Wise Group: 2QFY27 Preview: Expect Resilient Operating Environment to Continue – Goldman Sachs

Key Takeaways

• 1.Reiterates Buy rating on Wise Group with unchanged 12-month price targets of $19.50 / 1,450p (~71% upside).
• 2.Expects resilient operational momentum in 2QFY27 with ~19% YoY ex-FX net revenue growth and strong active customer additions (+700k Personal, +35k Business).
• 3.Raised FY27 admin expense growth to ~31% due to investments in marketing, tech, and hiring, but higher interest income from corporate investments offsets this to raise FY27-31 PBT by 1-3%.

Table of Contents

• Key focus items at 2QFY27 results
• 1) Continued growth in active customers
• 2) Gross margin evolution
• 3) PBT margin landing zones for FY27 given step up in opex
• 4) Update on Platform momentum and ramp of customer wins over the past year
• 5) Momentum and uptake in Wise Account
• 6) Update around Brussels investigation and US bank charter reapplication
• Changes to estimates
• Price Target Risks and Methodology

Report data

Exhibit 1: Old vs. New estimates — as of September 29, 2026.