OFX Group (OFX) H1 2026 earnings summary

Executive summary

• Net operating income (NOI) for 1H26 was $105.0 million, down 5.6% year-over-year but up 1.2% sequentially, with underlying EBITDA at $14.5 million, a 50.1% decline year-over-year due to softer trading and increased investment.

• Fee and trading income was $109.1 million, down 4.7% year-over-year, reflecting global macroeconomic uncertainty and softer consumer confidence.

• Corporate revenue declined 5.7% year-over-year to $65.4 million, while Enterprise revenue grew 46.7% to $6.5 million; High Value Consumer revenue fell 11.5% to $30.6 million.

• B2B revenue increased 4.2% while B2C revenue declined 8.7% compared to 2H25, with corporate active clients stabilizing and new transacting clients up 11.8% year-over-year.

• Transition to the new client platform (NCP/2.0) is progressing, with major markets live and nearly 50% of Corporate clients migrated; 80% migration expected by 3Q26.

Financial highlights

• Turnover for 1H26 was $19.1 billion, up 1.4% year-over-year.

• Underlying NPAT was $1.7 million, down 84.8% year-over-year; statutory NPAT was $2.4 million, down 77.9%.

• Underlying operating expenses rose 10.2% to $90.5 million, including $3.2 million in bad debts from North America.

• Net cash held at period end was $75.4 million, with net available cash at $47.1 million.

• Net cash from operating activities was $16.5 million, with a cash conversion rate above 100%.

Outlook and guidance

• Targeting at least 15% NOI growth and 30% underlying EBITDA margins by FY2028, with reaffirmed long-term guidance.

• FY26 operating expenditure expected between $173.7 million and $181.2 million; capex guidance lowered to $20–21 million.

• Corporate client migration to NCP expected to complete in 2H26; High Value Consumer migration planned for FY27.

• Not targeting operating leverage in FY26 or FY27 due to ongoing investment; focus is on platform rollout and product development.

• Management and board remain confident in the strategy and execution.