Key Highlights

• For the year ended 30 June 2026, WiseTech reported Revenue of $1.396 billion, up 79% from $778.7 million in FY25, largely because of the consolidation of e2open.

• In December 2025 the company launched CargoWise Value Packs, now used by more than 95% of customers according to management, with pricing tied to transaction value rather than the number of user logins.

• Management's guidance, presented in the results briefing, is for total revenue of $1.48 billion to $1.54 billion, up 6% to 10%.

• WiseTech achieved $64 million of annualised run-rate cost synergies from e2open, ahead of a $50 million FY27 target and nearly 18 months early, with total annualised savings of about $115 million.

What does WiseTech Global (ASX:WTC) need to deliver in FY27 to show that its largest Acquisition is working? According to the FY26 results briefing released in August 2026, the company is guiding to underlying EBITDA of $725 million to $780 million, with a Margin of 49% to 51%, while keeping e2open revenue flat and pushing CargoWise growth through artificial intelligence features and new pricing. That combination of cost savings, product change and deleveraging is the heart of the Investment debate.

The FY26 result in numbers

For the year ended 30 June 2026, WiseTech reported revenue of $1.396 billion, up 79% from $778.7 million in FY25, largely because of the consolidation of e2open. Of that, e2open contributed $541.2 million and CargoWise $756.9 million, with CargoWise up 11%. Reported EBITDA was $558.4 million, up 46%, while underlying EBITDA was $644.5 million, up 56%. The underlying margin fell from 53% to 46% because e2open carries a lower margin.

Statutory net profit after tax was $178.7 million, down 11%, whereas underlying net profit after tax rose 29% to $313.5 million. Underlying Earnings Per Share were 94 cents, up 28%. The final Dividend was 8.8 cents per share, fully franked, representing a 17% Payout Ratio of underlying net profit.

The gap between statutory and Underlying Profit signals that acquisition and restructuring costs remain material; underlying is management's preferred measure, not a regulated one.

How the Business earns revenue

WiseTech provides CargoWise, a platform used by freight forwarders and logistics companies to manage shipments, customs and compliance. Revenue is largely recurring and linked to usage. In December 2025 the company launched CargoWise Value Packs, now used by more than 95% of customers according to management, with pricing tied to transaction value rather than the number of user logins. That ties revenue closer to activity but makes outcomes sensitive to customer reaction. Management said second-half refinements to the commercial model reduced the initial revenue uplift.

e2open, acquired to broaden supply-chain visibility and trading-partner connectivity, is a different business with a higher proportion of legacy revenue. Management reported continued subscription revenue attrition during FY26 and expects retention initiatives to improve it. The plan is to move to a product-led model, consolidate products onto one platform and bundle with CargoWise.

What the FY27 guidance says

Management's guidance, presented in the results briefing, is for total revenue of $1.48 billion to $1.54 billion, up 6% to 10%. CargoWise revenue growth is expected at roughly 12% to 20%, weighted 45% to the first half and 55% to the second. e2open revenue is expected to be flat as the company de-emphasises lower-margin legacy revenue. Underlying EBITDA of $725 million to $780 million would be up 12% to 21%.

These are forecasts, not results, and management stated the key assumption that there will be no material changes or unforeseen events before 30 June 2027. The low end assumes growth in line with FY26 and modest uptake of new initiatives; the high end assumes faster adoption.

Cost savings and AI

The margin expansion in the guidance relies heavily on cost reduction. WiseTech achieved $64 million of annualised run-rate cost synergies from e2open, ahead of a $50 million FY27 target and nearly 18 months early, with total annualised savings of about $115 million. An AI transformation programme delivered $34 million in annualised EBITDA run-rate savings, on top of $17 million from an earlier programme.

The briefing said more than 75% of staff use AI daily and over 90% of code is written or assisted by AI. It also described restructuring: more than 500 role reductions earlier in FY26 plus about 1,200 further roles removed, mainly in product development and customer service. The workforce changes are significant, and customer retention and product delivery are the places to watch for any strain.

Management also described CargoWise AI agents moving from assisting work to performing it, with compliance-related agents supervised by humans for final decisions.

Balance sheet

Net Leverage was 2.7 times at 30 June 2026, down from 3.2 times at the half year. Management now targets about 2.2 times by the end of FY27 and below 2.0 times in FY28. The company has a $3.0 billion Debt Facility with $2.2 billion drawn at 30 June 2026. Deleveraging matters because the e2open purchase added debt, and lower leverage would give the board more flexibility.

Competitive position and risks

CargoWise is a deeply embedded system for many forwarders, which creates high switching costs. Migrating the largest remaining customers from legacy arrangements is slow because of their scale and complexity, according to management. Whether AI strengthens that moat or lowers barriers for rivals is an open debate.

Other risks include the following:

- Slower adoption of Value Packs and AI features, on which the guidance range depends.

- Continued e2open attrition, which could keep that segment flat or shrinking.

- Dependence on large forwarder migrations.

- Legal and governance costs, including defence of a Shareholder class action. Caroline Pham is Interim CFO, so Leadership stability is another point to watch.

- Currency movements; foreign exchange was a $9.3 million tailwind in FY26.

- The completed Expedient divestment, which absorbs a roughly $5 million headwind in FY27.

What to monitor

Key dates and indicators include the first-half FY27 result, CargoWise growth against the 12% to 20% range, the e2open attrition trend, leverage against the 2.2 times target, and the New Zealand Tariff Management Portal, expected to go live in the first half of calendar 2027.