Slides
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H1 Results Presentation 2026 CAB Payments
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Total Income £68m (+31% YoY) Adj. EPS 5.4p (+157% YoY) Adj. RoTC1 26% (+15pp) How did we do in H1 2026? Note: Adjusted figures, adjusted for non-underlying costs 1. Return on Target Capital – adjusted PAT as a proportion of equity, removing surplus capital above 17.5% CET1 ratio 2. TSR – Total shareholder return TSR Growth and returns 2.1p Interim Dividend declared Progressive dividend policy from 2027 H1 2026 – sustaining positive momentum Operational leverage expanding, delivering efficiency Progressive dividend policy initiated – confidence in delivery Re-affirming medium-term guidance 2 2
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Underpinning our medium-term guidance What are our strategic value drivers for growth? SCALING THE BUSINESS New offices Correspondent banking FinTech growth Central banks NEW PRODUCTS Stablecoins in EM Mobile payments / smart routing Derivatives TECHNOLOGY New core platform AI efficiencies Client focused technology 3
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4 Growth in client, network and mandate quality 601 ACTIVE CLIENTS ~450 NETWORK PARTNERS STRATEGIC WINS 4 global locations + 3 in the pipeline2 Deutsche Bank global clearing partner 32 new active clients Growth in quality clients EM volume growth +21% YoY ~30 central bank clients Average deposit balance growth +6% YoY (+9% HoH) c.60 correspondent bank clients in pipeline Network momentum Additional global clearing partner New geographies – e.g. South Korea Optimizing for quality as well as scale Revenue opportunities expanding Enhanced correspondent banking services Americas, Africa, MENA, Europe presence 2x Multi-year global IDO payments mandates1 Syndicated trade finance facility First corporates transactions 1. One of these mandates originated in early H2 2. Refers to sales and representative presence
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5 Business model built to deliver TSR: distribution policy initiated E Strong, sustainable and profitable growth Quality revenue Profit accretion, cost-base reshaped, AI delivering productivity focus Operational leverage Compounding value growth Product expansion; new licences; platform investment Infrastructure investment Capital generation + distribution 02 03 01
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Financial Performance James Hopkinson, Group CFO
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7 Income +31% YoY, promising progress HoH (+5%)1 Higher take rates H2 delivery underpinned by strategic actions Operating leverage driving capital generation Re-affirming medium-term guidance New capital framework drives TSR A strong half underpins confidence for the full-year 1. +1% HoH as reported. H2 2025 included a gain-on-sale of treasury assets and income from a dislocated market
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Well positioned to deliver strong growth and attractive distributions to shareholders: a true TSR proposition Targeting a long-term minimum CET1 capital % between 16.5% - 17.5%1 Investment in growth Investment BAU investments – keep the franchise compliant, resilient and efficient Growth investments – facilitates growth opportunities. Value accretive projects e.g. technology and platform, new products Targeting 8-12% of revenue Inorganic Priority remains organic growth; Bolt-on M&A is opportunistic and subject to strict discipline Targets that accelerate strategy Must deliver attractive shareholder value Shareholder returns Dividend Inaugural interim dividend of 2.1p per share equivalent to 40% of adjusted PAT Final 2026 dividend subject to shareholder approval Progressive annual dividend growth of mid-single digits % p.a. from 2027 onwards Special dividend or Buybacks Seek return of surplus capital above capital requirement via share buy-backs and / or special dividends Subject to AGM authority 1. Per current UK CRR - will likely increase as a result of Basel 3.1, however, we do not expect the absolute level of surplus capital to change materially 8
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9 Strong YoY growth with encouraging HoH momentum 1. Total Income excluding Deposit NII 2. Return on Target Capital = adjusted PAT as a proportion of target regulatory capital of 17.5% CET1 3. Based on verified profits per Pillar 3 disclosures net of declared interim dividend 4. Including impairment provisions 5. Half-on-half refers to H2 2025 vs H1 2026 £m H1 2026 H1 2025 YoY HoH 5 Wholesale FX 31 18 75% - Payments 16 14 19% 3% Payments FX 8 6 32% 5% Other payments 8 8 8% 1% Banking 20 20 -% -% Deposit NII 15 16 (7%) 1% Trade finance & other 5 4 28% (4%) Total Income 68 52 31% 1% Operating costs4 (44) (39) (13%) 4% Adjusted EBITDA 24 13 82% 8% Adjusted Profit before Tax 18 7 151% 14% Adjusted Profit after Tax 14 5 152% 14% Memo: Basic Adjusted EPS (p) 5.4 2.1 157% 15% Total Income ex NII (£m) 52 35 48% 1% Average customer deposits (£bn) 1.6 1.5 6% 9% CET1 Capital 133 115 15% 3% Target CET1 Capital (17.5%) 107 104 4% 3% Total net assets 172 149 15% 7% Adj. EBITDA Total Income +31% YoY +82% YoY Adj. EPS +157% YoY Adj. RoTC2 26.3% (FY25: 17.7%) CET1 Ratio3 21.7% (Dec-25: 21.8%) Total Income (ex-NII)1 +48% YoY
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Growth in quality and sustainable revenue Highest 12 month rolling Total Income since IPO More diversified by product FX, Payments, Solutions, Banking +92 active clients added over 2024, 2025 and H1 2026 Diversified by geography Central Bank relationships at core of strategy Greater correspondent banking proposition with addition of Deutsche Bank (1) Number of transacting central banks with a commercial relationship (2) Revenue from Top 5 currencies as % of revenue Correspondent banking clients 77 ~60 in pipeline Ave. Call Deposits +24% YoY Central Banks1 ~30 Trade Finance First lead syndication Payment transactions +22% YoY Concentration2 +38% vs. 32% in 2025 ~ 50% in 2023 10
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HoH performance shows continued momentum Total Income up 31% YoY (1% HoH or 5% excluding one-off revenue items) Improving operational leverage HoH growth in EM volumes reaching new highs Quality and sustainable revenue 1. One-off items include treasury gain-on-sale income and small dislocation in a particular market in H2 2025 Total income (£m) Adj. EBITDA/margin (£m) Take rates (bps)2FX & Payments FX volumes (£bn) 56 50 52 67 68 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 10.8 12.9 13.6 14.8 12.9 6.8 6.7 6.3 7.2 7.6 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 G10 currencies Emerging Market currencies 18.7 12.1 13.1 22.1 23.8 33% 24% 25% 33% 35% H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 7 6 7 8 6 33 24 24 38 41 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 G10 currencies Emerging Market currencies +1% / +5% (ex one-off items1) +8% +6% (13%) +3bps 11 (1)bps
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12 EM take-rates driven by solutions and macro volatility EM core take-rate averaging c.30bps1 31bps Average EM margin (1) Management estimate of BAU EM FX take-rates over previous years (2) Note that concentration increased from 27% in H1 2025 to 37% in H2 2025 as a result of strategic focus on specific markets 0.33% 0.33% 0.38% 0.25% 0.29% 0.24% 0.29% 0.33% 0.33% 0.50% 0.55% 0.29% 0.31% 0.24% 0.38% 0.41% 2021 2022 2023 2024 2025 H1 2025 H2 2025 H1 2026 BAU take-rate excluding central bank solutions and dislocations Reported EM take-rate Recent BAU take-rate shaped by specialist liquidity access in select corridors and market volatility Dislocations prominent in 2022–23, none in H1 2026 H2 2025 & H1 2026: Solutions take-rates above BAU EM FX (fees & spread) Take-rate softened Q1–Q2 2026 as volatility subsided Top-5 currency concentration down to 38% (from ~50% peak), in lower-risk markets2
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13 Expanding operating leverage £1.9m £1.5m £1.3m £0.4m £38.7m £43.8m H1 2025 Staff costs Variable staff costs Cost of sales Other costs H1 2026 • Annualisation of 2025 hires • Build-out of international offices and sales force (+13 FTE)1 • Aligned to stronger financial performance and strategy execution • Volume- related transaction costs • BAU technology and product costs • Global expansion initiatives • AI delivering offsetting efficiencies and savings +13% Underlying operating costs (ex D&A)2 - £mAdjusted EBITDA growing1 Operating leverage expanding +82% Adjusted EBITDA (YoY) +8% Adjusted EBITDA (HoH) 35% Adjusted EBITDA Margin (+10pp YoY) 72% Adjusted Cost: Income ratio (-13pp YoY) (1) Net of attrition. (2) Includes expected credit losses
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14 Capital Expenditure1 by period - £m H1 Capital Expenditure allocation - £m New banking platform and core architecture Mobile wallets, core payments API Stablecoin – off-ramp technology build and testing Expect similar capex spend in H2 or £12m-£14m for 2026 49% 23% 4% 24% Platform Processing Protection Product Targeted investment programme focused on growth £4.5m £7.0m £12.5m £8.6m £6.8m £3.5m £6.8m 2022 2023 2024 2025 H1 2024 H1 2025 H1 2026 Capex (£m) Capex % of Total Income Capex target of 8-12% Total Income 4% 5% 12% 7% 12% 7% 10% 1. Focuses on “core capex” - Capex on intangibles
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15 Medium-term guidance re-affirmed REVENUE OPERATING LEVERAGE INVESTMENT CAPITAL GENERATION +48% YoY growth +10pp EBITDA margin expansion 10% Total Income Capital Management Framework Interim dividend Continued positive operational leverage driving improved earnings over time Increased levels of investment underpinning growth 8-12% Total Income in capex Capital-light cash generative model growing surplus capital for deployment into growth and shareholder returns High-teens to early 20s % CAGR in Total Income ex. NII1 over the next 3 years 1. Defined as Total Income less deposit Net Interest Income H1 progress
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Strategic Update Neeraj Kapur, Group CEO
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17 Global expansion supports deeper relationships Providing financial connectivity to the Global South Capital generative business model Stablecoin proposition in EM progressing as planned Continued delivery supported by client drivers Strategic progress underpins future growth Clear investment case
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18 Continued expansion across fast-growing markets London New York Abu Dhabi Guyana Nigeria Côte d’Ivoire Amsterdam Planned expansion Live location Americas Guyana licence secured; office imminent Venezuela: exploring compliant flows Caribbean – strong franchise Europe New regional leadership appointed Building pipeline with EU FinTechs Deepening engagement with IDOs Africa Offices approved: Nigeria & Côte d'Ivoire Capturing ME to Africa flows Deepening humanitarian & dev payments MENA & Asia Abu Dhabi office active ADGM digital asset licence in progress First corporate deals executed Strong corporate & sovereign-wealth pipeline
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19 The importance of providing financial connectivity to the Global South Addition of Deutsche Bank significantly enhances our correspondent banking opportunity 02 77 £17m Revenue from Correspondent Banking clients across all products £26m £26m £28m 2023 2024 2025 A structurally growing market • Increasing appetite for global banks to provide clearing services to Emerging markets via trusted partners • CAB provides vital services for local FIs • Rising demand for resilient, specialist networks Strategic banking partners USD, EUR & GBP clearing +3 further clearing partners Live correspondent banking clients +48% since H1 2023 Further c.60 in approval funnel H1 2026 revenue from respondent banking clients (across all products)
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20 Playing a core role in the Emerging Market stablecoin ecosystem Looking to position CAB Payments as the regulated bank that off-ramps the flow Sender Local fiat Stablecoin on-ramp fiat → USDC Network Stablecoin networks route & settle on-chain CAB Off-ramp · FX + local payout, regulated settlement Receiver Local fiat Problems we can solve: Thin local liquidity Limits stablecoin usefulness Coin issuers No EM network or licences to convert to fiat Payment providers Lack local EM expertise and licences Regulatory and credit standing of existing stablecoin providers Day 1 focusFuture ambition Custody Hold USDC in wallet
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21 Stablecoins: disciplined, regulated-first model New revenue from flows we already serve - within risks we know Business Model Partner-led delivery In-house KYC & travel-rule controls Revenue: FX spread, liquidity & settlement fees New vertical: blockchain & stablecoin providers Purpose driven Progress to date Initial offering (Off-ramp into local fiat) in testing Ecosystem mapped – infrastructure customers / liquidity providers / network expansion partners Final stages of partnership selection ADGM licence extension filed Looking ahead - H2 testing / H1 2027 delivery
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22 H2 powered by exciting opportunities More clients. More markets. More volume Geographic expansion Open Guyana office Two new offices in Africa New market opportunities Venezuela/ wider LATAM Correspondent banking expansion Scaling the core Solutions and corporates New CB clients Fintech opportunities Targeted sales expansion New core tech build Digital assets Production Client testing Licence extension (ADGM)
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Structural Growth Drivers Growth aligned to structural economic development, rather than short-term rate or volatility cycles Regulated infrastructure platform Enabling network maintenance, preferential market access, relationship longevity and trust and liquidity management Specialised Emerging Market Network driving differentiated and trusted access to complex markets. Difficult to replicate Providing cross- border payment solutions that power opportunities across the Global South Scalable Business Model leading to high operating leverage, improving margins and strong cash generation Entrenched Relationships Multi-year entrenched relationships, including central banks, driving sustainable growth Flexible payments Platform multi-rail capability driving access to billions of end points globally. Well positioned for evolving stablecoin capability 1 2 34 5 6 Clear investment case 23
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24 Business model: Driving valued client relationships in our markets Stablecoin: Solving the off-ramp problem Growth: Supported by strong relationships and regulation Correspondent banking: Highly valued to clients and economies Investment case: Clear and proven Outlook and key takeaways
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25 Appendix
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26 P&L by half (£m) H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 YoY HoH Wholesale FX 21.7 17.3 17.7 31.0 31.0 75% -% Payments 15.6 13.9 13.7 15.8 16.3 19% 3% Payments FX 8.1 6.7 6.2 7.8 8.2 32% 5% Other Payments 7.5 7.2 7.5 8.0 8.1 8% 1% Banking 18.7 19.2 20.4 20.3 20.3 -% -% Deposit NII 16.4 15.4 16.5 15.0 15.3 (7%) 1% Trade finance and other Income 2.3 3.8 3.9 5.4 5.0 28% (4%) Total Income 56.0 50.4 51.8 67.2 67.6 31% 1% Staff costs (23.7) (23.9) (22.7) (27.7) (26.1) (15%) 6% Other operating expenses (13.6) (14.4) (15.9) (17.5) (17.7) (11%) (1%) Adjusted EBITDA 18.7 12.1 13.1 22.1 23.8 82% 8% Adjusted Profit Before Tax 14.7 6.7 7.2 16.0 18.1 151% 14% Adjusted Profit after Tax 11.0 5.0 5.4 12.0 13.6 152% 14% Memo: Basic Adjusted EPS (p) 4.3 2.0 2.1 4.7 5.4 157% 15% Total Income ex NII (£m) 39.6 35.1 35.3 52.0 52.3 48% 1% Average customer deposits (£) 1.4 1.6 1.4 1.5 1.6 6% 9% CET1 Capital 113 116 115 129 133 15% 3% Target CET1 Capital Surplus (17.5%) 25.1 10.4 11.9 25.3 25.5 114% 1% Total net assets 142 147 149 161 172 15% 7%
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(£m) H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 YoY HoH Financial metrics Wholesale FX & Payments FX (£m) 29.7 23.8 23.9 38.8 39.2 64% 1% Total Income (ex Deposit NII) (£m) 39.6 35.1 35.3 52.0 52.3 48% 1% Currency concentration Top 5 (%) 32% 24% 27% 37% 38% 11% +1% Adjusted EBITDA Margin (%) 33% 24% 25% 33% 35% 10% +2% Adjusted EBITDA / average FTE (£'000) 45.5 27.8 35.1 60.8 63.0 79% 3% Adjusted Cost:Income Ratio (%) 74% 86% 85% 75% 72% (13%) (3%) Operating Free Cash Flow (£m) 9.5 6.0 9.5 17.7 17.8 87% 1% Operating Free Cash Flow Conversion (%) 51% 50% 72% 80% 75% +3% -5% Capital & Investment Core Capex (£m) 9.9 5.0 3.5 5.1 6.8 94% 33% Capital intensity (% of Total Income) 16% 12% 7% 8% 10% 3% 2% Adjusted Return on Equity (%) 16% 7% 7% 15% 17% 10% 2% Adjusted Return on Target Capital (%) 25% 10% 11% 23% 26% 15% 3% Other Management Information 27
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Balance sheet Entering a lower interest rate environment • Hedging strategy established in 2025 protects the stability of NII against unexpected changes in interest rates • NII headwinds expected as cuts annualise Market forecast Interest rate path shows expectations of continued fall (£m) 31-Dec-25 30-Jun-26 HoH Cash at central banks 258 196 (24%) Money market funds 218 339 55% Loans and advances to banks 130 211 63% Debt securities 678 899 33% Non-HQLA assets 5 10 86% Treasury assets 1,289 1,654 28% Trade Finance lending 270 263 (3%) Working Capital lending 22 13 (41%) Other assets 80 77 (4%) Total assets 1,660 2,008 21% Customer deposits – current 916 1,111 21% Customer deposits – term 521 661 27% Other liabilities 62 65 4% Total liabilities 1,499 1,837 23% Shareholders funds 161 172 7% 3.77% 3.38% 3.76% 3.22% 2.8% 3.0% 3.2% 3.4% 3.6% 3.8% 4.0% Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Q1 28 Q2 28 Q3 28 Q4 28 FED BoE 28 High quality, liquid balance sheet
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67.2 (1.8) (0.7) 64.8 1.9 (2.6) 2.9 0.7 67.6 H2 2025 Total Income Dislocation Treasury gain on sale H2 2025 Underlying Total … Underlying Margin Volume Central Bank and solutions NII, Trade and Other H1 2026 Total Income HoH shows continued momentum and demonstrates business model strength +5% HoH Growth in client-based activity Client # +2% EM Volumes +6% G10 Volumes (13)% Payment transactions +11% Average deposits +9% 29
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Strong activity levels across all client types Revenue by client type • Banks underpinned by stronger central and commercial banking relationships • Fintech and corporates valuing access to local liquidity in specialist markets • Ongoing support for IDOs delivering development impact – leading to HoH recovery • Rising opportunity targeting international corporates £m H1 2025 H1 2026 YoY HoH (1) Banks 33 38 +13% (1)% Fintechs & Corporates 13 21 +69% +1% IDOs (2) 6 9 +47% +6% Active clients New active clients Revenue / client (£000) 295 14 127 229 11 93 77 7 114 (1) Half-on-half refers to H1 2026 vs H2 2025 (2) International Development Organisations 30
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• Americas remains our largest region (32% income), with a growing pipeline and a new licence secured in Guyana • UK up 71% year-on-year on Emerging Market FX volumes and Central Bank and Solutions take-rate expansion • Africa up 43% year-on-year as we deepen our liquidity network, with new representative offices approved • Europe and MENA offices now transacting and building pipeline, with growth expected in H2 Strong activity levels across all regions Revenue by client type (1) Half-on-half refers to H1 2026 vs H2 2025 (2) Nigeria and Côte d'Ivoire 31 £m H1 2025 H1 2026 YoY HoH (1) Americas 22.1 21.8 (1)% (2)% UK 11.5 19.7 +71% +6% Africa 12.7 18.2 +43% (6)% Europe 2.4 4.2 +75% +8% Asia 2.6 2.8 +8% +22% Middle-East 0.5 0.9 +80% +13% Active clients New active clients Revenue / client (£000) 134 4 163 141 4 140 217 9 84 60 4 70 35 7 80 14 4 64
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Core Equity Tier 1 Ratio (CET1) bridge CET1 RWA £129m £595m £11m (£3)m £1m £16m £4m £133m £614m 32 (£5)m 1.8% 0.2% (0.5%) (0.6%) (0.1%) (0.9%) 21.8% 22.6% 21.7% Dec 2025 CET1 Ratio Profit & Reserves Capex Unsettled Deals Treasury & Trade Finance Operational Risk June 2026 CET1 Ratio (pre- Dividend) Dividend June 2026 CET1 Ratio
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Disclaimer This presentation should be read in conjunction with the RNS announcement published by CAB Payments Holdings plc (CAB Payments) on 6 August 2026. 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 constitute a prospectus or a prospectus exempted document. The release, publication or distribution of this presentation in jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are not resident in the United Kingdom or who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable legal or regulatory requirements. Any failure to comply with applicable legal or regulatory requirements of any jurisdiction may constitute a violation of securities laws in that jurisdiction. This presentation may contain statements which are, or may be deemed to be, “forward-looking statements”. All statements, other than statements of historical fact are, or may be deemed to be, forward- looking statements. Forward-looking statements are prospective in nature and are not based on historical facts, but rather on assumptions, expectations, valuations, targets, estimates, forecasts and projections of CAB Payments about future events, and are therefore subject to risks and uncertainties which could cause actual results, performance or events to differ materially from those expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as “plans”, “expects”, “budget”, “targets”, “aims”, “scheduled”, “estimates”, “forecast”, “intends”, “anticipates”, “seeks”, “prospects”, “potential”, “possible”, “assume” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. CAB Payments gives no assurance that such expectations will prove to be correct. By their nature, forward-looking statements involve risks (known and unknown) and uncertainties (and other factors that are in many cases beyond the control of CAB Payments) because they relate to events and depend on circumstances that may or may not occur in the future. There are a number of factors that could affect the future operations of the CAB Payments group and that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. These include factors, such as: domestic and global business and economic conditions; the impact of pandemics, asset prices; market-related risks such as fluctuations in interest rates and exchange rates, industry trends, competition, changes in government and regulation, changes in the policies and actions of governments and/or regulatory authorities (including changes related to capital and tax), changes in political and economic stability (including exposures to terrorist activities, the United Kingdom’s exit from the European Union, Eurozone instability, disruption in business operations due to reorganisation activities, interest rate, inflation, deflation and currency fluctuations), the timing impact and other uncertainties of future or planned acquisitions or disposals or offers. Other unknown or unpredictable factors could affect future operations and/or cause actual results to differ materially from those in the forward-looking statements. Such forward-looking statements should therefore be construed in the light of such factors. Each forward-looking statement speaks only as of the date of this presentation. Neither the CAB Payments group nor any of their respective associates or directors, officers or advisers provides any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur. Forward-looking statements involve inherent risks and uncertainties. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers are cautioned not to place undue reliance on these forward-looking statements. Other than in accordance with their legal or regulatory obligations, CAB Payments group is neither under nor undertakes any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 33
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A black background with a black square Description automatically generated with medium confidence www.cabpayments.com info@cabpayments.com T: +44 (0)20 3903 3000 CAB Payments Holdings plc. Authorised as a Financial Holding Company by the Prudential Regulation Authority under Firm Reference Number 959213. Company registered in England and Wales under registration number 09659405. Registered Office: 3 London Bridge Street, London, SE1 9SG, United Kingdom