Results for the financial year ended 31 March 2025

This announcement contains inside information

Wise plc

Results for the financial year ended 31 March 2025

Update on listing review

"Our growth over the past financial year is a testament to the team's laser focus on our vision to build money without borders. We moved £145.2 billion across borders for 15.6 million people and businesses, a 23% increase compared to last year. This growth has been generated by the investments we've made in our underlying infrastructure, delivering lower fees and faster speeds for our customers: we reduced our take rate by 14bps over the year, to 53bps in Q4 FY2025. More customers also benefited from instant payments, with approximately 65% of transactions being completed in under 20 seconds.

We will accelerate our investments to improve the customer experience and to increase our share of the huge c.£32 trillion market opportunity. Powered by our new payments infrastructure that is fundamentally faster, cheaper, and more reliable than the traditional correspondent networks, we're well on our way to handle trillions, not just billions, and become 'the' global network for the world's money.

As part of our next step on that journey, today we are announcing our intention to dual list our shares in the US and UK. We believe the addition of a primary US listing would help us accelerate our mission and bring substantial strategic and capital market benefits to Wise and our Owners. These include helping us drive greater awareness of Wise in the US, the biggest market opportunity in the world for our products today, and enabling better access to the world's deepest and most liquid capital market. A dual listing would also enable us to continue serving our UK-based Owners effectively, as part of our ongoing commitment to the UK. The UK is home to some of the best talent in the world in financial services and technology, and we will continue to invest in our presence here to fuel our UK and global growth."

Kristo Käärmann, Co-founder and Chief Executive Officer

Highlights for the twelve months ended 31 March 2025

Strong growth in volume as Wise progresses towards moving trillions

● 23% increase in cross-border volume to £145.2bn driven by customer growth and greater adoption of the Wise account.

● 15.6m active customers served in FY2025 (+21% YoY), with Personal customers growing by 22% and Business customers up 11%.

● More customers continue to adopt multiple features within their Wise account; this is now around 50% of our personal and 60% of business customers. Customers are now holding more than £21.5bn (+33% YoY) through the account (cash and Assets).

Growing fast and profitably

● Customer growth, account adoption and higher interest rates drove underlying income up 16% YoY to £1.4bn (FY2024 £1.2bn) and revenue up 15% to £1.2bn, (FY2024 £1.1bn). After accounting for costs and reinvestment, we generated £282m of underlying profit before tax (FY2024 £242m +17%), equivalent to an underlying profit before tax margin of 21%. 

● Reported profit before tax rose to £565m (FY2024 £481m, +17%) with basic earnings per share of 40.37p (FY2024 34.20p, +18%).

Investments made in FY2025 will contribute to future growth

● We continued to enhance our infrastructure; we are now connected to the domestic payment system in the Philippines (InstaPay) and received equivalent regulatory approvals in Brazil (PIX) and Japan (Zengin), which will increase our direct connections to eight once live.

● We operationalised a new licence in India (AD-II) to remove historical transfer caps to further unlock outward transfers. In Australia, 'Interest' is now live, allowing more customers to earn an interest-like return by holding their money in government-guaranteed assets.

● Operational efficiencies and a significant effort to reduce prices for our customers enabled a reduction in the cross-border take rate of 14bps from Q4 FY2024 to Q4 FY2025, while 65% of payments are now instant.

● For businesses, we made it even easier to receive money, introducing Quickpay, our QR-code feature and expanded the coverage of currencies to >20.

● The value of our infrastructure has been recognised with some of the world's leading banks, including Morgan Stanley and Standard Chartered, choosing to partner with Wise.

Accelerating investment to serve as much of this huge, under-served market as possible

● We have committed to investing around £2 billion over the next two years, across infrastructure, marketing and products, to capture even more of the substantial opportunity that exists for Wise.

● We are maintaining our guidance that, over the medium term, we expect to operate to an underlying profit before tax margin of 13-16%; for FY2026, we expect to be around the top of this range.

● We continue to expect underlying income growth of 15-20% CAGR over the medium term and for FY2026.

Next stage of Wise's journey with proposed dual listing of its shares in the US and UK

● The Board has concluded its review of our listing arrangements and, having assessed in detail the optimal listing structure to accelerate our vision and maximise value for our stakeholders, we intend to transfer our primary listing from the equity shares (transition) category on the London Stock Exchange ("LSE") to a US stock exchange, and to maintain a secondary listing on the LSE. This would allow Wise's shares to trade on both a US stock exchange and the LSE.

● The new listing arrangements are expected to include a structure that aligns with US market practices including those of our US-listed tech peers, which we believe allows us to remain laser-focused on delivering our mission, thus creating long-term value for shareholders.

● We believe the transfer of our primary listing would bring a number of benefits to Wise and our Owners, including:

○ Expanding the pool of investors able to invest in Wise, in particular US domestic institutional and retail investors, the largest global constituent of investors, many of whom are currently unable to hold our shares. Wise is a global business with a vision for as many people and businesses to use our products as possible. We apply this same vision to our Owner base, and want to enable as many people as possible to benefit from the value we create.

○ Increasing trading liquidity in our shares to give current and prospective Owners greater flexibility and opportunity to buy and hold our shares.

○ Providing a potential pathway to inclusion in major US indices, further enhancing liquidity and demand for Wise shares. While Wise is not initially expected to be eligible for these indices, a US primary listing provides the opportunity to work towards this inclusion.

○ Helping to accelerate our growth in the US and advance our mission. We believe a primary US listing would significantly enhance our profile among potential customers, including for Wise Platform 一 the US is home to over 4,000 banks, including several of the world's largest.

○ It would also more closely align us with major growth opportunities in the US. The US is the world's largest economy and the biggest market opportunity in the world for our products today.

○ By maintaining a listing in the UK, we would allow existing and future Owners continued access to Wise stock in the UK.

● Our confidence in UK talent and the tech ecosystem here remains undimmed. One-fifth of our employees are based in the UK and we plan to continue hiring and investing in our UK team to fuel our growth in the UK and abroad.

● Wise intends to call a shareholder meeting in the coming weeks for our Owners to vote on the proposal. Full details of the proposal will be included in the shareholder circular to be published on or around 26 June 2025 ahead of the meeting.

Financials - underlying basis

Growth Metrics

Note: Differences between 'total' rows and the sum of constituent components are due to rounding.

¹ Total number of unique customers who have completed at least one cross-border transaction in the given period.

² Cross-border volume only.

³ Customer balances do not include Assets Under Custody which are not recognised on the balance sheet.

4  Amounts invested by customers in the Assets feature

5Underlying income is an alternative performance measure comprising revenue, first 1% of gross yield of interest income on customer balances, and any interest expense on customer balances. It does not include interest income above the first 1% gross yield or benefits paid on customer balances.

An update from Kristo, our Co-founder and CEO

Becoming the network for the world's money

Dear Wise Owners,

Fourteen years ago, we set out with a simple but ambitious vision: our money should work the same abroad as it works at home. Paying someone in another currency shouldn't cost us extra. It shouldn't be more expensive to use our cards when travelling. It should be as cheap and convenient for businesses to sell to their clients abroad as it is to sell at home. Money should work without borders.

Guided by this singular vision, we have built the next generation cross-border money infrastructure that today powers payments from over 50 countries, and a company that moved £145 billion for over 15 million people and businesses in the last year alone - saving them around £2bn in fees along the way.

The size and value of the opportunity was self-evident when we listed in 2021 一 Wise's direct listing was the biggest listing of a tech company on the London Stock Exchange to date.

As our lives become more digital, our financial relationships will extend across borders even more. People work, spend and invest internationally. Businesses now hire and sell everywhere. These cross-border payments already add up to £32 trillion moved across borders each year.

We started with fixing overseas transfers and went on to develop the international Wise account for a truly borderless banking experience for our customers, and now also make this infrastructure directly available to banks through our APIs. We're working to handle trillions, not just billions, and become 'the' global network for the world's money.

Our growth over the past year is a testament to the Wise team's laser focus on our long-term goals. In FY2025, we moved £145.2 billion across borders for 15.6 million people and businesses. These are well over double the number of active customers and volume from just four years ago when we listed. And, in what might be the strongest reflection of the trust that we're building with our customers, our customer holdings grew 5.7x to £21.5 billion during the same four-year period.

As a result of this growth in customers, volume and balances, underlying income grew to £1.36 billion in FY2025, up 16% (18% in constant currency) from last year, and more than triple compared to four years ago. And underlying profit before tax grew to £282.1 million, up 17% from last year 一 nearly 7 times more compared to four years ago.

Unique and powerful new infrastructure

International payments outside of Wise feel broken, because the financial infrastructure they are running on hasn't been fit for purpose for decades. We are building a new global payments network that directly connects local banks and payment systems at both ends of every transaction, bypassing the traditional correspondent networks used by banks and other payment services, eliminating costly intermediaries and outdated processes.

We are becoming increasingly experienced at building the direct connections with domestic payment systems, refining and accelerating our integration process. During the year we went live with InstaPay in the Philippines, marking our sixth direct integration to date. We were granted access to Japan's payments system, Zengin and secured the licence to access Brazil's instant payments system, PIX.

The number of transfers arriving to recipients instantly, in less than 20 seconds, is an indicator of the experience this new infrastructure gives to our direct customers, but also the customers of our Wise Platform clients. The proportion of instant transfers increased from 49% three years ago to 65% this year.

We expanded our global licensing footprint, closing the year with over 70 licences. In India, we operationalised our new licence, removing a previous USD 5,000 transaction cap. And in Australia, we were granted a license for investment services, allowing Australians to earn a return on their Wise Account balances held in government-guaranteed assets.

We grow because our customers tell everyone about Wise. They do it because the products work amazingly compared to their past experience with banks. And the products are so great because we invest so much in the infrastructure beneath it.

Account for a truly international experience

About £32 trillion moves across borders, split across individuals, businesses and large enterprises. We serve each of these customer groups through our three products: the Wise Account for personal customers, Wise Business for small and medium-sized businesses and Wise Platform for banks and other enterprises.

We brought Wise to more countries and groups, and added more features for existing customers to make their international banking experience more satisfying and therefore even easier to recommend.

We launched Wise for Mexican nationals, and went live with the Wise Account and card for personal customers in the Philippines. We also brought Wise Business to Hong Kong and Brazil, and launched Invoicing and QuickPay for businesses globally.

Finally, we continued to roll out Assets with return-earning accounts for both personal and business customers in more countries, including Australia, bringing the number of countries Assets is now live in to 30 since we first launched in the UK in September 2021.

This year was a year of significant progress for Wise Platform. We partnered with two of South America's largest financial services providers, Nubank and Itaú Unibanco as well as global banks, like Morgan Stanley and Standard Chartered. These partnerships speak to the speed, scale and reliability of the infrastructure and network we have built over the last 14 years.

Leading on price in an increasingly transparent market

It's clear that whoever builds the lowest-cost, highest-quality infrastructure will move the world's money.

Supported by our scale, our discipline in cost optimisation and servicing expenses, this year, our global take rate reduced from 0.67% to 0.53% in Q4 FY2025 一 our lowest to date.

It's never been cheaper to use Wise, but we are not done. New customers consistently switch to Wise because our fees are radically lower than traditional banks. They're doing the smart thing for their wallets: global banks collect an estimated £200 billion annually in hidden retail cross-border fees. That won't last. As technology continues to evolve, these fees will come down, and Wise is leading the charge.

External forces are also working in our favour. We see signs that financial conduct regulators will not tolerate banks charging hidden cross-border fees to retail consumers. The EU has already legislated against hidden fees, and some more forward-thinking banks are also adopting more transparent pricing. As retail banks increase transparency and follow our lead in reducing prices, plus more digital first options enter the market, our cost discipline remains ever more important in retaining our long-term competitive advantage.

We expect that in the future world of transparent fees, people and business owners will be even more actively looking for cheaper alternatives; it will then be too late for banks to start competing. Indeed, the price drops we put into place at the start of the year are already having an effect, positively impacting growth in larger volume transactions.

Our approach to compliance and combating financial crime

Like all banks and financial services companies, there is a risk that bad actors may try to use our services for their financial crime such as fraudulent activity. To mitigate this risk, we need to be technologically a step ahead of the bad actors.

We invest heavily behind this. Today, around a third of our global team is dedicated to preventing financial crime, keeping our customers safe, and helping to ensure that we are in compliance with the requirements of the over 70 regulatory licences we maintain globally. We also work in collaboration with regulators and crime-fighting authorities around the world to prevent any misuse of our services. Given an ever evolving landscape, we regularly assess and review our systems to identify and address any potential gaps, and take into account regulator input, to enhance our strategies and technologies to adapt to new threats to help ensure the highest standards of compliance and security.

We see financial crime prevention as a native function of our money moving infrastructure. It will be a competitive advantage in a world, where threats grow in sophistication faster than most institutions can improve their countermeasures.

Customer driven financial results

Our growth is fast and sustainable, with capital generation allowing us to comfortably reach our profitable medium-term targets and invest continuously towards the massive, long term opportunities still ahead of us.

The value we are creating is evident in the strong growth over the last 3 years. We see this in active customers, which grew by 28% CAGR to 15.6 million, in our cross-border volumes, which grew by 24% CAGR to £145.2 billion, and in our customer holdings, which grew by 47% CAGR to £21.5 billion.

In order to continue on this path, we will continue to invest in a return-led and disciplined manner in product, in pricing, in servicing and in marketing. As announced in our recent Owners Day, we plan to double the annual investment made in running and growing Wise over the medium term. This includes tripling our investment in marketing and growing our teams. These investments mean we will be able to support more than twice as many customers. Investing in enhancing the awareness of our brand and our products will ensure our growth remains strong amidst a growing and increasingly competitive digital-first money transfer market.

As we scale, our unit costs also continue to decrease, which we can then translate into more investment, including into price. In time, we expect further growth in customers and volume as the price advantage we are driving becomes even clearer. This relationship was evidenced in FY2025 with our highest ever revenue recorded of £1.2 billion (FY2024 £1.1 billion) and profit before tax of £564.8 million (FY2024 £481.4 million). These results show that we can decrease prices for customers while maintaining profitability, and so support our business model to scale and allow us to reinvest to be able to build the best product for our customers.

After considering these costs and reinvestments, we are committed to our medium-term guidance for underlying income growth of 15-20% and underlying profit before tax margin of 13-16%. For FY2025, underlying income growth was 16% in reported currency (18% in constant currency) and the underlying profit before tax margin was 21%. In FY26, we expect underlying income growth to be within the guided range, with the underlying PBT margin to be around the top of the guided range as we prudently ramp-up investments towards the enormous opportunity ahead of us.

Onwards - the journey to move trillions

The relentless expansion of our products and geographic reach, improvements in cost and speed through infrastructure build-out, increasing adoption and increasing scale, means we're increasingly generating value for customers and our owners along the way. This alignment between our customers and our owners gives us every reason to be enthusiastic about our long-term vision of becoming the network for the world's money.

In the near term, we will continue to provide the best cross-border experience for our customers which will drive growth in our volumes. In the medium term, we want to be the number one international account, and in the long term, we will also be providing the world's best correspondent infrastructure.

We have made significant progress over the last year and I'm very pleased that we were able to help 15.6 million customers move money across borders in FY2025. However, our ambition is to do so much more 一 we are still at the start of our journey when we consider the size of the market we want to serve.

Looking at the massive opportunities ahead of us, I am confident that our continued focus and disciplined, long-term oriented investments will only accelerate our path to become 'the' network for money around the world.

As a next step on this journey to move trillions, we are intending to dual list our shares in the US and UK. We believe the addition of a primary US listing with a secondary UK listing would help us drive greater awareness of Wise in the US, the biggest market opportunity in the world for our products today. Additionally, it would enable more investors to benefit from the value we create and our shares would be more liquid, giving Owners more flexibility and opportunity. A dual listing would also enable us to continue serving our UK-based Owners effectively as part of our ongoing commitment to the UK, where we will continue to invest to fuel our UK and global growth.

An update from Emmanuel, our CFO

We remain focused on our mission, balancing growth with driving efficiencies FY2025 was another year of strong growth led by an expansion in active customers. We continued investing in our customers by reducing our prices and building the infrastructure they need to move and manage money around the world, while also broadening our product offering. During FY2025 over 15.6 million customers used Wise for cross-border transactions and a growing number used other Wise products. This has resulted in a strong financial performance for the year, with 16% underlying income growth (18% in constant currency) and an underlying profit before tax margin of 21%, which was above our medium-term target of 13%-16%. Revenue increased by 15%, with reported profit before tax increasing to £565 million (FY2024 £481 million), representing a reported profit before tax margin of 34%.

Customer-led growthIn FY2025 our customers sent or converted £145.2 billion of volume (cross-border volume), an increase of 23%, or 25% on a constant-currency basis. This was primarily led by growth in active customers of 21% to 15.6 million, with 5.9 million new customers joining Wise and completing their first cross-border transaction. We continued to deliver double-digit growth across all five of our geographical segments (Europe, United Kingdom, North America, Asia-Pacific, and the Rest of the World).

Active personal customers grew 22% to 14.9 million, with personal cross-border volumes growing by 22% to £106.4 billion.

We continued to see an increased usage of the Wise Account, with an adoption rate of c.50% at the end of FY2025, defined as the percentage of active customers who have adopted more than one product. This adoption is driving a continuation of the higher growth in 'card-only' customers, or customers who only use their Wise card for cross-border activity.

Historically, these customers have had a cross-border VPC of £500 to £1,000 per quarter. In Q4 2025, the proportion of active personal customers who were 'card-only' was c.20%.

Personal VPC in Q4 FY2025 was £3,200, which was up 7% compared to Q4 FY2024. This reflects higher growth in high-volume customers in Q4 FY2025, as our pricing has made us more attractive for this group.

Active business customers increased by 11% to 0.7 million, with cross-border volumes growing by 24% to £38.8 billion.

Business customer growth sequentially accelerated in Q4 FY2025, as we resumed the onboarding of business customers in the US and UK, following the pause in H2 FY2024. Business cross-border volumes grew at a faster rate than active customers, driven by an increase in VPC.

Compared with cross-border volume growth of 23%, cross-border revenue grew by 6% to £840.4 million, reflecting a reduction in the average take rate for FY2025 of 9bps to 58bps as we reinvested efficiency gains through lower pricing with the aim of driving increased volumes.

Wise Account adoption is driving increased customer retention and we are seeing a broader use of Wise products for business too. Within FY2025 revenue of £1.2 billion, card revenue (which primarily consists of interchange revenue), increased 31% in FY2025 to £219.8 million. Other revenue (which largely comprises business customer account set-up fees, fees for replacement cards and revenue from Wise Assets), increased by 71% to £151.7 million.

Additionally, underlying interest income rose by 25% to £150.4 million, due to a 29% growth in customer balances to £17.1 billion combined with higher interest income yields. Underlying income, which consists of cross-border revenue, card revenue, other revenue, and underlying interest income, increased 16% to £1.36 billion (18% on a constant currency basis), while revenue itself increased 15% to £1.21 billion and total interest income 22% to £594.3 million.

Underlying gross profit expansion enables reinvestment into growthCost of sales and net credit losses increased by 5% to £337.2 million in FY2025, whereas revenue increased by 15% and underlying income grew by 16%. Costs decreased in FY2024 with these reductions sustained through FY2025. Underlying income benefited from active customer growth and Wise account adoption, delivering an increase of 20% in both underlying gross profit and gross profit to £1,025.1 million and £1,307.8 million, respectively.

Underlying gross profit margin was 75% in FY2025, up 2 percentage points versus FY2024.

Underlying gross profit enables us to fund significant investments in the business, reduce our prices and provide a better experience for our customers whilst also delivering our target underlying profit margin. During FY2025 we were pleased to reduce cross-border prices by over 9 basis points, sustainably reinvesting gross profit margin into lower prices - a key reason why customers choose to join Wise.

Administrative expenses for the year increased by 25% to £768.6 million. This reflects our continued investment in future growth, as well as in the capacity required to onboard and serve a fast-growing active customer base that is increasingly using more features. In FY2025 we saw an increase in third-party costs, as we continued to outsource the provision of specific elements of our servicing operations, allowing us to flex capacity at a lower cost.

At 31 March 2025, we had over 6,500 Wisers, an increase of more than 2,000 employees over the last three years. The growth in our team resulted in employee benefit expenses increasing 9% to £412.7 million in FY2025. We expect to add c.700 roles over the course of FY2026. These Wisers will help us on our mission: building products, improving our infrastructure, supporting our core functions and helping to attract and serve even more customers.

We continue to invest in our customer acquisition efforts, with a focus on improving the effectiveness of our marketing programme. In FY2025 our marketing spend was £53.8 million, an increase of 47%, with our Marketing team growing by 30%. We aim to drive incremental adoption and engagement as we continue to invest across multiple channels, including an expansion into awareness marketing and a greater level of investment into performance marketing. In FY2025 we launched our first brand campaign in Australia, which delivered encouraging results, reaching over 4 million people and driving an increase in awareness of 11 percentage points.

Technology costs increased by 23% to £65.9 million and expenses relating to consultancy and outsourced services increased by 42% to £128.1 million, both reflecting the greater services required to support the growth of the business.

Strong, sustained profitability profile In FY2025 we generated an underlying profit before tax of £282.1 million at a 21% margin, an increase of 17% over FY2024, reflecting our continued investment in the business. Our underlying profit before tax margin was strong at 21%, above our sustainable margin target of 13%-16% for the mid-term.

Reported profit before tax of £564.8 million for the year is calculated by adding 'interest income above the first 1% yield' (£443.9 million in FY2025) and deducting benefits paid relating to customers' balances (£161.2 million).

Of this £443.9 million of interest income above the first 1% yield in FY2025, our interest income framework aims to retain 20% (£88.9 million) and to return the remaining 80% (£355.0 million) to customers. In FY2025 we managed to pay £161.2 million to customers (45% of our target), while retaining £282.7 million.

We were unable to return the other 55% of our target for several reasons, including: where the deposits are in jurisdictions where we are unable to pay interest or cashback for regulatory reasons (e.g. the UK, which made up two-thirds of the 55%); where we do not yet pay interest or cashback on all currencies; and in some geographies such as the US, where customers are required to 'opt-in' to receive interest but have not yet done so. Where customers do not currently receive interest or cashback on their balance, our priority is to launch and promote our Assets 'Interest' product, which provides a market rate of return, while still offering all the other benefits of the Wise Account. This option is available for customers in the UK, EEA, Australia and Singapore.

Reported profit before tax grew 17% to £564.8 million in FY2025, with earnings per share of 40.37p.

Highly liquid and well capitalised As at 31 March 2025, we held £18.6 billion of cash and highly liquid investment grade assets, up 28% from £14.5 billion at the end of FY2024. This includes assets in respect of the £17.1 billion of customer balances. It also includes £1.4 billion of our 'own cash' (£1.1 billion at the end of FY2024), with the increase from our operating performance partly offset by a reduction in our rolling credit facility drawings as we repaid half of the RCF draw down given our strong cash position.

We are well capitalised for the future, and as at 31 March 2025 our Group eligible capital was £1.3 billion, including the now-audited FY2025 profits; significantly above our minimum regulatory capital requirements.

Our capital position, built through sustained profitability, enabled us to initiate a programme in FY2023 to reduce the dilutive impact on share count that arises through stock-based compensation (SBC). £10 million of our capital was used in FY2023 by our Employee Share Trust to fund such share purchases, rising to £68 million in FY2024 and £73 million in FY2025, which covered the impact of new grants issued during the year.

At our Owners Day on 3 April 2025, we announced our intention to expand our programme of share purchases for the Employee Share Trust, with the expansion taking us beyond those for in-year SBC grants to now also begin acquiring shares for historical SBC grants, which represent c.25 million shares and c.2.5% of issued capital.

Also, as part of our corporate finance strategy, we entered into a £520 million Safeguarding Insurance policy during FY2025, allowing for this amount of customer funds to be used for operational customer liquidity, with the insurance providing full customer security. We also refinanced our RCF on an unsecured basis and underwent a credit scoring process in November 2024 and received investment grade ratings of BBB from both S&P and Fitch. Our aim is to optimise the funding of our working capital in the coming years.

Regulatory Development As we continue to expand our product and coverage we aim to be compliant with all regulations in the markets that we operate in. However, with an evolving regulatory, political and financial crime landscape we occasionally don't achieve this goal, and where we or regulators identify gaps in our processes or controls then actively engaging with the relevant regulator we act quickly to identify remediation plans. Late in FY2025 we agreed a consent order with the CFPB in relation to some historic technical issues which had been fully remediated at the time of the consent order. The CFPB originally fined us $2 million, but the Consent order was recently amended with an adjustment to the findings and the penalty reduced to $45,000.

Relentless focus on the long-term opportunity The opportunity for Wise remains substantial, with many millions of people and small businesses moving trillions of pounds across borders while overpaying for a poor service. We fundamentally believe that the market leader over time will be the provider of the cheapest, fastest and most convenient service, with the broadest coverage.

We remain focused on unlocking this opportunity and will continue to invest in our long-term growth potential, building a business with world-class fundamentals and the potential to scale volumes from billions to trillions, and generating exceptional value for both the customers and owners of Wise.

As we deliver on our mission, we continue to target 15-20% CAGR for underlying income (with FY2024 as a base year) and an underlying profit before tax margin of 13-16% over the medium-term.

We expect our reported profit before tax to continue to be higher than underlying profit before tax as long as the effective interest rate we achieve on customer balances is greater than 1%.

Improvements in efficiency gained in FY2025 resulted in an inflated level of earnings, which we expect to reinvest back in the business. We plan to scale our ability to invest in the business in order to fuel many more years of growth. Over the medium term, we aim to double our annual spend on the running, and growing, of Wise. This will include a tripling of our investment into marketing, alongside increased hiring in our Product and Engineering teams. This investment will particularly support the planned initiatives across Wise Business and Wise Platform, the investment needed to support a larger business, and our continued efforts to reduce our average cross-border pricing.

Strong financial performance with world-class fundamentals We have built a unique business with world-class fundamentals, delivering strong growth and high profitability. As we continue investing for the long term with the aim of becoming 'the' network for the world's money, we are delivering on our mission and creating massive value for both our customers and shareholders.

Results presentation

A presentation of the full year results will be held at 9.30am BST Thursday, 05 June 2025 at Wise's London offices. We invite you to join the live stream using this link https://vimeo.com/event/5101264.

Enquiries

Martin Adams - Investor Relations

[email protected]

Sana Rahman - Communications

[email protected]

Brunswick Group

Charles Pretzlik / Nick Beswick

[email protected]

+44 (0) 20 7404 5959

About Wise

Wise is a global technology company, building the best way to move and manage the worldʼs money. With Wise Account and Wise Business, people and businesses can hold over 40 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new network for the worldʼs money.

One of the world's fastest growing, profitable tech companies, Wise launched in 2011 and is listed on the London Stock Exchange under the ticker, WISE. In fiscal year 2025 Wise supported over 15 million people and businesses, processing approximately £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.

Consolidated statement of profit or loss and other comprehensive income

For the year ended 31 March 2025

 1 Income is defined as revenue plus interest income on customer balances, less benefits paid relating to customer balances.

 2 Underlying income is a measure of income retained from customers which comprises revenue 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 using underlying income and excluding Benefits paid relating to customer balances.

All results are derived from continuing operations.

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

Consolidated statement of financial position

As at 31 March 2025

* Comparative balances have been re-presented to show the impact from the adoption of the amendment to IAS 1 - Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (refer to note 17) and to present the lease liabilities separately from borrowings (refer to note 18).

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

Consolidated statement of changes in equity

For the year ended 31 March 2025

1. The merger reserve arises from the Group's pre-listing reorganisation accounted for as a capital reorganisation. Upon the reorganisation, the Group's Ordinary Shares have been re-presented as those of Wise plc. The difference between Wise Payments Limited's net assets and the nominal value of the shares in issue is recorded in the merger reserve.

2. Other reserves predominantly relate to investments into highly liquid bonds measured at FVOCI. For these investments, changes in fair value are accumulated within the FVOCI reserve within equity. During the year £10.3m of fair value gains were recognised in other comprehensive income (2024: £10.9m), including £3.5m of tax charge (2024: £3.5m). Refer to note 10 for further information on the tax recognised on bonds. On disposal of these debt investments before maturity, any related balance within the FVOCI reserve is reclassified to profit or loss.

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

Consolidated statement of cash flows

For the year ended 31 March 2025

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

Notes to the Group consolidated financial statements

For the year ended 31 March 2025

Note 1. Presentation of the consolidated financial statements

1.1 General information

Wise plc (the 'Company') is a public limited company and is incorporated and domiciled in England. The address of its registered office is 1st Floor Worship Square, 65 Clifton Street, London, United Kingdom, EC2A 4JE. The principal activity of the Company and its subsidiaries (the 'Group') is the provision of cross-border and domestic financial services. Further information on the Group's operations and principal activities is presented in the Strategic Report.

1.2 Accounting information and policies

Introduction

This section describes the basis of preparation of the consolidated financial statements and the Group's accounting policies that are applicable to the financial statements as a whole. The Group's material accounting policies and critical accounting estimates and judgements specific to a note, are included in the note to which they relate. Furthermore, the section details new accounting standards, amendments and interpretations, that the Group has adopted in the current financial year or will adopt in subsequent years.

(a) Basis of preparation

The consolidated financial statements of the Group have been prepared in accordance with the UK-adopted International Accounting Standards in conformity with the applicable legal requirements of the Companies Act 2006. The accounting policies applied are consistent with those of the preceding financial year, unless otherwise stated.

The financial statements are prepared on a going concern basis. All financial information is presented in millions of pounds sterling ('£'), which is the Group's presentation currency, rounded to the nearest £0.1m, unless otherwise stated. The financial statements have been prepared under the historical cost convention modified to include the fair valuation of particular financial instruments, to the extent required or permitted under IFRS as set out in the relevant accounting policies.

(b) Going concern

The Group's business activities together with the factors likely to affect its future development and position are set out in the Strategic report.

The 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 the foreseeable future.

The going concern assessment is based on the detailed forecast prepared by management and approved by the Board (base plan). As part of the going concern review, the Directors have considered severe, but plausible, 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. Appropriate assumptions have been made in respect of revenue growth and profitability, based on the economic outlook over the forecast period. Appropriate sensitivities have been applied in order to stress test the base plan, considering situations with lower revenue growth and profitability compared to the base plan, where future trading is less than forecasted. Management expects that sufficient liquidity and regulatory capital requirement headroom are maintained throughout the forecast period.

The Directors have made inquiries of management and considered forecasts for the Group and have, at the time of approving these financial statements, a reasonable expectation that the Group has adequate resources to continue in operations for the foreseeable future. Further details are contained in the Viability Statement of the Strategic Report.

(c) Basis of consolidation

The financial statements comprise the consolidated financial statements of Wise plc and its subsidiaries as at 31 March 2025.

Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

Subsidiaries are fully consolidated from the date on which control is obtained by the Group and are de-consolidated from the date that control ceases.

Inter-company transactions, balances and unrealised gains on transactions between companies within the Group are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Group accounting policies are consistently applied to all entities and transactions.

(d) Foreign currency translation

The Group's consolidated financial statements are presented in pounds sterling. Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency').

Transactions and balances

Transactions in foreign currencies are initially recorded by the Group's entities at their respective functional currency spot rates at the date the transaction is recognised.

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are recognised in profit or loss (either as cost of sales or administrative expenses).

Non-monetary assets and liabilities are translated at historical exchange rates if held at historical cost, or year end exchange rates if held at fair value, and the resulting foreign exchange gains or losses are recognised in either the income statement or shareholders' equity depending on the treatment of the gain or loss on the asset or liability.

Group companies

On consolidation, the results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) are translated into pounds sterling as follows:

● assets and liabilities for each balance sheet presented are translated at the closing exchange rate at the reporting date;

● income and expenses are translated at average monthly exchange rates; and

● all resulting exchange differences are recognised in other comprehensive income.

(e) Changes in material accounting policies and disclosures

Adoption of new or revised standards and interpretations

The following new or revised standards and interpretations became effective for the Group from 1 April 2024:

a. Amendment to IAS 1 - Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants

As a result of the adoption of the amendments to IAS 1, the Group has classified its borrowings as non-current, because it has the right to defer payment for more than 12 months. Refer to note 17 for further details.

b. Other amendments:

● Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback

● Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements

The adoption of the other amendments did not have a material impact on the Group. There are no other new or revised standards or interpretations that are effective for the first time for the financial year beginning on or after 1 April 2024 that would be expected to have a material impact on the Group.

New standards, amendments and interpretations not yet adopted

The following amendments have been published by the IASB and are effective for annual periods beginning on or after 1 January 2025; the amendments have not been early-adopted by the Group:

a. New standard issue - IFRS 18 Primary Financial Statements

The new standard, which replaces IAS 1, creates detailed requirements for the classification and aggregation of income and expenses in the income statement, and disclosure requirements for management-defined performance measures. The new standard is effective from 1 January 2027, but has not yet been endorsed for use in the UK. It is anticipated that the application of the new standard will have an impact in the Group's presentation of the consolidated financial statements.

b. Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial

Instruments

The amendments clarify the derecognition of financial liabilities via electronic payments, refine the classification of financial assets with ESG-linked features, and enhance disclosure requirements for equity instruments at FVOCI. The amendments are effective for reporting periods beginning on or after 1 January 2026. It is anticipated that the application of these amendments may have an impact in the Group's consolidated financial statements in future periods.

c. Other amendments:

● Amendments to IAS 21 - Lack of Exchangeability

● IFRS 19 Subsidiaries without Public Accountability: Disclosures

Neither of the other amendments is expected to have a material impact on the Group in the current or future reporting periods or on foreseeable future transactions.

(f) Climate change considerations

The impact of climate change has been considered as part of the assessment of estimates and judgements in preparing the Group's consolidated financial statements. Our climate risk assessment has primarily focused on short-term risks to determine if they pose a material threat to the business, and it has concluded that climate-related risks do not currently pose a material risk to

Wise, and has identified no material financial impact to these financial statements.

1.3. Critical accounting judgements and key sources of estimation uncertainty

Details of the critical judgement which the Directors consider could have a significant impact on these financial statements is set out in the following notes:

● Customer balances (recognition of the financial assets and their respective liabilities on the balance sheet) - note 15 and note 16

Management has concluded that there are no critical accounting areas of estimation.

Note 2. Segment information

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 type of customer 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:

* Non-current assets exclude deferred tax assets and financial instruments.

Note 3. Revenue

Disaggregation of revenues

In the following table, revenue is disaggregated by major geographical market:

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 Wise's total revenue in 2025 and 2024.

Note 4. Interest income on customer balances

Note 5. Benefits paid relating to customer balances

Note 6. Cost of sales and net credit losses on financial assets

Breakdown of expenses by nature:

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 the current and prior year.

Note 7. Administrative expenses

* For further details on employee benefit expenses, including accounting policies, refer to note 8.

During the financial year ended 31 March 2025, the Group expensed £129.0m of product engineering costs (2024: £115.8m). These costs directly relate to the development of the Group's product offerings and primarily comprise employee costs of the Engineering and Product teams.

During the year, the Group (including its overseas subsidiaries) obtained the following services from the Company's auditors:

Note 8. Employee benefit expenses

The aggregate remuneration of employees for the year ended 31 March 2025 was as follows:

Refer to note 23 for details on awards granted to employees and the accounting policy for share-based payments.

Remuneration of key management personnel is disclosed in note 26.

The monthly average number of employees during the year ended 31 March 2025 was as follows:

Note 9. Finance expense

Note 10. Tax

Tax expense:

Factors affecting tax expense for the year:

The Group's effective tax rate (ETR) before other comprehensive income (OCI) is a 26% charge (2024: 26% charge).

This equates to the applicable UK corporation tax rate of 25%, adjusted for a number of factors such as double taxation on overseas income, movements in provisions and higher overseas tax rates.

Amounts recognised in other comprehensive income:

Amounts recognised directly in equity:

The deferred tax asset in relation to share-based payments was recognised based on the share price at the balance sheet date which was £9.45 (2024: £9.29).

Deferred tax assets and liabilities

Movements during the year

The deferred tax asset is predominantly generated in the UK and the US and mainly comprises unexercised share options which are forecast to be exercised within four years and as such are less sensitive to changes in long-term profit forecasts. The deferred tax asset on share options is impacted by the future share price.

The deferred tax assets are reviewed at each reporting date to determine recoverability and to determine a reasonable time frame for utilisation. To determine this, the Group uses the approved Group forecast used for the viability statement and going concern analysis. The Group considers it is probable that there will be sufficient taxable profits in the coming years to realise the majority of the deferred tax asset. Consequently, the Group has recognised a deferred tax asset of £84.7m (2024: £103.0m), with a remaining £3.9m unrecognised deductible temporary differences relating to foreign tax credits (2024: £nil).

Both the UK and the US utilised brought forward losses in FY2023 and in FY2024, with the UK taxable losses fully utilised as at 31 March 2024 and the US taxable losses fully utilised as at 31 March 2025. Therefore, there are no deferred tax assets in respect of losses recognised in the UK and the US as at 31 March 2025.

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 Pillar Two rules provide for a transition period in which the in-scope multinational groups are excused from undergoing the complex effective tax rate calculation required by the new piece of legislation. In particular, the Pillar Two legislation provides for a transitional safe harbour ("TSH") that applies for the first three fiscal years following the entry into force of the relevant regulation and deems the top-up tax due in a jurisdiction to be zero where the TSH tests are met.

The Group has performed an assessment of the Group's exposure to Pillar Two income taxes, including assessment of the TSH tests. This calculation is based on the accounting data for the fiscal year 2025. Based on the calculation, the Group does not expect any material top-up taxes under enacted or substantively enacted Pillar Two legislation for the year ended 31 March 2025.

Note 11. Earnings per share

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 (25.6 million shares as at 31 March 2025 and 39.1 million shares as at 31 March 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 14.6 million (31 March 2024: 22.9 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 12. Property, plant and equipment