What caused the sharp profit decline for OFX Group (ASX:OFX) in FY26?

OFX Group’s underlying EBITDA plummeted 56.4% to $25.2 million due to a mix of lower transaction volumes and a shift in market activity. Profitability was also squeezed by accelerated spending on its "OFX 2.0" strategic transition.

How did OFX Group (ASX:OFX) perform on revenue and operating income?

The company's annual fee and trading revenue slid 8.1% compared to the prior corresponding period, landing at $203.9 million. This decline trickled down to its Net Operating Income, which dropped 8.5% to $196.6 million.

Which business segments underperformed for OFX Group in FY26?

The core Corporate and Consumer divisions both faced significant headwinds. Corporate revenue fell 9.1% to $121.2 million, driven by lower transaction volumes and average transaction values. Meanwhile, Consumer revenue took a sharper 13.8% hit to finish at $58.6 million as retail FX activity cooled off significantly.

What was the bright spot in the OFX Group (ASX:OFX) financial results?

The Enterprise segment served as the company's primary growth engine, jumping 23.5% to $11.7 million. This marks the third consecutive year of double-digit growth for the division, powered by strong partner relationships. While it remains a smaller slice of total revenue, it shows OFX is successfully scaling its B2B partner strategy.

What is the "OFX 2.0" strategy and how is it progressing?

The "OFX 2.0" strategy is management's structural pivot to upgrade its tech infrastructure and shift toward higher-value corporate clients. A major milestone was the rollout of its New Client Platform (NCP) for Corporate users, which achieved a 91% migration rate across major markets and 78% globally. Management expects global migration to wrap up in 1Q27.

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OFX EBITDA plummets 56% amid tough FY26

Written by Isaac FrancisPublished May. 18 2026Last Updated May. 19 2026

ASX-listed global money transfer company OFX Group (ASX:OFX) reported a challenging financial year ended March 31.

The group’s annual revenue—comprising fee and trading income—slid 8.1% on the prior corresponding period to $203.9 million, culminating in a net operating income of $196.6 million.

The downturn heavily impacted profitability, with underlying EBITDA plummeting 56.4% to $25.2 million.

Management attributed this sharp decline to softer transaction volumes, accelerated investment in their "OFX 2.0" strategic transition, and an uptick in bad debts stemming from their North American corporate segment.

Corporate revenue fell 9.1% to $121.2 million, whilst consumer revenue took a sharper 13.8% hit to finish at $58.6 million, driven down by lower overall market activity.

The Enterprise segment provided a strong silver lining, jumping 23.5% to $11.7 million to record its third consecutive year of double-digit growth.

Despite the immediate financial squeeze, OFX made operational headway with its global rollout of the New Client Platform for corporate users.

Migration reached 91% across major markets, with global completion anticipated in the first quarter of FY27.

Forward-looking indicators also offered a glimpse of recovery, highlighted by a 12.1% lift in non-FX revenue and a healthy pipeline of new corporate clients, which grew 20% in April.