OFX Exclusivity With Equals Ends, 2Q27 NOI $45.3m

OFX (ASX:OFX)'s exclusivity with Equals has ended after the bidder did not reconfirm its $1.00 per share proposal on schedule, and the company also released second quarter trading.

Under the Transaction Process Deed, Alakazam Holdings Bidco Limited (Equals) was scheduled on 23 October 2026 to re-confirm that it did not intend to withdraw or amend its indicative proposal or reduce the $1.00 per share scheme consideration, but did not do so. The deed has terminated and discussions continue on a non-exclusive basis. Net Operating Income for 2Q27 was $45.3m, up 3.1% on 1Q27 and down 9.6% on the pcp. Corporate revenue was $28.4m, up 6.9%, with cross-currency margins up 3bps to 0.6%. High Value Consumer revenue rose 2.8% to $13.3m and Enterprise revenue fell 31.3% to $2.8m. Corporate Active Clients were down 5.0%, or 0.9% excluding Firma and OLS. Non-FX revenue grew to $1.0m, up 31.0% on 1Q27. Underlying operating expenses for 1H27 are expected to be $85m to $87m, including bad debts expense of $3.8m, and OFX executed ~$15m of annualised cost reductions. Net Available Cash was $36.6m, down 25.7% on 1Q27.

There is no certainty that a transaction will proceed, and the release does not say why Equals did not reconfirm. All 2Q27 figures are unaudited and subject to external audit review.