Boku (BOKU) H1 2026 earnings summary

Executive summary

• Achieved 11% underlying revenue growth and a 29.4% adjusted EBITDA margin for H1 2026, demonstrating resilient financial performance despite isolated headwinds.

• Strategic progress included the launch of a channel partnership with Stripe, expansion into new markets, and the addition of 10 new local payment methods (LPMs).

• Bundling revenue grew 39%, now representing 14% of group revenue and serving 51 million subscribers, up 21% year-over-year.

• Strengthened leadership team with key hires in commercial, product, data, and AI roles.

• Maintained a strong, debt-free balance sheet with $84.6 million in own cash.

Financial highlights

• Underlying revenue grew 11% year-over-year to $66.5 million, excluding $3.4 million of non-recurring launch phase pricing from H1 2025; headline growth was 5%.

• Adjusted EBITDA was $19.6 million, up 7% underlying, with a 29.4% margin.

• Free cash flow of just over $11 million generated in H1; $23.6 million returned via share buybacks.

• Total Payment Volume increased 16% to $8.6 billion, despite $200 million in one-off headwinds.

• Operating profit was $4.8 million, down from $11.9 million in H1 2025, due to higher operating expenses and exceptional items.

Outlook and guidance

• Full-year 2026 guidance reiterated: revenue between $135 million and $142 million, adjusted EBITDA between $38 million and $42 million.

• Three-year CAGR to December 2026 projected at 18-20%.

• Trading since period end has been in line with expectations; all delayed connections have now gone live.