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CAB Payments Holdings (CABP) investor relations material
CAB Payments Holdings H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary15 Aug, 2025
Executive summary
Completed transformation phase and entered growth-through-execution, focusing on expanding client base, product suite, and new markets, with 573 active clients (+36 YoY) and 52 new clients added in H1.
Opened new offices in New York and Amsterdam, secured key licenses in New York and Nigeria, and expanded into markets including Malawi and Mozambique.
Enhanced operational efficiency with 94% process automation, 54% reduction in onboarding times, and technology investments driving 20% increase in transaction processing with flat operating costs.
Completed strategic restructuring, reducing headcount by ~100 FTE, focusing on client delivery and efficiency.
Business model diversification reduced revenue concentration, with top 5 corridors now 27% of income, down from 32% YoY and 49% two years ago.
Financial highlights
Total income for H1 2025 was £51.8m, up 3% HoH but down 8% YoY due to take rate compression and prior year dislocation.
Adjusted EBITDA reached £13.1m (25.3% margin), up 8% HoH, with adjusted profit after tax at £5.4m (+9% HoH).
Adjusted EPS increased to 2.1p (+9% HoH), reported EPS 0.9p, down 44% HoH and 78% YoY.
Free cash flow was £9.5m, with cash conversion at 72%, up from 50% in both halves of 2024.
Average client deposits reached £1.5bn, up 4% vs 2024.
Outlook and guidance
Expect acceleration of growth in H2 and overall 2025, with strong client-driven momentum, product adoption, and new market entry.
Staff costs (excluding variable pay) expected to remain broadly flat YoY for 2025.
Capex guidance maintained at under £8m for 2025, focused on product capability.
Continued investment in technology and scalable platforms to support sustainable, profitable growth.
Assess impact of CNY conversion capability.
How will multi-product model affect take rates?
Explain drivers of Banks segment's growth.
Abu Dhabi: What specific EM capital flows target?
AI's role in flatlining costs despite revenue growth?
Central bank model: How does it drive fee-based EM FX?
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Next CAB Payments Holdings earnings date
Q4 2025 TU15 Jan, 2026
Next CAB Payments Holdings earnings date
Q4 2025 TU15 Jan, 2026
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Frequently asked questions
CAB Payments Holdings Limited, operating through its subsidiaries, specializes in foreign exchange (FX) and cross-border payment services. The company caters to banks, fintech companies, development organizations, and governments, both in the United Kingdom and internationally. CAB Payments Holdings provides a comprehensive suite of digital payment solutions including EMpower FX, an automated gateway for cross-border transactions, and EMpower Payments, a digital platform for managing day-to-day FX exposures. Other services include EMpower Connect and EMpower Pensions, which support banking transactions and pension payments respectively. The company is headquartered in Sutton, United Kingdom, and its shares are listed on the London Stock Exchange.
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