Boku, Inc. · LSE:BOKU
Boku — Investor Day (October 2025)
116 slides from Boku's investor day presentation, Oct 16, 2025
Slide 1: Capital markets event
16 October 2025 Capital markets event Download this presentation © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc.
Slide 2: Our purpose
Our purpose To give people the freedom to buy what they want, the way they want Boku Capital Markets Event 2025 2
Slide 3: Welcome
Welcome Stuart Neal CEO Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 4
Slide 4: Beyond plastic
Beyond plastic Local payment methods are reshaping global commerce Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 5
Slide 5: What do we mean by Local Payment Methods?
What do WE mean by Local Payment Methods? LPMs account for 52% of e-commerce globally DCB Digital A2A Direct Carrier Billing wallets Account-to-account app with stored value, purchases directly money moving directly topped up using a charged to a mobile from one bank account range of funding phone b
Slide 6: LPMs are eating the world of payments
LPMs are eating the world of payments JAPAN JAPAN CHINA CHINA SE ASIA DCB PayPay Alipay WeChatPay Grab 50+ million users 70+ million users 1.4+ billion users 1+ billion users 46+ million users PHILIPPINES NIGERIA BRAZIL INDIA POLAND Gcash NIBSS Pix UPI BLIK 94+ million users 66+ million users 175+ m
Slide 7: LPMs are gradually taking over checkouts
LPMs are gradually taking over checkouts Global e-commerce transaction value predicted to grow at 10.6% CAGR 2023-2028F 2023 2028F 41% Traditional LPM 49.5% 50.5% 59% $6.4 trillion $10.6 trillion 2024 Global Ecommerce Report – Boku & Juniper Research Boku Capital Markets Event 2025 © 2025 Boku Inc.
Slide 8: LPMs are gradually taking over checkouts
LPMs are gradually taking over checkouts A2A and digital wallets predicted to take share from credit/debit cards Change in share of e-commerce value 2023–2028 F (%) 2024 Global Ecommerce Report – Boku & Juniper Research Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETA
Slide 9: Why is this happening now?
Why is this happening now? Boku is benefitting from three concurrent market and economic tailwinds 1. Consumers 2. Central 3. Merchant choosing LPMs bank policy efficiency The rapid consumer adoption of The repatriation of payment Larger global merchants want to LPMs across all continents. systems b
Slide 10: What's the problem for global merchants?
What’s the problem for global merchants? Fragmented Complex, Limited reach local payment costly across systems integrations borders Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 11
Slide 11: Our mission
Our mission To simplify global expansion for our merchants by providing seamless access to the world’s most popular payment methods Boku Capital Markets Event 2025 12
Slide 12: Boku at the heart of global merchants' growth
Boku at the heart of global merchants’ growth Merchant Boku Global population network Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 14
Slide 13: A snapshot of Boku's global payments platform
A snapshot of Boku’s global payments platform 100M Monthly users 200+ Local Payment Methods 60+ Countries Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 15
Slide 14: Boku connectivity across the globe
Boku connectivity across the globe Major Boku office Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 16
Slide 15: Three drivers of our growth
Three drivers of our growth 1 Growing with One scalable existing merchants platform to 2 Adding new achieve long enterprise term growth 3 merchants Layering on value-added services Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a regis
Slide 16: Our products help merchants grow their businesses globally
Our products help merchants grow their businesses globally Payments new Money Network Movement Bundling Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 18
Slide 17: We are focused on specific sectors
We are focused on specific sectors B2C Commerce E-commerce E-commerce Segment & annual turnover Point of sale domestic cross-border • LPM first: Built natively for Local Mega Payment Methods >$5bn • Recurring billing: Optimized for subscriptions Enterprise $100m–5bn • Global scale: 2x larger network
Slide 18: Turning cross border complexity into margin growth
Turning Global e-commerce payments, value ($T) Data from our Juniper report cross border 12 CAGR complexity (2023-28) 10.6% into margin 10 growth 8 Domestic e-commerce 8.1% 6 4 Cross-border TAM $1.5-2T Cross-border 14.7% 2 e-commerce 0 and growing fast. 2023 Source: 2024 Global Ecommerce Report – Bo
Slide 19: Why Boku will win
Why Boku will win Continuing to add value for global and enterprise merchants Trusted by Proven on a Unique set Our innovation tech giants global scale of assets agenda Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered tradem
Slide 20: Perform and transform
Perform and transform Scaling the organisation to succeed Diversifying Building Winning team • Our customer base for the A2A • Supplementing talent pool • Our products generation • Adding knowledge and • Straight through processing experience • Our revenues • Compliance by design • Use of AI • Money
Slide 21: We are executing a clear strategy to capture growth
We are executing a clear strategy to capture growth and to lead on prevailing market trends Boku Capital Markets Event 2025 20%+ revenue CAGR with expanding margins © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 23
Slide 22: Agenda
Agenda Registration and welcome 1 Introductory remarks – Strategic overview Stuart Neal, CEO Driving revenue growth through product innovation 2 Products that drive growth for merchants Adam Lee, Chief Product Officer 3 Global money movement Paul Jarrett, Chief Banking & Treasury Officer Growing wit
Slide 23: Key messages to takeaway
Key messages We are committed to We have a clear to takeaway: achieving revenue growth exceeding strategy to drive growth and capitalize The market 20% on a CAGR basis with margin on prevailing market trends opportunity expansion from is vast. 2026 We are proud to We have built a partner some of the
Slide 24: Products that drive growth for merchants
Products that drive growth for merchants Adam Lee Chief Product Officer Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 26
Slide 25: How do our products drive growth?
How do our Accessing new Increasing products drive customers beyond the reach lifetime value through growth? of Visa and reoccurring Mastercard payments Turning local payments into marketing and distribution channels Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY
Slide 26: Accepting payments globally
Accepting payments globally Visa & Mastercard LPMs Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 28
Slide 27: Unifying a fragmented world
Unifying a fragmented world • One integration • One contract • One settlement • Hundreds of LPMs Boku Capital Markets Event 2025 29
Slide 28: Directly connecting to more consumers and markets
Directly connecting to more consumers and markets Grow beyond cards: accessing customers beyond the reach of Visa and Mastercard Simplify global expansion: reaching 60+ countries with one platform Achieve better results: using direct connections for superior control and performance Boku Capital Mark
Slide 29: A2A pushing LPM adoption even further
A2A pushing LPM adoption even further Other 8% By 2028, digital A2A 16% wallets and A2A together will drive 51% of total Digital e-commerce wallets 35% value. Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Bok
Slide 30: Products that unlock more growth: Payments
Products that unlock more growth from our network: Payments Payments Lower churn Higher LTV Money Network Movement Bundling Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 32
Slide 31: 95% of Boku's payments are automatic
95% of Boku’s payments are automatic charges against Checkout 5% an LPM on file 55% are completed with zero action. One-tap 40% are completed 40% Zero action 55% with a simple one-tap. <5% are completed with a traditional checkout Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved
Slide 32: What makes the 'card on file' problematic for consumers?
What makes the ‘card on file’ problematic for consumers? Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 34
Slide 33: Trust vs Control: mandate on file
LPMs use mandates that rely on consumer control instead of consumer trust Trust Control Card number on file Mandate on file Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 35
Slide 34: LPMs offer a safer payment option for Agentic Commerce
LPMs offer a safer payment option for Agentic Commerce* According to Deloitte, Agentic Commerce was worth $5B in 2024. By 2034 it will be worth $200B. * Agentic Commerce is when AI agents autonomously handle purchasing decisions and transactions on Boku and dozens of other payment companies have bee
Slide 35: Products that unlock more growth: Bundling
Products that unlock more growth from our network: Bundling Payments Money Network Movement Bundling More subscribers Higher retention Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 37
Slide 36: LPMs can be used to power subscription payments
LPMs can be used to power subscription payments… Boku Payments traditionally enable merchants to accept local payments like Vodafone Sky Comcast DCB when users choose to markets and subscribe to their service. sells ‘Now TV’ directly to consumers Boku Capital Markets Event 2025 © 2025 Boku Inc. All
Slide 37: Bundling turns an LPM into a new distribution channel
but Bundling Using Boku turns an LPM Bundling, Vodafone can into a new include Now TV with its TV PLAY distribution package channel Boku Bundling enables existing Vodafone subscribers who sign up for TV PLAY to have Now TV included in their package. Bundling the two offerings together lowers custome
Slide 38: Subscription bundles launched this year
This year, Boku has launched The subscription economy is 63 subscription bundles $500B/yr resulting in 16M new subscribers 13% CAGR forecasted Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 40
Slide 39: Boku will begin embedding merchant storefronts within wallet apps
Boku will begin new embedding next year merchant storefronts within mobile wallet apps There are an estimated 4.3 billion digital wallet apps installed in the world. Offering far more than just payments, these apps – also called Super-Apps – command engagement from billions of users. Boku Capital Ma
Slide 40: Super-Apps offer promotional opportunities and BNPL options
Super-Apps new offer next year promotional opportunities and BNPL options to help drive higher conversion Payment marketing services can be used to support not only subscriptions but any kind of e-commerce. Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFID
Slide 41: Key takeaways
Key Boku’s network Our Payment product takeaways simplifies LPM acceptance enables seamless, repeat purchases accessing more that provide a reliable customers beyond source of reoccurring the reach of Visa and revenues. Mastercard. Bundling and Payment Marketing open more channels for acquiring new
Slide 42: Global money movement
Global money movement Leveraging our network through our Banking and Treasury capabilities Paul Jarrett Chief Banking Officer Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 44
Slide 43: Reshaping the revenue
Reshaping A significant Three pillars of the revenue cross-border opportunity the money movement Selling merchants the ‘full menu’ platform The journey Solving merchant so far problems Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a r
Slide 44: In India, UPI dominates domestic payments
In India, UPI dominates domestic payments – so why hasn’t cross-border followed? • 400M users All the • $300B TPV/mo ingredients for lift off • <$1B cross-border Boku Capital Markets Event 2025 46
Slide 45: The cross-border opportunity
The cross-border Shift in global cross-border payments composition opportunity (2025-2032) – Value USD trillions 25 Card-based cross-border payments LPM/A2A-based cross-border payments LPMs projected to 20 represent a quarter of all global cross-border transactions by 2032 15 • Building conformity 1
Slide 46: Building a money movement platform
Building a money movement platform Payments Money movement Network Banking Treasury & licenses technology Bundling FX solutions Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 48
Slide 47: We own the rails
We own the rails Building a superior payments network Boku Capital Markets Event 2025 49
Slide 48: And our network is expanding
And our network is expanding An extremely high quality direct network of bank infrastructure Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 50
Slide 49: Data & systems transformation
Data & systems transformation Real-time cash and liquidity Real-time Layering management FX risk management best in class technology on top of our Faster network Data and machine transactional processing for learning accelerated driven settlement decisions Boku Capital Markets Event 2025 © 2025 Boku
Slide 50: Building a scalable FX engine for growth
Building a scalable FX engine for growth Strong risk management Increasing FX revenue • Riskless principal business • Diverse FX liquidity pools • ‘Follow the sun’ operational model • FX-driven commercials • Local market expertise • Quantitative, model-based trading Boku Capital Markets Event 2025 ©
Slide 51: 18 months in, where are we?
18 months in, where are we? The achievements so far Foundations Expansion Optimization Increased liquidity Dual hub London and $30m+ $1.0B FX Hedging Capabilities Straight- through partners by Singapore improvement extra FX processing in working now traded 12+ capital by Boku to enable scale Increas
Slide 52: Merchant-led innovation: turning pain points into products
Merchant-led innovation: turning pain points into products Merchant pain point Boku solution FX Volatility Guaranteed rates solution Slow settlement APS/Digital assets Trapped cash Liquidity products Fragmented LPMs LPM interoperability Netting settlements Global payout & collections Boku Capital Ma
Slide 53: Extending our infrastructure advantage through digital assets
Extending our infrastructure advantage through digital assets Boku’s digital Faster, smarter asset strategy money movement • Blockchain and tokenized deposits • Faster collections and settlement to merchants • Stablecoin sandwich • Faster internal • Stablecoin as a movement of funds payment method B
Slide 54: Evolving our revenue model - opportunity to enhance take rates
Evolving our Previous Revenue Model New Revenue Model revenue model - opportunity Boku fee Boku fee to enhance take rates New FX product Focus on merchant solutions and Accelerated settlement / APS leveraging our money movement capabilities Liquidity products FX fee Boku Capital Markets Event 2025 ©
Slide 55: A team of industry experts driving performance and transformation
A team of industry experts driving performance and transformation Gabija Yi Hahn Angie Lankauskaite Chin Low Treasury & Banking FX Innovation 10 years experience in 22 years of global FX 17 years in innovation treasury and banking leadership at Citi management Phil Ryan Dan Quek Han Madeira Settleme
Slide 56: Key takeaways
Key takeaways The cross-border Boku is opportunity is just positioned to win getting started... with our direct scalable platform We're solving real merchant problems and delivering innovation Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku
Slide 57: Growing core and developing new revenue streams
Growing core and developing new revenue streams Mark Stannard Chief Business Officer Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 59
Slide 58: The three pillars of our growth strategy
The three Growing Adding new pillars of with existing merchants enterprise merchants our growth strategy One scalable platform to achieve long term growth Layering on value-added services Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is
Slide 59: Growing with existing merchants
Growing with existing merchants Boku Capital Markets Event 2025 61
Slide 60: Powering growth for the world's leading digital brands
Powering growth for the world’s leading digital brands Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 62
Slide 61: Combined revenue of >$2T of S&P 500
~27% Combined revenue of >$2T Boku Capital Markets Event 2025 of S&P 500 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 63
Slide 62: Our merchants are growing faster and so are we
Our merchants Our top nine merchants’ combined revenue ($B) are growing $2,500 faster and so are we $2,000 $1,500 $1,000 $2,048.9 $1,871.1 $1,754.7 $1,603.4 $1,274.7 $500 60% Boku Capital Markets Event 2025 growth $0 2020 2021 2022 2023 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDEN
Slide 63: Built for digital-first businesses going global
Our customers Built for digital- first businesses going global • Digital-first • Mobile native • Subscription driven • Global by design • Enterprise scale Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, I
Slide 64: Delivering on digital-first merchants' needs
Delivering on digital-first Building sustainable, merchants’ needs subscription-led What they’re focused on growth Expanding Increasing Localizing Opening new cross-border conversion and payments to markets (APAC, revenue (50%+) reach where boost acquisition EMEA, LATAM) cards and retention underper
Slide 65: Significant upside within our existing base
Significant upside within our existing base Growth as live Growth via Growth by adding connections adding existing new LPMs to the ramp LPMs network Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 67
Slide 66: Adding new enterprise merchants
Adding new enterprise merchants Boku Capital Markets Event 2025 68
Slide 67: The Serviceable Obtainable Market
The Serviceable Obtainable Market Boku Capital Markets Event 2025 $1T © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 69
Slide 68: More digital-first global enterprises
More digital-first global enterprises Size & scale Model Sectors Regions Strategic • Public > $5B rev • D2C • Digital • US drivers subscriptions • Expanding into • Private > $500M • Subscriptions • EU rev • Digital advertising APAC, MEA, • Asia LATAM • Online travel • Growth teams focused on custome
Slide 69: Beyond Digital Entertainment
Beyond Digital Entertainment Unlocking new high-growth verticals within our core profile Vertical Market size CAGR Serviceable opportunity Case study Digital subscriptions $458B >14% $135B Digital advertising $800B >9% $215B Online travel $1.6T >10% $715B Source: Juniper Research Boku Capital Market
Slide 70: Transforming our go-to-market engine with world-class talent
Transforming our go-to-market engine with world-class talent Recruited the best in the industry throughout the organization Growth Enterprise Revenue Account Merchant Partnerships marketing sales operations management solutions Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • P
Slide 71: Delivering the go-to-market plan
Delivering the go-to-market plan Test product Built GTM Refine sales and Build merchant market fit & leadership team marketing funnel onboarding go-live testing • Completed by end of • Being delivered by machine • Completed – pipeline October 2025 new GTM Leadership • Live for anticipated of ~500 me
Slide 72: Focused, disciplined approach
Focused, disciplined approach Driving choice and awareness at scale Brand and Demand Sales market generation enablement awareness Be known Drive pipeline Win faster Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark
Slide 73: Layering on value-added services
Layering on value-added services Boku Capital Markets Event 2025 75
Slide 74: Digital wallets and A2A, money movement, currency conversion
Digital wallets Money and A2A movement Merchants can’t reach all potential paying users Merchants find it hard to settle funds quickly and because cards don’t work everywhere. reliably from new or complex markets. Currency Accelerated conversion payment services Merchants lose margin because moving
Slide 75: Sell on value
Sell on value Fixing difficult problems that makes us valuable to customers. Delivering higher yield to merchants enables us to retain our margins and continue to outperform the market. This all equals high value sticky customers. Boku Capital Markets Event 2025 77
Slide 76: Key messages to takeaway
Key messages Material growth from Further growth from to takeaway existing merchants rolling out more LPMs delivering new capabilities to (BAU) existing and new Will continue to win on value as merchants we fix difficult problems and deliver higher yield. Additional growth This will enable Boku from
Slide 77: Operational excellence to support growth
Operational excellence to support growth Leila Kassner Chief Operating Officer Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 80
Slide 78: Boku is well-positioned to scale global enterprise partnerships
Boku is The discipline The speed well-positioned to invest wisely to deliver value quickly to scale global enterprise partnerships Our vision is to be the world’s best localized payments partner for The scale to The integrity to global commerce. support global protect trust merchant growth Boku Capi
Slide 79: Delivering efficient, secure, and compliant local payments
Enabling rapid growth, sustainably. Delivering efficient, secure, and compliant local payments on a global scale. Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 82
Slide 80: Operational excellence as a growth enabler
Operational excellence as a growth enabler Supercharging Accelerating Protecting operations time to revenue trust Consistent, repeatable Rapid on boarding, faster Rapid, compliant delivery merchant outcomes expansion into regulated markets Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights
Slide 81: Disciplined planning and flawless delivery
Disciplined planning and flawless delivery 64% of legacy connections upgraded 100% of merchant connections to Payment Gateway delivered on time Reduced false alerts by Boku Capital Markets Event 2025 40% © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered tra
Slide 82: Accelerating time to revenue
Accelerating time to revenue - a powerful growth engine 19% Reduced time-to-launch by two weeks increase in user conversion Delivered 2x connections Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 85
Slide 83: Protecting trust
Protecting trust Boku does it the right way Compliance- Local Always Tier-one first model expertise there banking Across all workflows Compliance 24/7 on-call technical partners specialists on the support team ground Dependable FX and money movement Boku Capital Markets Event 2025 © 2025 Boku Inc. A
Slide 84: Customer testimonial quote
“I regret that we had to ask for your support, but I am relieved to have had you and your team on the other end of the line.” . One of the world’s biggest companies Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark
Slide 85: Building on solid foundations
Building on solid foundations • Invest wisely • Deliver value quickly • Support global merchants • Protect trust Be the world’s best localized payments partner for global commerce. Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a regis
Slide 86: Enabling growth via technology
Enabling growth via technology Keegan Flanigan Chief Technology Officer Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 89
Slide 87: Building on solid foundations
Building A best-in-class Building trust through on solid platform for growth technology foundations Investing in technology for the future Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 90
Slide 88: We've built a best-in-class platform
We’ve built a best-in-class platform Hosted in AWS in Built to the Support for over Always-on and Nine proprietary multiple regions standards 200 payment active-active integrations of the world’s methods into merchant largest marketplaces merchants Boku Capital Markets Event 2025 © 2025 Boku Inc. Al
Slide 89: Growth-ready architecture - Built to scale
Growth-ready architecture - Built to scale 5x Headroom for volume growth Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 92
Slide 90: Co-invention with merchants
Co-invention with merchants Boku Capital Markets Event 2025 93
Slide 91: Protecting merchant trust
Protecting merchant trust Reliability Quality Security • Strong SLO: 99.99% uptime • Automated and manual • ISO/IEC 27001:2022 testing • Unique ML-based monitoring • No data breaches of the network • Dedicated team for testing the network • Teams assist merchants in end-to-end testing Boku Capital M
Slide 92: Monitors detecting outages and errors across our network
13,000 Monitors detecting outages and errors across our network. Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 95
Slide 93: Investing in the future
Investing in the future Transforming Delivering Enhancing the backoffice growth productivity with data with AI & automation Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 96
Slide 94: Transforming the backoffice money movement at scale
Transforming the backoffice money movement at scale Monthly, Regulated unregulated settlements DCB and straight through settlements processing Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 97
Slide 95: Delivering growth with data
Delivering growth with data Turning transaction data into intelligence, products, and performance advantage • Enhanced performance • Smart models and insight • Unique payments intelligence Boku Capital Markets Event 2025 98
Slide 96: Enhancing productivity with AI & automation
Enhancing productivity with AI & automation Enabling teams Internal AI AI-assisted Automating through off the chatbot debugging generation of shelf tools to power operational tooling for our on-call new payment ChatGPT, Github teams teams connections Copilot, Cursor and from documentation more Boku
Slide 97: Powering the future
Powering A best-in-class Building trust through the future platform for growth technology Investing in technology for the future Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 100
Slide 98: A platform for sustained profitable growth
A platform for sustained profitable growth Rob Whittick Chief Financial Officer Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a registered trademark of Boku, Inc. 101
Slide 99: How to think about Boku's financials
How to think about Boku’s financials Merchants Monthly Boku Global Active Network population Users Connections (MAUs) Total Payment Take Adjusted Own Revenue Volume rate EBITDA cash (TPV) Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is
Slide 100: Medium term guidance
Medium term guidance Organic revenue growth Adjusted EBITDA margin >20% CAGR over medium term >30% accreting from FY26 H1 2025 - delivered ahead of guidance Organic Adjusted Own MAU TPV Take rate cash revenues EBITDA +20% +28% +4bp +34% +53% +9%* 95.5M $7.4B 85bp $63.3M $21.8M $87.3M * Cash growth a
Slide 101: Going from strength to strength
Going from a$14 0m Direct Carrier Billing Digital wallets & A2A Bundling strength to $127.0m* $120m strength across all $99.3m $100m $9.5m metrics $82.7m $80m $6.3m $25.9m $63.8m $16.6m • Revenue is forecast to double $60m $2.8m $6.3m $6.6m from 2022 to 2025 • Product revenues continue $40m $22.5m $
Slide 102: Scaling through value-generating connections
Scaling through value-generating connections Merchants We delivered 60 connections in H1 2025 Payment collection Currency Money 1,000+ conversion movement Product innovation connections across the network Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDEN
Slide 103: Cohort analysis demonstrates power of reoccurring revenues
Cohort analysis Revenue (excluding Bundling) – demonstrates connection cohort progression Pre 2021 2021 2022 2023 2024 2025* power of reoccurring revenues • Each merchant - LPM connection establishes a reoccurring revenue stream • Annual connection cohorts grow for c.4-5 years • Long term growth dri
Slide 104: Robust growth driven by increasing volumes
Robust growth TPV & take rate progression driven by $ 20.0 TPV Take rate 1 .95 % increasing $ 18. 0 1 .75% volumes $ 16. 0 $ 14. 0 1 .55% $12.4bn $ 12. 0 • TPV has grown consistently $10.5bn 1 .35% $ 10 .0 • Underlying take rate stable at c.80bp $8.8bn since 2023 $ 8.0 1 .1 5% • Revenue growth in re
Slide 105: Maintaining strong adj. EBITDA margins while scaling the business
Revenue, adj. EBITDA ($M) and adj. EBITDA margin Maintaining 120 80 strong adj. EBITDA margins while Revenue Adj. EBITDA Adj, EBITDA Margin 70 99.3 scaling the business 100 60 82.7 80 50 • We are building a business with consistently 63.8 63.3 growing revenues and adj. EBITDA margins 60 40 32.1% 31.
Slide 106: Investing where it matters - building capability to power future growth
Investing where it Adjusted operating expenses FY 2024 – $65.4M matters - building capability to power future growth Other 17% Tech 27% Strategic investment in areas that Finance and support next generation of banking & payments capability: settlement 14% • Straight through processing • Risk and com
Slide 107: High-quality earnings translating into cash
High-quality earnings Own cash evolution ($M) translating into cash 87.3 80.2 72.9 • Debt free 55.5 • Generated $15M of FCF in H1 2025 after $3.2M investment in software development • Own cash of $87.3M at 30 June 2025 • 9% growth after share buybacks of $12.3M • 24% growth excluding share buybacks
Slide 108: Delivering medium-term targets
Delivering medium-term targets Boku Capital Markets Event 2025 111
Slide 109: Core growth engine - connection progression
Core growth engine - Revenue (excluding Bundling) – connection connection cohort progression progression Pre 2021 2021 2022 2023 2024 2025* 2026* 2027* • Growth continues through merchant expansion and rising connection levels • DCB payments, digital wallet & A2A payment volumes form the basis of ac
Slide 110: Next growth engine - new merchants, LPMs and products
Next growth engine - new merchants, LPMs and products New merchants New LPMs Currency conversion Accelerated settlement Bundling Money movement Product innovation Payment marketing Boku Capital Markets Event 2025 © 2025 Boku Inc. All rights reserved • PROPRIETARY AND CONFIDENTIAL • ‘Boku’ is a regis
Slide 111: Revenue driven by volume growth
Revenue driven by volume growth 0 0 Revenue Total Payment Volume Take Rate • Revenue growth will be driven 0 by increasing volumes as connection numbers expand 0 • Take rates will fall over medium term due to: Currency conversion & money movement New products & verticals • changes in product mix0 Ac
Slide 112: Revenue mix evolution
Revenue mix evolution • Revenue mix changes over Revenue mix – FY 2025* Revenue mix – FY 2027* medium term • DCB continues to grow in New absolute terms products • Digital wallets & A2A are the New products fastest growing LPMs led by Direct increasing merchant adoption Digital Carrier Wallets Billi
Slide 113: Capital allocation
Capital allocation Organic Capital Inorganic growth returns growth • Perform & transform • Share buy backs to • Disciplined acquisitions • Revenue diversification satisfy staff equity possible over the • Straight through schemes to avoid medium term to processing shareholder dilution support the org
Slide 114: Delivering sustainable growth and shareholder value
Delivering sustainable growth and shareholder value Scalable, cash Sustained organic Adj. EBITDA generative revenue growth margins >30% business model >20% CAGR over accreting from and the medium term including 2026 Positioned to lead the global shift to local payment methods Boku Capital Markets Ev
Slide 115: Key messages to takeaway
Key messages We are committed to We have a clear to takeaway: achieving revenue growth exceeding strategy to drive growth and capitalize The market 20% on a CAGR basis with margin on prevailing market trends opportunity expansion from is vast. 2026 We are proud to We have built a partner some of the
Slide 116: Boku
boku