Boku (BOKU) H1 2025 earnings summary

Executive summary

• Achieved strong H1 2025 financial performance with 34% revenue growth to $63.3m, adjusted EBITDA up 53% to $21.8m, and robust cash generation, driven by global adoption of local payment methods and strategic investments in innovation and expansion.

• Expanded market share and merchant base globally, positioning as a leader in the LPM sector and enhancing scalability through partnerships and operational efficiency.

• All product lines, especially Digital Wallets, A2A schemes, and DCB bundling, showed significant growth and now represent 36% of total revenue.

• Monthly Active Users increased 20% to 95.5m, and Total Payment Volume grew 28% to $7.4bn.

• Continued onboarding of major merchants and opened an innovation hub in Singapore to drive next-generation payment solutions.

Financial highlights

• Revenue grew 34% year-over-year to $63.3m, with underlying growth of 27% excluding $3m in non-recurring launch phase pricing.

• Adjusted EBITDA increased 53% to $21.8m, with margin at 34.3% (30.6% underlying, including currency conversion costs).

• Operating profit reached $11.9m, reversing a prior year loss.

• Group cash balances rose 8% to $192m, own cash up 9% to $87.3m, despite $12.3m in share buybacks.

• Free cash flow conversion at 70%, with $15m generated in H1 2025.

Outlook and guidance

• Full-year revenue expected in line with upgraded consensus of $126.7m, with adjusted EBITDA expected at $39.3m.

• Guidance reiterated for over 27% revenue growth and adjusted EBITDA margin above 30% for FY25, with medium-term organic revenue CAGR above 20%.

• Guidance is based on organic growth, excluding M&A contributions, and margin accretion expected from FY26.