OFX Group Limited (OFX) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you, Ashley, and thank you, everyone, for joining the call. As Ashley mentioned, I'm joined by Selina Virth, our CFO, James Gref, who is Acting CFO in Q2, and Matt Gregorowski, who leads our Investor Relations Program with Adalia & Co. Selina and I will take you through the pages, and then there'll be time for Q&A. The presentation will cover three things. First half, 25 results, and the performance drivers, our financials in more detail, and our strategy analysis. Then we'll do Q&A. Let's move to slide four in the pack. The macro conditions we saw in the first half of 25 did not reflect our assumptions, which affected our top line results, particularly late in Q2, as we outlined in our trading update of 18th of October. Nevertheless, we worked very hard and drove the business leaders we have well, meaning while results were behind where we expected, the business remains in very good shape. We also saw the strategic pivots we've made in the last three years to focus on B2B, to grow globally and to launch a platform that provides our clients with a broader range of products and services, generate very encouraging growth and returns. We delivered net operating income of $111.2 million and an underlying EBITDA of $29 million. We continued to execute the fundamentals well, generated $17.1 million in underlying net cash from operations, with net cash held at $74.7 million at the end of the half. This is a bit lower than the prior period due to our active capital management strategy, which included a $3.3 million share buyback and $11.5 million debt repayment, which Selina will talk to later. We grew our NOI margin two basis points off the second half 24 to 60 basis points, which is flat on the first half 24, as that included one off escrow payments. Risk management ...