OFX Group (OFX) H2 2026 earnings summary

Executive summary

• Transition to OFX 2.0/New Client Platform is largely complete, with over 90% of corporate clients migrated in major markets and a scalable, modern platform in place.

• FY26 performance was impacted by lower client activity, subdued macroeconomic conditions, and reduced FX volatility, resulting in declines across key financial metrics.

• Strategic review underway to maximize shareholder value, considering both organic and inorganic options, with outcome expected before 30 June 2026.

• Focus on expanding services for corporate clients, launching new consumer value propositions, and growing non-FX revenue streams such as cards and subscriptions.

• Mission centers on simplifying financial operations for global business growth.

Financial highlights

• Net Operating Income (NOI) was $196.6 million, down 8.5% year-over-year.

• Underlying EBITDA fell 56.4% to $25.2 million, with NOI margin at 0.51%, down 5 basis points.

• Statutory loss of $0.4 million, with underlying NPAT at $2.3 million, down 91.8%.

• Net cash held at year-end was $71.6 million, after $2.0 million debt repayment and $1.9 million share buyback.

• Non-FX revenue grew 12.1% to $1.8 million, with strong momentum in cards and wallet balances.

Outlook and guidance

• FY27 expected to return to growth, targeting higher Group NOI, growth in Corporate Active Clients, stabilizing Consumer revenues, and continued Enterprise growth.

• Medium-term targets are 15%+ NOI growth and ~30% EBITDA margin, but not committing to FY28 due to economic uncertainty.

• Cost growth to be limited to inflation, with productivity savings and capex investment of $19–20 million planned.

• Multi-product adoption and new client activation are key drivers for future growth.