瑞银发布Wise 2027财年二季度业绩综述，认为本季表现稳健且由交易收入主导。公司净收入7.39亿美元，同比增长21%（剔除汇率影响），高于瑞银预测的7.28亿美元和市场一致预期的7.25亿美元；跨境交易额717亿美元（同比+22%），与瑞银预测一致；活跃客户环比增加约64万至1250万，跨境take rate为49bps，好于预期的48bps，主要受结构因素支撑。公司将2027财年净收入增速指引上调至17.5%—20%（原为15%—20%区间的上半段），已计入已实施加息但不含远期利率曲线。上半年IBT利润率约25%（剔除约2个百分点一次性项目，报表口径约23%），对应IBT约3.63亿美元，与瑞银预测的约3.70亿美元基本一致，并重申全年IBT利润率指引20%—25%的高端。
Wise delivered a solid FQ2 27 print, with net revenue of $739m (+21% YoY ex-FX), ahead of UBSe $728m and consensus $725m. Cross-border volume of $71.7bn (+22%, +21% ex-FX) was in line with UBSe, while quarterly active customers increased QoQ by ~640k (+5%) to 12.5m. The cross-border take rate held up better than expected at 49bps versus UBSe 48bps due to mix, despite 2bps worth of price cuts. Most importantly, FY27 net revenue growth guidance was raised to the upper half of the 15-20% constant-currency range (now 17.5-20% YoY), incorporating already-actioned rate increases but not the forward curve. Wise disclosed an anticipated H1 IBT margin of ~23%, including ~2ppt of one-offs (~25%), implying underlying IBT of ~$363m, broadly aligned with UBSe ~$370m, while reiterating its FY27 guide for the high end of the 20-25% margin. UBS believes continued customer growth, accelerating Business adoption, stronger card monetisation and the Wise Platform opportunity (more than 6% of cross-border