Optasia (OPA) H1 2026 earnings summary

Executive summary

• Revenue grew 58% year-over-year to $185.3 million in H1 2026, with adjusted EBITDA up 45% to $77.9 million and normalised net income up 40% to $39.3 million, driven by strong MFS expansion and new deployments.

• Free cash flow rose 150% year-over-year to $32.7 million, with a 41.9% conversion rate.

• MFS now represents 72% of revenue, up from 62% a year ago, reflecting a strategic shift from ACS.

• Strategic progress included three new deployments, merchant lending launch in Ghana and Uganda, and the acquisition of Finergi, entering the utility lending market.

• Deepened partnership with FirstRand, increasing shareholding to 26.1% and collaborating on new product development.

Financial highlights

• Distributed value reached $3.5 billion, up 46% year-over-year; revenue grew 58%, outpacing distribution value due to higher MFS take rates.

• Take rate improved from 4.9% to 5.3%; default rate rose slightly from 1.1% to 1.3%, with a stable cover ratio of 4.0x.

• Operating expenses as a percentage of revenue dropped from 13.2% to 11.6%; CapEx at $8.3 million (4.5% of revenue), below the 6% target.

• Headline EPS up 50% year-over-year to 2.79 cents; normalised EPS up 31% to 2.98 cents.

• Net debt/Adjusted EBITDA reduced to 0.20x, with total debt stable at $106.9 million.

Outlook and guidance

• Upgraded full-year 2026 guidance: revenue, adjusted EBITDA, and normalised net income growth of 30%-40%; CapEx maintained at 6% of revenue.

• Guidance assumes conservative recovery in Nigeria and neutral FX impact in H2.

• At least 8-11 new deployments expected in 2026, with further expansion in merchant lending and new credit products.

• H2 growth expected to be more measured due to Nigeria run-rate, overdraft transition, and normalised FX impact.