OSL Group Limited has approved a retrospective change in its revenue presentation for digital-asset trading and issued a profit warning for the six months ended 30 June 2026 (1H2026).
Revenue restatement • From 1 January 2026, income from contracts in which OSL acts as principal for trading digital assets that are not financial instruments will be reported on a gross basis under IFRS 15, instead of the previous net presentation. • Historical statements will be restated accordingly, inflating top-line revenue but introducing a corresponding “cost of digital assets sold,” with no impact on net profit, equity, earnings per share, assets, liabilities or cash flows. • Restated figures show 2025 revenue of HK$100.52 billion (previously HK$0.49 billion recognised as net income), 2024 revenue of HK$32.81 billion, and 2023 revenue of HK$41.31 billion.
Profit warning for 1H2026 • Net loss is projected at HK$0.80–0.90 billion versus a HK$20.30 million loss in 1H2025. • Revenue is expected at HK$50–60 billion, up 48%–78% from the restated HK$33.70 billion in 1H2025. • Adjusted non-IFRS income is estimated at HK$310–350 million, a 64%–86% increase year on year. • Total transaction volume surged 241% to HK$172.00 billion, driven by growth in payment and trading businesses.
Key drivers of the anticipated loss 1. Non-cash fair value losses on digital assets of HK$180–210 million and an additional HK$100 million loss on revaluation of non-trading digital assets, versus a HK$6.90 million gain in 1H2025. 2. Approximately HK$25 million non-cash fair value loss on financial assets at fair value through profit or loss. 3. Higher operating expenses from continued investment in staff, technology, compliance and integration of newly acquired businesses. 4. One-off professional fees linked to the January 2026 acquisition of Banxa Holdings Inc., global licence applications and other strategic initiatives.
Strategic milestones in 1H2026 • Completion of Banxa acquisition, adding over 40 global licences and bolstering on/off-ramp and payment capabilities. • Launch and distribution of USDGO, a U.S. dollar stablecoin issued by Anchorage Digital Bank, with circulating supply surpassing US$1.10 billion by 20 August 2026. • Significant expansion of the payment business, now a core income driver.
The Audit Committee supports the revenue restatement, citing enhanced comparability with industry peers and greater transparency. All disclosed financial figures are based on management accounts and have not yet been audited or reviewed; final interim results are scheduled for release by end-August 2026. Shareholders and investors are advised to exercise caution when dealing in OSL Group shares.