Cab Payments Holdings Plc · LSE:CABA
Cab Payments — H1 2025 Earnings Presentation
28 slides from Cab Payments's earnings presentation, Oct 1, 2025
Slide 1: H1 Interim results 2025 presentation
H1 Interim results 2025 presentation Moving money where it’s needed Classification: PUBLIC
Slide 2: Delivering prosperity to emerging markets
Neeraj Kapur, Group CEO Delivering prosperity to emerging markets. 2
Slide 3: Transform. Execute. Grow.
Transform. Execute. Grow. Foundations laid for growth Delivering on our commitments Delivering value Moving from transformation to impactful growth Oct-24 Jan-25 Jun-25 Dec-25 Transformation Execute for growth Executing with purpose: delivering prosperity to emerging markets. 3
Slide 4: Entering growth mode
Entering growth mode Growing Enhancing New Client Base Product Suite Markets Relationship-led model Better serving our client Acting as economic driving growth in active eco-system with solutions “partner” to enter new clients and volumes emerging markets 4
Slide 5: Delivering on our commitments
Delivering on our commitments Foundations Built. Executing For Growth. Income Stabilised Expanding geographic footprint Cost base reshaped Growing active client base Revenue diversified Improving market connectivity Sales organisation re-structured Enhancing product suite 5
Slide 6: Delivering sustainable and diversified growth
Delivering sustainable and diversified growth Clients Network Platform Invest and innovate 573 436 £1.5bn 67% Active clients Network counterparties Average Client deposits Capex now targeted (36 new active clients) 2024: 390 +4% vs 2024 on product 2024: 546 2024: 29% 27% 30 2.6k 39 Top 5 currency Ce
Slide 7: Financial Performance
Financial Performance James Hopkinson, CFO
Slide 8: HoH growth despite macro challenges
HoH growth despite macro challenges Volumes (£bn) Gross Income (£m) Adj. EBITDA (£m) Operating FCF (£m) 9.4 9.5 56.0 18.7 19.9 51.8 19.6 50.4 17.6 6.7 6.3 13.1 6.1 12.1 6.8 12.9 13.6 10.8 H1 2024 H2 2024 H1 2025 H1 2024 H2 2024 H1 2025 H1 2024 H2 2024 H1 2025 H1 2024 H2 2024 H1 2025 Developed Emergi
Slide 9: Generating financial momentum
Generating financial momentum £m H1 2024 H2 2024 H1 2025 Wholesale FX 21.7 17.3 17.7 Total Income +3% Payments Payments FX 15.6 8.1 13.9 6.7 13.7 6.2 Growing despite volume mix shift HoH Other payments 7.5 7.2 7.5 Banking 18.7 19.2 20.4 +8% NII from cash management 16.4 15.4 16.5 Adj. EBITDA Trade f
Slide 10: More resilient income mix
More resilient income mix % income Emerging FX Gross Income by product (£m) • Volumes impacted by macro-economic conditions • Take rates remain consistent with 2024 exit £56.0m 46% £50.4m £51.8m Developed FX • Targeted growth in EMFI and CB clients 22.3 15.0 • A trusted provider for all types of FX
Slide 11: Volumes and take-rates stable
Volumes and take-rates stable Volumes (£bn) Take-rates (bps) £17.6bn £19.6bn £19.9bn Emerging 6.7 6.3 33 24 24 6.8 Developed 12.9 13.6 10.8 7 6 7 H1 2024 H2 2024 H1 2025 H1 2024 H2 2024 H1 2025 Developed FX Emerging FX 11
Slide 12: Cost base more effective to deliver operational leverage
Cost base more effective to deliver operational leverage Underlying operating costs (ex D&A) - £m Staff costs • Restructuring exercise successful £38.3m ex VAT refund • Greater proportion of staff client facing £37.6m £38.6m £38.7m • On-track for broadly flat staff costs (ex-variable pay) for FY25 •
Slide 13: Capital-lite and cash generative business model
Capital-lite and cash generative business model Differentiated Improved Targeted banking institution cash generation investment program Capex focused on product 19.5% OpFCF Conversion(1) development (67%) CET1 Ratio Operational resilience 2024: 19.2% largely complete in 2024 vs 15.9% UK banking sect
Slide 14: Positioned for continued growth
Positioned for continued growth • Good growth in Total Income, Adj. EBITDA and Adj. PAT • Delivering on our strategic priorities • H2 priorities are to serve more clients, with broader products in more markets • Continue to assess opportunities to invest behind client growth activity • Maintaining s
Slide 15: Strategic update
Strategic update Neeraj Kapur, CEO
Slide 16: Transform. Execute. Grow.
Transform. Execute. Grow. Foundations laid for growth Delivering on our commitments Delivering value 16
Slide 17: Driving our client-led business
Driving our client-led business Banks NBFI / Fintech IDO Large corporates Multi-product Trusted provider Well placed in a relationship challenging market Moving money in £33.6m £12.3m £5.9m and out of hard- H1 25 revenue H1 25 revenue H1 25 revenue (+5% HoH) (+5% HoH) (-13% HoH) to-reach markets via
Slide 18: Delivering value to clients through structured solutions
Delivering value to clients through structured solutions Enhanced products for all client types powering our holistic product offering. FX Spot Enhanced Payments FX Derivatives Deposits Trade finance £40bn FX Volumes Last 12 Months £9bn Structured solutions Total payments through CAB £1.5bn Average
Slide 19: Helping clients through our relationship-led model
Case study Helping clients through our relationship-led model • Relationship-led approach with central bank • Improved market connectivity • Economic partnership & driving prosperity • Fee-based income generation 19
Slide 20: Expanding our global footprint to support clients
Expanding our global footprint to support clients London Amsterdam New York Abu Dhabi Group HQ European Hub Americas Hub MENA, Africa, AsiaPac Hub Core Sales, Client management, European Sales and operations Client sales and Clearing Middle-East / North Africa trading & operations Development Banks
Slide 21: Powering our business through technology
Powering our business through technology Scalable Automated 550k 94% transactions processed processes via STP methods (+20% vs H1 24) Improved CX Resilient 54% 99.7% reduction in client onboarding platform uptime times, smoother integration and KYC procedures(1) Uplifted investment in AI driven effi
Slide 22: H1 momentum drives improved performance in H2
H1 momentum drives improved performance in H2 Clients. Products. Markets. • Continued execution • Guaranteed deposits / derivatives • Malawi / Nigeria / Mozambique roll-out • Europe client pipeline conversion • Europe scale build • Increased ACH payments • Continued activity from H1 cohort • US offi
Slide 23: Transform. Execute. Grow.
Transform. Execute. Grow. Foundations laid for growth Delivering on our commitments Delivering value Moving from transformation to impactful growth… Oct-24 Jan-25 Jun-25 Dec-25 Transformation Execute for growth Confidence in delivery for H2 and overall growth for 2025. 23
Slide 24: Appendix
CAB | Payments
Slide 25: P&L – Management basis
P&L – Management basis % % (£m) H1 2024 H2 2024 H1 2025 YoY HoH Wholesale FX 21.7 17.3 17.7 (18%) 2% Payments 15.6 13.9 13.7 (12%) (1%) Payments FX 8.1 6.7 6.2 (23%) (7%) Other Payments 7.5 7.2 7.5 – 4% Banking 18.7 19.2 20.4 9% 6% Net Interest Income 16.4 15.4 16.5 1% 7% Trade f
Slide 26: Management Balance Sheet
Management Balance Sheet (£m) 30 June 25 31 Dec 24 Cash at central banks 432 584 Other HQLA 587 674 Total HQLA 1,020 1,257 Debt securities 261 246 Trade Finance lending 199 180 Working Capital lending 29 32 Other lending 6 3 Fixed assets 19 21 Intangible assets 30 31 Other assets 49 36 Total assets
Slide 27: Other Management Information
Other Management Information % % (£m) H1 2024 H2 2024 H1 2025 YoY HoH Capital & Investment Core Capex (£m) 6.8 5.7 3.5 (49%) (39%) Capital intensity (% of Total Income) 12% 11% 7% Operating Free Cash Flow (£m) 9.4 6.1 9.5 1% 56% Operating Free Cash Flow Conversion (%) 50% 50% 72% Total CET1 Capital
Slide 28: www.cabpayments.com info@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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