WISE (BUY) - INVESTOR CALL CORE GROWTH, PLATFORM OPPORTUNITY MARTIN ADAMS, DIRECTOR OF FINANCE

In the broader Fintech rally, few stocks have moved as much as WISE (+80% since early Q4). We upgraded here (WISE – Upgrade to BUY: Good entry point for Platform, Oct 15th) given 1/ Price cuts were out of the way for the foreseeable and, 2/ We saw (see) a strong Platform opportunity which wasn't captured in the share price. With that said, the stock has blown through our fair value of £9.00. We’ll catch up with Martin Adams, Director of Finance (FP&A, IR) as we look ahead to 2025.

WHY: Tune in for thoughts into 2025:

• Price cuts
  • Two large cuts in 2024. When might we see further price movements?
• Consumer demand
  • Anything new in the macro. Has been a small headwind.
  • Differences by geography
• Competition - did Fintech competitors match price cuts?
  • Broader competitive thoughts
• Guidance - market still running ahead of underlying PBT margin guide (13-16%) at 17% for FY 26/27. How determined to hit this guide (by cutting price?)
• Platforms - reached a tipping point?
  • Update on contribution today
  • Recent signings include Standard Chartered, Morgan Stanley. How quickly can revenue follow?