CAB Payments (CABP) investor relations material

Executive summary

• Achieved strong year-over-year and half-on-half growth, with total income up 12% YoY to GBP 119 million and adjusted EBITDA up 14% to GBP 35 million, driven by strategic transformation, operational efficiency, and global expansion.

• Diversified revenue streams, reduced concentration risk, and expanded client base to nearly 600 active clients with over 90% retention, including 30 central bank clients.

• Expanded global footprint with new offices in New York and Abu Dhabi, now operating in four key regions and enhancing access to clients and growth corridors.

• Positioned as a capital-light, scalable infrastructure platform in structurally growing markets, with a focus on B2B FX, payments, and increased product offerings.

• Strategic investments in technology, infrastructure, and client teams are driving operational leverage and future growth.

Financial highlights

• Total income reached GBP 119 million, up 12% year-over-year and 30% half-on-half, with adjusted EBITDA margin improving to 29%–33% in H2.

• Adjusted EBITDA grew 14% year-over-year to GBP 35 million, with a 69% increase half-on-half in H2.

• Adjusted profit before tax was GBP 23 million, up 9% year-over-year and more than doubled half-on-half.

• FX and payments income represented 70% of revenue, growing 15% year-over-year; FX & Payments volumes grew 13% YoY to GBP 42 billion.

• Operating costs increased 10% year-over-year, reflecting business growth, inflation, and investment in client-facing staff and technology.

Outlook and guidance

• Targeting compound annual growth rate for total income (excluding net interest income) in the high teens to low 20s over the next three years.

• Expecting continued operating leverage, capital generation, and a structural reduction in cost-income ratio.

• Net interest income expected to be a drag in 2026 due to rate changes and hedging; NII headwinds anticipated as interest rates decline.

• Investment in client teams, platform, and stablecoin capabilities to increase costs ahead of inflation in 2026.

• Capital return options to be considered at the end of 2026, with a formal framework to be presented next year.