• A resilient business with healthy margins and generating cash
• Consistent revenue through uncertainty
• Retaining and growing revenue from valuable Corporate clients
• Early traction is encouraging for the New Client Platform

OFX Group Ltd reported its FY25 financial results, highlighting a resilient business with healthy margins and strong cash generation. The company's net operating income declined 5.5% year-over-year to $214.9m, with fee and trading income down 3.4% due to lower business confidence impacting corporate client trading. However, the company maintained a strong NOI margin of 56bps and generated over 90% operating cash conversion. Underlying EBITDA declined 10.7% to $57.7m, with the company maintaining disciplined cost management. Statutory NPAT declined 20.6% to $24.9m. The company continued to invest in its platform, with 8.5% of revenue spent on intangibles. The New Client Platform showed early traction, with 2,544 active clients and encouraging adoption of additional products. Looking ahead, the company expects uncertain economic conditions and will not provide NOI guidance for FY26, instead focusing on targeted NOI growth and an underlying EBITDA margin of around 30% in the long term. The company will accelerate investment in the platform rollout, GTM, and commercial resources to drive faster growth.

The company did not provide specific financial guidance for FY26 due to uncertain economic conditions. However, it expects to target NOI growth and maintain an underlying EBITDA margin of around 30% in the long term (FY28+).

The company expects uncertain economic conditions to continue in FY26, making the year challenging to forecast. It will focus on accelerating the rollout of its New Client Platform, investing in GTM and non-FX revenue streams, while not targeting operating leverage. The company expects to continue this elevated investment into FY27 before normalizing in FY28.