OFX Group (OFX) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and introduction of board, executive team, and auditors.

• Agenda included board and CEO addresses, formal resolutions, and Q&A sessions.

Financial performance review

• FY2025 revenue reached $214.9M, down 5.5% year-over-year, with underlying EBITDA at $57.7M, a 10.7% decrease from the prior period.

• NOI margin was 56bps, down 3bps, and underlying EBITDA margin was 27%, down 160bps compared to the previous year.

• Net cash held increased to $77.2M, with $24M debt repaid and outstanding debt reduced to $20.0M.

• Operating cash conversion exceeded 90%, and bad & doubtful debts were reduced by 42.7%.

• Share buyback program executed, acquiring 9.2M shares for $13.7M.

Strategic initiatives and plans

• Accelerated transition to OFX 2.0, expanding from FX to integrated financial solutions for CFOs and targeting international SMBs and enterprise clients.

• OFX 2.0 rollout included new features, platform launches in Australia, Canada, EMEA, and global NCP rollout with client migrations.

• Investment of up to $29M in FY2026, including $24M additional opex and $5M capex, to drive platform rollout and growth, self-funded.

• Targeting over 15% NOI annual growth and underlying EBITDA margin of -30% by FY2028, with no further material step-changes expected in FY27.

• Pay By Card feature reactivated and digital forwards launched.