Cab Payments Holdings Plc · LSE:CABA
Cab Payments — Investor Presentation (May 2026)
34 slides from Cab Payments's investor presentation, May 2026
Slide 1: Investor relations presentation
Investor relations presentation May 2026 Delivering prosperity to the markets we serve
Slide 2: A leading B2B FX & Payments provider
A leading B2B FX & Our purpose: Delivering prosperity in the markets we serve Payments provider 120+ £119m Currencies & Markets 2025 Total Income We provide cross-border payment solutions that power opportunities across the Global South c.600 55+ Active Clients Central Bank Relationships 92% 440+ Cl
Slide 3: We can move money
We can move money £41.9bn FX & FX Payment Volumes in 2025, of which £13.6bn in emerging market volumes 2025 £8.3bn in fintech and corporate payments in 2025 (incl remittance flows) Global reach Partnering with us gives you access to 123 of the roughly 130 freely traded or independent currencies worl
Slide 4: A differentiated service proposition
A differentiated service proposition Specialists in Emerging Institutional B2B client base Regulated Banking & Frontier Markets – not retail Platform 120+ currencies & markets c.£400k avg transaction value 22.1% CET1 capital ratio Large-ticket wholesale flows with banks, fintechs, corporates and int
Slide 5: Clear investment case
Clear investment case 6. Regulated infrastructure platform 1. Structural Growth Drivers Enabling network maintenance, preferential Growth aligned to structural economic market access, relationship longevity and trust development, rather than short-term rate or and liquidity management volatility cyc
Slide 6: We benefit from structural growth drivers
We benefit from structural growth drivers Large & Growing Cross-Border 1 Market 2 Structural tailwinds fueling growth Global B2B cross-border Global banks retreated from $32trn payments annually(1) 10+ Africa over the last decade(2) Global GDP growing at +3% p.a. Cross- Structural shift away from tr
Slide 7: At the forefront of connecting the world's fastest growing markets
At the forefront of connecting the world’s fastest growing markets 2023-2024 GDP Growth by country 120+ Currencies & Markets >190 Countries reached Current most-active regions Target regions for future growth opportunities Regional hubs - London (Global HQ) - Amsterdam (Europe Hub) - New York (Ameri
Slide 8: A global footprint to support clients
A global footprint to support clients London Amsterdam New York Abu Dhabi Group HQ European Hub Americas Hub MENA, Africa, AsiaPac Hub Core Sales, Client management, European Sales and operations Client sales and Clearing Middle-East / North Africa trading & operations Development Banks relationship
Slide 9: Continuous growth in activity
Continuous growth in activity Active clients growing c.10% p.a. 17% p.a. growth in FX volumes (£bn) Serving a blue chip client base Banks & Financial 592 £41.9bn B Institutions 13.5 Providing liquidity and connecting through 370 the global financial network. Central and £19.3bn 28.4 commercial banks
Slide 10: Attractive financial opportunity
Attractive A track-record of delivering growth financial opportunity Revenue by product (£m) Adj. EBITDA (£m) and Adj. EBITDA margin (%) 2022-23 driven by exceptional currency performance in Nigeria 2022-23 driven by exceptional currency performance in Nigeria (1) £137m 70 50% 55% Highly scalable pl
Slide 11: Strong volume growth with actions taken to counteract variable take-rates
Strong volume growth with actions taken to counteract variable take-rates Strong volume growth reflects growing Take- rate profile reflects central bank client book and increasing share of wallet intervention in key markets, actions • Business fairly concentrated being taken to diversify book toward
Slide 12: Cash generative and scalable business model
Cash generative and scalable business model Historically strong operating leverage, Strong cash generation capability Well invested platform positioned cost base rationalised in 2024 for growth +21% 60 100% 21% CAGR 91% 88% 90% 33.5 50 30.5 80% 26.6 75% 14% 40 70% 68% 18.6 60% 30 56.8 7% 13.5 49.8 5
Slide 13: Well positioned for the future: Medium-term financial framework
Well positioned for the future New Medium-term financial framework Revenue Operating Investment Capital leverage generation High-teens to early 20s % Continued positive Increased levels of Capital-light cash operational leverage investment generative model CAGR in Total driving improved underpinning
Slide 14: In conclusion…
In conclusion… A CAB Payments for the future • Structural expansion driven by markets Ideally placed to navigate a changing market • Revenue diversified and growing • Increasing regulatory sophistication • Operating leverage expanding • Stablecoin expansion • Investing for growth • Entering new regi
Slide 15: 2025 Financial Update
2025 Financial Update 15
Slide 16: We are driving quality revenue growth
We are driving quality revenue growth New clients. New products. New markets. Delivering Growth engine activated for the future • c.600 active clients Broader product suite Derivatives | A+ Deposits | ACH | Stablecoin • 32% currency concentration(1) (down from 45% in 2023) Geographic presence London
Slide 17: Strong financial progress
Strong financial progress £m 2024 2025 YoY HoH (3) Wholesale FX 39 49 25% 75% Total Income 12% Payments Payments FX 30 15 30 14 - (5%) 15% 26% YoY Other payments 15 16 5% 7% Banking 38 41 8% - NII 32 32 (1%) (9%) Adj. EBITDA 14% Trade finance & other Total Income 6 106 9 119 52% 12% 38% 30% YoY Oper
Slide 18: HoH performance shows successful transformation and return to growth
HoH performance Total Income (£m) HI DAN Adj. EBITDA/margin (£m) HI DAN shows successful +30% 33% +69% 33% transformation and return 25% 67.2 24% to growth 56.0 50.4 51.8 18.7 12.1 13.1 22.1 H1 2024 H2 2024 H1 2025 H2 2025 H1 2024 H2 2024 H1 2025 H2 2025 Take rates (bps) HI DAN +6bps FX & Payments F
Slide 19: EM margins within normalised levels
EM margins within normalised levels EM margins averaging at c.30bps H2 2025 step-up reflecting execution of higher-margin CB 0.40% opportunities 0.38% 0.36% 0.34% 0.34% 0.07% 0.32% 0.32% 0.30% 0.30% 0.28% 0.38% 0.02% 0.28% 0.33% 0.01% 0.26% 0.31% 0.26% 0.24% 0.29% 0.24% 0.28% 0.22% 0.24% 0.22% 0.20%
Slide 20: H2 income driven by client-led growth
H2 income driven by client-led growth 1.8 67.2 7.0 0.5 0.8 64.8 0.7 4.4 (1.5) 1.7 51.8 Continued downward trend Broad-based growth across markets, due to expected clients and products lower interest rate environment in Take-rates remain within cyclical ranges 2026 H1 2025 Total Volume Margin Central
Slide 21: Strong activity levels across all client types
Strong activity levels across all client types Revenue by client type Active New active Revenue / £m 2024 2025 YoY HoH (1) clients clients client (£000) Banks 62 72 15% 16% 295 33 £244 Fintechs & Corporates 29 33 15% 66% 227 19 £145 IDOs (2) 15 14 (9%) 36% 70 10 £200 • Banks underpinned by stronger
Slide 22: Investing in revenue generation
Investing in revenue generation Operating expenses ex D&A (£m) Staff costs • Broadly flat (excluding variable staff costs) £1.6m £83.9m £4.2m £0.9m • Investing into a greater proportion of client facing staff £0.5m £76.7m £0.6m £76.2m Variable staff costs • Reflects stronger strategic, income and pr
Slide 23: Expanding client facing teams and improving operating leverage
Expanding client facing teams and improving operating leverage Increasing global coverage and sales… …while realising efficiencies Reducing per-unit Further improve Supplier transaction costs onboarding times rationalisation and contract renegotiation +19% processing volumes 40% -16% 2025 Improvemen
Slide 24: Investing for growth
Investing for growth 2025 Investment levels as guided 7% 8% £8.7m £8.3m 2025 Capex spend Future investment focused on 2025 (2024:Investment £15.0m) spend 21% 65% building a leading platform (2024: £12.5m) Expect Investment to increase in 2026 Product Processing Platform Cyber • Stablecoin • Payments
Slide 25: Appendix
CAB | Payments 25
Slide 26: Specialised emerging market network
Specialised emerging market network Proprietary FX and Payments infrastructure delivering on a global scale We operate a trusted network of nostros and liquidity providers built up over 100+ years Enhanced payments Direct bank coverage(2) capabilities allows for No presence distribution across 8.5 b
Slide 27: Increasing density of local bank rails and liquidity partners
Increasing density of local bank rails and liquidity partners with strong global distribution • Deeply entrenched relationships # of partners % distribution • Faster and more reliable settlement for clients on a global Middle East scale +17% 9% CAGR Europe • Hard to replicate infrastructure, 131 120
Slide 28: Multi-year entrenched client relationships
Multi-year entrenched client relationships Deeply entrenched relationships Active client numbers (#) & revenue per client (1) 546 592 92% 509 • Top 15 clients have banked with CAB for Client retention(2) ~10 years on average 456 423 370 • 143% NRR reflects clients deepening relationships — more prod
Slide 29: A diversified, blue-chip institutional client base across three segments
A diversified, blue-chip institutional client base across three segments B Banks & Financial F Fintechs & Corporates I International Development Institutions Organisations £72m revenue (FY25) £33m revenue (FY25) £14m revenue (FY25) +15% YoY +15% YoY -9% YoY (+36% HoH) Providing liquidity and connect
Slide 30: Flexible payments platform
Flexible payments platform Multi-rail capability – delivering to billions of end points globally Wholesale FX & Large Payments ACH & Payment Flows High ATV | Lower Frequency Lower ATV | High Frequency £42bn c.£400k 25% 1.2m 54 +19% FX & Payments Average Volume Payments ACH Currency Volume Volumes (2
Slide 31: Stablecoin – a significant evolution in cross-border payments
Stablecoin – a significant evolution in cross-border payments Stablecoin proposition due to launch in 2026 $ ↑ ⬡ ✓ ★ ⊕ ✓ Recipient Sender Blockchain Stablecoin Local On-Ramp Off-Ramp (Local (Corporate/Bank) Rail Settlement Liquidity Bank/Wallet) Initiates payment Fiat → Stablecoin Smart contract Nea
Slide 32: Regulated infrastructure platform
Regulated infrastructure platform A banking licence that opens doors Balance Sheet Strength Institutional Trust CET1 Capital Ratio (FY25) Financial institutions only deal with fully regulated counterparties. PRA regulation and 150+ years of trading history opens doors that are closed to non-bank com
Slide 33: Disclaimer
Disclaimer This presentation is not intended to, and does not, constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. This presentation does not co
Slide 34: Contact details
A black background with a black square Description automatically generated with medium confidence www.cabpayments.com CAB Payments Holdings plc. Authorised as a Financial Holding Company by the [email protected] Prudential Regulation Authority under Firm Reference Number 959213. Company registere
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