Wise Q2/H1'F27 preview: Upside to guidance likely on higher rates, solid momentum in Core transaction business

Ahead of fiscal '27 Q2 and H1 reporting, we outline our expectations and latest company collated consensus. Overall, we see upside to our own and consensus forecasts on rising interest rates (supporting Net Interest Income), while the Transaction-based business (Cross-Border and Card) shows continued positive momentum. For Q2, we are in line with company collated consensus for net revenue. For H1, despite being in line on revenue, we are slightly ahead on Operating Income and Profit Before Tax mainly driven by phasing of costs. FY27 guidance was set in June based on the latest central bank rates;