OSL Group (863) H1 2026 earnings summary

Executive summary

• Achieved strong growth with total transaction volume up 241.3% YoY to HK$172.0 billion and revenue up 65.8% YoY to HK$55,812.6 million for 1H2026, transitioning to a global stablecoin infrastructure company.

• Became the world's largest B2B stablecoin payment infrastructure company by volume, operating in 11 jurisdictions with over 50 licenses.

• USDGO stablecoin scaled to over US$1.2 billion in circulation within six months, becoming the sixth-largest compliant stablecoin globally.

• Launched OSL AgentPay, an AI-native settlement layer for agentic payments, and deepened institutional partnerships worldwide.

• Completed Banxa acquisition, expanding licenses and global reach.

Financial highlights

• Total transaction volume reached HKD 172 billion (+241.3% YoY), reported revenue HKD 55.8 billion (+65.8% YoY), and adjusted non-IFRS income HKD 330.9 million (+75.5% YoY) for 1H2026.

• Payment revenue grew 69.3% YoY to HKD 49.1 billion, trading revenue up 46.4% to HKD 6.7 billion, while platform revenue declined 76.5% to HKD 21.7 million.

• Cash and cash equivalents stood at HKD 1.4 billion, with housed coins at HKD 1.3 billion as of June 2026.

• Adjusted operating loss was HKD 403.99 million, reflecting front-loaded investments and fair value losses on digital assets.

• Net loss from continuing operations was HKD 860.9 million, with basic and diluted loss per share at HKD 0.98.

Outlook and guidance

• Six-pronged growth strategy: broaden stablecoin offerings, drive USDGO adoption, invest in infrastructure, embrace AI-driven agentic economy, enhance operational efficiency, and pursue accretive M&A.

• Focus on converting built capacity into transaction volume, leveraging operational scale, and scaling OSL AgentPay for AI-driven commerce.

• Expect continued growth as market conditions normalize and trading activity recovers.

• Ongoing cost discipline through automation and AI integration to decouple headcount from volume growth.