Slide 1: 1H25 Financial Results
1H25 Financial Results 12 November 2024 OFX Group Limited ACN 165 602 273
Slide 2: Agenda
Agenda 1. Performance update 2. Financials 3. Strategy & Outlook 4. Q&A 5. Appendix 5 2
Slide 3: Performance update
Performance update Skander Malcolm Chief Executive Officer and Managing Director
Slide 4: Executing well in a challenging macro environment
Executing well in a challenging macro environment Fee and trading income NOI Margin flat flat $114.5m 60bps NOI Operating expenses (3.5)% (1.4)% $111.2m $82.1m Underlying EBITDA Net cash held (8.8)% $29.0m $74.7m 4 Note: Metrics are 1H25 v 1H24
Slide 5: Performance healthy through the cycle
Performance healthy through the cycle Net Operating Income ($m) NOI Margin (%) 0.72% 0.60% +17.4% 111.2 +14bps 1H22 2H22 1H23 2H23 1H24 2H24 1H25 1H22 2H22 1H23 2H23 1H24 2H24 1H25 NOI margin NOI margin (ex same currency) Underlying EBITDA ($m) Transactions per active client LTM (#)1 +12.7% +8.2% 10
Slide 6: 1H25 Fee and trading income flat, improved pricing and new revenue
1H25 Fee and trading income flat … improved pricing and new revenue, offset by slower rebound in Corporate confidence Challenging macro from high inflation and delayed interest rate cutting cycle, impacting assumptions 1H25 2H25 Assumptions1 1H25 … What happened2 Impact Assumptions • Key currency co
Slide 7: Valuable Corporate portfolio, shifting to high growth
Valuable Corporate portfolio, shifting to high growth Australia, US and Europe growth offset by Canada and UK Corporate Revenue including non-FX ($m) +3.5% 69.7 72.1 69.4 1H25 v 1H24 Revenue New corporate platform 63.6 67.0 launched in June, Corporate +9.4% new revenue +26.6%1 v PCP, and up +38.7%2
Slide 8: High Value Consumers up v 2H24, despite low volatility
High Value Consumers up v 2H24, despite low volatility Return to growth, +5.9% v 2H24 High value use cases improving 1H25 v 2H24 Revenue ($m) Revenue by use case 38.3 +5.9% Purchase - Goods 35.8 & Services 34.5 33.2 32.6 1 Wealth related transfers 1 Property 1H25 2H24 Gift / Family support 1H24 Mort
Slide 9: Enterprise performing well
Enterprise performing well Continued revenue growth, +24.5% 3-year CAGR Revenue ($m) +24.5% 4.4 4.2 3.9 3.3 2.9 1H23 2H23 1H24 2H24 1H25 Active partners Pipeline1 prospects Revenue 20 84 +6.0% v 1H24 +5 v 1H24 +7 v 1H24 1. Enterprise pipeline as at 30 September 2024 9
Slide 10: Financials
Financials Selena Verth Chief Financial Officer
Slide 11: Delivering sustainable returns
Delivering sustainable returns All metrics are v 1H24 unless specified Financial results 1H241 2H24 1H25 v 1H24 ● Fee and trading income down (0.1)% due to soft trading in Financial metrics ($m) 2Q25. APAC up 0.3%, EMEA up 0.8% and North America up 2.5% Fee and trading income 114.6 115.1 114.5 (0.1)
Slide 12: Pricing actions driving margin growth
Pricing actions driving margin growth NOI Margin walk Actions driving pricing improvements ● Dynamic pricing across all regions ● 11.4% of revenue from forward products which are margin 0.60% (0.02)% 0.02% 0.60% (0.01)% 0.01% accretive to spot transactions 0.58% ● Established pricing council and qua
Slide 13: Strong expense management: down (1.4)% v PCP
Strong expense management: down (1.4)% v PCP All metrics are v 1H24 unless specified Underlying operating expenses ($m) 1H24 2H24 1H25 v 1H24 ● Employee expenses down (1.7)% due to 2H24 Group wide Employee expenses 58.4 54.2 57.4 (1.7)% productivity programs delivering FTE synergies of ~20 FTE Promo
Slide 14: Strong cash generation, capital management balancing growth and returns
Strong cash generation, capital management balancing growth and returns Balance Sheet ($m) 30 Sep 231 31 Mar 24 30 Sep 24 ● Net Cash Held $74.7m, Net Available Cash $45.9m, down $22.3m on Cash held for own use 67.6 68.1 34.8 31-Mar due to timing of operating cashflows and $9m additional Cash held fo
Slide 15: Strategy & Outlook
Strategy & Outlook Skander Malcolm Chief Executive Officer and Managing Director
Slide 16: Acquiring attractive clients, including those we hadn't converted before
Acquiring attractive clients, including those we hadn’t converted before 2.0 clients are growing Client Acquisition Story Products Used 4 active cards 3 platform users 1,093 Client left OFX in 2015, won back with FX, Software Developer wallets and card product offerings 2 Wallets (15 employees) $3m
Slide 17: New clients are using a broad range of products
New clients are using a broad range of products A powerful platform, constantly … that provides more products, which clients are being improved ... activating, generating more revenue per client Key platform uplifts delivered 1H25 September exit rate • • Faster digital onboarding In-product activati
Slide 18: Significant growth potential in non-FX products, especially payment products
There is significant growth potential in non-FX products, especially payment products Competitor A Competitor B2 Competitor C3 B2B portfolio only - Business card Interest income drove Non-FX revenue and interest and interest income ~2x FX revenue growth income were main revenue drivers revenue1 ($m)
Slide 19: Client adoption of the platform and new products driving conviction to accelerate
Client adoption of the platform and new products driving conviction to accelerate FY24 FY25 FY25 FY26+ FY26+ Scale Deploy Go global backed with • ~$1m incremental • More products capex investment for • Accounting Trial quicker Canada & UK integrations • Live for Australian launch • Auto hedging new
Slide 20: Return to growth in 2H25
Return to growth in 2H25 FY25 Outlook Medium term Long term (2H25 expectation) (update at FY25 results) 3+ years > 2H24 10%+ 15%+ NOI NOI annual growth NOI annual growth 28% 28-30% ~30% Underlying EBITDA margin1 Underlying EBITDA margin1 Underlying EBITDA margin1 1. Assumes no one off large bad debt
Slide 21: Q&A
> Q&A This is not just a card. It’s also spend management. OFX.com/business @ Controls e@ Budgets ®@ Approvals Moving and managing w. money globally COrForex Umited t/a OFX ands offloted entries. AFSL. 226404, PDS TMO ot OFKcom
Slide 22: Appendix
> Appendix
Slide 23: Consistent Recurring Revenue
Consistent Recurring Revenue Revenue from Corporate Revenue ($m) High Value Consumer Revenue ($m) 86% 77% Existing Clients 83% 69.4 34.5 decrease from 84% in 1H24 1H23 1H23 1H25 1H25 2H23 2H23 2H21 1H24 2H21 1H24 1H22 1H22 1H21 1H21 2H22 2H24 2H22 2H24 New clients within the last 12 months Existing
Slide 24: Lower ATVs impacting turnover
Lower ATVs impacting turnover OFX Active clients Transactions per Transactions ATV Turnover Group1,2 132.9k active client 659k $27.9k $18.4bn 10.0 (8.1)% v 1H24 7.2% v 1H24 (3.3)% v 1H24 (0.7)% v 1H24 (4.0)% v 1H24 Transactions per High Value Active clients Transactions ATV Turnover active client Co
Slide 25: Revenue by region and segment
Revenue by region and segment Revenue ($m) Revenue ($m) Revenue ($m) APAC North America EMEA 46.5 46.6 45.2 44.1 44.0 44.7 19.8 45.0 44.9 44.9 43.7 17.2 16.9 17.0 14.6 1H23 2H23 1H24 2H24 1H25 1H23 2H23 1H24 2H24 1H25 1H23 2H23 1H24 2H24 1H25 Consumer Corporate Enterprise Consumer Corporate Enterpri
Slide 26: Segmentation restatements
Segmentation restatements As of 1H25, Corporate includes Online Sellers, Corporate clients who sell online via marketplaces or digital platforms, previously reported separately 1H23 Restatements Revenue ($m) Turnover ($bn) Transactions (#k) ATV ($k) Original Restated V Original Restated V Original R
Slide 27: Glossary
Glossary • Active Client: Client that enters into a transaction with OFX during the immediately preceding 12-month period • ATV: Average transaction value • B2B: Combination of Corporate and Enterprise segments • Corporate: As of 1H25, Corporate includes OLS • Existing Clients: Active Clients who fi
Slide 28: Thank you
Thank you The material contained in this document is a presentation of general information about OFX Group Limited (Company) and its activities current as at 12 November 2024. Material is provided in summary only and does not purport to be complete. The material contained in this document has been p