(28.8)			172.3
Deferred tax expenses				2.3			4.4
Operating lease expense	10			14.8			9.0
Other				(2.4)			1.1
Changes in operating assets and liabilities:
Accounts receivable, net				(256.6)			48.1
Prepaid expenses and other assets				(36.7)			(59.4)
Accounts payable and other current liabilities (including tax)				62.6			11.5
Operating lease liabilities				(7.9)			(8.1)
Funds payable and amount due to customers				2,546.8			3,343.5
Net cash provided by operating activities			$	2,615.1		$	3,805.6
Cash flow from investing activities
Purchase of property, plant and equipment				(17.2)			(15.6)
Purchase of intangible assets				0.0			(1.7)
Purchase of debt securities				(5,572.5)			(4,901.2)
Proceeds from sale and maturities of debt securities	8			3,375.1			4,718.1
Net cash used in investing activities			$	(2,214.6)		$	(200.4)
Cash flow from financing activities
Repurchases of shares	6			(165.4)			(243.9)
Proceeds from issuance of shares and other equity				2.4			0.2
Proceeds from revolving credit facility				0.0			267.2
Repayments of revolving credit facility				0.0			(134.9)
Net cash used in financing activities			$	(163.0)		$	(111.4)
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash, net				(174.3)			821.1
Net change in cash and cash equivalents				63.2			4,314.9
Cash, cash equivalents, and restricted cash at beginning of period				27,802.2			18,066.3
Cash, cash equivalents, and restricted cash at end of period			$	27,865.4		$	22,381.2
Supplemental cash flow disclosure:
Cash paid for interest			$	(9.7)		$	(5.4)
Cash paid for income taxes, net				(109.7)			(80.6)

 

 

 

 

 

 

The accompanying notes form an integral part of these Group condensed consolidated interim financial statements.

 

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)

1. Description of business

Wise Group plc (the “Company”) is a Jersey public limited company, incorporated on June 17, 2025, under the laws of Jersey, Channel Islands, and the ultimate parent of Wise Limited (formerly Wise plc) and its consolidated subsidiaries (together with the Company, the “Group”).

 

The principal activity of the Group is the provision of cross-border and domestic financial services.

Reorganization

Wise Group plc was established as the ultimate holding company pursuant to a Scheme of Arrangement under Part 26 of the U.K. Companies Act 2006 (the “Scheme”); the Scheme became effective on May 8, 2026, and the reorganization was completed on May 11, 2026 (the “Reorganization Transaction”). On May 11, 2026, Wise Group plc’s Class A ordinary shares were admitted to trading on the Nasdaq Stock Market LLC (“Nasdaq”), with the Group’s primary listing transferring from the London Stock Exchange (the “LSE”) to Nasdaq, while retaining a secondary listing on the LSE.

In connection with the Reorganization Transaction, Wise Group plc acquired 99.96% of the issued share capital of Wise Limited (formerly Wise plc) in exchange for the issue of matching Class A Shares and Class B Shares to the existing shareholders. Wise Limited, and its subsidiaries, became wholly owned subsidiaries of Wise Group plc.

As a result of the Reorganization Transaction, conducted via a share for share exchange between entities under common control, and accounted for at historical carrying value, the historical consolidated financial statements of Wise Limited became the historical consolidated financial statements of Wise Group plc as at the date of the Reorganization Transaction using the retrospective presentation method. Wise Limited became the predecessor of the Company for financial reporting purposes. The Reorganization Transaction did not result in a change in the underlying business and operations of the Group.

2. Summary of significant accounting policies

Basis of Preparation

The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information. These unaudited condensed consolidated interim financial statements do not include all footnote disclosures from the audited consolidated financial statements and should be read in conjunction with the audited consolidated financial statements for the year ended March 31, 2026, in our Annual Report on Form 20-F, as filed with the U.S. Securities and Exchange Commission (the SEC).

In preparing these unaudited condensed consolidated interim financial statements, there have been no material changes in significant accounting policies or estimates as those applied to the consolidated financial statements for the year ended March 31, 2026, except as presented. The operating results for the six months ended September 30, 2026 are not necessarily indicative of the results that may be expected for the year ending March 31, 2027 or any other interim period. The Group’s operations are not subject to significant seasonal fluctuations.

Principles of Consolidation

The accompanying unaudited condensed consolidated interim financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of the Group’s financial position, results of operations and cash flow have been included.

 

All financial information is presented in millions of U.S. dollars (USD), which is the Group’s reporting currency, rounded to the nearest $0.1 million, unless otherwise stated.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reported period. These estimates and assumptions include, but are not limited to, transaction and credit losses; refer to “Transaction and credit losses” in the audited consolidated financial statements for the year ended March 31, 2026 for further information.

The Group bases its estimates on historical experience and on assumptions that management considers reasonable. While actual results could differ, management believes such estimates to be reasonable. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Cash and Cash Equivalents

Cash and cash equivalents include on-demand deposits, term deposits, deposits (with collateral) held, money market funds (MMFs) and other short-term high-quality liquid investments with an original maturity of three months or less, and cash held with banking partners.

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 $27,865.4 million (March 31, 2026: $27,802.2 million) of cash and cash equivalents $16,963.3 million (March 31, 2026: $16,208.0 million*) of customer funds is in segregated or safeguarded 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 MMFs $6,597.4 million and $7,592.1 million for September 30, 2026 and March 31, 2026 respectively, and in liquid, investment-grade fixed income securities, comprising government treasury bonds, other foreign bonds and highly-rated corporate paper, in accordance with applicable local regulations $6,759.7 million and $4,582.7 million for September 30, 2026 and March 31, 2026 respectively.

In addition the Group has a hybrid approach to safeguarding U.K. customer funds by implementing Safeguarding via Comparable Guarantees, of total value of $1,120.8 million (March 31, 2026: $1,119.1 million) as at September 30, 2026, with nine investment grade sureties.

Within cash and cash equivalents is $0.2 million (March 31, 2026: nil) of restricted cash arising from the Reorganization Transaction related to the excluded shareholders and is unavailable for the Group’s general use.

* The amount of customer funds held in segregated or safeguarded bank accounts and term deposits as at March 31, 2026 has been revised from $14,824.1 million to $16,208.0 million. This revision includes certain bank accounts that were segregated within cash and cash equivalent but had been inadvertently omitted from the previously disclosed amount. This relates solely to this supplementary disclosure and has no effect on total cash and cash equivalents, the consolidated balance sheets, consolidated statements of operations, comprehensive income, equity, or cash flows for any period presented.

Debt Securities

Debt securities may be classified as Trading, Held-To-Maturity (HTM) or Available-For-Sale (AFS). Trading debt securities are held principally for resale and recorded at their fair values. Unrealized gains and losses on trading debt securities are included immediately in earnings. HTM debt securities are those which management has the positive intent and ability to hold to maturity and are reported at amortized cost.

The Group’s debt securities (e.g. bonds) are classified as either AFS, and recorded at their fair value or as HTM, and recorded at amortized cost.

AFS debt securities consist of debt securities not classified as trading debt securities nor as held-to-maturity debt securities, and are recognized as current assets. Unrealized holding gains and losses on AFS debt securities are reported as a net amount in accumulated other comprehensive income in shareholders’ equity until realized. Gains and losses on the sale or maturity of AFS debt securities are determined using the specific-identification method and recognized in “Other income, net” in the Consolidated Statement of Comprehensive Income. Foreign currency transaction gains or losses on AFS debt securities are recognized as “Transaction Expense” in the Consolidated Statement of Comprehensive Income for customer related balances.

HTM debt securities are recognized at amortized cost using the effective interest rate method over the period to maturity, and are recognized as either current or non-current based on their maturities. Gains and losses on the sale or maturity of HTM debt securities are recognized in ‘’Other income, net’’ in the Consolidated Statement of Comprehensive Income. Foreign currency transaction gains or losses on HTM debt securities are recognized as “Transaction Expense” in the Consolidated Statement of Comprehensive Income for customer related balances.

Premiums and discounts on debt securities are recognized in interest income from customer balances using the effective interest rate method over the period to maturity.

Recent Accounting Pronouncements

Measurement of Credit Losses for Accounts Receivable

In July 2025, the FASB issued ASU 2025-05, Financial Instruments–Credit Losses– Measurement of Credit Losses for Accounts Receivable and Contract Assets (Topic 326), which provides a practical expedient to measure credit losses on current accounts receivable and current contract assets under Accounting Standards Codification 606, Revenue from Contracts with Customers. The practical expedient assumes that current conditions as at the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for the Company’s year ending March 31, 2027, and interim periods in the same annual reporting period. Early adoption is permitted. The Company has assessed the applicability of ASU 2025-05 and does not expect application of the practical expedient to have a material impact on its condensed consolidated financial statements and has not elected to apply the practical expedient at this stage.

 

Recently Issued Accounting Pronouncements Not Yet Adopted

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires incremental disclosures to disaggregate income statement expense items. In January 2025, the FASB issued ASU No. 2025-01, Clarifying the Effective Date, which revised the effective date of ASU No. 2024-03 for interim periods. ASU 2024-03 and ASU 2025-01 are effective for the Company’s year ending March 31, 2028, and interim periods within the years beginning after April 1, 2028. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2024-03 and ASU 2025-01 on its consolidated financial statement disclosures.

Intangibles – Goodwill and Other Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, which removes references to software development stages. Entities will be required to start capitalizing software costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable the project will be completed and the software will be used as intended. The guidance is effective for annual reporting periods beginning after December 15, 2027, and transition approaches include prospective, retrospective or modified methods. The Company has evaluated that the impact of ASU 2025-06 on its consolidated financial statements, when effective, will not be material.

Government Grants (Topic 832) – Accounting for Government Grants Received by Business Entities

In December 2025, the FASB issued ASU 2025-10, which establishes the accounting and presentation guidance for government grants received by business entities. ASU 2025-10, which can be applied modified prospectively, modified retrospectively, or retrospectively, is effective for the Company’s year ending March 31, 2030, and interim periods in the same annual reporting period. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2025-10 on its consolidated financial statements.

Interim Reporting (Topic 270) – Narrow-Scope Improvements

In December 2025, the FASB issued ASU 2025-11, which clarifies when ASC 270 applies and adds a comprehensive list of interim disclosure requirements from other Codification topics. ASU 2025-11 also introduces a disclosure principle requiring entities to disclose events since the last annual period that have a material impact, and specifies the form and content of condensed interim financial statements. ASU 2025-11, which can be applied prospectively or retrospectively to any or all prior periods presented, is effective for the Company’s year ending March 31, 2029, and interim periods in the same annual reporting period. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2025-11 on its condensed consolidated interim financial statements.

3. Transaction Revenue

The Group generates transaction revenue from contracts with customers by providing the following services: Cross-border, Card and Other revenue. There have been no material changes in terms of the type and nature of revenue streams since the year ended March 31, 2026.

Below is the revenue split by nature:

		Six months ended September 30,
		2026			2025
		(In million)			(In million)
Transaction revenue by nature
Cross-border	$	705.0		$	591.8
Card		252.0			176.8
Other		145.2			114.6
Total transaction revenue	$	1,102.2		$	883.2

 

No individual customer contributed more than 10% to Wise’s total transaction revenue in the six months ended September 30, 2026 and 2025.

 

 

 

 

 

 

The following table presents the Group’s transaction revenues from contracts with customers disaggregated by timings of revenue recognition:

		Six months ended September 30,
		2026			2025
		(In million)			(In million)
Transaction revenue
Recognized at a point in time	$	1,069.9		$	858.9
Recognized over time		32.3			24.3
Total transaction revenue	$	1,102.2		$	883.2

 

 

Contract Balances

 

Contract liabilities are recognized when consideration is received in advance of the provision of service and are subsequently recognized as transaction revenue when the related performance obligations are satisfied. The Group has $50.9 million contract liabilities included in “Accounts Payable and other current liabilities” at September 30, 2026 and had $44.4 million for the year ended March 31, 2026. The amount of revenue recognized during the six months ended September 30, 2026 and 2025 that was included in the contract liabilities balance at the beginning of the six-month periods was $14.1 million and $9.4 million respectively.

The following table presents the Group’s remaining performance obligation for contracts with a duration of more than one year at September 30, 2026:

 

 

		2027		2028		2029		thereafter
		(in million)		(in million)		(in million)		(in million)
Revenue expected to be recognized on multi-year contracts in place as at September 30, 2026	$	14.7		18.0		8.9		9.3

 

Contract assets typically arise when the Group has transferred services to a customer, but the right to consideration is not yet unconditional. The Group does not have contract assets as at September 30, 2026 or as at March 31, 2026.

 

 

 

 

 

 

 

4. Other income, net

The following table presents the breakdown of the Group’s Other income, net:

 

		Six months ended September 30,
		2026			2025
		(In million)			(In million)
Interest income from corporate investments	$	38.0		$	31.8
Gain/(loss) on available-for-sale debt securities¹		0.0			(6.8)
Interest expense		(10.7)			(10.0)
Foreign exchange (loss)/gain		(4.1)			1.7
Other		8.9			5.1
Total other income, net	$	32.1		$	21.8

 

 

1 Refer to “Note 6 – Shareholders’ equity” for details on the “Gain/loss’’ on available-for-sale debt securities.”

5. Segment Reporting

Operating segments are defined as components of a Group that engage in business activities and for which discrete financial information is available that is evaluated on a regular basis by the Chief Operating Decision Maker (CODM). The Group determines operating segments based on how its CODM manages the business, makes operating decisions around the allocation of resources, and evaluates operating performance. The Group’s CODM is the Chief Executive Officer (CEO) of the Group, for the purpose of resource allocation and assessment of the Group’s operating results on a consolidated basis. Based on the Group’s business model, the CODM determines that the Group operates as one operating segment, which is the provision of cross-border and domestic financial services. The operating segment is based on how the Group is organized, reflecting the difference in the nature of the services they each provide.

Segment Income and Performance Measurement

The Group’s CODM is provided the financial performance of the Group's one operating segment showing net income as the primary measure of segment profitability. Net income reflects revenue generated and expenses incurred for the business. The CODM uses this measure to evaluate the operational efficiency and profitability of the Group, to make strategic decisions about capital allocation, and to assess whether the Group is meeting its financial targets.

The Group’s CODM is regularly provided results comparing actual performance against budgeted targets and prior periods. This measure aligns with how resources are managed and allocated within the Group’s one operating segment business.

The Group’s CODM does not evaluate the performance of the operating segment using asset information.

Significant Segment Expenses

The Group’s CODM evaluates significant expenses based on the Condensed Consolidated Statement of Comprehensive Income and does not further disaggregate expenses in deciding how to allocate resources and assess performance. Since the Group operates as a single reporting segment, all required segment reporting disclosures can be found in the condensed consolidated interim financial statements and notes of the condensed consolidated interim financial statements.

Geographic Information

Net revenue from external customers by major geographic region is allocated based on the customer address for transaction revenue and the geography of the legal entity in which the cash is held for interest income on customer balances and interest expense on customer liabilities. The information below summarizes net revenue by geographic areas for the six-month periods ended September 30, 2026 and 2025:

 

		Six months ended September 30, 2026
		Transaction revenue		Interest income on customer balances		Interest expense on customer liabilities		Net revenue
		(In million)		(In million)		(In million)		(In million)
Europe (excluding UK)	$	312.9	$	150.9	$	(69.5)	$	394.3
Asia-Pacific		272.7		55.2		(1.8)		326.1
United States of America		164.6		90.1		(29.6)		225.1
United Kingdom		184.8		132.0		-		316.8
Rest of the world		167.2		35.4		(11.8)		190.8
Total	$	1,102.2	$	463.6	$	(112.7)	$	1,453.1

 

		Six months ended September 30, 2025
		Transaction revenue		Interest income on customer balances		Interest expense on customer liabilities		Net revenue
		(In million)		(In million)		(In million)		(In million)
Europe (excluding UK)	$	269.8	$	134.0	$	(64.5)	$	339.3
Asia-Pacific		206.1		29.5		-		235.6
United States of America		119.3		77.2		(28.6)		167.9
United Kingdom		156.4		134.6		-		291.0
Rest of the world		131.6		23.7		(5.3)		150.0
Total	$	883.2	$	399.0	$	(98.4)	$	1,183.8

 

6. Shareholders’ equity

 

In connection with the Reorganization Transaction described in Note 1, Wise Group plc acquired 99.96% of the issued share capital of Wise Limited in exchange for the issue of matching Class A Shares and Class B shares to the existing shareholders.

 

Common Shares

 

Class A

The Class A common shares were  1,025,164,562 shares authorized, issued and outstanding at September 30, 2026 (March 31, 2026: 1,025,672,252 shares authorized, issued and outstanding). The Class A common shares consist of 1,011,629,346 class A ordinary shares and 13,535,216 Class A shares in treasury. The reduction in the number of Class A common shares arose from the Reorganization Transaction related to the excluded shareholders.

 

During the six months ended September 30, 2026, the Company did not allot any Class A Ordinary Shares with a nominal value of $0.01 related to share options granted to non-executive directors of Wise under the Company’s legacy incentive plans prior to the Company’s admission to trading on the London Stock Exchange (for the six months ended September 30, 2025: none Class A Ordinary Shares).

 

Class B

The Class B common shares were 204,338,749 shares authorized, issued and outstanding at September 30, 2026 (March 31, 2026: 208,883,268 shares authorized, issued and outstanding).  The Company holds no Class B shares in treasury.

 

During the six months ended September 30, 2026, the Company redeemed 4,544,519 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 (six months ended September 30, 2025: 25,000,000 Class B Ordinary Shares).

 

 

Purchase of Company’s Shares

 

During the six months ended September 30, 2026, the Company commenced a share buyback program (‘the Buyback’) for the Company’s Class A ordinary shares up to a maximum consideration of approximately $540 million (£405 million). The Buyback commenced on July 21, 2026 and is expected to be completed no later than March 31, 2027. Shares repurchased under the Buyback may be held in treasury, cancelled or transferred to the Company’s Employee Share Trust to satisfy employee equity awards. The consideration paid, including any directly attributable incremental costs (net of income taxes), on purchase of the Company’s equity instruments is deducted from equity.

 

During the six months ended September 30, 2026, a total of 13,861,935 shares (six months ended September 30, 2025: 17,030,373) were purchased from the market for a total of $169.2 million, at an average of $12.20 per share (six months ended September 30, 2025: $14.24). $106.4 million of expected market purchases not executed has been accrued, as at September 30, 2026 (September 30, 2025: nil) and recognized in equity. This accrual of $106.4 million represents a non-cash financing activity.

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income

 

The following table presents a summary of the changes in the components of the Group’s accumulated other comprehensive income (AOCI).

 

		Unrealized gains/(losses) on AFS debt securities			Foreign currency translation gains/ (losses)			Tax (expense)/ benefit			Total AOCI
			(In million)			(In million)			(In million)			(In million)
Balance at March 31, 2025		$	(21.7)			3.5			7.0			(11.2)
Increase/(decrease)			30.3			75.0			(8.4)			96.9
Reclassification adjustments, included in net income			6.8			-			-			6.8
Total increase/(decrease)		$	37.1			75.0			(8.4)			103.7
Balance at September 30, 2025		$	15.4			78.5			(1.4)			92.5
Balance at March 31, 2026		$	(11.2)			63.3			4.4			56.5
Increase/(decrease)			(5.1)			27.4			0.2			22.5
Reclassification adjustments, included in net income			-			-			-			-
Total increase/(decrease)		$	(5.1)		$	27.4		$	0.2		$	22.5
Balance at September 30, 2026		$	(16.3)		$	90.7		$	4.6		$	79.0

 

 

The tax (expense)/benefit relates to accumulated unrealized loss on available-for-sale (AFS) debt securities.

 

 

Amounts reclassified from AOCI and the affected line items in the statements of income during the six months ended September 30, 2026 and 2025, were as follows:

Amount reclassified from AOCI
		Amount Reclassified from AOCI						Affected Line Item in the Statement of Comprehensive Income
		Six months ended September 30,
			2026			2025
			(In million)			(In million)
Unrealized losses on available-for-sale securities		$	-		$	6.8		Other income, net
			-			6.8		Income before tax
			-			-		Income tax expense/(benefit)
Total reclassification out of AOCI		$	-		$	6.8

 

7. Earnings per Share

Basic and diluted earnings per share is calculated as follows:

 

		Six months ended September 30,
		2026			2025
Numerator		(In million, except per share data)
Net income attributable to equity holders of the Parent- basic	$	249.1		$	234.8
Net income - diluted attributable to equity holders of the Parent	$	249.1		$	234.8
Denominator
Weighted average number of shares – basic (in millions of shares)		1,011.4			1,023.0
Plus the effect of dilution from share awards (in millions of shares)		7.5			12.7
Weighted average number of shares – diluted (in millions of shares)		1,018.9			1,035.7
Earnings per share
Basic (cents)	$	24.63		$	22.95
Diluted (cents)	$	24.45		$	22.67

8. Debt securities

 

Available-for-Sale Debt Securities

Investments in available-for-sale debt securities are as follows:

 

		Six months ended September 30, 2026
		Amortized cost			Gross unrealized gains			Gross unrealized losses			Fair value
Available-for-sale debt securities:		(In million)			(In million)			(In million)			(In million)
U.S. government bonds	$	1,306.8		$	-		$	(5.6)		$	1,301.2
UK government bonds		1,525.9			0.1			(6.4)			1,519.6
Other foreign bonds		1,853.4			-			(5.7)			1,847.7
Corporate debt securities		628.3			-			(1.0)			627.3
Total Available-for-sale debt securities	$	5,314.4		$	0.1		$	(18.7)		$	5,295.8
		Year ended March 31, 2026
		Amortized cost			Gross unrealized gains			Gross unrealized losses			Fair value
Available-for-sale debt securities:		(In million)			(In million)			(In million)			(In million)
U.S. government bonds	$	1,273.1		$	0.6		$	(0.9)			1,272.8
UK government bonds		1,070.5			0.1			(7.2)			1,063.4
Other foreign bonds		1,699.9			0.2			(4.6)			1,695.5
Corporate debt securities		551.7			-			(0.7)		$	551.0
Total Available-for-sale debt securities	$	4,595.2		$	0.9		$	(13.4)		$	4,582.7

 

Other foreign bonds include foreign government and state bonds.

 

The amortized cost and fair value of securities available-for-sale at September 30, 2026, by contractual maturity, are shown below.

 

		Amortized cost			Fair value
		(In million)			(In million)
Within one year	$	4,007.7		$	3,997.8
Due after one year through five years		1,306.7			1,298.0
Total Available-for-sale debt securities	$	5,314.4		$	5,295.8

Proceeds from sales, maturities, principal payments received and net gross realized gains and losses on available-for-sale debt securities were as follows:

 

		Six months ended September 30,
		2026			2025
		(In million)			(In million)
Proceeds from sales, maturities and principal payments received	$	3,043.3		$	4,718.1
Gross realized gains		-			10.4
Gross realized losses		-			(17.2)
Net realized losses	$	-		$	(6.8)

 

 

The gross realized gains and losses are mainly due to the movement in value of government bonds.

 

Gains and losses on the sale or maturity of available-for-sale debt securities are determined using the specific-identification method and recognized in “Other income, net” in the Condensed Consolidated Statement of Comprehensive Income.

 

 

The following is a summary of gross unrealized losses and fair value for those investments with unrealized losses, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, at September 30, 2026 and March 31, 2026.

 

 

					Less than 12 months						12 months or longer						Total
		Number of securities		Fair value			Gross unrealized loss			Fair value			Gross unrealized loss			Fair value			Gross unrealized loss
					(In million)						(In million)						(In million)
September 30, 2026
U.S. government bonds		46		$	1,291.0		$	(5.6)		$	-		$	-		$	1,291.0		$	(5.6)
UK government bonds		15			1,082.0			(3.2)			97.7			(3.2)			1,179.7			(6.4)
Other foreign bonds		99			1,678.2			(5.6)			13.2			(0.1)			1,691.4			(5.7)
Corporate debt securities		49			567.3			(0.9)			8.9			(0.1)			576.2			(1.0)
Balance at September 30, 2026		209		$	4,618.5		$	(15.3)		$	119.8		$	(3.4)		$	4,738.3		$	(18.7)

 

 

 

					Less than 12 months						12 months or longer						Total
		Number of securities		Fair value			Gross unrealized loss			Fair value			Gross unrealized loss			Fair value			Gross unrealized loss
					(In million)						(In million)						(In million)
March 31, 2026
U.S. government bonds		26		$	563.2		$	(0.9)		$	-		$	-		$	563.2		$	(0.9)
UK government bonds		15			728.5			(2.3)			96.1			(4.9)			824.6			(7.2)
Other foreign bonds		67			1,261.1			(4.6)			-			-			1,261.1			(4.6)
Corporate debt securities		51			514.4			(0.7)			-			-			514.4			(0.7)
Balance at March 31, 2026		159		$	3,067.2		$	(8.5)		$	96.1		$	(4.9)		$	3,163.3		$	(13.4)

 

 

Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Group will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as at September 30, 2026, management believes that the unrealized losses detailed in the previous tables are due to non credit-related factors, including changes in market interest rates and other market conditions, and therefore the Group carried $1.7 million credit losses on securities available-for-sale as at September 30, 2026 (March 31, 2026: $1 million). The Group has elected to write off accrued interest receivables by recognizing credit loss expenses. There was no credit loss expense relating to accrued interest receivables for the six months ended September 30, 2026 and the year ended March 31, 2026.

 

Accrued interest receivable on available-for-sale securities totaled $27.6 million and $21.1 million at September 30, 2026 and March 31, 2026, respectively; the Group has elected the practical expedient to exclude the accrued interest from the estimate of credit losses.

 

Held-to-Maturity Debt Securities

Investments in Held-to-Maturity debt securities are as follows:

 

 

		Six months ended September 30, 2026
		Amortized cost			Gross unrealized gains			Gross unrealized losses			Fair value
Held-to-Maturity debt securities:		(In million)			(In million)			(In million)			(In million)
U.S. government bonds	$	152.3		$	-		$	(0.7)		$	151.6
UK government bonds		-			-			-			-
Other foreign bonds		1,311.6			-			(4.8)			1,306.8
Corporate debt securities		-			-			-			-
Total Held-to-Maturity debt securities	$	1,463.9		$	0.0		$	(5.5)		$	1,458.4

 

 

The Group had no Held-to-Maturity debt securities at March 31, 2026.

 

The amortized cost and fair value of securities held-to-maturity at September 30, 2026, by contractual maturity, are shown below.

 

		Amortized cost			Fair value
		(In million)			(In million)
Within one year	$	921.0		$	919.4
Due after one year through five years		542.9			539.0
Total Held-to-Maturity debt securities	$	1,463.9		$	1,458.4

 

 

Proceeds from sales, maturities, principal payments received and net gross realized gains and losses on held-to-maturity securities were as follows:

 

		Six months ended September 30,
		2026			2025
		(In million)			(In million)
Proceeds from sales, maturities and principal payments received	$	331.8		$	-
Gross realized gains		0.1			-
Gross realized losses		(5.4)			-
Net realized losses	$	(5.3)		$	-

 

 

The net realized losses of $5.3 million during the period ended September 30, 2026 relate to foreign currency transaction gains and losses and are recognized in ‘’Transaction expense’’ in the Consolidated Statement of Comprehensive Income’’, as detailed in Note 2, Summary of significant accounting policies.

 

The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. The Group carried $0.6 million of credit losses on securities held-to-maturity as at September 30, 2026 (March 31, 2026: $nil). The Group has elected to write off accrued interest receivables by recognizing credit loss expenses. There was no credit loss expense relating to accrued interest receivables for the six months ended September 30, 2026 and the year ended March 31, 2026.

 

Accrued interest receivable on held-to-maturity securities totaled $8.5 million and $nil at September 30, 2026 and March 31, 2026, respectively. The Group has elected the practical expedient to exclude the accrued interest from the estimate of credit losses.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9. Accounts Receivable, net of Allowance for Credit Losses

 

 

 

		As at September 30,			As at March 31,
		2026			2026
		(In million)			(In million)
Receivables from payment processors	$	222.7		$	73.9
Receivables from partners		175.5			107.6
Receivables from customers		219.2			146.1
Receivables from brokers		26.0			63.7
Total Accounts Receivable, net of Allowance for Credit Losses	$	643.4		$	391.3

 

The Group’s Allowance for Credit Losses was $79.1 million and $71.3 million as at September 30, 2026 and March 31, 2026, respectively.

 

10. Leases

Operating lease expense for the six months ended September 30, 2026 was $14.8 million ($9.0 million for the six months ended September 30, 2025) with a weighted-average discount rate of 8.46% and 6.42% respectively.

 

11. Derivative Instruments

The Group’s derivative instruments consist of foreign currency swaps, foreign exchange forwards and non-deliverable foreign exchange forwards. The derivative instruments are used to manage exposure to market risks. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value through net income at each reporting date.

The following table summarizes the notional amount at inception and fair value of these instruments:

 

	September 30, 2026									March 31, 2026
	Carrying amount assets			Carrying amount liabilities			Notional amount			Carrying amount assets			Carrying amount liabilities			Notional amount
	(In million)			(In million)			(In million)			(In million)			(In million)			(In million)
Foreign currency swaps	$	2.6		$	4.4		$	1,393.3		$	14.9		$	3.9		$	2,487.3
Foreign currency forwards		0.6			1.1			850.0			2.1			2.0			761.3
Non-deliverable foreign exchange forwards		1.9			3.4			1,030.6			11.2			12.8			2,168.6
Total derivative instruments	$	5.1		$	8.9		$	3,273.9		$	28.2		$	18.7		$	5,417.2

 

 

See “Note 13—Fair Value Measurement” for additional information related to the fair value measurements.

 

12. Debt

Revolving Credit Facility (RCF)

 

The Group’s current facility is a multi-currency revolving facility of $437.7 million (£330.0 million) offered by a syndicate of six lenders: 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 “Revolving Credit Facility”). The maturity date of the facility is in December 2027, subject to two one-year extension options. Borrowings under this facility bear interest SONIA plus 1.75%. In addition, there is an unused commitment fee, which accrues at a rate of 35% of the margin on the unused portion of the revolving commitments.

The key terms of the facility are as follows:

 

Facility		Currency			Interest rate		Effective interest rate		Tranche maturity date		Principal outstanding at September 30, 2026 (USD)
											(In million)
Revolving Credit Facility		GBP			SONIA + 1.75%		-		December 2027	$	-

 

The Group made no drawdowns or repayments on the Revolving Credit Facility throughout the six months ended September 30, 2026. As at September 30, 2026 and March 31, 2026, the Group had no outstanding borrowings under the Revolving Credit Facility.

As at September 30, 2026 the Group had unused borrowing capacity of $437.7 million compared to $437.1 million at March 31, 2026, with no change in the revolving credit facility of £330.0 million.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Euro Medium Term Note Program (EMTN Program)

 

A breakdown of the Notes issued under the EMTN Program as at September 30, 2026 is presented in the below table:

 

 

 

 

 

Fair value

Principal Amount

Unamortized Debt Issuance Costs

Net Carrying amounts

Amount

Level

(In million)

(In million)

(In million)

(In million)

(In million)

Notes issued under the EMTN Program

$

331.6

$

2.2

$

329.4

$

325.2

Level 1

 

The coupons on the notes bear an interest rate of 5.10% and are payable semi-annually. The annual effective interest rate is 5.35%. As at September 30, 2026 the accrued interest payable reported within the short-term debt is $6.0 million and the associated interest expense for the six months ended September 30, 2026 is $8.8 million.

13. Fair Value Measurement

The fair value hierarchy of financial instruments measured at fair value as at September 30, 2026 and March 31, 2026 is provided below.

 

		Level 1		Level 2			Level 3			Total
September 30, 2026		(In million)		(In million)			(In million)			(In million)
Financial assets measured at fair value:
Derivative financial assets	$	-	$	5.1		$	-		$	5.1
Money market funds		8,864.0		-			-			8,864.0
Available-for-sale debt securities		4,680.3		615.5			-			5,295.8
Financial liabilities measured at fair value:		-		-			-			-
Derivative financial liabilities	$	-	$	(8.9)		$	-		$	(8.9)
		Level 1		Level 2			Level 3			Total
March 31, 2026		(In million)		(In million)			(In million)			(In million)
Financial assets measured at fair value:
Derivative financial assets	$	-	$	28.2		$	-		$	28.2
Money market funds		8,916.1		-			-			8,916.1
Available-for-sale debt securities		4,084.1		498.6			-			4,582.7
Financial liabilities measured at fair value:
Derivative financial liabilities	$	-	$	(18.7)		$	-		$	(18.7)

The Group considers the carrying value of cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and other current liabilities, and funds payable and amounts due to customers to approximate fair value given the short-term nature of these items. The Notes issued under the EMTN Program, if recognized at fair value, would be in Level 1. The carrying amount and fair value amounts are presented in Note 12. The RCF if recognized at fair value would be in Level 2, with the carrying value approximating the fair value.  The Group does not currently have any financial instruments in Level 3.

14. Commitments and contingent liabilities

Commitments and guarantees

There were no material changes to the Group’s purchase commitments or guarantee arrangements from those disclosed as at March 31, 2026, except that following the Reorganization Transaction, with effect on and from  August 14, 2026, Wise Group plc is the parent guarantor of the Group’s EMTN Program and RCF, and the lead indemnitor for the Group’s Safeguarding Guarantee facilities. 

Litigation Provision

Through the normal course of the Group’s business, the Group may be subject to a number of litigation proceedings both brought against and brought by the Group. The Group maintains liabilities for losses from legal actions that are recorded when they are determined to be both probable in their occurrence and can be reasonably estimated. Although the results of litigation and claims are inherently unpredictable, the Group has assessed that there was not a reasonable possibility that it had incurred a material loss in excess of the recognized provisions with respect to such matters as at September 30, 2026 and March 31, 2026.

The Group’s provisions primarily comprise legal and regulatory provisions of $ 41.0 million as at September 30, 2026 (March 31, 2026: $23.8 million) and tax provisions of $ 27.5 million as at September 30, 2026 (March 31, 2026: $22.9 million).

15. Related party transactions

 

There have been no material changes to the nature or size of related party transactions since March 31, 2026, except as detailed below:

 

In connection with the Reorganization Transaction described in Note 1, Wise Group plc acquired 99.96% of the issued share capital of Wise Limited in exchange for the issue of matching Class A Shares and Class B shares to the existing shareholders. Wise Limited, and its subsidiaries, became wholly owned subsidiaries of Wise Group plc. The Reorganization Transaction, conducted via a share for share exchange between entities under common control, was accounted for at historical carrying value.

Independent review report to Wise Group plc

Report on the condensed consolidated interim financial statements

Our conclusion

We have reviewed Wise Group plc’s condensed consolidated interim financial statements (the “interim financial statements”) in the H1 Results for Fiscal Year 2027 of Wise Group plc for the 6 month period ended 30 September 2026 (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 accounting principles generally accepted in the United States of America (“US GAAP”) 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 2026;

●         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 shareholders' equity for the period then ended; and

●         the explanatory notes to the interim financial statements.

The interim financial statements included in the H1 Results for Fiscal Year 2027 of Wise Group plc have been prepared in accordance with US GAAP  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 H1 Results for Fiscal Year 2027 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 H1 Results for Fiscal Year 2027, including the interim financial statements, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the H1 Results for Fiscal Year 2027 in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority. In preparing the H1 Results for Fiscal Year 2027, 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 H1 Results for Fiscal Year 2027 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. Our responsibility is to express a conclusion on the interim financial statements in the H1 Results for Fiscal Year 2027 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.

Use 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

12 November 2026