Wisr Limited has reported its inaugural full-year Cash NPAT profit of $1.0 million for FY26, driven by a 65% surge in loan originations and a 32% expansion in its loan book, surpassing $1 billion for the first time.
- FY26 Cash NPAT profitability of $1.0 million
- Loan book grows 32% to $1.084 billion
- Record loan originations up 65% to $695.3 million
- Credit quality improves with 90+ day arrears down to 1.01%
- FY27 Cash NPAT guidance of at least $5.0 million
Milestone Profitability and Loan Book Growth
Wisr Limited (ASX:WZR) has marked a pivotal moment in its fintech lending journey by delivering its first full-year Cash NPAT profit of $1.0 million in FY26, a notable turnaround from a $5.3 million loss in FY25. This profitability milestone coincides with the company’s loan book breaching the $1 billion mark, closing at $1.084 billion, up 32% from $824 million a year earlier.
The surge in loan originations was a key driver, with a record $695.3 million written during the year, an impressive 65% increase on FY25's $422 million. Personal loans accounted for $415.3 million of originations, up 53%, while secured vehicle loans nearly doubled with an 86% increase to $280 million. This growth trajectory exceeded Wisr’s guidance and sets a robust foundation for the year ahead.
Improved Credit Quality and Operational Efficiency
Alongside growth, Wisr’s credit quality metrics showed encouraging improvement. The average credit score of the loan book nudged up to 807, while 90+ day arrears declined by 39 basis points to 1.01%, reflecting disciplined credit management and enhanced arrears processes. Net loan losses also improved from 1.79% to 1.38% of average loan balances, underscoring the portfolio's resilience amid expansion.
Financially, revenue climbed 19% to $108.8 million, outpacing operating expenses which grew just 7%, resulting in a cost-to-income ratio improvement to 28% from 31%. Despite a modest 20 basis point dip in portfolio yield to 11.00% and a 19 basis point compression in net interest margin to 5.27%, Wisr’s risk-adjusted margin expanded 22 basis points to 3.89%, driven by lower net losses and a shift towards secured vehicle loans with inherently lower credit risk.
Capital Management and Funding Advances
Capital and funding initiatives provided a solid backbone for Wisr’s growth. A $10.6 million equity raise in November 2025 was deployed to repay $7.5 million of corporate debt and fuel loan origination growth. The company also refinanced its corporate debt facility, reducing interest margins, with $27.5 million drawn from a $50 million facility at year-end.
In a significant development, Wisr priced its largest asset-backed securities (ABS) transaction to date, $354 million Wisr Momentum Trust 2026-1, upsized from $300 million. This was Wisr’s first combined personal loan and secured vehicle loan ABS, achieving AAA Moody’s ratings on its top tranches and structured to meet EU and UK risk retention rules, broadening its international investor base. Wisr’s warehouse facilities carry total commitments of $887 million, with $364 million undrawn capacity post-ABS issuance, ensuring ample liquidity for future growth.
Customer Experience and Market Recognition
Customer satisfaction remained a priority, with Wisr achieving a strong Net Promoter Score (NPS) of +82, and broker NPS of +80. The company was also voted The Adviser’s #1 non-bank lender for personal loans by its broker network, validating its market position. Wisr continued to invest in AI and automation, deploying tools such as AI-driven document fraud detection, automated asset verification, and streamlined income verification, all aimed at enhancing underwriting efficiency and customer experience.
Outlook and Strategic Positioning
Looking ahead, Wisr has set a FY27 Cash NPAT guidance of at least $5.0 million, a fivefold increase from FY26, underpinned by continued loan book expansion, operational leverage, and cost discipline. The company anticipates substantial further growth in FY28 as scale benefits and productivity gains from automation take hold.
Wisr’s CEO Andrew Goodwin highlighted the company’s momentum, stating, “FY26 was a landmark year for Wisr. We exceeded all our guidance metrics, delivered our first full year of Cash NPAT profitability, and saw the loan book surpass $1 billion. We enter FY27 well-positioned to scale profitably and continue delivering value for our customers.”
Bottom Line?
Wisr’s FY26 profit milestone and robust growth set a strong platform, but sustaining credit quality and scaling efficiently will be key as it targets a fivefold Cash NPAT increase in FY27.
Questions in the middle?
- How will Wisr manage credit risk amid aggressive loan book expansion?
- What impact will the new ABS structure have on Wisr’s funding costs and investor diversification?
- Can Wisr’s investments in AI and automation translate into sustained operating leverage and profitability?