Slide 1: 1H26 Financial Results & Outlook
1H26 Financial Results & Outlook 11 November 2025 OFX Group Limited ACN 165 602 273
Slide 2: Agenda
Agenda 1. OFX mission 2. Performance update 3. 2.0 Transition 4. Financials 5. Strategy execution 6. Outlook 7. Q&A 8. Appendix 2
Slide 3: OFX mission
OFX mission Skander Malcolm Chief Executive Officer and Managing Director 3
Slide 4: OFX's mission: Simpler financial operations, helping businesses thrive globally
OFX’s mission Simpler financial operations, helping businesses thrive globally 4
Slide 5: This is a $66bn revenue SME opportunity
This is a $66bn2 revenue SME opportunity 2.0 1 2 3 4 2.0 offers a larger TAM Majority of share still SMEs are willing to 2.0 expansion beyond for SMEs in core sitting with banks switch for OFX 2.0 FX solves more client markets1 value proposition problems From $34bn 77% - 87% >74% +40% SMEs in core r
Slide 6: Unlocked by a powerful platform that manages global payments
Unlocked by a powerful platform that manages global payments NOI growing at 15%+ in FY28, including 10% Non-FX FX focus with global wallets Global expense management Multi currency Corporate card Accounting software integrations AR/AP Global payment and Risk management workflow solutions • Forwards
Slide 7: Performance Update
Performance Update Skander Malcolm Chief Executive Officer and Managing Director 7
Slide 8: Soft NOI, healthy client engagement and 2.0 progressing well
Soft NOI, healthy client engagement and 2.0 progressing well Net operating income Underlying EBITDA ARPC $105.0m $14.5m $4.1k (5.6)% v PCP (50.1)% v PCP (1.7)% v PCP NOI margin Net available cash Non-FX revenue 55bps $47.1m $0.6m (4)bps v PCP 2.6% v PCP (31.1)% v PCP, +23.8% 2Q26 v 1Q26 8
Slide 9: Macro environment impacting Corporate ATVs and revenue
Macro environment impacting Corporate ATVs and revenue Fee and trading income moderated amidst ATVs impacted as client business conditions softened … ongoing uncertainty… Corporate ATVs & transaction growth, $k (9.1)% Monthly fee and trading income1 34.1 32.4 35.1 Average LTM $18.0m 30.1 29.3 28.9 3
Slide 10: B2B revenue up 4.2%; B2C revenue down 8.7% (v 2H25)
B2B revenue up 4.2%; B2C revenue down 8.7% (v 2H25) B2B B2C Corporate Enterprise High-Value Consumer Revenue, $m Revenue, $m +2.3% Revenue, $m 72.1 69.3 67.0 63.9 65.4 (8.7)% +27.5% 35.8 32.6 34.5 33.5 30.6 6.5 5.1 4.2 3.9 4.4 1H24 2H24 1H25 2H25 1H26 1H24 2H24 1H25 2H25 1H26 1H24 2H24 1H25 2H25 1H2
Slide 11: Corporate Active clients are stabilising, good new client growth
Corporate Active clients are stabilising, good new client growth Corporate Active Clients, #’k Average revenue per Corporate client, $k 4.2 4.2 4.1 32.0 1.9 31.3 (0.5) (0.2) (1.9) 1H25 Firma 1 OLS1 Net lapse & NTCs 1H26 1H25 2H25 1H26 reactivation • Strategic organic growth delivering momentum in •
Slide 12: 2.0 Transition
2.0 Transition Skander Malcolm Chief Executive Officer and Managing Director 12
Slide 13: OFX 2.0 Non-FX revenue building, further expansion to drive growth
OFX 2.0 Non-FX revenue building, further Non-FX revenue, $k expansion to +23.8% + Attractive quarterly base growth rate drive growth 319.1 395.2 + Global expansion 269.7 + 60.8% remaining Active Clients to be migrated, plus larger base of inactives 4Q25 1Q26 2Q26 Driving growth to FY28 Card Pay by C
Slide 14: Early NCP dynamics, wallet balances building and activating cross sell
Early NCP dynamics, wallet balances building and activating cross sell Migration progressing well, expect Healthy ARPC New clients strong Non-FX take up ~80% major markets by 3Q26 Corporate Active clients (LTM) 1.0 & 2.0 Corporate ARPC1,2 of clients on NCP, $k NCP Clients with >1 Non-FX Product3, %
Slide 15: NCP integration milestones on track, all major markets now live
NCP integration milestones on track, all major markets now live 1H26 Global NCP milestones achieved 2H26+ execution well underway Sep QuickBooks two-way sync 2H26 FY27 Corporate New Aug New Australian website Onboarding Advisor portal for accountants July Pay By Card feature reactivated Corporate Ex
Slide 16: Financials
Financials Selena Verth Chief Financial Officer 16
Slide 17: Softer trading and increased investment for acceleration
Softer trading and increased investment for acceleration 1H25 2H25 1H26 V 1H25% Fee and trading income • Fee and trading income (4.7)% with ongoing macroeconomic uncertainty Turnover ($bn) 18.9 19.2 19.1 1.4% continuing to dampen business confidence Financial metrics ($m) • Revenue impacted across r
Slide 18: Increased investment to deliver 2.0 acceleration
Increased investment to deliver 2.0 acceleration Underlying operating expenses, $m +10.2% 8.9% v PCP Employment expenses V 1H25% 90.5 +19 FTEs, delivering OFX 2.0 accelerated 82.1 investment in product marketing and frontline 74.8 5.3% v PCP 61.5 8.9% Promotion expense Employment 57.4 Accelerated NC
Slide 19: Creating a path to growth
Creating a path to growth FY26 Accelerated investment Growth metrics Generating a better long-term return $16.0m - $24.0m Opex 11.8% 1H26 Growth in Corporate New Underlying Return on Invested Capital (ROIC) Transacting Clients2 30% 26% Employees +$12.0m - $20m Promotion, GTM software, product market
Slide 20: Strong balance sheet with cash to support growth
Strong balance sheet with cash to support growth >100% Net cash flows from operating activities, $m Operating cash conversion Underlying EBITDA of $14.5m converting to net 4.9 cash flow from operating activities of $16.5m (0.7) 17.3 16.5 (1.3) 14.5 (0.7) $75.4m Net Cash Held +$0.7m v PCP • 1H26 Net
Slide 21: Strategy execution
Strategy execution Skander Malcolm Chief Executive Officer and Managing Director 21
Slide 22: Reorganised to accelerate transition to 2.0
Reorganised to accelerate transition to 2.0 Value Proposition Complete • Successful launch of NCP in every major market • Transition from focused FX provider to helping businesses simplify financial operations, to help them thrive globally B2B GTM Underway Shareholders Employees • People: roles rede
Slide 23: Completed B2C strategy refresh, migration to NCP in FY27
Completed B2C strategy refresh, migration to NCP in FY27 Attractive market size • Consumer TAM of ~$10Bn1 CVP aligns • Focus on Wealth and Professional Services (B2B2C) • Digital + Human Stabilise, Competitor differentiation • Partnering, not Direct then grow B2C • Platform synergies Product and pla
Slide 24: AI is being used to drive growth, scalability and increase value for clients
AI is being used to drive growth, scalability and increase value for clients Foundations to support AI Use cases for AI live today ◕Data warehouse and governance Account-based marketing and reactivation Centralised, modern data warehouse, real-time event-based campaigns architecture, data classifica
Slide 25: Outlook
Outlook Skander Malcolm Chief Executive Officer and Managing Director 25
Slide 26: Outlook
Outlook FY26: FY27: FY28+: Accelerated Building a more Strong, sustainable growth investment in 2.0 valuable business • Weak business confidence; targeting NOI growth in 2H26 v PCP • Includes continued NCP roll out and investing in GTM and Non-FX revenue 15%+ • Not targeting operating leverage due s
Slide 27: Q&A
Orx Q&A
Slide 28: Appendix
Orx Appendix
Slide 29: Metrics
Metrics Measure 1H24 2H24 1H25 2H25 1H26 V% Half year Half year Half year Half year Half year PCP Corporate Turnover $bn 12.2 12.6 12.2 12.2 12.7 4.2% Cross currency (A) $bn 10.5 10.8 10.2 10.2 10 (1.4)% Same currency $bn 1.7 1.8 2 2.1 2.6 33.0% Total client revenue (B)1 $m 67 72.1 69.3 63.9 65.4 (5
Slide 30: NOI margin
NOI margin NOI margin NOI margin walk 0.72% 0.71% 0.72% 0.59% 0.68% (0.01)% 0.55% (0.03)% 0.66% 0.60% 0.59% 0.58% 0.54% 0.55% 1H24 2H24 1H25 2H25 1H26 1H25 Consumer North America 1H26 pricing for high Corporate pricing value transfers NOI margin NOI margin (ex same currency) 30
Slide 31: Income statement
Income statement $m 1H24 2H24 1H25 2H25 1H26 V% Half year Half year Half year Half year Half year PCP Fee and trading income 114.6 115.1 114.5 107.4 109.1 (4.7)% Net Operating Income 115.1 112.4 111.2 103.7 105.0 (5.6)% Employee expenses 58.4 54.2 57.4 50.9 61.5 7.1% Promotional expenses 9.7 8.6 9.3
Slide 32: Balance sheet
Balance sheet 31-Mar-24 30-Sep-24 31-Mar-25 30-Sep-25 Cash held for own use 68.1 34.8 51.0 47.1 Cash held for settlement of client liabilities 287.3 243.6 264.7 227.4 Deposits due from financial institutions 19.9 39.9 44.9 49.8 Derivative financial assets 20.4 39.9 33.1 36.7 Other assets 21.2 28.3 2
Slide 33: Restatements
Restatements 1. Corporate Cross currency transactions and ATVs have been restated to exclude a component of card transactions 1H25 Restatements Cross currency Transactions (#k) Cross currency ATV ($k) Original Restated V Original Restated V Corporate 401.8 350.0 (51.8) 25.4 29.1 +3.7 2H25 Restatemen
Slide 34: FX Volatility
FX Volatility 14 day moving average of daily % movement in spot price (AUD/USD)1 0.6 FY26 FY25 FY24 0.0 (0.6) Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 1Q 2Q FY24 FY25 FY26 FY24 FY25 FY26 Days of Volatility2 22 12 14 29 35 1 Quarterly revenue $53.5m $54.9m $53.1m $53.3m $53.4m $49.3m - Consume
Slide 35: Glossary
Glossary • Active Client: Number of clients that entered into a Transaction with OFX during the stated period, and • NOI margin: Net operating income / Turnover if not stated, the preceding 12-month period • Non-FX revenue: Gross Fee & Trading revenue that includes revenue from Cards, Pay by Card, •
Slide 36: Important notice and disclaimer
The material contained in this document is a presentation of general information about OFX Group Limited (Company) and its activities current as at 11 November 2025. Material is provided in summary only and does not purport to be complete. The material contained in this document has been prepared wi