CAB Payments (CABP) Investor presentation summary

Business overview and strategy

• Specializes in B2B cross-border payments and FX, focusing on emerging and frontier markets with a proprietary network spanning 120+ currencies and 440+ partners.

• Serves c.600 active institutional clients, including banks, fintechs, corporates, and international development organizations, with a 92% client retention rate and 143% net revenue retention.

• Operates a regulated, capital-light, and scalable platform with entrenched multi-year client relationships and a strong moat in complex markets.

• Strategic global presence with hubs in London, Amsterdam, New York, and Abu Dhabi, supporting growth in fast-growing economies.

• Investing in technology, automation, and product development, including stablecoin payment rails launching in 2026.

Financial performance and growth

• Achieved £119m total income in 2025, up 12% YoY, with 14% YoY growth in adjusted EBITDA and 9% YoY growth in adjusted EPS.

• FX and payments volumes reached £41.9bn in 2025, with a 17% CAGR in volumes and 10% CAGR in active clients from 2020-2025.

• Operating leverage improved as cost growth remained below income growth, supporting strong cash generation and scalability.

• Revenue diversified across product lines and client segments, with banking and FX payments as key contributors.

• Medium-term guidance targets high-teens to early 20s% CAGR in total income (ex-NII) over the next three years.

Market positioning and structural drivers

• Positioned in a $32trn global B2B cross-border payments market, forecast to grow 51% by 2032.

• Benefits from structural tailwinds: higher EM margins (>30bps), strong barriers to entry, and long-standing presence in dynamic markets.

• Majority of transactional revenue driven by African markets, with expansion into new regions and digital currency adoption.

• Multi-rail payments platform enables access to 8.5bn endpoints in over 190 countries, supporting both high-value and mass payments.

• Stablecoin proposition aims to capture growth in digital currencies, especially in frontier and African markets.