• Fee and Trading Income down 4.7% to $109.1 million
• Net Operating Income down 5.6% to $105.0 million
• Underlying EBITDA down 50.1% to $14.5 million
• New client platform roll-out progressing well, with 39% of Corporate Active Clients migrated

OFX Group Ltd ('OFX' or 'the Group') (ASX: OFX) announced its results for the six months ended 30 September 2025. The company delivered Fee and Trading Income of $109.1 million, down 4.7% on the prior corresponding period (PCP) due to ongoing global macroeconomic uncertainty and softer consumer confidence. Corporate revenue was $65.4 million, down 5.7% on PCP primarily due to lower cross currency average transaction values (ATV) while transaction volumes continued to increase. High Value Consumer revenue was $30.6 million, down 11.5% on PCP and Enterprise revenue was up 46.7% on PCP to $6.5 million. Net Operating Income (NOI) of $105.0 million was down 5.6% on PCP but up 1.2% on 2H25. Underlying EBITDA was $14.5 million, reflecting the softer trading conditions and accelerated strategic investment in OFX's 2.0 strategy. The global roll-out of OFX's new client platform (NCP) is progressing well and delivering a positive client response. The refreshed go-to-market strategy is driving strong new client acquisition across all geographies, with Corporate (ex OLS) new transacting clients (NTC) up 11.8%. The platform is now live for new clients in all of the Group's major markets and migration of existing clients is on track to be completed in 2H26. At the end of 1H26 just over 39% of existing Corporate Active Clients had been migrated to NCP. OFX continues to generate healthy cashflows, delivering $16.5 million in net cash from operating activities with a cash conversion rate of >100%. The Group has recontinued debt repayments with the current balance at $18.5 million repayable by May 2027. As part of OFX's capital management strategy, it executed a new share buy-back program, acquiring 2.3 million shares for $1.9 million in 2Q26. The program will remain active through the 2H26.

The Group is targeting NOI growth in 2H26 on PCP and expects to complete the migration of all Corporate active clients across its major markets. OFX's investment in its accelerated growth strategy is expected to deliver operating expenditure for FY26 in the range of $173.7 million to $181.2 million. Due to strong execution, the Group now anticipates total FY26 Capex to be approximately $20.0-21.0 million, down from approximately $2.0 million.

OFX reaffirms its long-term guidance of delivering annual NOI growth of 15% or more from FY28, supported by an underlying EBITDA margin of approximately 30%. The company has also completed a refresh of its High Value Consumer strategy, with migration of this segment to the NCP expected in FY27.