OSL Group (863) H1 2025 earnings summary

Executive summary

• IFRS income for 1H2025 reached HK$195.4 million, up 57.9% year-over-year, driven by organic growth, strategic acquisitions, and a 200.4% surge in OTC transaction volume to HK$68.2 billion, with OSL Pay launched in April 2025 contributing 28.6% of total revenue, mainly from Europe.

• Adjusted non-IFRS income rose 187.3% year-over-year to HK$188.6 million, reflecting strong underlying business momentum.

• Net loss from continuing operations increased to HK$20.3 million, mainly due to higher staff costs and operating expenses to support global expansion.

• Major global expansion through acquisitions in Japan, Italy, Bermuda, Indonesia, and Banxa in Canada, expanding licensing and operational footprint; workforce expanded from 258 to 568 employees as of June 2025.

• Announced acquisition of Banxa to enhance on/off-ramp capabilities and global reach.

Financial highlights

• IFRS income: HK$195.4 million (1H2025) vs. HK$123.8 million (1H2024), up 57.9%; adjusted non-IFRS income: HK$188.6 million (1H2025) vs. HK$65.6 million (1H2024), up 187.3%.

• Net loss from continuing operations: HK$20.3 million (1H2025) vs. HK$9.6 million (1H2024); basic loss per share: HK$0.03 (1H2025) vs. HK$0.02 (1H2024).

• Transaction volume surged 200.4% YoY to HK$68.2 billion, mainly from OTC business; assets under custody increased to HK$5.7 billion as of June 30, 2025.

• Service fee from SaaS and related income grew to HK$90.9 million (1H2025) vs. HK$25.3 million (1H2024).

• Cash and cash equivalents stood at HK$459.2 million as of June 30, 2025; total assets HK$2,118.8 million; total liabilities HK$977.6 million; equity HK$1,141.1 million.

Outlook and guidance

• Plans to strengthen market leadership in Hong Kong, accelerate global expansion, and broaden product offerings from trading to payments, including launching a global exchange and retail trading in Indonesia in 2H2025.

• Advancing stablecoin and payment initiatives, including OSL Pay and OSL BizPay.

• Targeting further global M&A, especially in emerging markets, and focusing on operational efficiency and strategic hiring.