Cab Payments Holdings Plc · LSE:CABA
Cab Payments — H1 2026 Earnings Presentation
34 slides from Cab Payments's earnings presentation, Aug 6, 2026
Slide 1: H1 Results Presentation 2026
H1 Results Presentation 2026
Slide 2: How did we do in H1 2026?
How did we do in H1 2026? Total Income H1 2026 – sustaining positive momentum £68m Operational leverage expanding, delivering efficiency (+31% YoY) Progressive dividend policy initiated – confidence in delivery Adj. EPS Re-affirming medium-term guidance 5.4p (+157% YoY) Adj. RoTC1 2 TSR 2.1p Progres
Slide 3: What are our strategic value drivers for growth?
What are our strategic value drivers for growth? SCALING THE BUSINESS NEW PRODUCTS TECHNOLOGY New offices Stablecoins in EM New core platform Correspondent banking Mobile payments / smart routing AI efficiencies FinTech growth Derivatives Client focused technology Central banks Underpinning our medi
Slide 4: Growth in client, network and mandate quality
Growth in client, network and mandate quality 601 ACTIVE CLIENTS ~450 NETWORK PARTNERS STRATEGIC WINS Growth in quality clients Network momentum Revenue opportunities expanding EM volume growth +21% YoY Additional global clearing partner Enhanced correspondent banking services ~30 central bank clien
Slide 5: Business model built to deliver TSR: distribution policy initiated
Business model built to deliver TSR: distribution policy initiated Quality Strong, sustainable 01 revenue and profitable growth Profit accretion, cost-base E Capital Operational Compounding 02 leverage reshaped, AI delivering productivity focus value growth generation + distribution Product expansio
Slide 6: Financial Performance
Financial Performance James Hopkinson, Group CFO
Slide 7: A strong half underpins confidence for the full-year
Income +31% YoY, Higher take rates promising progress HoH (+5%)1 A strong half underpins Operating leverage driving capital H2 delivery underpinned by confidence for generation strategic actions the full-year Re-affirming New capital medium-term framework guidance drives TSR 1. +1% HoH as reported.
Slide 8: Well positioned to deliver strong growth and attractive distributions to shareholders
Well positioned to deliver strong growth and attractive distributions to shareholders: a true TSR proposition Targeting a long-term minimum CET1 capital % between 16.5% - 17.5%1 Investment in growth Shareholder returns Investment Inorganic Dividend Special dividend or Buybacks BAU investments – keep
Slide 9: Strong YoY growth with encouraging HoH momentum
Strong YoY growth with encouraging HoH momentum £m H1 2026 H1 2025 YoY HoH 5 Wholesale FX 31 18 75% - Total Income Total Income (ex-NII)1 Payments 16 14 19% 3% 8 6 32% 5% +31% +48% Payments FX Other payments 8 8 8% 1% YoY YoY Banking 20 20 -% -% Deposit NII 15 16 (7%) 1% Trade finance & other 5 4 28
Slide 10: Growth in quality and sustainable revenue
Growth in quality and sustainable revenue Correspondent banking Payment transactions Highest 12 month rolling Total Income since IPO clients +22% 77 More diversified by product FX, Payments, YoY ~60 in pipeline Solutions, Banking +92 active clients added over 2024, 2025 and Ave. Call Deposits Trade
Slide 11: HoH performance shows continued momentum
HoH performance shows continued momentum Total income (£m) +1% / +5% Adj. EBITDA/margin (£m) (ex one-off items1) +8% Total Income 33% 33% 35% up 31% YoY 24% 25% (1% HoH or 5% 56 50 52 67 68 excluding one-off 18.7 12.1 13.1 22.1 23.8 revenue items) H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 H1 2024 H2 2
Slide 12: EM take-rates driven by solutions and macro volatility
EM take-rates driven by solutions and macro volatility EM core take-rate averaging c.30bps1 0.55% 0.50% Recent BAU take-rate shaped by specialist liquidity access in select corridors and market volatility 0.41% 0.38% 0.33% Dislocations prominent in 2022–23, none in H1 0.38% 0.29% 0.31% 2026 0.33% 0.
Slide 13: Expanding operating leverage
Expanding operating leverage Adjusted EBITDA Underlying operating costs (ex D&A)2 - £m growing1 +82% +13% +8% £1.3m £0.4m Adjusted Adjusted • BAU technology EBITDA (YoY) EBITDA (HoH) £1.5m • Volume- and product related costs • Aligned to transaction £1.9m • Global stronger costs expansion financial
Slide 14: Targeted investment programme focused on growth
Targeted investment programme focused on growth Capital Expenditure1 by period - £m H1 Capital Expenditure allocation - £m Capex (£m) Capex % of Total Income 24% £12.5m Platform Processing 49% 12% 4% Protection Product £8.6m 10% 12% £7.0m £6.8m £6.8m 23% 7% £4.5m 7% £3.5m New banking platform and co
Slide 15: Medium-term guidance re-affirmed
Medium-term guidance re-affirmed REVENUE OPERATING LEVERAGE INVESTMENT CAPITAL GENERATION High-teens to early 20s % Continued positive Increased levels Capital-light cash operational leverage of investment generative model CAGR in Total Income driving improved underpinning growth growing surplus cap
Slide 16: Strategic Update
Strategic Update Neeraj Kapur, Group CEO
Slide 17: Strategic progress underpins future growth
Global expansion supports deeper relationships Providing financial connectivity to the Global South Strategic progress underpins future Stablecoin proposition in EM progressing as planned growth Capital generative business model Continued delivery supported by client drivers Clear investment case 17
Slide 18: Continued expansion across fast-growing markets
Continued expansion across fast-growing markets Africa London Offices approved: Nigeria Americas Amsterdam & Côte d'Ivoire Guyana licence secured; Capturing ME to Africa New York office imminent flows Venezuela: exploring Deepening humanitarian compliant flows Abu Dhabi Nigeria & dev payments Caribb
Slide 19: The importance of providing financial connectivity to the Global South
The importance of providing financial connectivity to the Global South Addition of Deutsche Bank significantly enhances our correspondent banking opportunity 02 77 £17m Strategic banking partners Live correspondent banking H1 2026 revenue from USD, EUR & GBP clearing clients +48% since H1 2023 respo
Slide 20: Playing a core role in the Emerging Market stablecoin ecosystem
Playing a core role in the Emerging Market stablecoin ecosystem Looking to position CAB Payments as the regulated bank that off-ramps the flow Sender Stablecoin on-ramp Custody Network CAB Receiver Local fiat fiat → USDC Hold USDC Stablecoin networks Off-ramp · FX + local Local fiat in wallet route
Slide 21: Stablecoins: disciplined, regulated-first model
Stablecoins: disciplined, regulated-first model New revenue from flows we already serve - within risks we know Business Model Progress to date Partner-led delivery Initial offering (Off-ramp into local fiat) in testing In-house KYC & travel-rule controls Ecosystem mapped – infrastructure customers /
Slide 22: H2 powered by exciting opportunities
H2 powered by exciting opportunities Geographic New market Scaling Digital expansion opportunities the core assets Open Guyana office Venezuela/ Solutions and corporates Production wider LATAM Two new offices New CB clients Client testing in Africa Correspondent banking expansion Fintech opportuniti
Slide 23: Clear investment case
Clear investment case Regulated infrastructure platform 6 1 Structural Growth Drivers Enabling network maintenance, preferential Growth aligned to structural economic market access, relationship longevity and development, rather than short-term trust and liquidity management rate or volatility cycle
Slide 24: Outlook and key takeaways
Business model: Driving valued client relationships in our markets Stablecoin: Solving the off-ramp problem Outlook and key takeaways Correspondent banking: Highly valued to clients and economies Growth: Supported by strong relationships and regulation Investment case: Clear and proven 24
Slide 25: Appendix
a, Appendix ON
Slide 26: P&L by half
P&L by half (£m) H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 YoY HoH Wholesale FX 21.7 17.3 17.7 31.0 31.0 75% -% Payments 15.6 13.9 13.7 15.8 16.3 19% 3% Payments FX 8.1 6.7 6.2 7.8 8.2 32% 5% Other Payments 7.5 7.2 7.5 8.0 8.1 8% 1% Banking 18.7 19.2 20.4 20.3 20.3 -% -% Deposit NII 16
Slide 27: Other Management Information
Other Management Information (£m) H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 YoY HoH Financial metrics Wholesale FX & Payments FX (£m) 29.7 23.8 23.9 38.8 39.2 64% 1% Total Income (ex Deposit NII) (£m) 39.6 35.1 35.3 52.0 52.3 48% 1% Currency concentration Top 5 (%) 32% 24% 27% 37% 38% 11% +1% Adjusted
Slide 28: High quality, liquid balance sheet
High quality, liquid balance sheet Balance sheet Entering a lower interest rate environment (£m) 31-Dec-25 30-Jun-26 HoH • Hedging strategy established in 2025 protects the stability of Cash at central banks 258 196 (24%) NII against unexpected changes in interest rates Money market funds 218 339 55
Slide 29: HoH shows continued momentum and demonstrates business model strength
HoH shows continued momentum and demonstrates business model strength +5% 67.2 1.9 2.9 0.7 67.6 64.8 (1.8) (0.7) (2.6) HoH Growth in client-based activity Client # +2% EM Volumes +6% G10 Volumes (13)% Payment transactions +11% Average deposits +9% Dislocation H2 2025 Underlying Total … Volume NII, T
Slide 30: Strong activity levels across all client types
Strong activity levels across all client types Revenue by client type H1 H1 Active New active Revenue / £m YoY HoH (1) 2025 2026 clients clients client (£000) Banks 33 38 +13% (1)% 295 14 127 Fintechs & Corporates 13 21 +69% +1% 229 11 93 IDOs (2) 6 9 +47% +6% 77 7 114 • Banks underpinned by stronge
Slide 31: Strong activity levels across all regions
Strong activity levels across all regions Revenue by client type H1 H1 Active New active Revenue / £m YoY HoH (1) 2025 2026 clients clients client (£000) Americas 22.1 21.8 (1)% (2)% 134 4 163 UK 11.5 19.7 +71% +6% 141 4 140 Africa 12.7 18.2 +43% (6)% 217 9 84 Europe 2.4 4.2 +75% +8% 60 4 70 Asia 2.
Slide 32: Core Equity Tier 1 Ratio (CET1) bridge
Core Equity Tier 1 Ratio (CET1) bridge 1.8% 0.2% (0.5%) (0.6%) (0.1%) (0.9%) 22.6% 21.8% 21.7% Dec 2025 CET1 Profit & Reserves Capex Unsettled Deals Treasury & Trade Operational Risk June 2026 CET1 Dividend June 2026 CET1 Ratio Finance Ratio (pre- Ratio Dividend) CET1 £129m £11m (£3)m £1m (£5)m £133
Slide 33: Disclaimer
Disclaimer This presentation should be read in conjunction with the RNS announcement published by CAB Payments Holdings plc (CAB Payments) on 6 August 2026. This presentation is not intended to, and does not, constitute or form part of any offer or invitation to purchase, otherwise acquire, subscrib
Slide 34: Contact details
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
CAB Payments Holdings — H1 2026 Earnings Presentation on 6ix