Cab Payments Holdings Plc · LSE:CABA
Cab Payments — FY2025 Earnings Presentation
47 slides from Cab Payments's earnings presentation, Mar 5, 2026
Slide 1: Results presentation 2025
CAB | Payments Results presentation 2025
Slide 2: Presenting today / Agenda
Presenting today Agenda Neeraj Kapur 1 Strategic update – Neeraj Kapur, CEO Group CEO 2 Financial Performance – James Hopkinson, CFO 3 Wrap up – Neeraj Kapur, CEO James Hopkinson Group CFO 2
Slide 3: Executing strategy, now growing
Executing strategy, now growing 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 • Purpose and relationship-led • Imp
Slide 4: Growth through strategic execution
2025: Our purpose: delivering prosperity Strategic progress (1) Financial progress (1) Growth in the markets we serve through Returned to growth – strong YoY and HoH performance Active clients (+8%) £119m Total Income strategic Continued business model (+12%) diversification powered by FX & executio
Slide 5: Strategic Update
Strategic Update Neeraj Kapur, CEO
Slide 6: Our strong FX and Payments business has a clear investment case
Our strong FX and Payments business has a clear investment case Regulated infrastructure platform Structural Growth Drivers Enabling network maintenance, preferential Growth aligned to structural economic market access, relationship longevity and trust development, rather than short-term rate or and
Slide 7: Pathways to enhanced returns for shareholders
Pathways to enhanced returns for shareholders I Quality revenue growth Strong, sustainable and profitable growth Profit accretion, E Enhanced II Operational leverage growth cost-base reshaped, productivity focus Compounding value growth shareholder returns Growth through III infrastructure investmen
Slide 8: We are driving quality revenue growth
I We are driving quality revenue growth New clients. New products. New markets. Delivering Growth engine activated for the future • c.600 active clients Broader product suite Derivatives | A+ Deposits | ACH | Stablecoin • 32% currency concentration(1) (down from 45% in 2023) Geographic presence Lond
Slide 9: Connecting the world's fastest growing markets
I Connecting the world’s fastest growing markets 2023-2024 GDP Growth by country Current most-active regions Target regions for future growth opportunities Regional hubs - London (Global HQ) - Amsterdam (Europe Hub) - New York (Americas Hub) - UAE (MENA & APAC Hub)(1) Strategic presence in Majority
Slide 10: We are delivering operating leverage
II We are delivering operating leverage Decoupling growth from cost through technology-led AI expansion Delivering now • ~20% roles exited in Q1 2025 • Onboarding time improved by 40% Structural, sustainable widening of cost : income • Automation: 94% STP jaws • Adj. EBITDA up 14% to £35m 10
Slide 11: We are compounding growth through investment
III We are compounding growth through investment New capabilities. New flows. Global presence. Monetised today Scaling through our growing proprietary network • ACH rails – now 54 Payments Geographic expansion currencies, billions of endpoints • Multi-rail capability • New licences and offices • 1.2
Slide 12: Leading Emerging Markets FX Infrastructure
III Leading Emerging Markets FX Infrastructure # of partners 440 +17% CAGR 131 • Developed over 100+ years 120 • Deeply entrenched • Faster and more reliable settlement for clients on 113 a global scale 201 101 • Hard to replicate 82 69 • Trusted partner locally reinforced by UK banking 309 270 lice
Slide 13: B2B Payments is at the heart of what we do
III B2B Payments is at the heart of what we do Flexible, multi-rail payment capabilities. Ability to deliver to billions of end points • Multi-option pay-in • Real-time, last mile delivery • Banks, mobile wallet, pre-paid cards • Smart payment routing We manage large-scale payment programmes High AT
Slide 14: Strongly positioned to play in an expanding stablecoin market
III Strongly positioned to play in an expanding stablecoin market CAB Proposition • Early market, accelerating fast • On-ramp • Frontier markets lead adoption • Friction creates opportunity • Off-ramp • Value is won at the off-ramp • Regulated local liquidity is decisive • Deposits • Launch in 2026
Slide 15: Local presence unlocking regional growth
III Local presence unlocking regional growth • Serving the Americas and Caribbean • Regional hub for MENA and Asia • Closer proximity to US dollar clearing partners • Category 2 Licence granted in January 2026 • Opportunities: IDOs, global banks, large • Opportunities: Local banks, family offices, c
Slide 16: Pathways to enhanced returns for shareholders
Pathways to enhanced returns for shareholders High-teens - early I Quality revenue growth Strong, sustainable and profitable growth Attractive 3-year financial profile 20s % CAGR in Total Income (ex NII) Improving Operating leverage Profit accretion, II Operational leverage growth cost-base reshaped
Slide 17: Financial Performance
Financial Performance James Hopkinson, CFO 17
Slide 18: Strong financial progress
Strong financial progress £m 2024 2025 YoY HoH (3) Wholesale FX 39 49 25% 75% Total Income 12% Payments Payments FX 30 15 30 14 - (5%) 15% 26% YoY Other payments 15 16 5% 7% Banking 38 41 8% - NII 32 32 (1%) (9%) Adj. EBITDA 14% Trade finance & other Total Income 6 106 9 119 52% 12% 38% 30% YoY Oper
Slide 19: HoH performance shows successful transformation
HoH performance Total Income (£m) HI DAN Adj. EBITDA/margin (£m) HI DAN shows successful +30% 33% +69% 33% transformation and return 25% 67.2 24% to growth 56.0 50.4 51.8 18.7 12.1 13.1 22.1 H1 2024 H2 2024 H1 2025 H2 2025 H1 2024 H2 2024 H1 2025 H2 2025 Take rates (bps) HI DAN +6bps FX & Payments F
Slide 20: EM margins within normalised levels
EM margins within normalised levels EM margins averaging at c.30bps H2 2025 step-up reflecting execution of higher-margin CB 0.40% opportunities 0.38% 0.36% 0.34% 0.34% 0.07% 0.32% 0.32% 0.30% 0.30% 0.28% 0.38% 0.02% 0.28% 0.33% 0.01% 0.26% 0.31% 0.26% 0.24% 0.29% 0.24% 0.28% 0.22% 0.24% 0.22% 0.20%
Slide 21: H2 income driven by client-led growth
H2 income driven by client-led growth 1.8 67.2 7.0 0.5 0.8 64.8 0.7 4.4 (1.5) 1.7 51.8 Continued downward trend Broad-based growth across markets, due to expected clients and products lower interest rate environment in Take-rates remain within cyclical ranges 2026 H1 2025 Total Volume Margin Central
Slide 22: Strong activity levels across all client types
Strong activity levels across all client types Revenue by client type Active New active Revenue / £m 2024 2025 YoY HoH (1) clients clients client (£000) Banks 62 72 15% 16% 295 33 £244 Fintechs & Corporates 29 33 15% 66% 227 19 £145 IDOs (2) 15 14 (9%) 36% 70 10 £200 • Banks underpinned by stronger
Slide 23: Investing in revenue generation
Investing in revenue generation Operating expenses ex D&A (£m) Staff costs • Broadly flat (excluding variable staff costs) £1.6m £83.9m £4.2m £0.9m • Investing into a greater proportion of client facing staff £0.5m £76.7m £0.6m £76.2m Variable staff costs • Reflects stronger strategic, income and pr
Slide 24: Expanding client facing teams and improving operating leverage
Expanding client facing teams and improving operating leverage Increasing global coverage and sales… …while realising efficiencies Reducing per-unit Further improve Supplier transaction costs onboarding times rationalisation and contract renegotiation +19% processing volumes 40% -16% 2025 Improvemen
Slide 25: Investing for growth
Investing for growth 2025 Investment levels as guided 7% 8% £8.7m £8.3m 2025 Capex spend Future investment focused on 2025 (2024:Investment £15.0m) spend 21% 65% building a leading platform (2024: £12.5m) Expect Investment to increase in 2026 Product Processing Platform Cyber • Stablecoin • Payments
Slide 26: Well positioned for the future: New Medium-term financial framework
Well positioned for the future New Medium-term financial framework Revenue Operating Investment Capital leverage generation High-teens to early 20s % Continued positive Increased levels of Capital-light cash operational leverage investment generative model CAGR in Total driving improved underpinning
Slide 27: Wrap Up
Wrap Up Neeraj Kapur, CEO 27
Slide 28: Our strong FX and Payments business has a clear investment case
Our strong FX and Payments business has a clear investment case Regulated infrastructure platform Structural Growth Drivers Enabling network maintenance, preferential Growth aligned to structural economic market access, relationship longevity and trust development, rather than short-term rate or and
Slide 29: Pathways to enhanced returns for shareholders
Pathways to enhanced returns for shareholders I Quality revenue growth Strong, sustainable and profitable growth Attractive 3-year financial profile High-teens - early 20s % CAGR in Total Income (ex NII) Improving Operating leverage Profit accretion, II Operational leverage growth cost-base reshaped
Slide 30: Key takeaways
Key takeaways A CAB Payments for the future • Structural expansion driven by markets Ideally placed to navigate a changing market • Revenue diversified and growing • Increasing regulatory sophistication • Operating leverage expanding • Stablecoin expansion • Investing for growth • Entering new regio
Slide 31: Appendix
Appendix 31
Slide 32: Appendix – financial information
Appendix – financial information 32
Slide 33: P&L by half
P&L by half (£m) H1 2024 H2 2024 H1 2025 H2 2025 Wholesale FX 21.7 17.3 17.7 31.0 Payments 15.6 13.9 13.7 15.8 Payments FX 8.1 6.7 6.2 7.8 Other Payments 7.5 7.2 7.5 8.0 Banking 18.7 19.2 20.4 20.4 Net Interest Income 16.4 15.4 16.5 15.0 Trade finance and other Income 2.3 3.8 3.9 5
Slide 34: Other Management Information
Other Management Information (£m) H1 2024 H2 2024 H1 2025 H2 2025 Profitability Adjusted EBITDA Margin 33% 24% 25% 33% Adjusted Cost:Income Ratio 74% 86% 85% 75% Capital & Investment Investment (£m) 9 6 3.6 4.7 Capital intensity (% of Total Income) 16% 12% 7% 7% Operating Free Cash Flow (£m) 9.5 6 1
Slide 35: Processing more volumes through our platform
Processing more volumes through our platform Wholesale FX & Payment FX Volumes (£bn) Payment transaction Volumes (#000s) 649 £22.0bn £19.6bn £19.9bn £17.6bn 516 514 7.3 460 6.7 6.3 6.8 13.6 14.7 12.9 10.8 H1 2024 H2 2024 H1 2025 H2 2025 H1 2024 H2 2024 H1 2025 H2 2025 Note: Payment volumes consist o
Slide 36: Take-rates
We are a growing, B2B FX & Payments business underpinned by our banking licence Emerging FX & Payments % income Gross Income by product (£m) and take rates (bps) • Recovery in volumes from IDO and NBFI clients £119.0m • Underlying H2 take-rate in line £106.4m with prior years 40.5 +5% • H2 Take rate
Slide 37: High-quality, highly liquid balance sheet
High-quality, highly liquid balance sheet Balance sheet Entering a lower interest rate environment (£m) 31-Dec-24 31-Dec-25 YoY • Interest rate cuts commenced in H2 2025 Cash at central banks 585 258 (56)% • Hedging strategy put in place to reduce financial impact – 1% Money market funds 488 218 (55
Slide 38: Core Equity Tier 1 Ratio (CET1) bridge
Core Equity Tier 1 Ratio (CET1) bridge 1.1% 22.1% 2.3% 0.1% -0.4% -0.2% 19.2% 2024 CET1 Ratio Profit & Reserves Capex Unsettled Deals Treasury & Trade Finance Operational Risk 2025 CET1 Ratio CET1 £116m £14m £0.3m (£1)m £129m RWA £603m (£29)m £11m £586m 38
Slide 39: Sustainable client-led growth
Sustainable client-led growth Clients Network Platform Invest and innovate 592 440 94% New products launched Active clients Network counterparties Payment processes automated via STP Derivatives, A+ Deposits, (+46) (1) (+50) Payments to mobile, 30 32% 1.2m 54 Central bank client Top 5 currency Payme
Slide 40: Appendix – developing our infrastructure
Appendix – developing our infrastructure 40
Slide 41: FX & Payments business, regulated platform
FX & Payments business, regulated platform A leading FX & Payments business enhanced by a banking Primarily transactional driven •licence A leading FX & Payments business enhanced Licence provides aby a banking “right licence to win”: Trusted, able to access and build network 8% Unlocks Central Bank
Slide 42: Who we serve and why we win
Who we serve and why we win International Banks Fintechs & Development Corporates Providing liquidity and Organisations Technology driven and cross connecting through the Run development and aid border solutions focused global financial network programmes in the world’s most challenging environments
Slide 43: At the centre of global flows
At the centre of global flows Sub-Saharan Africa MENA LATAM & Caribbean ~4.5% p.a. ~4.0% p.a. ~2.5% p.a. Forecast GDP growth by 2027 (1) Forecast GDP growth by 2027 (2) Forecast GDP growth by 2027 (1) Growth drivers: Growth drivers: Growth drivers: • Commodities • Oil • Commodities • Oil • Petrochem
Slide 44: Client acquisition and retention growing across all regions
Client acquisition and retention growing across all regions Active client numbers (#) & revenue per client (1) Deeply entrenched relationships 592 546 509 456 423 92% 370 Client retention(2) 269 201 240 195 127 12+ years 93 Average relationship length (top 10 clients) 2020 2021 2022 2023 2024 2025 R
Slide 45: The complete client solution
The complete client solution Holistic relationship FX Spot • Multiple products + trusted relationship Trade FX drives increase wallet share Finance derivatives • New clearing partnership with global bank drives further capability in new markets • New platform investment to facilitate Solutions produ
Slide 46: Disclaimer
Disclaimer This presentation should be read in conjunction with the RNS announcement published by CAB Payments Holdings plc (CAB Payments) on 5 March 2026. This presentation is not intended to, and does not, constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe
Slide 47: www.cabpayments.com info@cabpayments.com T: +44 (0)20 3903 3000
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