Wisr Limited has priced its seventh asset-backed securities (ABS) deal, the $304 million Wisr Momentum Trust 2026-2. It carries a weighted average margin of 1.72% above the one-month BBSW, and lifts the company's total ABS issuance to $1.78 billion. Moody's gave a AAA rating to Class A and Class A-x notes totalling $240 million, or 78.9% of the structure. The deal covers prime secured vehicle and personal loans. National Australia Bank (NAB) was arranger and dealer; Barclays, Barrenjoey, and NAB were joint lead managers. The deal frees about $6.5 million in cash through a lower equity requirement. It also adds $304 million in warehouse capacity to support Wisr's $1.2 billion loan book as of September 2026. Florian Ruff, head of funding and treasury, said the deal "reduces our cost of funds" and "broadened our international investor base.

Wisr (ASX: WZR): stock climbs as record lending supports raised FY27 profit guidance. Company overview. Wisr (ASX: WZR) is an Australian non-bank consumer lender that uses technology-driven platforms to provide personal and secured vehicle loans. The company has been scaling its lending operations while improving profitability, with its latest FY27 update highlighting record quarterly originations and a higher full-year cash profit target. Business segments & field of activity. Wisr makes money from the interest on the loans it writes and funds, and operates in two lending areas: * Personal Loans: personal loans to consumers, now 59% of the loan book * Secured Vehicle Loans: loans secured against a vehicle, now 41% of the book and the faster-growing area Its key activities include: 1- Broker Distribution: a panel of more than 13,500 brokers that bring loan applicants to Wisr. 2- Automation and AI: automated identity checks, vehicle inspections, and an AI decision engine and service agents that aim to lower the cost of assessing and servicing loans. 3- Funding Programs: warehouse facilities and asset-backed securities (ABS) that finance the loan book. 4- DebtBustr: a debt reduction product that recently won an industry award from WeMoney. An early upgrade to FY27 guidance. Wisr has raised its FY27 cash net profit after tax (cash NPAT) guidance to at least $7.0 million, up 40% from the original target of at least $5.0 million. Management points to loan origination and book growth, operating leverage, cost discipline, and productivity gains from automation, and expects cash NPAT to grow substantially again in FY28. The target follows FY26, when Wisr delivered its first full-year cash profit of $1.0 million, against a loss of $5.3 million a year earlier. Cash NPAT is the company's own measure, and ASX data shows a statutory net loss of $6.71 million for the latest year. Wisr also holds $97.9 million of carried-forward tax losses, which it says should lower its effective tax rate once taxable profits arise. Record originations lift the loan book. New lending in the September quarter reached a record $253.8 million, up 73% on the same quarter last year and up 28% on the June quarter, which implies an annual run-rate of about $1 billion. Secured vehicle originations rose 138% to $129 million, while personal loan originations rose 35% to $125 million. The loan book closed September at $1,211.0 million, up 40% in a year and the eighth consecutive quarter of growth. Quarterly revenue rose 32% to $33.1 million. Credit quality improves as the book grows. Arrears and losses moved in the right direction while lending accelerated. Loans more than 90 days overdue fell to 0.86% of the book from 1.14% a year earlier, and net losses declined to 1.19% from 1.63%. The average credit score of the book was 802, slightly lower than the 807 recorded a year ago, and the average new loan was $36,616. Management also reports customer and broker satisfaction scores of +80 and +81. Growth comes with a thinner margin. Wisr says it uses fixed-rate customer loans and monthly interest rate swaps to manage exposure to movements in funding costs linked to the Bank Bill Swap Rate (BBSW). The swaps are designed to convert variable warehouse funding costs into fixed costs aligned with loan terms, helping to stabilise net interest margins over the life of each loan, which averages around four years. However, this strategy does not eliminate credit risk or guarantee that overall profitability will remain unchanged. Funding capacity becomes the next test. Faster lending uses up funding room. Wisr has three warehouse facilities with total commitments of $887 million, unchanged since June, but undrawn capacity has fallen from $364 million to $165 million. It has also drawn $30.0 million of a $50 million corporate facility, and ended September with $13.0 million of unrestricted cash and $33.0 million of total liquidity. The company has completed six term securitisation deals, including a $354 million ABS in May that was rated AAA by Moody's on its senior notes, and it raised $10.6 million of equity in November 2025. In an illustrative scenario, which it stresses is not a forecast, Wisr estimates that deploying $25 million of liquidity could support about $0.8 billion of extra lending. What needs to go right. Wisr's results depend on the cost and availability of funding, so tighter credit markets or weaker demand for its securitisations would slow growth. A rise in unemployment or arrears would hit earnings quickly, because losses on a growing loan book come straight off profit. Margins are narrowing as secured vehicle loans take a bigger share, the company is still loss-making on a statutory basis, and its thin equity base leaves little room for credit surprises. Further capital raisings are possible, which could dilute existing shareholders, and the FY27 guidance is a target rather than a certainty. Technical analysis of Wisr (ASX: WZR). On the daily timeframe, WZR had been moving inside a rising channel, and the price has now pushed above the upper boundary of that channel, around $0.034, on a sharp rise in volume. The RSI has climbed to around 70, which shows strong momentum but also means the move is stretched in the short term. In its view, if the price can hold a full daily candle above the $0.034 level, the breakout would be confirmed, and the first target sits around $0.039 to $0.040. A clear break above that zone could open the way to higher levels, as there is little price history in that area to slow the move. On the other hand, if the price falls back inside the channel and closes below the breakout level, the move could turn out to be a false breakout, with the support zone around $0.032 to $0.033 as the first area to watch. FAQs about Wisr (ASX: WZR). 1. What does cash NPAT mean for Wisr? Cash NPAT is the profit measure Wisr uses for its guidance. The company reports statutory results separately, and the latest ASX data shows a net loss of $6.71 million. 2. How does Wisr fund its loans? It uses warehouse facilities, which are lines of credit secured by the loans, together with asset-backed securities sold to investors, and a corporate debt facility. 3. Does Wisr pay a dividend? No current dividend is paid. ASX data lists only an interim dividend from 2014.