Cab Payments Holdings Plc · LSE:CABA
Cab Payments — H1 2023 Earnings Presentation
23 slides from Cab Payments's earnings presentation, October 2025
Slide 1: Moving money where it’s needed
Moving money where it’s needed CLASSIFICATION: CONFIDENTIAL
Slide 2: Introduction: Bhairav Trivedi, CEO
Introduction: Bhairav Trivedi, CEO 2
Slide 3: What does CAB Payments do?
What does CAB Payments do? CAB’s proprietary network removes friction from traditional payment rails Traditional SWIFT B C A A F F E D Traditional – multiple hops based on regional bilateral CAB Payments single hop using dedicated emerging arrangements market infrastructure 3
Slide 4: CAB Payments value proposition
CAB Payments value proposition Large, fast-growing market undergoing favourable 1 structural shift $2.3TN of addressable flows 2 Highly diversified blue chip client base 520 clients (44 new in H1 ‘23) 3 Deep global payments and licensing infrastructure 152 Nostro accounts Market-leading proposition
Slide 5: H1 2023 performance update: Richard Hallett, CFO
H1 2023 performance update: Richard Hallett, CFO 5
Slide 6: H1 2023 performance snapshot
H1 2023 performance snapshot Strong performance in line with guidance issued at IPO (all figures in £m) +94% 71.8 39% 56% 86% 95% 2 Adjusted EBITDA margin Cash conversion 4 +180% 39.9 +208% 37.9 37.0 14.3 12.3 4 Total income Adjusted EBITDA 1 Operating FCF 3 H1 2022 H1 2023 Source: Company Informati
Slide 7: Income performance by half year
Income performance by half year Naira return to normality offset by increased net interest income • H1’23 was up 94% YoY growth 15% 102% 101% 108% 94% versus H1'22; FX and payments up 61%; H1’23 was broadly flat v 73 72 H2’22 (all figures in £m) 8 16 NII • NII tracks BoE and Fed rates 22 15 NGN • Na
Slide 8: Predictable seasonality driven by client demand
H2 has recurring seasonality Typically, H2 has delivered around 60% of annual revenue • Predictable seasonality driven by (all figures in £m) £73 £72 client demand - Q4: peak time for remittance as Diwali and Christmas drive spikes - December: peak month for aid £35 £37 flows as annual budgets are c
Slide 9: Cost base supports profitable growth
Cost base supports profitable growth Well managed costs reflect economies of scale and effectiveness of the platform Opex (all figures in £m) ⚫ Efficient cost structure 48 (35 recurring) ⚫ Economies of scale Non-recurring 13 opex1 ⚫ +100 new FTEs support sales growth and quality 26 11 Other opex2 of
Slide 10: Strong EBITDA performance
Strong EBITDA performance EBITDA margin growth due to inherent operating leverage Adjusted EBITDA Margin (%) 13% 39% 56% (all figures in £m) ⚫ EBITDA growth driven by top line: CAB Payments benefits from economies of 40 scale ⚫ Ongoing shift to digital 14 platform benefits margins 3 ⚫ H1 EBITDA marg
Slide 11: Continued investment in CAB Payments’ future
Continued investment in CAB Payments’ future Increasing focussed capital investment to drive growth in line with guidance ⚫ Historical investment focused on building platform H1’22 H1’23 ⚫ Future investments for growth and globalisation Capex1 2.0 2.0 - Amsterdam and US licences and office expansion
Slide 12: Financial summary
Financial summary Good first half and current trading support 2023 financial guidance • Strong set of first half results - 94% revenue growth - EBITDA margin at 56% - Cash conversion at 95% • Improving current trading momentum with new initiatives progressing well • Revenue seasonality delivers arou
Slide 13: Strategic and operational review: Bhairav Trivedi
Strategic and operational review: Bhairav Trivedi 13
Slide 14: Key highlights
Key highlights H1’23 performance demonstrates CAB Payments’ strategy of transforming emerging markets payments and FX 1 Large, fast-growing market 2 Blue chip client base 3 Global infrastructure 4 Market-leading proposition 5 Positive global impact 6 Market-leading economics 14
Slide 15: Large, fast-growing market
2 Large, fast-growing market Structural shift towards specialists is continuing Large market High growth Structural shift $2.3tn Growing at 5% p.a 15-20% Independent 35-40% Specialists (e.g. CAB) Additional growth of 15% p.a. for specialists 80-85% Banks 60-65% 20% tailwinds Core-focus markets 2022
Slide 16: Blue chip clients
2 Blue chip clients All four client segments continue to thrive % of revenue H1’ 23 performance highlights YoY Growth1 NBFIs & • Growing share with existing clients ~30% 67% FinTechs • Proactive sales to US/Europe unlocking via geographic expansion • Remains quickest growing segment IDOs ~30% • Sale
Slide 17: Global infrastructure
3 Global infrastructure We continue to grow our global infrastructure 152 nostro accounts 1 up from 1352 >600 currency pairs traded up from 500 New geographies including Brazil and Pacific Islands trading well Local bank Single FX relationship No presence Sanctioned New offices / hiring underway acc
Slide 18: Positive global impact
5 Positive global impact CAB continues to deliver social impact in H1 ‘23 H1 ‘23 flows Driving financial inclusion Providing backbone to make financial services accessible Development aid flows $2.3bn and affordable Formalising financial markets Flows into Low and Digital payments via UK regulated b
Slide 19: Medium term outlook
Medium term outlook Structural advantages support forward guidance commitment ⚫ Market shift to specialists continues to favour the business ⚫ Strategic advantages underpin growth: - Unrivalled payments and partners network - Loyal and expanding client base - Infrastructure and sales investment ahea
Slide 20: Leading B2B FX & Payments platform for DMs into EM flows
Leading B2B FX & Strong, sustainable High profitability & ESG leadership Payments platform growth cash generation & commitment for DMs into EM flows 20
Slide 21: Appendices
Appendices CAB | PAYMENTS
Slide 22: Income statement summary
Income statement summary (£m – DecYE) H1’22 H1’23 y-o-y % FX 20.3 37.9 87% Payments 13.2 17.1 30% Other banking services1 3.6 16.8 371% Total income 37.0 71.8 94% Clearing costs (1.0) (0.9) (4%) Staff costs (14.7) (21.3) 45% D&A (3.1) (3.0) (2%) Other opex (7.1) (9.7) 37% Non-recurring opex2 0 (13.1
Slide 23: Balance sheet summary
Balance sheet summary • Balance sheet largely comprises interest-bearing current and term customer deposits to support (£m) 31 Dec ‘22 30 Jun ‘23 Change % payment flows which the Group holds Cash and balances at central banks 607.4 577.6 (5%) in high quality liquid assets in order to Money market fu
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