Citi sees pick-up in hiring by Australia's WiseTech Global; expects stronger EBITDA margins

** Citi says WiseTech Global's WTC hiring activity has picked up through the course of 2H25; sees it as a positive signal on WTC's revenue outlook

** Brokerage says total headcount (including recent acquisitions of BSM Global and Impexdocs) is up 6% YoY and 4% HoH, with headcount increasing by 140 in 2H25 versus 32 in 1H25

** While we expect cost growth to pick up in 2H25 and FY26, we see consensus cost growth as too high and see upside to EBITDA margins - Citi

** For FY25, we are 2% ahead of Visible Alpha consensus EBITDA - Citi

** However, brokerage sees downside to consensus revenue growth in FY26 and expect it to be 2H weighted. It expects stronger EBITDA margins and tailwinds from foreign exchange to act as offsets

** 11 of 13 analysts rate the stock "buy" or higher and two "hold"; their median PT is A$126 – LSEG data

** Stock with YTD losses at 7.4%