Wiseway lifts FY26 revenue 10.1% to $205.6 million as eCommerce takes the lead
In its FY26 results presentation released 27 August 2026, Wiseway Group detailed a year of double-digit revenue growth led by its eCommerce division. Group revenue rose 10.1% to $205.6 million, while EBITDA lifted 9.2% to $14.7 million and net profit before tax climbed 21.9% to $5.9 million.
Management confirmed dividends per share of 1.2 cents, up 20% and fully franked. A central theme of the Wiseway FY26 results was that Wiseway eCommerce Solutions (WES) is now the larger of the company’s two go-to-market pillars and its primary growth engine. Notably, operating expenses were held broadly flat as revenue grew $18.9 million, underscoring cost discipline.
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FY26 financial results: growth delivered with cost discipline
The presentation outlined a headline profit story built on operating leverage. Revenue grew 10.1%, or 13.0% excluding $4.8 million of non-recurring FY25 revenue, while operating expenses rose just 1.2%, or $0.5 million.
Gross margin moderated to 27.0% from 28.8% as the revenue mix shifted toward higher-volume eCommerce and import freight. Management framed this as a deliberate mix shift rather than a weakness, noting that cost discipline preserved the EBITDA margin at 7.1%.
| Metric | FY26 | FY25 | Change | Note |
|---|---|---|---|---|
| Revenue | $205.6M | $186.7M | +10.1% | +13.0% ex non-recurring |
| EBITDA | $14.7M | $13.4M | +9.2% | Margin held at 7.1% |
| Operating profit | $7.7M | $6.9M | +11.3% | Opex up just 1.2% |
| Profit before tax | $5.9M | $4.8M | +21.9% | Lower finance costs |
| Basic EPS | 2.76c | 2.63c | +4.9% | Diluted 2.72c |
Underlying result stronger than headline
The company noted that FY25 included approximately $4.8 million of above-trend non-recurring revenue linked to KWT stockpiling and increased transloading ahead of announced US tariff changes, alongside a $2.0 million non-cash deferred tax asset recognition. Neither recurred in FY26.
On a normalised basis, the picture strengthens considerably. Underlying revenue grew 13.0% and underlying EBITDA rose 12.1%, while normalised net profit after tax increased 59.9% to $4.8 million from $3.0 million.
Growth was weighted to the first half, with second-half revenue up 7.5% excluding the prior period non-recurring revenue. Management flagged that these effects are now fully cycled entering FY27, leaving a clean comparative base.
The two-pillar model: what’s driving Wiseway’s growth
Wiseway operates through two go-to-market pillars, and the presentation confirmed the re-organisation into this structure is largely complete. Understanding the split helps explain where the earnings momentum sits.
Wiseway Global Forwarding (WGF) is the traditional freight forwarding business, covering air and sea freight, perishables and cold chain, customs clearance, and road transport. It accounts for roughly 44% of Australian revenue and around 100 full-time employees.
Wiseway eCommerce Solutions (WES) handles import eCommerce clearance, direct injection, last-mile carrier management, returns and fulfilment/3PL. It represents approximately 56% of Australian revenue and between 300 and 350 full-time employees.
The performance contrast between the two pillars was stark:
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WES revenue reached $89.2 million, up 22.2%, making it the larger pillar with a 72.0% CAGR across FY24–FY26.
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WGF grew 1.7% in a subdued Australia-China export market, reflecting strong underlying volumes offset by declining freight rates.
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Overseas revenue was $44.5 million (77.0% CAGR), with underlying growth of 14.8% excluding the non-recurring revenue.
For investors, the tilt toward WES represents a structural growth story aligned with the global eCommerce trend. A larger share of revenue derived from a faster-growing division may support the durability of Wiseway’s earnings, provided the momentum continues.
Balance sheet and cash: net debt cut 31%, cash up 32%
The presentation detailed a materially stronger financial position, with cash generation funding both growth and returns. Key highlights included:
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Cash and cash equivalents of $19.1 million, up 32%.
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Net debt reduced 31% to $14.5 million; excluding lease liabilities, the Group is in a net cash position.
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Net assets of $26.4 million, up 11%, with net tangible assets per share up 6.2% to 16.35 cents.
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Receivable days improved by approximately 12 days, funding the net debt reduction organically.
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Cash conversion improved to 91% of EBITDA, from 89% in FY25.
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The Group regained 100% ownership of the USA business during FY26, improving its profitability in both halves.
The Group regained full ownership of Wiseway USA during the year, eliminating minority interests and enabling complete profit retention across the Australia-Asia Pacific-U.S. trade corridor.
Capital expenditure of $2.4 million and dividends of $2.1 million were both funded from operating cash flow, pointing to self-funded growth alongside rising shareholder returns.
Outlook: technology investment and eCommerce share gains in FY27
Looking ahead, management outlined a digital and technology roadmap spanning both pillars. The platforms detailed in the presentation include:
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WiseCustoms — AI-driven eCommerce clearance technology, launched Q4 FY26 and scaling in 1H FY27 across Australia, New Zealand and the US.
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WisePortal — a forwarding command centre with a client-facing portal and AI capabilities, targeted to launch in 1H FY27.
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WiseTrack — a customer-facing eCommerce visibility portal covering fulfilment, last-mile delivery and returns, planned for 1H FY27.
The company set out several priorities for FY27, including continued import eCommerce growth driven by market expansion and share gains, potential upside from 3PL and fulfilment, and the USA positioned for growth on a clean comparative base. Management also pointed to continued dividends alongside ongoing reinvestment, plus opportunistic M&A and expansion beyond China.
Wiseway FY26 Results Presentation
“A leading logistics partner providing excellent services and superior customer value to our partners.”
Why the FY26 result matters for investors
The Wiseway FY26 results present a structural pivot toward higher-growth eCommerce, a disciplined cost base that preserved margins, and self-funded deleveraging. Combined with a rising fully-franked dividend and a clean comparative base entering FY27, the year illustrates how growth and financial strength were delivered in tandem.
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