Good morning, everyone. Welcome to MoneyHero's 2026 first quarter earnings conference call.

I am Gretchen Kwan, Corporate Communications Lead at MoneyHero. Before we begin, I would like to remind you that today's call will include forward-looking statements, which are inherently subject to risks and uncertainties.

Please note that today's discussion will include both IFRS and non-IFRS financial measures for comparison purposes only. For reconciliations of these non-IFRS measures to the most directly comparable IFRS measure, please refer to our earnings release and SEC filings.

A webcast replay and a script of this conference call will be available on our investor relations website. Joining me on the call today is Danny Leung, Interim CEO and CFO, who will go over our strategy, business update, operation highlights, and financial performance for the first quarter of 2026.

Let me turn the call over to Danny.

Thank you, Gretchen. Good day, everyone.

Thank you for joining us to discuss MoneyHero Group's first quarter 2026 financial results. When we closed out 2025, we signaled that our multiyear strategic turnaround was complete.

Today, I'm very pleased to report that our first quarter 2026 results reflect continued progress towards sustainable, profitable scaling. While we delivered encouraging revenue growth and improved operating efficiency during the quarter, we remain highly focused on executing against our broader full year 2026 objectives while navigating a dynamic operating environment.

We delivered total revenue of $16.5 million for the quarter, up a solid 15% year-over-year. What stands out is the quality of that growth.

Our disciplined focus on optimizing unit economics has translated into meaningful operating efficiency gains and stronger monetization across our core markets and verticals. Let me walk you through our geographic performance.

Our strategy over the last year has been to ground our growth in the most mature, high-yielding markets while optimizing emerging markets for profitability rather than chasing low-margin volume. This quarter, our performance was driven by our two core markets, Hong Kong and Singapore, which together accounted for over 85% of our group revenue.

Hong Kong had a particularly strong quarter — revenue surged 33% year-over-year to $8.5 million, further solidifying our market leadership. We are capitalizing on stronger consumer demand for higher-margin wealth and insurance products, and our disciplined customer acquisition strategies drove substantial gross profit growth.

We are acquiring higher-intent users at a lower cost, resulting in meaningful margin expansion. Singapore delivered steady revenue growth of 11% year-over-year to $5.6 million.

This market is highly competitive, but our deep commercial partnerships and localized campaigns allowed us to also improve GP. We view Singapore as a highly stable, cash-generative foundation that funds our broader regional innovations.

Perhaps the most compelling evidence of our strategic maturity is found in our emerging markets, Taiwan and the Philippines. In previous years, these markets were characterized by aggressive marketing spend designed to capture market share, often at the expense of profitability.

We have moved away from that approach. In Taiwan, we successfully optimized our localized product use, driving enhanced conversion efficiencies.

In the Philippines, we prioritized core profitability by pulling back on lower-margin volume. These initiatives led to respective year-over-year revenue declines of 17% in the Philippines and 12% in Taiwan, reflecting our prioritization of margin quality over volume to accelerate our path towards group-level profitability.

We are doing more with less, and it is driving adjusted EBITDA optimization. Turning to our product verticals — that same quality over quantity discipline continues to accelerate our margin expansion story.

For years, the personal finance comparison industry within our markets has been heavily reliant on credit card acquisitions. While credit cards remain vital to our business, they carry lower margins due to the heavy rewards and promotional costs required to drive volume.

Our thesis has been to compound our earnings profile by transitioning users into higher-margin verticals such as wealth and insurance products. That thesis is now being validated by our results.

Combined revenue from our higher-margin wealth and insurance verticals grew 31% year-over-year to $4.7 million, now representing over 28% of our total group revenue, up from 25% in the prior year period. Our wealth vertical was the highlight this quarter — revenue expanded by an impressive 53% year-over-year to $2.5 million, driven by successful compliant partnerships with licensed digital asset platforms and top-tier retail brokerages, which are highly efficient and require minimal customer acquisition subsidies.

Insurance revenue grew 12% to $2.1 million, a direct result of our transition toward end-to-end real-time pricing journeys. By utilizing embedded architecture such as our partnership with bolttech, we keep users on our platform to complete their purchase, which reduces friction, eliminates drop-off to third-party sites, and locks in high-margin recurring renewal revenue.

Personal loans and mortgages delivered 13% revenue growth to $2.8 million, with GP growing substantially as we target high-intent borrowers. Credit cards generated $9 million, growing 10% year-over-year, and remains our primary volume engine.

As part of our reward optimization strategy, we intentionally recalibrated our promotional spend here — while this slightly compressed credit card GP, it drove a healthier, more sustainable lifetime value for the accounts we acquired. I would like to dedicate a few minutes to our AI transformation strategy, which has become the backbone of both our day-to-day operations and long-term product development roadmap.

Over the past two years, our AI investments were primarily focused on driving incremental operational efficiencies. Today, we are witnessing a far more meaningful structural shift.

AI is reshaping how we build products, the solutions we develop in-house, and how we deepen exclusive direct customer relationships. AI has become the primary engine of our engineering work.

Our team now spends time directing, refining, and validating AI-generated code rather than writing code by hand. This shift enabled our team to deliver product updates and new features at a materially faster cadence and is a core driver of our sustained low technology and employee cost base even as we scale development output.

Every AI-generated deliverable undergoes engineering testing and sign-off to the same standard we have always applied. Around 90% of our new code is now written by AI and then reviewed and approved by our engineers.

We ship faster, our technology costs are lower, and we can do more without adding people in proportion. Work that would have required a small team multiple months can now be finished in weeks, sometimes days.

AI is also reshaping our internal workflow. Traditional boundaries between product design and engineering teams are blurring — more team members can independently build functional prototypes while our engineers spend less time on manual coding and more time designing system architectures.

Our biggest challenge is no longer technical development itself. It is redesigning internal workflows and upskilling our people to leverage AI effectively within the strict compliance and control frameworks required for a regulated financial services business.

With in-house development becoming far cheaper and faster, our focus has shifted to internal development. Insurance is one vertical we are reviewing closely — greater ownership of insurance workflows enables faster product launch, higher retained margins, and better customer journeys powered by our own first-party data.

This remains an ongoing assessment rather than a fixed formal plan, and we will advance any such change cautiously on a market-by-market basis. AI also reinforces the strategic value of owning direct customer relationships.

Our memberships ecosystem represents our own channel independent of third-party search engines or external AI platforms. We are evolving memberships from a one-off product comparison tool into an ongoing customer relationship and will roll out these expanded capabilities in phases across individual markets.

Our next key AI priority is group-wide cross-functional integration — moving beyond siloed AI deployments within individual product teams to embed intelligent automation across every layer of the organization, including legal and compliance.

does AI pose a threat to our comparison platform? We believe the opposite holds true.

Generic static product lists can be easily replicated, but a trusted relationship cannot — especially one that aggregates offerings from dozens of banks and insurers, retains direct ownership of its member base, and runs on in-house AI technology. Consumers still rely on trusted guidance to navigate fragmented, complex regional financial markets, and our commercial partners need efficient, high-intent consumer acquisition channels.

AI strengthens our performance on both fronts. This progress is already reflected in our results.

Our combined technology, employee benefits, and advertising and marketing costs fell by 13% year-over-year to $8.5 million, down from $9.8 million in Q1 of last year. Technology costs declined through full stack simplification and AI-accelerated engineering workflows.

Employee benefit expenses declined because our AI automation now handles up to 70% of all frontline consumer service inquiries, allowing us to absorb significant volume spikes without adding proportional headcount. Advertising and marketing expenses declined through data-driven AI-assisted targeting that concentrates spend on higher-converting traffic.

Despite this lean marketing framework, our approval rate increased meaningfully from 36% a year ago to 48% this quarter, and total approved applications still grew year-over-year, reaching 156,000. MoneyHero Group members grew 24% year-over-year to 9.8 million registered users.

All of this leverage flowed directly to our bottom line. Our adjusted EBITDA loss narrowed sharply by 68% year-over-year to $1.1 million, setting a clear near-term path to sustainable profitability.

It is important to address our net loss and help shareholders understand the mechanics beneath the operating line. While our net loss of $6.7 million for the quarter widened compared to the $2.4 million loss in the prior year period, this was mainly driven by non-cash and currency adjustments — specifically a $1.1 million non-cash fair value accounting adjustment from warrant liabilities and a $2.4 million unrealized FX loss resulting from regional currency fluctuations against a strong U.S.

dollar. These are macroeconomic non-cash accounting adjustments.

Once you look at the actual cash-generating power of the business, our underlying core operational metrics remain robust. From a balance sheet perspective, we are operating from a position of significant strength.

We ended the quarter with a debt-free balance sheet, $28 million in cash and cash equivalents, and $32.8 million in net current assets as of March 31st. These financial metrics give us strategic flexibility to comfortably fund our organic roadmap and the regional rollout of our AI-assisted insurance journey without needing to raise dilutive capital.

In closing, the first quarter of 2026 proves that the foundation we built is solid. We are growing our top line organically by double digits, compounding our GP by shifting mix toward wealth and insurance, and utilizing AI to structurally optimize our operating costs, driving significant improvement in adjusted EBITDA.

On the CEO search, the process remains active, with a focus on finding a long-term leader to steer MoneyHero through its profitable scaling phase. We will share updates at the appropriate time.

In the meantime, the management team remains fully focused on execution. Our strategy has not changed, and the Q1 results demonstrate that clearly.

I will now hand the call back to the operator to begin the Q&A session. Thank you.

Good evening. I would like to have three questions if I may.

First, your adjusted EBITDA loss narrowed significantly by 68%, bringing you very close to breakeven. However, the statutory net loss widened to $6.7 million.

Can you walk us through the main bridge items explaining this divergence?

Thank you, Kelvin. Our adjusted EBITDA loss narrowing by 68% year-over-year to $1.1 million gives us clear visibility on our path to sustainable profitability, and is a direct result of our efforts to improve cost efficiencies, streamline headcount, and optimize revenue quality.

To understand the statutory net loss of $6.7 million, you need to look at the non-cash accounting factors and one-time items that impact our P&L but did not affect our actual cash run rate. These include a $1.1 million non-cash fair value accounting adjustment from warrant liabilities, $2.4 million in unrealized FX fluctuations mainly due to the stronger U.S.

dollar compared with our other functional currencies, and another $1.6 million in non-recurring legal and professional fees. If you strip away these non-cash and one-time items, our core operating cost base actually declined compared to the same period last year, even as our top line grew strongly by 15%.

My second question is on key performance metrics. Total applications fell from 434,000 to 329,000, absolute clicks dropped from 2.1 million to 1.4 million, and you lost significant traffic in Taiwan and the Philippines.

Does this drop mean your brand engagement is collapsing? How can you sustain 15% revenue growth?

That's a very good question. The trends you see in our user traffic reflect our deliberate transition from a model focused on raw volume to one focused entirely on revenue quality and profitability.

In the past, our traffic numbers in markets such as Philippines and Taiwan were inflated by expensive, broad digital marketing campaigns that brought in millions of visitors who had no near-term intent to apply for financial products. By stopping those low-ROI campaigns, we allowed our traffic and unique user metrics to normalize to the true baseline of high-intent consumers who come to our platform to actively compare and select products.

Group revenue still increased 15% year-over-year to $16.5 million despite the drop, and our revenue mix shifted rapidly toward higher-margin products with wealth and insurance segments growing 31% year-over-year combined. Our total MoneyHero Group members grew 24% to 9.8 million.

We didn't lose our core consumers — we simply stopped paying for empty clicks.

As a follow-up, Hong Kong and Singapore are effectively carrying the entire business at approximately 85% of revenue, while Philippines and Taiwan contracted significantly alongside a massive collapse in monthly unique users. Are we witnessing an intentional strategic soft exit of these secondary markets due to unviable unit economics, or are you rapidly losing market share to local competitors?

What you're witnessing is the strict execution of our mandate to achieve sustainable adjusted EBITDA profitability. You have rightly pointed out that Hong Kong and Singapore possess our strongest unit economics, the highest lifetime value per customer, and the most mature digital financial ecosystems.

We have intentionally reallocated our capital, technology, and marketing resources toward these two markets because they yield immediate and highly profitable returns. In Taiwan and the Philippines, we experienced contractions in organic traffic as the broader digital search landscape evolves and as changes in how search engines and AI impact traffic, creating pressure on organic discovery across all of our platforms.

This is particularly true in Taiwan and the Philippines where our brand moat is still developing compared to our dominance in Hong Kong and Singapore. However, the narrative of a collapse or soft exit completely misses how we actively managed the P&L in response to these organic headwinds.

In the Philippines, we slashed performance marketing spend by 57% year-over-year, from around $1.1 million to roughly $400,000, specifically to protect our margins. As a result, yes, top-line revenue contracted by 17%, but because we monetized the remaining traffic so efficiently and cut acquisition costs, our GP in the Philippines actually grew.

The story in Taiwan is very similar — despite significant organic traffic headwinds, revenue only fell 12%, and we optimized our reward cost and paid marketing to improve Taiwan's GP as well. We are not soft exiting, nor are we bleeding out to local competitors.

We successfully extracted over 40% more GP from both of these markets even while navigating one of the toughest organic top-of-funnel environments we have ever seen.

Hey, Danny. There have obviously been quite a few changes to the board since the last conference call.

What are the takeaways we should have from viewing those changes?

Thank you, William. All of our recent board refreshments directly align with our current business inflection point.

We have now fully exited the restructuring and cost reduction phase that defined the past two years. We are firmly in a profitable scaling stage focused on AI-driven margin expansion and delivering sustainable long-term shareholder returns.

The board refresh intentionally brings in the exact expertise required for this new growth era — specifically deep experience across fintech scaling, digital consumer platforms, capital allocation, and M&A governance. There is full alignment between the refreshed board and the interim management team on four key pillars: scaling AI across all functions, growing our high-margin wealth and insurance revenue, maintaining strict cost discipline, and advancing steadily toward consistent positive adjusted EBITDA.

Since there's not a permanent CEO yet, can you talk about the board's view on M&A or any possible uses of cash now that you're running around breakeven?

The board's formal CEO search process remains active and ongoing. We will provide updates to the market only when we have a concrete milestone to share.

On capital allocation and M&A — now that we are operating toward breakeven or better, our balance sheet remains completely debt-free with healthy cash reserves. Our capital priority continues to be organic reinvestment into our high-return internal growth levers, specifically funding our group-wide AI rollout and accelerating the scale of our higher-margin wealth and insurance verticals.

As for M&A, the board remains open to evaluating selective market consolidation opportunities, but we are maintaining a highly disciplined approach and will only pursue transactions that meet our predefined capital return criteria and clearly enhance long-term shareholder value.

Thank you. Again, thank you all for being here today.

Our first quarter results reflect the next phase of MoneyHero's journey. Having completed our strategic turnaround in 2025, delivering our first ever adjusted EBITDA gain and a net profit in the fourth quarter, we are now executing on the next mandate — scaling profitable growth with the board and leadership structure built for this chapter.

I want to thank our team for their continued execution, our partners for their trust, and our shareholders for their patience and support as we move into the remainder of 2026. We look forward to sharing our next set of results with you.

Thank you, everyone, and have a good day.