• Soft NOI, healthy client engagement and 2.0 progressing well
• Macro environment impacting Corporate ATVs and revenue
• NCP integration milestones on track, all major markets now live

OFX Group Ltd reported a 5.6% decline in net operating income (NOI) to $105.0m in 1H26, with the macro environment continuing to impact Corporate average transaction values (ATVs) and revenue. Fee and trading income declined 4.7% year-over-year, while underlying EBITDA fell 50.1% to $14.5m due to softer trading, increased investment for 2.0 acceleration, and higher bad debts. Despite the challenging conditions, the company's 2.0 transition is progressing well, with the New Client Platform (NCP) now live in all major markets. Non-FX revenue grew 23.8% quarter-over-quarter in 2Q26, and the number of active clients on NCP increased 132.4% in the same period. The company is also seeing healthy wallet balances and take-up of non-FX products among migrated and new clients.Looking ahead, OFX expects to continue its accelerated investment in FY26 to drive 2.0 execution, targeting NOI growth of 15%+ annually in FY28 and beyond. The company maintains a strong balance sheet, with net cash of $75.4m, and is well-positioned to execute on its strategic priorities.

OFX expects to continue accelerated investment in FY26, with incremental opex of $16-$24m and total capex of ~$20-21m. The company is targeting NOI growth of 15%+ annually in FY28 and beyond, with non-FX revenue expected to reach 10% of total revenue.

In FY27, OFX will focus on building a more valuable business, including the continued rollout of the NCP and investment in growth and non-FX revenue streams. The company is not targeting operating leverage in the near term due to the continuation of accelerated investment. Consumer migration to NCP is expected in FY27.