Highlights

• ASIC concluded its investigation into alleged trading in WiseTech shares, and a separate governance investigation, issuing no-action letters.

• The ACCC executed a search Warrant in August 2026 as part of a separate competition investigation that remains open.

• Total Revenue rose to US$1.396 billion in FY26, reflecting 11 months of e2open.

• FY27 guidance is for revenue of US$1.48 billion to US$1.54 billion and underlying EBITDA of US$725 million to US$780 million.

Why does WiseTech Global (ASX:WTC) still face scrutiny after the corporate regulator closed its investigations? Because while ASIC's no-action letters in October removed one long-running cloud, a separate competition investigation by the ACCC remains open, and the company is still absorbing its largest Acquisition while changing how it sells its core software.

The central development

On 15 October 2026, WiseTech told the ASX that ASIC had concluded its investigation into alleged trading in WiseTech shares, first disclosed in October 2025. ASIC issued no-action letters to founder Richard White and two other current employees.

ASIC also concluded a governance investigation that began in late 2024, issuing the company itself a no-action letter. An investigation into one other individual, who is not a WiseTech employee, is continuing.

Independent chair Raelene Murphy, who took the role on 7 July 2026, described the outcome as "another step forward for the Company".

The resolution matters because regulatory questions over governance had hung over the company since late 2024. The company is now led by chief executive Zubin Appoo, appointed permanently in July 2025.

The matter still open

Two months earlier, on 19 August 2026, WiseTech disclosed that the ACCC had executed a search warrant as part of an investigation into alleged contraventions of the Competition and Consumer Act. The warrant required documents and data relating to the Supply of global logistics services and software.

The company said it intends to cooperate fully. It has not described the specific conduct under examination, and no findings or timetable have been announced.

What WiseTech does

Revenue is largely recurring, driven by customer usage and licence fees.

Since August 2025 the group has also owned e2open, a US-based supply chain software Business acquired to extend WiseTech beyond logistics providers into the supply chain operations of shippers and manufacturers.

FY26 results

WiseTech reports in US dollars. For the year to 30 June 2026, released on 26 August, total revenue rose to US$1.396 billion from US$778.7 million, reflecting 11 months of e2open.

CargoWise revenue grew to US$756.9 million from the prior year, including contributions from smaller acquisitions and a currency tailwind. e2open contributed US$541.2 million.

Reported EBITDA was US$558.4 million and underlying EBITDA was US$644.5 million. Statutory net profit fell to US$178.7 million from US$200.7 million, reflecting acquisition-related and restructuring costs, while underlying net profit rose to US$313.5 million. Free Cash Flow increased to US$410.7 million.

The board declared a fully franked final Dividend of 8.8 US cents per share, up from 7.7 cents.

Market reaction and guidance

For FY27, WiseTech guided to revenue of US$1.48 billion to US$1.54 billion and underlying EBITDA of US$725 million to US$780 million, with the underlying EBITDA Margin expected to widen. This is management guidance, not a reported outcome.

Cost cuts and a new commercial model

Management reported about US$115 million of annualised run-rate cost savings across FY26, drawn from e2open integration, an AI transformation programme and wider efficiency measures. The AI programme involved around 1,200 role reductions across product development and customer service.

At the same time, Research and Development spending rose to US$340.7 million. The company launched CargoWise Value Packs in December 2025, a bundled pricing model now used by more than 95 per cent of CargoWise customers, with remaining legacy-contract customers expected to migrate during FY27.

New products include Container Transport Optimisation, which went live in July 2026, and six CargoWise AI agents, with more in development.

Management says new signings from smaller customers have risen since the bundled pricing launched, although it is too early to judge the longer-term effect on revenue per customer.

Balance sheet

The e2open purchase was largely debt-funded. At 30 June 2026, US$2.2 billion of a US$3.0 billion Facility was drawn and cash stood at US$343.5 million. Net Leverage was 2.7 times, below the level previously flagged, and management is targeting about 2.2 times by the end of FY27.

Sector and competitive position

CargoWise holds an encouraging position among large global freight forwarders, and the switching costs of replacing deeply embedded operating software are high. That entrenchment underpins pricing power, but it is also why competition regulators take an interest in the conduct of dominant software suppliers.

Demand for logistics software is linked to global trade volumes, customs complexity and digitisation. Tariff changes and shifting trade routes can increase compliance workloads, which may support usage over time, while weaker freight activity can weigh on customers' budgets.

Risks and what to monitor

The ACCC investigation is the most prominent open regulatory matter, and its scope and outcome remain unknown.

Operationally, the key questions are whether the e2open integration delivers the expected revenue and margin benefits, whether customers accept the new pricing model without elevated churn, and whether workforce reductions affect product delivery or service quality. Debt reduction against the stated leverage targets is another measure to watch.

The annual general meeting, scheduled for 27 November 2026 according to the company's published key dates, will be the next opportunity for the board to update shareholders on trading, governance and the FY27 outlook. The half-year result, typically released in February, is the next major financial checkpoint.