Cab Payments Holdings Plc · LSE:CABA
Cab Payments — Investor Presentation (June 2026)
26 slides from Cab Payments's investor presentation, June 2026
Slide 1: Investor presentation June 2026
Investor presentation June 2026 Delivering prosperity in the markets we serve
Slide 2: A leading B2B FX & Payments provider
A leading Our purpose: Delivering prosperity in the markets we serve B2B FX & Payments provider 120+ £119m Currencies & Markets 2025 Total Income We provide cross- border payment solutions that power c.600 55+ opportunities across Active Clients Central Bank Relationships the Global South 92% 440+ C
Slide 3: A history like no other
A history like no other Simplified version of this with less text 3
Slide 4: We can move money
We can move money £41.9bn FX & FX Payment Volumes in 2025, of which £13.6bn in emerging market volumes 2025 £8.3bn in fintech and corporate payments in 2025 (incl remittance flows) £2.5bn volumes delivered for International Development Organisations Global reach Partnering with us gives you access t
Slide 5: After a challenging period the business is now back-on-track
After a challenging period the business is now back-on-track Revenue (£m) Sales force growth, network £137m growth, platform scalability £109m £119m £119m £106m as reported £82m £58m £43m £40m £42m ex NGN 2020 2021 2022 2023 2024 2025 Transform & Return to IPO Execute growth • New management • Purpo
Slide 6: A differentiated service proposition
A differentiated service proposition Specialists in Emerging Institutional B2B client Regulated Banking & Frontier Markets base – not retail Platform 120+ c.£400k 22.1% currencies & markets avg transaction value CET1 capital ratio Proprietary EM Network Full-Spectrum Entrenched Client Built Over 100
Slide 7: Clear investment case
Clear investment case Regulated infrastructure platform Structural Growth Drivers Enabling network maintenance, preferential 6 1 Growth aligned to structural economic development, market access, relationship longevity and trust rather than short-term rate or volatility cycles and liquidity managemen
Slide 8: We benefit from structural growth drivers
We benefit from structural growth drivers Uniquely positioned 1. Large & Growing 2. Structural tailwinds 3. Higher margins than 4. Strong barriers Cross-Border Market fueling growth traditional FX to entry $32trn 10+ >30bps 180+ Global B2B Global B2B EM take-rate vs Years of presence in cross-border
Slide 9: At the forefront of connecting the world's fastest growing markets
At the forefront of connecting the world’s fastest growing markets 120+ Currencies & Markets 2023-2024 GDP Growth by country 8.5bn Payment endpoints >190 Map Key Countries reached >10% 3%-10% <3% No data ~60% Current most-active regions Target regions for future growth opportunities Regional hubs Tr
Slide 10: A global footprint to support clients
A global footprint to support clients London Amsterdam New York Abu Dhabi Group HQ European Hub Americas Hub MENA, Africa, Core Sales, Client management, European Sales and operations Client sales and Clearing AsiaPac Hub trading & operations relationships Development Banks Middle-East / North Afric
Slide 11: Continuous growth in activity
Continuous growth in activity Serving a blue chip client base Active clients growing c.10% p.a. 17% p.a. growth in FX volumes (£bn) Banks & Financial B Institutions 592 £41.9bn Providing liquidity and connecting through the global financial network. Central and 13.5 commercial banks valuing our EM a
Slide 12: Attractive financial opportunity
Attractive A track-record of delivering growth financial Revenue by product (£m) Adj. EBITDA (£m) and Adj. EBITDA margin (%) opportunity 2022-23 driven by exceptional currency performance in Nigeria 2022-23 driven by exceptional currency performance in Nigeria £137m (1) 70 50% 55% 47% £119m Highly s
Slide 13: Well positioned for the future: Medium-term financial framework
Well positioned for the future Medium-term financial framework Revenue Operating leverage Investment Capital generation High-teens to early 20s % CAGR in Total Income ex. Continued positive operational leverage Increased levels of investment Capital-light cash generative model NII(1) over the next 3
Slide 14: In conclusion…
In conclusion… A CAB Payments for the future Ideally placed to navigate a changing market Structural expansion driven by markets Increasing regulatory sophistication Revenue diversified and growing Stablecoin expansion Operating leverage expanding Entering new regional flows Investing for growth Cap
Slide 15: Financial Update
2025 Financial Update 15
Slide 16: Strong financial progress
Strong financial £m 2024 2025 YoY HoH (3) progress Wholesale FX Payments 39 30 49 30 25% - 75% 15% Payments FX 15 14 (5%) 26% Other payments 15 16 5% 7% Banking 38 41 8% - Total Income Adj. EBITDA NII 32 32 (1%) (9%) Trade finance & other 6 9 52% 38% 12% 14% Total Income Operating costs(2) 106 (76)
Slide 17: HoH performance shows successful transformation and return to growth
HoH Total Income (£m) Adj. EBITDA/margin (£m) 33% 33% performance +30% +69% shows successful 56.0 67.2 24% 25% 51.8 transformation 50.4 18.7 12.1 13.1 22.1 and return H1 2024 H2 2024 H1 2025 H2 2025 H1 2024 H2 2024 H1 2025 H2 2025 to growth Take rates (bps) FX & Payments FX Volumes (£bn) +6bps +11%
Slide 18: Strong volume growth with actions taken to counteract variable take-rates
Strong volume growth with actions taken to counteract variable take-rates Strong volume growth reflects growing client Take- rate profile reflects central bank intervention in Business fairly concentrated book and increasing share of wallet key markets, actions being taken to diversify book towards
Slide 19: Cash generative and scalable business model
Cash generative and scalable business model Historically strong operating leverage, Strong cash generation capability Well invested platform positioned for cost base rationalised in 2024 growth 60 91% 100% 21% 88% 90% 50 33.5 80% 30.5 75% 26.6 40 70% 14% 68% 18.6 60% 30 56.8 49.8 50% 50% 7% 8% 13.5
Slide 20: Appendix
Appendix 20
Slide 21: Multi-year entrenched client relationships
Multi-year entrenched client relationships Active client numbers (#) & revenue per client (1) Deeply • Top 15 clients have banked with CAB for ~10 years on entrenched 592 average relationships 546 509 • 143% NRR reflects clients 423 456 deepening relationships — more products, higher volumes over ti
Slide 22: A diversified, blue-chip institutional client base across three segments
A diversified, blue-chip institutional client base across three segments Banks & Financial Fintechs & International Development Institutions Corporates Organisations £72m revenue (FY25) £33m revenue (FY25) International Development +15% YoY +15% YoY Organisations Providing liquidity and connecting T
Slide 23: Flexible payments platform
Flexible payments platform Multi-rail capability – delivering to billions of end points globally Wholesale FX & Large Payments ACH & Payment Flows High ATV | Lower Frequency Lower ATV | High Frequency £42bn FX & Payments Volumes (2025) c.£400k Average Transaction Value 25% Volume Growth YoY 1.2m Pay
Slide 24: Stablecoin – a significant evolution in cross-border payments
Stablecoin – a significant evolution in cross-border payments Stablecoin proposition due to launch in 2026 $ ↑ ⬡ ✓ ★ ⊕ ✓ Sender On-Ramp Blockchain Rail Stablecoin Off-Ramp Local Liquidity Recipient (Local (Corporate/Bank) Settlement Bank/Wallet) → Smart contract → CAB nostro Initiates payment in (US
Slide 25: Disclaimer
Disclaimer This presentation is not intended to, and does not, constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. This presentation does not co
Slide 26: www.cabpayments.com
A black background with a black square Description automatically generated with medium confidence www.cabpayments.com CAB Payments Holdings plc. Authorised as a Financial Holding Company by the info@cabpayments.com Prudential Regulation Authority under Firm Reference Number 959213. Company registere
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