OFX 1H27 Revenue Falls 15.5%, Equals Talks Continue

OFX (ASX:OFX) reported a 1H27 statutory net loss after tax of $6.7 million on lower revenue, and said discussions with Equals remain ongoing on a non-exclusive basis with no certainty that a transaction will proceed.

Fee and trading income for the six months to 30 September 2026 fell 15.5% to $92.2 million and Net Operating Income fell 15.0% to $89.2 million, which OFX attributes to cost-of-living pressures and higher interest rates affecting business confidence. Underlying EBITDA fell 72.4% to $4.0 million and underlying NPAT was a loss of $3.3 million, against a $2.9 million profit in 1H26. Corporate revenue was $55.0 million, down 15.8%, Consumer revenue was $26.2 million, down 14.5%, and Enterprise revenue was $6.9 million, up 7.2%. Non-FX revenue rose 185.8% to $1.8 million and interest income rose 49.4% to $5.6 million. Underlying operating expenses fell 5.9% to $85.2 million. A cost out program started late in the half is expected to deliver an approximately $10 million benefit in 2H27, annualising to approximately $15 million in FY28. Net Cash Held was $63.3 million and Net Available Cash $36.6 million. OFX expects to return to positive underlying net profit after tax in 2H27, targeting NOI growth of 2-3%, with FY27 underlying operating expenses of $159 million to $162 million.

The release gives no terms for a possible Equals transaction. The 2H27 profit return rests on targeted, not achieved, NOI growth.