CAB Payments (CABP) H1 2025 earnings summary

Executive summary

• Completed transformation phase and entered growth execution, focusing on client acquisition, product innovation, and expansion into new markets including the US, Europe, and Africa, with 52 new clients added and 573 active clients.

• Enhanced product suite with new ACH payment rails, FX derivatives, structured solutions, and launched first client payments via Visa partnership.

• Strategic restructuring completed, reducing headcount by ~100 FTE, focusing on efficiency and client delivery.

• Strengthened central bank relationships, winning the 2025 Global Markets Central Banking Award, and reopened key African FX markets.

• Expanded global presence with new offices in New York, Amsterdam, and proposed Abu Dhabi office.

Financial highlights

• Total income for H1 2025 was £51.8m, up 3% half-on-half but down 8% year-on-year due to take rate compression and prior year market dislocation.

• Adjusted EBITDA reached £13.1m (25.3% margin), up 8% half-on-half; adjusted profit after tax up 9% half-on-half to £5.4m.

• Free cash flow of £9.5m, with cash conversion at 72% versus 50% in both halves of 2024.

• Payments volumes grew 20% year-on-year, with FX volumes just below £20bn, driven by G10 currencies; developed FX volumes up 26% YoY, emerging FX volumes down 7% YoY.

• Average deposit balance stood at £1.5bn; total assets at £1,613m as of June 2025.

Outlook and guidance

• Expecting acceleration in H2 performance, supported by new client onboarding, expanded product suite, and momentum from H1 initiatives.

• Guidance for modest full-year income growth in FY2025 remains unchanged, with confidence underpinned by pipeline and client activity.

• Focus remains on operational leverage, cost control, and sustainable, client-driven revenue growth.