CAB Payments (CABP) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 Total Income was ~£102m, up ~22% YoY; excluding Deposit Net Interest Income, it rose ~32% to ~£79m. Q3 Total Income was a record ~£34m.

• 9M FX and payment volumes reached a record £32.5bn, up 4% YoY; Emerging Markets (EM) volumes rose 23% to £12.1bn. Active clients totaled 613 at 30 September.

Financial highlights

• 9M Deposit Net Interest Income fell 5% YoY, reflecting lower average interest rates and hedging initiated toward end-2025, partly offset by average deposits up 11% YoY.

• Q3 standalone Total Income was ~£34m, comprising ~£27m excluding Deposit Net Interest Income and ~£7m Deposit Net Interest Income.

Outlook and guidance

• Medium-term guidance unchanged: Total Income excluding Net Interest Income growth at a high-teens to low-20s CAGR over 2026–2028.

• Positive operating leverage is expected to support structural improvement in the cost-income ratio over time; capital expenditure is set to increase in 2026 to build the operating platform.

• Full-year performance expected to be successful despite a particularly strong Q4 2025 comparator; pre-close update scheduled for 19 January 2027 and FY 2026 results for 4 March 2027.