OFX Group (OFX) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians, confirmation of quorum, and hybrid attendance in person and online.

• Chair Patricia Cross AM and CEO Skander Malcolm delivered opening addresses, outlining the agenda and formal business items.

• Board members, executive team, and auditor introduced; agenda included CEO address, formal resolutions, and Q&A.

Financial performance review

• FY2024 net operating income reached $227.5M, up 6.3% year-on-year, with underlying EBITDA at $64.6M.

• B2B revenues now comprise nearly 70% of total, with new B2B client revenue up 21.8% to $20.8M.

• Margin growth and strong interest income offset by weaker macroeconomic drivers.

• Operating leverage achieved through disciplined cost control and synergy realization.

• Healthy balance sheet and ongoing cash generation position the company for future growth.

Board and executive committee updates

• Two longstanding directors retired; Rob Bazzani and Jackie Hey welcomed and up for re-election.

• Board and management focused on sustainable, profitable growth and value creation.