MoneyHero Ltd (MNY) 2026 Q2 法說會逐字稿

Good day, and welcome to the MoneyHero Group second quarter 2026 earnings conference call. (Operator Instructions)

各位好，歡迎參加 MoneyHero Group 2026 年第二季財報電話會議。(接線員指示)

I would now like to turn the call over to Gretchen Kwan, Head of Corporate Affairs and Communications. Please go ahead.

現在我想把電話交給企業事務與傳訊主管 Gretchen Kwan。請開始。

Hello, everyone, and welcome to MoneyHero's 2026 second quarter earnings conference call. I'm Gretchen Kwan, Head of Corporate Affairs and Communications at MoneyHero Group. 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 and may not be realized in the future for various reasons as stated in our earnings press release, which was issued earlier today and is also available on our IR website.

各位好，歡迎參加 MoneyHero 2026 年第二季財報電話會議。我是 MoneyHero Group 企業事務與傳訊主管 Gretchen Kwan。在開始之前，我想提醒各位，今天的電話會議將包含前瞻性陳述；此類陳述本質上存在風險與不確定性，且可能因各種原因而無法在未來實現，相關原因已載於我們今日稍早發布的財報新聞稿中，亦可於我們的投資人關係（IR）網站查閱。

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

此外，請注意，今天的討論將同時包含 IFRS 與非 IFRS 財務衡量指標，僅供比較之用。關於這些非 IFRS 指標與最直接可比之 IFRS 指標的調節表，請參閱我們的財報新聞稿與向 SEC 提交的文件。

Lastly, a webcast replay and the script of this conference call will be available on our IR website. Joining me on the call today is Daniel Leung, Interim CEO and CFO, who will go over our strategy and business updates, operating highlights, and financial performance for the second quarter of 2026. Please note that we will not be holding a Q&A session today. If you have any questions, please contact our Investor Relations team after the call.

最後，本次電話會議的網路直播重播與逐字稿將於我們的 IR 網站提供。今天與我一同出席的還有臨時執行長兼財務長 Daniel Leung，他將說明我們的策略與業務更新、營運重點，以及 2026 年第二季的財務表現。請注意，我們今天不會進行問答環節。如有任何問題，請於會後聯絡我們的投資人關係團隊。

With that, let me turn the call over to Danny.

接下來，我把電話交給 Danny。

Thank you, Gretchen. Good day, everyone, and thank you for joining us to discuss MoneyHero Group's second quarter 2026 financial results. The underlying trajectory of the business remained resilient with the second quarter delivering continued improvement in unit economics, approval quality and cost discipline alongside sustained operational strength in our core markets of Hong Kong and Singapore. Net loss for the quarter was $1.2 million, which reflects foreign exchange rather than any change in our operating trajectory. Adjusted EBITDA loss narrowed 17% year over year to $1.6 million in the quarter and 49% year over year to only $2.7 million for the first half of 2026.

謝謝你，Gretchen。各位好，感謝各位參與我們的會議，一同討論 MoneyHero Group 2026 年第二季財務結果。本業務的基本走勢仍具韌性；第二季在香港與新加坡等核心市場維持穩健營運的同時，單位經濟效益、核准品質與成本紀律亦持續改善。本季淨虧損為 120 萬美元，反映的是外匯因素，而非我們營運走勢的任何改變。本季調整後 EBITDA 虧損年減 17% 至 160 萬美元；2026 年上半年調整後 EBITDA 虧損年減 49% 至僅 270 萬美元。

While constant FX EBITDA loss, which excludes unrealized foreign exchange impact, narrowed 64% year over year to $0.9 million. We ended the period with $28.2 million in cash and no debt. This progress is alongside a deliberate decision on how we acquire customers, which also shaped our reported revenue. Revenue was $15.8 million in the second quarter, down 13% year over year. While for the first six months of 2026, revenue remained essentially flat year over year at $32.3 million.

若以固定匯率口徑的 EBITDA 虧損（排除未實現外匯影響）計算，則年減 64% 至 90 萬美元。期末我們持有現金 2,820 萬美元，且無負債。這項進展也伴隨著我們在獲客方式上的審慎決策，而該決策亦影響了我們所呈報的營收。第二季營收為 1,580 萬美元，年減 13%。而 2026 年前六個月營收基本與去年同期持平，為 3,230 萬美元。

However, these headline figures understate the underlying progress we have made due to strategic decision to deploy cash rewards in Singapore and Hong Kong, where there is a growing consumer preference for flexible cash incentive. This allows us to attract high-intent customers more cost effectively. Under IFRS accounting rules, these cash rewards are deducted from revenue rather than recorded as a cost. Cash rewards totaled $5.1 million in the quarter, up 77% year over year from $2.9 million in the prior year period. On the six-month basis, cash reward totaled $9.2 million, up 66% year over year, with Singapore representing the largest share at $7.3 million and Hong Kong at $1.9 million.

然而，由於我們策略性決定在新加坡與香港投放現金回饋（當地消費者對彈性現金誘因的偏好日益提升），上述表面數字低估了我們所取得的實質進展。此舉使我們能以更具成本效益的方式吸引高意圖客戶。依據 IFRS 會計規則，這些現金回饋會自營收中扣減，而非列為成本。本季現金回饋合計 510 萬美元，較去年同期的 290 萬美元年增 77%。以六個月計，現金回饋合計 920 萬美元，年增 66%；其中新加坡占比最大為 730 萬美元，香港為 190 萬美元。

Adding these rewards back in, the total transaction value of our business becomes clearer, holding flat year over year in the quarter at $20.9 million and up 9% year over year to $41.5 million over the first six months of the year. This growth over the past half year reflects a deliberate choice against a dynamic market environment, we prioritized margin quality, conversion and operating efficiencies over chasing lower-yielding volume even as application volumes softened.

將這些回饋加回後，我們業務的總交易價值更為清晰：本季為 2,090 萬美元，與去年同期持平；而今年前六個月則年增 9% 至 4,150 萬美元。過去半年的成長反映了我們在多變的市場環境下所做的審慎取捨：即使申請量走弱，我們仍優先考量毛利品質、轉換率與營運效率，而非追逐收益率較低的量。

I will now walk through our performance by market and product verticals, our operating metrics, cost management and AI transformation, bottom line performance and financial position. Hong Kong, still our anchor market, held broadly flat year over year at $7.8 million, representing half of total group revenue and grew 15% year over year to $16.3 million on a six-month basis. This performance underscores the resilience of our leadership position in Hong Kong and provides an important anchor for the group during a softer quarter in some of the other markets.

接下來我將依市場與產品垂直領域說明我們的表現、營運指標、成本管理與 AI 轉型、獲利表現與財務狀況。香港仍是我們的核心市場，本季營收約為 780 萬美元，與去年同期大致持平，占集團總營收的一半；以六個月計，營收年增 15% 至 1,630 萬美元。此表現凸顯我們在香港領導地位的韌性，並在部分其他市場較疲弱的一季中，為集團提供重要支撐。

On an operational volume basis, the total transaction volume of Hong Kong grew 21% year over year in the first half. That strength is showing up in profitability, too. Hong Kong segment profit surged to $0.5 million in the first half from $0.1 million in the prior year period. At the same time, we remain focused on identifying sustainable opportunities to deepen customer engagement, increase cross-selling and grow our product relationships in Hong Kong. In Singapore, the underlying operating momentum continued to expand.

以營運量來看，香港的總交易量在上半年年增 21%。這股強勁動能也反映在獲利能力上。香港分部上半年分部獲利由去年同期的 10 萬美元大幅提升至 50 萬美元。同時，我們仍專注於辨識可持續的機會，以深化客戶互動、提升交叉銷售，並擴大在香港的產品合作關係。在新加坡，基本營運動能持續擴張。

Because our cash rewards deployment was heavily concentrated in Singapore, reported revenue declined 20% year over year to $6.2 million, mainly reflecting the impact of the cash rewards. On a six-month basis, Singapore revenue moderated by only 8% but our disciplined focus on higher-margin conversions successfully translated into improving underlying unit economics. When adding back those cash rewards, however, our total transaction value in Singapore actually grew 9% year over year in the first half of 2026. In fact, on a six-month basis, Singapore delivered segment profit of $0.2 million, a powerful turnaround from $0.5 million loss in the prior year period. Credit card revenue declined 18% year over year to $8.9 million, and this is where the shift toward cash rewards is concentrated.

由於我們的現金回饋投放高度集中於新加坡，所呈報營收年減 20% 至 620 萬美元，主要反映現金回饋的影響。以六個月計，新加坡營收僅年減 8%；但我們對高毛利轉換的紀律性聚焦，成功帶動基本單位經濟效益改善。然而，若將現金回饋加回，新加坡在 2026 年上半年的總交易價值實際年增 9%。事實上，以六個月計，新加坡分部獲利為 20 萬美元，較去年同期 50 萬美元虧損大幅扭轉。信用卡營收年減 18% 至 890 萬美元，而現金回饋的轉向主要集中於此領域。

Combined revenue from Wealth and Insurance was $4.7 million, representing 30% of total revenue, up from 27% in the prior year period. Within that, Insurance revenue declined 7% year over year to $2.4 million. And so the increase in contribution reflects the relative resilience of these verticals against credit cards rather than growth in absolute terms during the quarter. On a six-month basis, the underlying product mix trend was more evident. Combined Wealth and Insurance revenue grew 11% year over year to $9.3 million, representing 29% of total revenue, with Wealth up 22% year over year to $4.8 million.

財富管理與保險合計營收為 470 萬美元，占總營收 30%，高於去年同期的 27%。其中，保險營收年減 7% 至 240 萬美元。因此，占比提升反映的是這些垂直領域相較信用卡的相對韌性，而非本季絕對金額的成長。以六個月計，產品組合的趨勢更為明顯。財富管理與保險合計營收年增 11% 至 930 萬美元，占總營收 29%；其中財富管理年增 22% 至 480 萬美元。

Personal Loan and Mortgages revenue declined 2% year over year to $2 million for the quarter. The first half growth in combined Wealth and Insurance revenue continued to validate our product diversification strategy. We continue to scale our AI transformation initiative during the second quarter with a focus on simplifying our technology platform, automating engineering and operational workflows and improving productivity across the organization. Technology costs fell 50% year over year to $0.5 million through platform consolidation and AI-driven automation. Advertising and marketing expenses fell 12% year over year to $4 million, supported by more disciplined data-driven campaign allocation.

個人貸款與房貸營收本季年減 2% 至 200 萬美元。上半年財富管理與保險合計營收的成長，持續驗證我們的產品多元化策略。第二季我們持續擴大 AI 轉型計畫，聚焦於簡化技術平台、自動化工程與營運工作流程，並提升全組織生產力。透過平台整併與 AI 驅動自動化，技術成本年減 50% 至 50 萬美元。在更具紀律、以數據驅動的活動投放配置支持下，廣告與行銷費用年減 12% 至 400 萬美元。

Employee benefit expenses were $3.9 million, up 6% year over year, balanced against those savings by targeted investment in employee capabilities to support our higher-margin verticals and AI initiatives. Total operating costs and expenses, excluding net foreign exchange difference, declined 12% year over year to $18.2 million. Because cash rewards are recognized as deduction from revenue under IFRS, while noncash rewards are recognized as a cost of revenue, the same shift that reduced reported revenue also drove a 17% year-over-year decline in our cost of revenue to $7.6 million, supported by the more selective customer acquisition spend and higher converting traffic.

員工福利費用為390萬美元，年增6%；在節省成本的同時，我們亦針對性投資於員工能力建設，以支援我們較高毛利的垂直領域及AI計畫。總營運成本及費用（不含外匯淨差額）年減12%至1,820萬美元。由於在IFRS下，現金獎勵列作收入的扣減，而非現金獎勵則列作營收成本，因此，同一項獎勵結構的轉變不僅降低了已呈報收入，也帶動營收成本年減17%至760萬美元；此亦受惠於更具選擇性的客戶獲取支出及更高轉換率的流量。

Cost of revenue as a percentage of revenue improved 3 percentage points year over year to 48%. The reduction in technology costs and advertising and marketing are separate from reward mix and from the movement in the top line. Even in a quarter of lower revenue, we held spend down across customer acquisition, technology and other operating costs. Approval rate nonetheless expanded 9 percentage points from the prior year period to 48% and approved applications declined by a smaller 15%, alongside continued growth in revenue per approved application in both the quarter and the first half of the year, clear evidence that we are converting a smaller but higher quality funnel more efficiently.

營收成本占收入比率年比改善3個百分點至48%。技術成本以及廣告與行銷費用的下降，與獎勵組合及營收端的變動無關，屬於獨立因素。即使在收入較低的一季，我們仍在客戶獲取、技術及其他營運成本方面控制支出。儘管如此，核准率仍較去年同期擴大9個百分點至48%，而核准申請數僅小幅下降15%；同時，本季及上半年每件核准申請的收入持續成長，清楚顯示我們以更高效率轉換規模較小但品質更高的漏斗。

Let me turn to Product & Technology. Last quarter, I described AI as our engine. This quarter, I want to show what it has delivered and what it is building next. Our in-house voucher management system went live in Hong Kong in July for Apple gift cards, which is our largest reward type, cutting delivery time to customers by half and eliminating third-party handling fees. We will extend it to Singapore and to more reward types, including travel, e-commerce, and supermarket vouchers. A single engineer on our team took it from prototype to production in under three months. Versus a conventional build, we estimate would have needed a team of around 10 working for most of a year. And every release still goes through our standard engineering review and sign off.

接下來談產品與技術。上季我將AI形容為我們的引擎。本季我想展示它已交付的成果，以及接下來正在打造的內容。我們自建的禮券管理系統已於7月在香港針對Apple禮品卡（我們最大的獎勵類型）正式上線，將交付給客戶的時間縮短一半，並消除第三方處理費。我們將把該系統延伸至新加坡及更多獎勵類型，包括旅遊、電商及超市禮券。團隊中一位工程師在不到三個月內就把它從原型推進到正式上線。相較於傳統開發方式，我們估計原本需要約10人的團隊投入大半年時間。而每次發佈仍會依照我們標準的工程審查與核准流程進行。

We are applying the same approach to two more projects. First, a fully AI-assisted conversational experience that combines customer support and product discovery. A user describes what they need in their own words and is guided directly to our right products, content and rewards. We are also structuring our product data and content, so third-party GenAI platforms and search engines can cite MoneyHero directly. So wherever a customer's journey begins, it completes on our platform with the applications, the rewards and the member relationship staying with us, both rolled out market by market within our compliance and control frameworks in Q4 this year.

我們正以同樣的方法推進另外兩個專案。第一個是全面由AI輔助的對話式體驗，結合客戶支援與產品探索。使用者用自己的話描述需求後，系統會直接引導至我們合適的產品、內容與獎勵。我們也在結構化整理產品資料與內容，讓第三方生成式AI平台與搜尋引擎能直接引用MoneyHero。如此一來，無論客戶旅程從何處開始，都能在我們的平台完成，申請、獎勵以及會員關係都由我們保留；並將在今年第四季於各市場依序推出，且符合我們的合規與控管框架。

Second, which is the member dashboard. Which is a rebuilt experience that gives members one place to track rewards issued directly through the voucher system, live in Singapore this month and expanding to Hong Kong and other markets later this year. Upcoming releases add insurance policies, single log-in and personalized suggestions. Rewards status queries are one of our largest source of support contacts. So this also lower support cost while giving members a reason to return between transactions.

第二個是會員儀表板。這是一個重建後的體驗，讓會員在同一處追蹤透過禮券系統直接發放的獎勵；本月已在新加坡上線，並將於今年稍晚擴展至香港及其他市場。後續版本將加入保險保單、單一登入及個人化建議。獎勵狀態查詢是我們客服聯絡量最大的來源之一。因此，這也能降低客服成本，同時讓會員在交易間隔期間有理由回訪。

And returning members is one we don't need to acquire again, which meaningfully cuts our acquisition cost. Finally, the least visible piece and maybe the one that matters most over time. We're rebuilding the internal system behind rewards, insurance operations, customer service and our data. Many built or bought at different stage of our growth, some still carrying external fees and dependencies. The voucher system is a template.

而回訪會員是我們不需要再次獲取的客群，這能顯著降低我們的獲客成本。最後，最不顯眼、但也許長期最重要的一塊。我們正在重建支撐獎勵、保險營運、客戶服務以及資料的內部系統。其中許多是在不同成長階段自行開發或採購的，有些仍帶有外部費用與依賴。禮券系統就是一個範本。

We are now applying the same approach group-wide, including legal and compliance within the controls of a regulated financial business. Each system we rebuild lower our run cost and give our products a cleaner foundation. And as before, savings fund the next build, so we don't expect that this to require significant additional capital expenditure. Together, this is how the AI capability I've described turns into product, cost and revenue. One platform owned by us, serving members wherever they need us.

我們現在正把同樣的方法推廣到整個集團，包括在受監管的金融業務控管之下納入法務與合規。每重建一套系統，都能降低我們的持續運行成本，並為產品提供更乾淨的基礎。而如同以往，節省下來的成本將用於下一次建置，因此我們預期不需要顯著增加資本支出。綜合而言，這就是我所描述的AI能力如何轉化為產品、成本與收入。由我們自有的一個平台，在會員需要我們的任何地方提供服務。

It is also worth noting we have also advanced several partner-led wins in Singapore this quarter. We secured exclusive partnerships with two of the country's largest retail banks, moved to a fixed fee arrangement with a global banking group and signed an exclusive partnership with a digital brokerage platform. Exclusivity and fixed fee economics both make our partner revenue more predictable and reduce our exposure to auction-based acquisition costs. To provide a closer look at how we are executing on these growth opportunities and expanding our product suite, I want to highlight two key initiatives across our platforms. First, starting with Singapore.

同時也值得一提的是，本季我們在新加坡亦推進了多項由合作夥伴帶動的成果。我們與該國兩家最大的零售銀行取得獨家合作，與一家全球銀行集團改採固定費用安排，並與一家數位券商平台簽署獨家合作。獨家性與固定費用的經濟模式，能使我們的合作夥伴收入更可預測，並降低我們對拍賣式獲客成本的曝險。為更清楚展示我們如何把握這些成長機會並擴充產品組合，我想重點介紹我們各平台上的兩項關鍵計畫。首先，從新加坡開始。

This month, SingSaver is expected to officially be launching a brand-new home loan comparison category, closing a category gap in our vertical mix, complementing our existing credit card, personal loan insurance, and brokerage offerings. We are bringing this to market through a pure affiliate partnership with Redbrick, a leading mortgage broker in comparison platform in Singapore. This allows for an asset-light entry. Redbrick manages the broker relationships and the bank panel, while SingSaver contributes our strong brand and high intent traffic. We simply earn a percentage of the loan value disbursed on each successful conversion, meaning that we take on absolutely zero underwriting and balance sheet risk.

本月，SingSaver預計將正式推出全新的房屋貸款比較類別，補足我們垂直組合中的類別缺口，並與既有的信用卡、個人貸款、保險及券商產品相互補強。我們將透過與Redbrick（新加坡領先的按揭經紀比較平台）之純聯盟行銷合作，把該產品推向市場。這使我們能以輕資產方式切入。Redbrick負責管理經紀合作關係與銀行名單，而SingSaver貢獻我們強勢品牌與高意圖流量。我們僅在每筆成功轉換後，按實際撥款的貸款金額收取一定比例的分成，意味著我們完全不承擔任何核保與資產負債表風險。

The opportunity here is significant. Housing loans are Singapore's single largest household debt category by a wide margin. In the first quarter of 2026, outstanding housing loans reached SGD 296 billion, representing 50% of total household debt, and this balance has grown for 10 consecutive quarters. Further, falling borrowing rates down from highs of around 3% towards 1.2% to 1.5% are supporting increased comparison and refinancing activity among both new buyers and existing owners. Targeting this market extends the higher ticket lending trend that is already contributing to our growth in personal loan and brokerage.

此處的機會相當可觀。住房貸款以極大幅度成為新加坡家庭負債中最大的單一類別。在2026年第一季，未償住房貸款達2,960億新幣，占家庭總負債的50%，且該餘額已連續10個季度成長。此外，借貸利率自約3%的高點回落至約1.2%至1.5%，正推動新買家與既有屋主增加比較與再融資活動。鎖定此市場，延伸了高客單價放款的趨勢，而該趨勢已在推動我們個人貸款與券商業務的成長。

And now turning to MoneyHero in Hong Kong. We have been actively developing our online life insurance revenue streams. Over the last two years, our life insurance income came mainly from selling ad space and running small-scale lead generation campaigns. However, we are seeing a shift. More insurers are putting life products online and the local market is increasingly comfortable buying these products in a self-serve manner post-COVID.

接著談香港的MoneyHero。我們一直在積極發展線上人壽保險的收入來源。過去兩年，我們的人壽保險收入主要來自販售廣告版位及執行小規模的名單開發活動。然而，我們正看到趨勢轉變。越來越多保險公司把壽險產品上線，且在COVID之後，本地市場對以自助方式購買此類產品的接受度日益提高。

In response, we launched our first life insurance marketplace in the second quarter of 2026 to test the waters. The results have been encouraging across traffic, policies sold and insurer response, driving our 2026 run rate to roughly to double that of last year. Given the clear early momentum, we plan to double down over the next 12 months, adding products such as critical illness in Q3, along with short-term savings, tax deductible medical, and personal accident insurance. Importantly, the incremental product effort is minimal, requires no API integration, allowing us seamlessly duplicate and adjust our initial marketplace. While competitor in Hong Kong focus on deep complex content, our strategy is distinct.

因此，我們在2026年第二季推出首個人壽保險市集以試水溫。在流量、保單銷售及保險公司回饋等方面的結果令人鼓舞，推動我們2026年的年化運行率約為去年的兩倍。鑑於明確的早期動能，我們計畫在未來12個月加大投入，於第三季新增如重大疾病等產品，並加入短期儲蓄、可扣稅醫療及個人意外保險。重要的是，新增產品所需的額外投入很少，且不需要API整合，使我們能無縫複製並調整初始市集。當香港的競爭對手著重於深度且複雜的內容時，我們的策略有所不同。

We know that for simple products, many customers actually prefer a frictionless no-frills experience where they can get in and out quickly. Our substantial existing insurance traffic, particularly from travel insurance, give us a solid foundation in capturing this demand. Looking ahead, we are also doubling down on our efforts to reaccelerate organic traffic with a specific focus on our core high-value markets of Hong Kong and Singapore. Over the past few quarters, our strategic discipline has yielded a smaller but significantly higher quality funnel with our approval rates expanding by 9 percentage points. Because we have successfully optimized the underlying conversion mechanics, any incremental growth in top of funnel traffic will now generate outsized highly profitable returns for the business.

我們知道，對於簡單的產品，許多客戶其實更偏好一種無摩擦、無多餘裝飾的體驗，能夠快速進出、迅速完成。我們既有且可觀的保險流量，特別是來自旅遊保險的流量，為我們捕捉這項需求奠定了堅實基礎。展望未來，我們也將加倍努力，重新加速自然流量成長，並特別聚焦於香港與新加坡這兩個核心高價值市場。過去幾個季度，我們的策略紀律帶來了規模較小但品質顯著更高的漏斗，核准率提升了9個百分點。由於我們已成功優化底層轉換機制，現在漏斗頂端流量的任何增量成長，都將為業務帶來更為可觀且高獲利的回報。

To capitalize on this improved efficiency, we are aggressively expanding our content generation and distribution engine. We are actively structuring our platform data, financial guides and product comparison to ensure that whenever consumers are navigating traditional SEO channels or querying in next-generation AI search engines, MoneyHero is consistently surfaced as an authoritative source. By dominating these emerging search ecosystems, we will sustainably drive high-intent organic traffic directly into our new high-margin verticals, such as the home loan insurance in Singapore and life insurance in Hong Kong.

為了把握這項效率提升，我們正積極擴大內容產製與分發引擎。我們正主動結構化整理平台數據、理財指南與產品比較內容，確保無論消費者是在傳統SEO渠道瀏覽，或是在新一代AI搜尋引擎中提問，MoneyHero 都能持續以權威來源的身份被呈現。透過在這些新興搜尋生態中取得主導地位，我們將可持續地把高意圖的自然流量直接導入我們新的高毛利垂直領域，例如新加坡的房貸保險以及香港的人壽保險。

Furthermore, the organic inflows perfectly complements the rollout of our newly rebuilt member dashboard. Once these organic users land on our platforms, they are immediately integrated into a sticky personalized ecosystem designed to encourage cross-selling, facilitate direct insurance renewals and maximize lifelong values without incurring additional customer acquisition costs.

此外，自然流量的導入也與我們全新重建的會員儀表板上線形成完美互補。一旦這些自然用戶進入我們的平台，他們會立即被整合進一個具黏著度的個人化生態系，旨在促進交叉銷售、便利直接續保，並在不增加額外客戶獲取成本的情況下，最大化終身價值。

Now going back to our financial headline. Impacted by foreign exchange, net loss for the quarter was $1.2 million compared with net income of $0.2 million in the prior year period, mainly driven by the net foreign exchange differences, swinging from a $3 million gain in the prior year period to a $0.1 million loss this quarter, a swing of approximately $3.1 million. Excluding the unrealized foreign exchange impact, constant FX EBITDA loss narrowed 64% year over year from $2.6 million to $0.9 million. On a six-month basis, the improvement is more modest, 14% year over year from $5.8 million to $5 million. Because that figure still carries roughly $1.6 million of non-recurring legal and professional fees and other expenses, which we excluded from adjusted EBITDA, but not from this measure.

現在回到我們的財務重點。受外匯影響，本季淨虧損為120萬美元，相較去年同期淨利20萬美元，主要由淨外匯差額所驅動：去年同期為300萬美元收益，本季轉為10萬美元損失，變動約310萬美元。剔除未實現外匯影響後，以固定匯率計算的EBITDA虧損年減64%，由260萬美元收窄至90萬美元。以六個月口徑來看，改善幅度較為溫和，年減14%，由580萬美元降至500萬美元。因為該數字仍包含約160萬美元的一次性法律與專業費用及其他支出；我們在調整後EBITDA中已將其剔除，但在此衡量指標中未剔除。

And if we look at adjusted EBITDA loss, it narrowed 17% year over year to $1.6 million for the quarter and 49% year over year to $2.7 million for the first half of 2026, reflecting continued cost of revenue efficiency and lower operating spend. We end the quarter with a debt-free balance sheet, $28.2 million in cash and cash equivalents and $32.6 million in net current assets as of June, both stable versus March end. This position, together with a member base of $10.1 million, which is up 17% year over year, continues to fund our organic growth road map and support broader market reach.

若看調整後EBITDA虧損，本季年減17%至160萬美元；而2026年上半年年減49%至270萬美元，反映收入成本效率持續提升以及營運支出下降。本季末我們的資產負債表無負債；截至6月，現金及約當現金為2,820萬美元，淨流動資產為3,260萬美元，兩者相較3月底均保持穩定。此一狀況，加上會員基礎達1,010萬、年增17%，持續為我們的自然成長路線圖提供資金，並支持更廣泛的市場觸達。

Looking ahead through the remainder of 2026, we remain focused on translating the structural efficiencies we have established into continued full year adjusted EBITDA improvement. Our second half product and commercial catalysts include the home loan launch in Singapore, the rollout of our AI-assisted natural language search experience, the critical illness launch in Hong Kong during the third quarter, the rollout of the rebuild member dashboard to Hong Kong and the expansion of our voucher management system to additional markets and reward types.

展望2026年剩餘期間，我們仍專注於把已建立的結構性效率轉化為全年調整後EBITDA的持續改善。我們下半年在產品與商業面的催化因素包括：新加坡房貸產品上線、AI輔助自然語言搜尋體驗推出、第三季於香港推出重大疾病險、將重建的會員儀表板推廣至香港，以及把我們的券碼管理系統擴展到更多市場與更多獎勵類型。

At the same time, we are taking targeted actions to stabilize and reaccelerate volume in Singapore and to rebuild our underlying volume in Taiwan on a more profitable basis amid dynamic market conditions. Across the group, we will continue to sharpen execution, optimize customer acquisition and conversion and invest selectively in the markets, in the products, technology, and talent that support profitable long-term growth. These initiatives are designed to broaden our product mix, deepen member engagement, strengthen partner monetization, and support the rebuilding of volume on a more profitable basis. We remain confident in our strategy and committed to advancing our key strategic initiatives and building a core diversified, scalable, and resilient business. So thank you all for joining us today.

同時，我們也正採取有針對性的行動，以穩定並重新加速新加坡的量能，並在市場環境動態變化下，以更具獲利性的基礎重建台灣的底層量能。在集團層面，我們將持續強化執行力、優化客戶獲取與轉換，並在支持長期獲利成長的市場、產品、技術與人才上進行選擇性投資。這些舉措旨在擴大我們的產品組合、深化會員互動、強化合作夥伴變現能力，並支持以更具獲利性的基礎重建量能。我們對策略仍充滿信心，並致力於推進關鍵策略舉措，打造一個核心多元化、可擴展且具韌性的業務。因此，感謝各位今天的參與。

While the broader macroeconomic environment has presented some near-term challenges, our second quarter results clearly demonstrate the underlying resilience of our core business and the tangible financial benefits of our strategic initiatives. We believe our prospects for the second half of the year are highly promising. By leaning heavily into our AI transformation and expanding into higher-margin verticals, we are actively unlocking new avenues of sustainable, profitable growth.

儘管整體宏觀經濟環境帶來了一些短期挑戰，我們第二季的結果清楚展現了核心業務的內在韌性，以及我們策略舉措所帶來的具體財務效益。我們相信下半年前景非常可期。透過大力推進AI轉型並擴張至更高毛利的垂直領域，我們正積極開啟可持續、可獲利成長的新途徑。

We are particularly excited about our market, the launch of our brand-new home loan comparison category in Singapore and the rapid expansion of our online life insurance marketplace in Hong Kong. When you combine these new growth categories with our upcoming tech rollouts, including our in-house voucher management system, the AI-assisted search experience and our newly rebuilt member dashboard, we are creating a much stronger, more efficient and deeply integrated platform for our 10 million-plus members.

我們對市場發展尤其感到振奮，包括在新加坡推出全新的房貸比較類別，以及香港線上人壽保險市集的快速擴張。當你把這些新的成長類別與我們即將推出的技術上線結合起來——包括自研的券碼管理系統、AI輔助搜尋體驗以及全新重建的會員儀表板——我們正在為超過1,000萬名會員打造一個更強大、更高效率且深度整合的平台。

I would like to extend my deepest gratitude to our incredible team across the group for their relentless execution and adaptability as well as to our shareholders for your continued support and belief in our long-term vision. The path ahead is incredibly promising, and we look forward to speaking with you again and updating you on our continued progress next quarter. Thank you.

我想向集團各地出色的團隊致上最深的感謝，感謝你們不懈的執行力與適應力；也感謝股東們持續的支持，以及對我們長期願景的信任。前方道路極具前景，我們期待下個季度再次與各位交流，並向各位更新我們持續進展的情況。謝謝。

Thank you for your participation. You may now disconnect. Good day.

感謝您的參與。您現在可以中斷連線。祝您有美好的一天。