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Day, welcome to the MoneyHero Group fourth quarter and full year 2025 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question, please press star one one on your touch-tone phone. Note that this call is being recorded. I would like to turn the call over to Gretchen Kwan, Corporate Communications Lead. Please go ahead.

Hello, everyone, welcome to MoneyHero's 2025 Q4 and full year earnings conference call. I'm 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 and may not be realized in the future for various reasons as stated in our earnings release, which was issued earlier today and is also available on our IR website. In addition, please note that today's discussion will include both IFRS and non-IFRS financial measures for comparison purpose only. For reconciliations of these non-IFRS measures to the most directly comparable IFRS measures, please refer to our earnings release and SEC filings. Lastly, a webcast replay and a script of this conference call will be available on our IR website.

Joining me on the call today is Danny Leung, Interim CEO and CFO, who will go over our strategy and business update, operating up highlights and financial performance of the Q4 and full year 2025. This will be followed by a Q&A section. With that, let me turn the call over to Danny.

Thank you, Gretchen. Good evening, everyone, and thank you for joining us today. It is a privilege to speak with you as we close out what has truly been a transformative year and quarter for MoneyHero. Before diving into our results, I want to briefly address the leadership transition announced earlier this month. Since stepping into the Interim CEO role, I've reflected on my time with MoneyHero since late 2024 when the company began navigating a strategic repositioning. I want to thank Rohith Murthy for his contribution during his tenure. As MoneyHero pivots to scaling profitable growth, the board has initiated a search for permanent CEO to lead this next phase. Having guided us through our two-year transformation, I'm fully confident in our management team's ability to execute seamlessly during this interim period.

Our strategic vision remains unchanged, and our focus is entirely on capitalizing on the opportunities ahead. Those opportunities are built on a rapidly strengthening foundation. I'm pleased to report that we delivered fourth quarter net profit of $0.5 million, a significant turnaround from a net loss of $18.8 million in the same period last year. This was achieved alongside adjusted EBITDA of $0.7 million, marking our first ever adjusted EBITDA gain since we listed on Nasdaq. Our performance throughout 2025 demonstrates this clear sequential executions toward achieving better revenue mix, cost base, and technology platform. This momentum was built consistently throughout the year with our adjusted EBITDA path improving quarter-by-quarters.

We systematically progressed from an adjusted EBITDA loss of $3.3 million in the first quarter to a loss of $2 million in the second quarter, narrowing further to a loss of $1.8 million in the third quarter before finally crossing the break-even point this quarter. For the full year, adjusted EBITDA loss improved 73% to $6.4 million from $23.7 million last year. Our net loss narrowed 86% to $5.2 million from $37.8 million. This performance validates our strategic repositioning toward achieving better revenue mix, cost base, and technology platform. Fourth quarter revenue grew 27% year-over-year to $20 million, driven by a strong performance in our core markets, with Singapore revenue surging 56% year-over-year and Hong Kong growing 27% year-over-year.

Together, these two markets represent 86% of revenue during the quarter, up from 79% a year ago, reflecting our deliberate concentrations on markets with the strongest unit economics. At the same time, Taiwan and the Philippines continue to gradually recover as the operational issues seen earlier in the year following the exit of Citibank fade. Full year 2025 revenue was $73.4 million. Our strategic pivot toward healthier revenue quality and accelerating momentum toward year end. Crucially, our cost of revenue for the full year also declined 7 percentage points year-over-year to 51% of revenue. This structural improvement was driven by a shift in revenue mix and optimized reward cost. Our deliberate shift toward higher quality, higher margin verticals, particularly insurance and wealth, is directly expanding our margins and reinforcing the structural strength of our business.

During the fourth quarter, revenue from insurance and wealth product together accounted for approximately 30% of revenue, highlighted by wealth revenue accelerating strongly with 50% year-over-year growth. We see a clear path for high margin verticals to make a meaningfully larger share of our revenue mix over the next few years. These verticals already deliver twice the incremental profitability of our lower margin verticals and generate steady recurring customers even before AI upsides. This deliberate mix shift we have been signaling all year, combined with disciplined capital allocation into these segments, is central to how we are building durable compounding earning power rather than chasing volume-led growth. Ultimately, this structural evolution in our mix, coupled with better approval rates and optimized reward costs, is expanding our margins and elevating the overall quality of our earnings.

For the full year 2025, total operating costs and expenses, excluding foreign exchange difference, fell 27% year-over-year, while fourth quarter expenses declined 15% year-over-year. Technology costs dropped 59% and employee benefit expenses fell 33% the full year, supported by AI automation, which now touches up to 70% of customer service queries. This is a clear demonstration of margin-first execution. In practical terms, this means our cost base will not reinflate as we scale. Instead, incremental revenue will increasingly flow through to the bottom line, reinforcing our confidence in sustaining and compounding the profitability we have now achieved. We've made strong progress with our AI initiatives. During the year, AI automation touched up to 70% of customer service queries.

Crucially, in December 2025, AI successfully resolved 47% of customer service queries without any human intervention, demonstrating how we are scaling operations and product support without proportionally adding headcount. The impact of this leverage is already highly visible in the fourth quarter, allowing us to deliver 12% more approved applications year-over-year in the fourth quarter, while simultaneously cutting employee benefit expenses by 32%. We are systematically driving improvements in approval quality, customer acquisition cost efficiency, and funnel conversion. For example, in Singapore, our car insurance chatbot is now in Beta in WhatsApp, delivering a natural conversational AI experience that replaces complex forms and meaningfully reduce acquisition costs. In Hong Kong, Credit Hero Club is building a recurring base of high-intent users through personalized credit insights and monitoring.

Importantly, our AI are continuously trained on proprietary intent, behavioral, and approval data from our 9.4 million members. This creates a highly defensible data moat, positioning MoneyHero as one of Southeast Asia's most advanced AI-native financial decisioning platform. I will take the next few minutes to walk through the mechanics of our P&L, focusing on the data, the operational drivers behind these numbers, and how our financial profile has structurally evolved across both the fourth quarter and the full year. Let me begin with revenue. For the fourth quarter, we reported $20 million in revenue, 27% year-over-year increase. This represents the strongest quarterly top-line growth we have seen in 2025, proving that the recovery pattern we established mid-year has compounded into sustainable momentum. When looking at the full year, revenue fell 8% year-over-year to $73.4 million.

That decline needs to be interpreted precisely in the context of the deliberate reshaping of our volume mix, particularly in the first half of the year. We intentionally scaled back low margin, high volume products to prioritize margin discipline and healthier revenue quality. Crucially, this strategy yield exactly the structural leverage we intended. Our cost of revenue for the full year decreased by 19% year-over-year to $37.3 million, dropping 7 percentage points to account for just 51% of revenue. The modest annual headline revenue decline is a sign that our strategic pivot is a success. We shed unprofitable volume, optimized reward costs, and are now growing rapidly again on structurally stronger, higher margin base. What gives us absolute confidence in this path is the rapidly improving quality of our revenue base.

During the fourth quarter, combined revenue from insurance and wealth products increased 31% year-over-year to $5.9 million, accounting for 30% of total revenue. Looking at the full year, wealth revenue grew 19% to $10.1 million, accelerating to a massive 50% year-over-year growth in Q4 alone. Insurance revenue grew 11% to $9.1 million. Together, they now represent 26% of our full-year revenue, up from 21% a year ago and just 12% in 2023. The fundamental shift in our foundation is the core engine of our margin expansion, improving the predictability and durability of our earnings. At the same time, we saw a resurgence in our core credit card vertical, which grew 38% year-over-year in the fourth quarter, proving we can rapidly expand high-margin products without sacrificing the strength of our core business.

Looking geographically, Singapore and Hong Kong continue to serve as our primary growth engines. Singapore was the standout performer in the quarter, with revenue surging 56% to $7.9 million. Hong Kong also delivered exceptional growth, up 27% to $9.4 million, demonstrating our ability to build a recurring base of high-intent users. Together, these two high unit economic markets represent 86% of our total Q4 revenue. Meanwhile, Taiwan and the Philippines generated $1.2 million and $1.5 million, respectively, in the fourth quarter. These markets are steadily recovering as the operational disruptions seen earlier in the year following the exit of Citibank are now firmly behind us. Now let me turn to operating expenses. Our focus has been on driving operating leverage across every major category.

Total operating costs and expenses, excluding foreign exchange differences, decreased 15% year-over-year to $21.4 million in the fourth quarter, and 27% year-over-year to $84.2 million for the full year 2025. Looking at the specific expense lines, technology costs declined sharply by 71% year-over-year to $0.4 million in Q4, and 59% year-over-year to $3 million for the full year. By retiring legacy platforms, consolidating vendors, and impacting AI-driven automations, we are enabling the business to ship features faster without inflating our cost base. Advertising and marketing expenses decreased 20% year-over-year to $17.3 million for the full year, reflecting more targeted data-driven campaign allocations. Employee benefit expenses were notably lower, decreasing 32% year-over-year to $4 million in Q4, and 33% year-over-year to $16.2 million for the full year.

As we highlighted earlier, this sets the stage for multi-year operating leverage. Increases in approved application volumes, which grew 12% this quarter, no longer require proportional increase in personnel. For the fourth quarter, this contributed to our first positive adjusted EBITDA of $0.7 million and a net profit of $0.5 million, a substantial turnaround from the $18.8 million net loss a year ago. For the full year, our adjusted EBITDA loss narrowed sharply by 73% to $6.4 million, and our net loss improved 86% to $52 million. From a balance sheet perspective, we are operating from a position of resilience. We ended the year completely debt-free with $31.2 million in cash and cash equivalents and $37.5 million in net current assets.

Crucially, our cash position represents a sequential increase of $3.3 million from $27.9 million from Q3, highlighting our gradual transition into a cash generative business. We have now reached this profitability point in Q4, as we have been working toward. This milestone validates the difficult but deliberate choice we made over the past two years and set a strong foundation as we transition from turnaround to sustainable cash generative growth in a capital-light, member-centric model. Looking ahead, we expect our full year 2026 adjusted EBITDA to exceed 2025 levels. This will be driven by the continued expansion of our high margin insurance and wealth verticals, AI-driven operating leverage, and the strong conversion of member base into recurring multi-product customers. Thank you. First we can start the Q&A section.

Thank you. As a reminder to ask a question, please press star one one. If your question has been answered and you'd like to remove yourself from the queue, press star one one again. One moment for questions. Our first question comes from William Gregozeski with Greenridge Global. Your line is open.

Hey, Danny. Congratulations on the great quarter. Can you provide a bit more color on the sudden leadership transition? Why was the decision made to change CEOs right as the company hit profitability inflection point?

Sure. Thank you for the question. Yeah, I understand, you know, why the timing might seem sudden, but this transition is actually very deliberate and comes at a pivotal moment for us. We've just finished a two-year strategic repositioning of the entire company. As you can see from our fourth quarter results, specifically hitting our first adjusted EBITDA profit since listing. That foundational work is now successfully complete. Essentially, we are moving into a scaling phase. The mission has changed, the board decided it was the right time to find a permanent CEO whose specific expertise aligns with this next chapter of the profitable growth. While that search is underway, my focus is on maintaining the absolute operational discipline that got us to where we are in the first place. I want to focus on improving our EBITDA in 2026 from 2025.

Our strategy is already clearly mapped out in our financials. We are shifting our revenue mix toward those higher margin insurance and wealth products, keeping a very tight lead on cost, and using AI to drive massive operational efficiency. This leadership transition isn't a change in direction. It is about supporting our momentum and ensuring we have the right leadership structure in place as we execute on the next level of growth. Thanks.

Thank you. Our next question comes from Calvin Wong with Sticker Capital. Your line is open.

Thank you for taking my questions. I have a few questions. Maybe I'll ask one by one. First, the first one is about the business segment. What are the key opportunities to grow within the insurance segment? Are there more insurance verticals the company can start offering? Are you having measurable success with the SaverBot Beta on WhatsApp?

Thank you, Calvin. Yeah, thanks for the questions. Yeah, insurance is a core high margin part of our business, and the growth we are seeing there is incredibly strong. To give you the hard numbers, our full year 2025 revenue for this segment grew 11% to $9.1 million, with $2.3 million of that coming in just the fourth quarter. What is even more exciting is how much this segment is shifting the weight of our entire business. If you look back to 2023, insurance and wealth made up only 12% of our total revenue. That jumped to 21% last year, and today it represents over a quarter of our business at 26%. We see a significant runway to keep this going by leaning into deeper partner integrations and using AI to personalize the experience for our users.

We are also looking at expanding our product offerings even further by leveraging the dominant market positions we already hold in Singapore and Hong Kong. Moving on to your question about SaverBot. The early results from our beta in Singapore are very encouraging. The bot provides a seamless conversational experience on WhatsApp that fundamentally change how users discover products. It is a triple win for us because it simplifies the journey for the customer, lowers our acquisition costs, and improve the quality of the application we send to our partners. This isn't just a pilot project. It's a core part of our infrastructure that is already driving real operating leverage. We can see the proof in our efficiency metrics. In December 2025 alone, our AI successfully resolved 47% of all customer service queries without any human intervention at all.

That we can scale our volume significantly while keeping our costs under control, which is exactly why we plan to continue driving profitable growth. Thank you, Calvin.

Great to hear that. My next question is more related to the revenue. We've seen that full revenue, full year revenue was down 80%. By looking at the current quarterly trends, do you feel you have now established a stable baseline for future revenue growth?

Yep. That's a very good question. Again, thank you very much, Calvin. To answer your question directly, yes, we absolutely feel we have established a stable and much healthier baseline. While the full year revenue of $73.4 million was down 8%, that was actually a very deliberate result of our strategic transitions. We moved away from a model that was focused on scaling top line and moved toward one focused on healthy unit economics and real profit. It's important to remember that our 2025 results were compared against a very high base from the first half of 2024, which is a period where the company was spending aggressively to grab market shares. Since then, we have completely repositioned the business to prioritize the quality of our revenue over the size of it.

If you want to see our new baseline, the fourth quarter is a better indicator of where we are now. In Q4, our revenue actually grew 27% year-over-year, hitting $20 million. The real story is the mix of that revenue. We are shifting toward much higher margin products. For example, wealth and insurance grew to represent 30% of our total revenue this quarter, with wealth specifically growing by 50% year-over-year. By focusing on these high margin areas and keeping a strict eye on our expenses, we managed to bring our group-wide cost of revenue down from 58%-51% for the full year. What we have built is a structurally resilient engine. It is designed to be efficient, ensuring that we generate real profit on every single incremental dollar we bring in from here on out.

Thanks, Calvin.

Looks. Yeah. Thanks. Looks amazing. I have two other questions, if I may. Maybe I'll start with the first one, which is more related to the expenses side. You reported a significant 27% reduction in total operating costs this year, with technology costs specifically falling by 59%. As the business stabilize, as you mentioned, how much of this cost saving is permanent, and how are you using AI to ensure you can scale efficiently without costs returning to legacy levels?

Yeah. Thanks, Calvin, again for the questions. Yeah. The efficiency gains you are seeing are structural, not just a temporary dip. We didn't simply cut spending. We fundamentally changed how we operate by retiring our legacy systems and consolidating our entire technology stack. A major driver for this shift is our transition into an AI-first organization. We are already seeing the financial benefits of this transformation in our daily operations. Today, a significant majority of our customer service interaction involve AI automations. What is even more promising is the resolution rate. Our AI tools have reached a point where they can fully handle and close a large portion of all customer queries without any help from our staff. It is exactly how we are able to support a much larger user base while keeping our team significantly leaner.

Beyond customer service, we are using advanced tools and generative AI to boost productivity across every department. For example, we are piloting solutions that help our team scale content production much more efficiently than before. By embedding these technologies directly into our workflows and our conversational interface, like SaverBot, we've built a highly automated engine. This allows us to handle much higher transaction volumes, like the 12% growth in approved application we saw this quarter, while maintaining the disciplined cost structure we have worked so hard to build. This efficiency is exactly what led to our Q4 net profit of $0.5 million and our first ever positive adjusted EBITDA of $0.7 million. We are confident that we can continue to grow our top line without letting our costs return to those old legacy levels. Thanks again for your questions.

Great. Great to hear about the AI deployment. Finally, sorry to be long, but finally, just a small question. Why did you restage your historical members and applications metrics this quarter?

Yeah. Thank you again, Calvin for the question. It's very good that, you know, someone caught that information. Yeah, to explain the reason. As part of our broader structural repositioning, we conducted a full audit of our legacy data infrastructure. We realized that some of our old methods for tracking operational metrics were based on fragmented logic that simply couldn't scale as we grew. Because of that, we have updated our numbers to ensure they are accurate moving forward. Just to give you an example, we found two main issues with how we are counting members. First, there was a legacy preprocessing error where certain emails address weren't being standardized properly before they were encrypted. This occasionally led to the same person being assigned multiple IDs, which created duplicate counts.

Second, specifically in the Philippines, we've moved our source of truth directly to our core CRM. This eliminates the discrepancies we were seeing from our older layer reporting systems. We saw something similar with how we track applications. Historically, that system was a bit of a patchwork. It relied on very specific hard-coded rules for different banks or deal stage. The problem was that if we added a new partner or a deal stage didn't perfectly match that old logic, some valid applications were accidentally left out of the total count. We have now replaced that with a standardized system-wide definition for submission dates, so we are capturing our true volume accurately across every partner we work with. It is important to note that this revision had absolutely no impact on our financial statements.

Our revenue has been recognized based on actual confirmed product approvals and fulfilled actions with our partners. This change was strictly about cleaning up our internal operational metrics to make sure that the data we use to run the business is as precise, as accurate as possible. Thank you.

That's perfect. Thank you very much.

Thank you. Thank you, Calvin .

Thank you. To ask a question, please press star one one. Our next question is a follow-up from William Gregozeski with Greenridge Global. Your line is open.

Hey, hey, Danny. Two more questions. I'll just ask them together real quick. How is your AI initiative advancing beyond the cost reductions, and what are the CapEx and OpEx implications for that for 2026? Second is, if you can you comment on the news article talking about the merger talks with you and bolttech? Thanks.

Thanks, William. I'll get your first question first about the AI. Our AI transformation is doing a lot more than just cutting costs. It is fundamentally reshaping how we generate revenue. To give you an idea of the operational side first, the benefits have been structural and very clear. By consolidating our platforms and embedding AI across the business, our technology costs dropped by an incredible 71% in the fourth quarter and 59% for the full year. Today, AI automation handles up to 70% of all customer service queries. This is a game changer because it allow us to scale our user base significantly, without needing to hire proportional number of new staff. Moving forward, we are shifting our focus to the revenue side as well, essentially using AI as an advanced marketing engine.

We are already seeing this work through better approval quality, more efficient customer acquisition costs, and higher conversion rates. You can see this leverage play out in our core credit card business, which grew 38% year-over-year in the fourth quarter. We have proven that we can scale volume efficiently. In Q4, our approved application grew by 12% to 190,000. Yet at the exact same time, our employee benefit expenses actually declined by 32%. This shows that we are getting more output from a leaner, more tech-driven organization. As we look forward to 2026, the beauty of this strategy is that the saving we have generated from AI are now actively funding our next round of innovation. Because of this, we don't anticipate needing any outsized Capital Expenditure.

Our goal for the coming year is to integrate our back-end system directly with our AI to hit a 60% zero-touch resolution rate, even for more complex inquiries. This will allow us to provide true 24/7 support and continue to grow our top-line revenue without reinflating our cost base. We are effectively decoupling our growth from our expenses. On to your second question about the recent news about the acquisition, the merger between bolttech and MoneyHero. We are aware of the recent media reports regarding potential acquisition activity involving MoneyHero Group. As a matter of company policy, we do not confirm, deny, or comment on market speculations. Our management team remains fully focused on executing our long-term strategy. Our priority is now sustaining and scaling profitability.

This includes driving growth across our high-margin insurance, wealth, and lending verticals while continuing to leverage our AI-driven operating model across our four core markets. Shareholders are reminded to rely only on official announcements and disclosures made by the company and to exercise caution when considering information from unofficial or media sources. Thanks, William.

Thank you. This concludes our question and answer session. I'd like to turn the call back over to Danny for any closing remarks.

Thank you, Michelle. Thank you all for being here today. 2025 was a crucial year for MoneyHero. We have successfully completed our two-year strategic repositioning by delivering our first ever adjusted EBITDA gain and a net profit this quarter. As we head into 2026, our mandate is clear: We are here to scale profitable growth. Essential part of that re-evolution is our shift into an AI first organization. We have already used AI to separate our operating costs from our growth, and our roadmap for 2026 is focused on plugging that AI even more deeply into our revenue engine. We are excited about the momentum we have, and we look forward to sharing our next set of results with you on the next call. Thank you, everyone.

Thank you for your participation. You may now disconnect. Everyone, have a great day.

Good day, and welcome to the MoneyHero Group Third Quarter 2025 Earnings Conference Call. [Operator Instructions] This call may be recorded. I would now like to turn the call over to Miner Pan. Please go ahead.

Thank you. Hello, everyone, and welcome to MoneyHero's 2025 Third Quarter Earnings Conference Call. I am Miner Pan, the Head of Corporate Development. Before we begin, I would like to remind you today's call will include forward-looking statements, which are inherent 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. In addition, please note that today's discussion will include both IFRS and non-IFRS financial measures for comparison purposes only. For reconciliation of these non-IFRS measures to the most directly comparable IFRS measures, please refer to our earnings release and SEC filings. Lastly, a webcast replay and a script of this conference call will be available on our IR website. Joining me today are Rohith Murthy, CEO; and Danny Leung, CFO. Our management will share the strategy and business updates, operating highlights and financial performance for the third quarter of 2025. This will be followed by a Q&A session. With that, let me turn the call over to Rohith.

Thank you, Miner. Hello, everyone, and thank you for joining us. This is our final earnings call of 2025, and it marks the inflection point where MoneyHero completes its strategic reset and enters the next phase with an immediate line of sight to structural profitability and value creation than at any point since listing. Now before getting into the quarter, I want to anchor the long-term picture because this really frames where the company is heading and why we believe our execution will ultimately be reflected in the share price that better matches our intrinsic value. Now over the next few years, we expect to deliver healthy annual revenue growth, continued margin expansion and sustained positive free cash flow, driven by our ongoing revenue mix shift towards higher-margin products, AI-enabled operating leverage through Project Odyssey, and structurally lower operating costs and the new growth engines launched in Q4. This is the algorithm guiding the company, and it's the lens through which we want investors to view our performance as we move through Q4 and into our medium-term trajectory. Now let me get into Q3 where this turnaround has become visible. Now Q3 delivered $21.1 million in revenue, up 17% quarter-on-quarter and 1% year-on-year. This was our second consecutive quarter of double-digit sequential revenue growth reflecting a recovery built on healthier unit economics rather than volume alone. More importantly, Q3 makes the structural operating leverage of the model more visible. Adjusted EBITDA loss improved 68% Y-o-Y to negative $1.8 million, and adjusted EBITDA margin improved over 1,800 basis points Y-o-Y from minus 26.5% to minus 8.4%. Over the past 9 months, adjusted EBITDA improved 67% Y-o-Y, while our net loss narrowed from $19.6 million to $5.7 million. This is not one-off. It's the continuation of the trend we have been signaling all year and a foundation for closing the valuation gap that exists today. Now let me talk about the revenue mix. Our revenue quality is materially stronger than what it was 18, 24 months ago. Insurance and wealth now account for 23% of revenue with insurance up 13% Y-o-Y and wealth up 5% Y-o-Y. We see a clear path for our high-margin verticals to take on meaningfully larger share of our revenue mix over the next few years. These verticals already delivered twice the incremental profitability of our lower-margin verticals even before AI upside. This deliberate mix shift we have been signaling combined with disciplined capital allocation into these segments, is central to how we're building durable compounding earnings power rather than chasing volume-led growth. I would like to talk about the cost base now. Our operating costs, excluding FX, fell 13% Y-o-Y to $23.9 million. Our tech costs dropped from $2 million to $0.9 million, employee benefit expenses from $5.7 million to $4.2 million, with 70% to 80% of our service inquiries now automated. We expect operating costs such as tech costs, employee benefit expenses and other operating expenses to remain broadly flat next year against strong revenue growth, a clear demonstration of margin first execution. In practical terms, this means incremental revenue will increasingly flow through to the bottom line reinforcing our confidence in sustaining profitable growth once we cross the Q4 inflection point. I would like to talk about Project Odyssey and how this is a strategic advantage and not just efficiency. Now Project Odyssey is a core pillar of our medium-term value creation. It brings together performance marketing, content automation, credit scoring intelligence, membership enrichment, conversational journeys and service automation into a single coordinated AI stack. Our pilots are already live, and we expect steady improvement in CAC efficiency, approval prediction, funnel conversion and reward optimizations, while automating more than 60% of service interactions without increasing headcount. Based on the work streams launched this year, and pipeline scheduled for 2026, we see Project Odyssey driving meaningful uplift in unit economics across every major verticals from lower CAC for approved customer and higher approval quality to our TransUnion-powered models to smarter routing across lenders and insurers, better organic traffic efficiency and a higher repeat usage through membership and personalized journeys. When aggregated, these work streams are projected to deliver a substantial improvement in annual EBITDA over the next few years with further upside as adoption deepens. Importantly, Odyssey is being trained on providing right content, behavioral approval data from 8.8 million members, giving us a defensible data moat and positioning MoneyHero as one of the region's first AI-native financial decisioning platforms. This is not just an efficiency program, it's a structural driver of margin expansion and a key catalyst for our long-term rerating potential. It also reinforces our regulatory first approach as we design AI journeys to closely align with regulators and partners to ensure suitability, transparency and consumer protection are all embedded from day one. I would like to talk about Q4 now, the profitability inflection. We expect Q4 adjusted EBITDA to be positive. The first profitable quarter on an adjusted EBITDA basis since listing. And this is driven by the mixed tailwinds in insurance and wealth, strong partner budgets in Singapore and Hong Kong. Growth in Hong Kong personal loans through the newly launched Credit Hero Club and the tax-alone season, the cost reset already in the P&L and ongoing improvements in marketing efficiency. Q4 will be the inflection point that we have been signaling all year, the catalyst for the business to be viewed fundamentally different in the market. From there, the focus shifts from proving profitability once to delivering it consistently and scaling it with AI and high-margin verticals doing more of the heavy lifting while the cost base remains tightly controlled. Now in terms of value creation, as we think about closing the gap between our intrinsic value and share price, I would like to sort of speak directly to why we believe our progress will ultimately be reflected in a share price that better matches our intrinsic value. Firstly, after proving profitability in Q4, we will consistently deliver and scale it. For the full year 2026 next year, we target to drive solid top line growth, meaningful improvement in profitability and a further revenue mix towards insurance and wealth moving beyond the roughly 23% they contribute today into the next band of our revenue mix. Second, we will -- the equity story with more proactive IR, clear medium-term guidance and more emphasis on our mix shift. And our auditory-driven margin expansion and our leadership in a fragmented market. Sequential revenue growth of 26% and 17% in the past 2 quarters already show what the new foundation can deliver. Third, we will pursue disciplined capital allocation and strategic optionality. Our priorities are clear: invest in Odyssey, the Credit Hero Club and real-time car insurance journeys, explore consolidation opportunities where we can unlock revenue and cost synergies and evaluate share repurchases once free cash flow is established. Across global fintech, there are very few companies capable of combining profitable growth, structural expansion and capital-light free cash flow, and our objective is to make it increasingly obvious that MoneyHero belongs in that group. I would like to close with the summary. 2024 was the year of reset, 2025 was the rebuild and path to profitability, 2026 will be the profitable scale up. Thank you. I'll now hand it over to Danny for our detailed financial review.

Thank you, Rohith, and hello, everyone. I'll take the next several minutes to walk through our third quarter financials with a focus on data. The operational drivers behind the numbers and how the financial profile of the business continues to evolve. Let me begin with revenue. For the third quarter, we reported $21.1 million in revenue, representing a 17% sequential increase from Q2 and a 1% year-over-year growth. This is now our second consecutive quarter of double-digit sequential revenue growth and it demonstrates a consistent recovery pattern built on healthy unit economics rather than the volume-driven growth we saw prior to the model reset last year. That 1% year-over-year increase needs to be interpreted in the context of the deliberate reshaping of our volume mix. As we have outlined in prior quarters, the company intentionally scaled back lower-margin products such as credit cards. So modest headline revenue growth is a sign that the strategic pivot is working as intended. We are growing again, but this time on a structurally stronger base. What gives us the confidence is the quality of revenue, which continues to improve. Insurance revenue grew 13% year-on-year to $2.3 million and wealth revenue grew 5% to $2.6 million. Together, they represent 23% of group revenue, compared to 21% a year ago. The shift reflects the fundamental change in our foundation, one that is already raising margins, improving predictability and strengthening the durability of earnings. Both internal data and external research highlight insurance and wealth as the core engines of long-term gross profit compounding and the Q3 data confirms that momentum. Looking geographically, Singapore was a standout performer with revenue rising to $10.2 million versus $7.9 million a year ago. That growth reflects improved approval quality, healthier participation from back-end insurers and broader product debt. Hong Kong delivered $7.5 billion in revenue slightly lower year-on-year, but in line with our expectation due to the proactive reduction of low-margin credit card campaign. Importantly, Hong Kong showed sequential stabilization as car insurance integrations deepened and Credit Hero Club continue to scale membership. Taiwan and the Philippines, which were reflected -- affected last year by the exit of Citibank's operations came in at $1 million and $2.4 million, respectively. These markets are recovering gradually, consistent with partners own acquisition strategy resets. Neither market is yet back to full run rate, but the operational issues seen earlier in the year are now largely behind us. Now let me turn to operating expenses. Operating costs, excluding FX, fell to $23.9 million, a 13% reduction year-over-year. This is consistent with our stated objective of reshaping our cost base and reflects progress across every major category. Advertising and marketing costs declined as we executed fewer low-yield campaigns and increased our use of fixed fee and sponsorship arrangement with partners, something we spoke about extensively during the Singapore Best of Awards, which attracted more than 170 guests. Technology costs also declined meaningfully year-on-year, decreasing from $2 million to $900,000. By consolidating platforms, reducing vendor count, and embedding AI-driven automation in internal workflows. We are enabling the business to ship more product features and handle more operational work without increasing cost. Employee benefit expenses were notably lower versus last year, decreasing from $5.7 million to $4.2 million. This is partly due to our restructuring efforts completed earlier in 2024. But just as importantly, due to the scaling impact of AI. As we shared on the prior quarter, our support and service automation now handles 70% to 80% of incoming queries. This enables us to maintain a flat headcount even as application volumes and member engagement grow. It's worth noting that this sets the stage for multiyear operating leverage. Increase in throughput will no longer require proportional increase in personnel. For Q3, adjusted EBITDA improved to a loss of $1.8 million compared to $5.5 million a year ago, an improvement of 68%. Adjusted EBITDA loss margin improved from 26.5% to 8.4%. This is the second consecutive quarter of sequential improvement and underlying drivers mix shift, operating leverage and reduce the cost of revenue remained consistent. Let me close by discussing our outlook. The leading indicators impacted in the Q3 results, rising share of insurance wealth, stable to improving approval quality, consistent cost discipline and increasing contribution from AI-enabled workflows all support the guidance we have provided throughout the year. We expect Q4 to be our first quarter of positive adjusted EBITDA since listing. Our cost base is structurally lower. Our revenue mix is structurally stronger, and the benefit of Project Odyssey are becoming visible, not only in service automation but also in conversion and acquisition efficiency. We will continue allocating capital to the higher-return verticals, namely insurance, wealth and personal loans. Overall, Q3 shows a company that continues to progress, operationally, financially and structurally towards our stated goal of sustainable, profitable growth. Thank you. And I will now hand the call back to the operator for questions.

[Operator Instructions] And our first question comes from [ Calvin Wong with Sticker Capital ].

I would like to ask 4 questions, if I may. And then pre more on business strategies and one on financials. The first one related to your crypto. What is the plan for the crypto segment since you have announced the partnership with OSL, HashKey and the survey with Coinbase so any revenue target or goal from this segment; and two, about AI. Can you elaborate about the AI displacement risk because you are a comparison platform. And three, you've mentioned many times in the press release that you're backed by a few partners like Palantir, [ Thiel ], Pacific Century. Can you share with us if there is any further partnership potential? And finally, on financials, we've seen that revenue basically flat year-on-year in the third quarter, but adjusted EBITDA actually improved quite significantly. So is that within your expectation? Any -- what are the drivers of this improvement? And why are you so confident in Q4 and beyond. So to recap one on crypto and one on AI and then another one on partnership and finally, about your profitability.

Dan, do you want to start with the profitability and then I'll take those 3.

Okay. Yes, perhaps I'll answer the first question about revenue first and then the one on Q4. Okay. So yes, thank you for your questions again. So while revenue was essentially flat year-over-year at $21.1 million. The economics under the hood of the business shift very meaningfully. The core driver of the 68% improvement in adjusted EBITDA was the combination of high-quality revenue mix and structurally lower operating costs, both of which reflect the execution of our modest -- model reset over the past 12 to 15 months. On the revenue side, you can see that insurance grew 13% year-on-year and wealth grew 5%, together accounting for 23% of group revenue, up from 21% last year. These verticals carry significantly higher contribution margins compared to credit cards, and the shift towards them has a direct positive impact on adjusted EBITDA. At the same time, operating costs, excluding FX, fell 13% year-over-year from $27.4 million to $23.9 million, as you can see. And we continue to optimize marketing spend, consolidate technology platforms and scale AI-driven automation across workforce. Notably, technology costs declined from $2 million to $900,000. Employee benefit expenses fell from $5.7 million to $4.2 million, enabled in part by our AI stack now handling 70% to 80% of service periods. Advertising and marketing efficiency improved as we prioritize higher yield campaigns and increased fixed fee structures with partners. So despite flat reported revenue compared to last year, the quality of what we earn and the efficiency with which we operate have both improved sharply, and that is what is being shown in the adjusted EBITDA. And on your second question about Q4 and beyond. Our confidence in Q4 and in the medium-term trajectory is anchored in both structural revenue mix improvements and sustained operating leverage. First, the revenue mix is fundamentally stronger now. Insurance and wealth are most profitable verticals now represent 23% of revenue. We have visibility towards taking this mix into next band of our revenue over the next few years, which will continue to rise margins and earnings durability. Second, sequential growth momentum is building. Q3 was our second consecutive quarter of double-digit sequential growth, and that growth came from healthy unit economics, non aggressive reinvestment. Singapore, in particular, saw strong product activity, and we expect that strength to continue into Q4. Third, our cost base is now fundamentally different from a year ago. So this all creates multiyear operating leverage that continues expanding EBITDA margins as we grow. Combining all these factors, Q4 is positioned to be the inflection point, the first quarter of positive adjusted EBITDA since listing and 2026 is set up to be the year in which we scale profitability while continuing to invest in insurance, wealth and AI impacted operating leverage. And I'll pass it on to Rohith.

Sure. I'll take the crypto question first. Look, our approach to crypto has been very deliberate, regulated and compliance first. You're right, a partnership with OSL gives us a very licensed sort of institutional-grade partner for execution. Recently, we partnered with Coinbase and we launched the pulse of crypto Singapore, a survey that actually provides like market insight, credibility and alignment with our regulatory expectations. We work very closely with the local regulators to ensure all our user journeys remain suitability aligned and compliant. And in the near term, our role is to educate, compare and route users to regulated platforms. We're not here to take any balance sheet risk. And over time, we'll integrate these digital assets into broader wealth journey so users can see crypto alongside cash and savings and traditional investments rather than just a stand-alone speculative category. We're not really setting a stand-alone crypto revenue target externally. Instead, we plan to underwrite it as an upside within the wealth segment with the goals that the digital assets become a meaningful contributor over the next 2 to 3 years. So that's on crypto. Now on the AI, that's an interesting question. And my response would be if we were just a static comparison platform, then yes, we would definitely look at AI as a risk. But when you think about us, a, we have vertical integration and insurance; b, deeper integrations and credit, we've been moving towards journeys with very meaningful data-driven insights rather than just a page of options. And now we have Project Odyssey. So if you put these together, we see AI actually as an amplifier of our value. Users still need someone to aggregate, normalize and curate across dozens of banks, insurers and wealth platforms, and that's us. Our partners still need a cost-effective, data-rich acquisition channel. And our job is to be the AI enhanced layer between users and providers not just a mere static list. And I think finally, on your question around partnership potentials, we're always in close dialogue with our major backers, including Pacific Century Group. We routinely explore partnerships within the ecosystem, particularly in Hong Kong, where we do see a strategic threat. And I think our relationship with Bolttech is a very good example of how these collaborations can really create value when the infrastructure and capability is really aligned with our distribution and product strategy. Thank you for the questions.

Our next question comes from William Gregozeski with Greenridge Global.

Rohith, yes, congratulations on the work you guys have done over the last year, really reshaping the company and getting ready for profitability. A couple of questions for you. With the talk about the positive cash flow coming here, is there any plans to use that on M&A? Or do you think you're just going to focus on the existing business and driving that profitability before looking outside the company?

Great question, Bill, and good to hear from you. Look, our capital allocation philosophy, as I would like to believe it's been very simple in sequence. The first thing we do is we invest organically in the core engine. And you're right, we've really rebuilt that core engine. Second, we're really looking at scaling Project Odyssey, we want to really deepen our AI advantages and even really accelerate our go-to-market for a lot of new capabilities. For example, the Credit Hero Club, the real-time car insurance journeys and even expanding our higher-margin insurance and wealth verticals. And these are where we believe have the highest return on our invested capital and it directly drive our revenue growth and margin expansion. So that's the first lens we have. The second lens, as you asked, we will pursue M&A but in a very disciplined way because we do believe, as the industry consolidation accelerates, we want to focus on acquisitions that will offer very clear revenue or cost synergies or both, stronger capabilities, a strategic scale, and now more so importantly, they need to fit our AI-enabled operating model.

Okay. Great. You mentioned the Credit Hero Club and you just launched that. Can you kind of talk about how that reception is going and just kind of give an update on how the loan segment is looking for the fourth quarter with that launch and then in 2026?

That's the question. Look, the Credit Hero Club is really sort of a marquee membership program we have launched in Hong Kong. It's the first of its kind in partnership with TransUnion. There's a lot of work that has happened throughout the year. And we're very happy we were able to get this launched this year. So the power of the membership program is consumers in Hong Kong will be able to get detailed information about their credit profile for free, credit score for free and through this, we will be able to make very personalized offers on credit products, very powerful in that sense. And to a large extent, it's related in terms of how we think about the personal loan segment in Hong Kong, it's a very important vertical for us. We have a category leadership there. But you're right, Hong Kong is a very unique market where we do have seasonality around tax loans, and we are in the tax loan season as we speak. And that's been great for us. It's a great contributor to our lending business. It continues to be every time we do have a tax loan season, more and more consumers pick us as a platform to find the best offers, and we've also been improving our overall user experience to make it easier for them to compare offers. We have great partnerships with exclusive offers that we provide. So that will continue to be a very attractive part of our loan strategy. But now bringing in the Credit Hero Club, we not only amplify seasonality like tax loans, but during, like, say, off seasonality, we are able to now be a lot more contextual, real time and really understand the credit needs of our consumers. And that capability is going to be extremely critical as we think about scaling personal loans so in that sense, we're very excited that we've also launched the Credit Hero Club in the tax loan season, and we really hope to scale this membership program in Hong Kong.

Okay. Great. Great. And last question is, you've been touching on the revenue mix and the margin profiles of the different segments. Can you just kind of give not necessarily guidance, but just some kind of outlook we should be looking for on the different segments for '26?

Absolutely. Now when you think about our business, credit cards will continue to remain a core vertical. And the way we think about credit cards is you have a medium to high-intent users. They are very rewards-driven. There is moderate seasonality and you're right, it's a low to medium margin profile. That's how we think about credit cards. When we look at personal loans, they are a lot more cyclical, but there's still a large essential category where margins continue to improve, especially as we shift towards higher approvals, better economic campaigns, Credit Hero Club being a big, big driver of that. And then there's insurance where we have motor, home and other general lines, these offer lower seasonality, there's a stronger repeat intent, and they structurally have higher margins. And this makes it like a really core EBITDA anchor for us as we really expand into real-time pricing and more end-to-end journeys. And travel insurance is more seasonal with lower margins, but really high volume. And this year, we've done a lot of work on wealth, whether that's brokerage accounts, savings products, investment marketplaces and digital assets that we spoke about. And these carry again, moderate to high margins, and we really believe there's a lot of meaningful long-term upside. So across the portfolio, each segment serves, I would like to believe, need-based demand, but they all differ in seasonality and margin structure. And that's why our strategy is steadily shifting towards recurring, higher-margin verticals. And we really -- with the target of bringing them from 23% level, which is there today into the next band of mix contribution in the next few years. And we plan to do this while improving economics in some of those cyclical categories I spoke about. This was a very disciplined expenses, cost disciplines and a sustained revenue momentum, we believe and we expect very strong operating leverage. And that was one of the strategic pillars we always laid out. And this is a dynamic that's going to carry into next year, which is why, as Danny mentioned, we expect EBITDA to improve significantly versus 2025, and this momentum and progress should go into 2027 and beyond.

Thank you. I'm showing no further questions. I'd like to turn the call back over to Rohith for closing remarks.

Again, this is the last earnings call, and I would like to take this opportunity to thank every member in MoneyHero, who has worked incredibly hard to reshape and return this business. We're very proud of what we've achieved, and we have a lot more to do in the coming year. We want to like -- we would like to thank our partners, our investors, our shareholders, who continue to believe in this business. And I would like to take this opportunity to wish you all in advance Merry Christmas and happy holidays. We'll see you all in the next earnings call. Thank you.

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