OFX Group (OFX) AGM 2026 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and confirmation of quorum; directors, executive team, and auditor introduced.

• Chair and CEO delivered addresses outlining the meeting's agenda and key topics for discussion.

• Housekeeping covered participation guidelines, question protocols, and agenda structure, including CEO address and formal resolutions.

Financial performance review

• FY 2026 net operating income was AUD 196.6m, down 8.5% from the previous year, with underlying EBITDA at AUD 25.2m, reflecting a 56.4% drop due to lower client activity.

• Non-FX revenue grew 12.1% to AUD 1.8m; client wallet balances reached nearly AUD 233m, up 7.7x.

• FY 2026 results fell short of expectations due to subdued business confidence, low FX volatility, and geopolitical uncertainty.

• Losses from fraud and bad debt in North America impacted results; substantial investment in the New Client Platform constrained near-term profitability.

• Q1 FY 2027 revenue was AUD 46.1m, up 2.5% from prior quarter but down 18.7% YoY; positive revenue trend into July and NOI up 1% from 4Q26.

Strategic initiatives and plans

• Strategic review launched to assess external interest and organic alternatives; multiple credible proposals received.

• Equals' AUD 1.00/share proposal selected for value, certainty, and strategic fit; board intends to support pending conditions.

• NCP platform is now live in all major markets, enabling rapid product and security feature rollouts.

• AI agents and digital onboarding hubs launched to improve customer experience and operational efficiency.

• Plans for FY27 include completing corporate migration, launching new consumer products, and accelerating enterprise growth.