CAB Payments (CABP) H1 2026 earnings summary

Executive summary

• Total income reached GBP 68 million in H1 2026, up 31% year-over-year and 1% sequentially, marking the highest rolling 12-month income since IPO, with adjusted EPS rising 157% year-over-year to 5.4p.

• Operational leverage expanded, driving efficiency and capital generation, with a progressive dividend policy initiated and medium-term guidance reaffirmed.

• Announced inaugural interim dividend of GBP 0.021 (2.1p) per share, representing 40% of adjusted profit after tax.

• Strategic focus on scaling, product innovation (notably stablecoin), technology investment, and global expansion, especially in emerging markets.

• Record interim results driven by expanding client base, new mandates, and deepening platform reach across the Global South.

Financial highlights

• Adjusted EBITDA up 82% year-over-year to GBP 23.8 million (margin 35%, up 10 percentage points year-over-year); adjusted profit after tax up 152% year-over-year to GBP 13.6 million.

• Statutory Profit After Tax up 313% year-over-year to GBP 9.5 million; adjusted EPS up 157% year-over-year to 5.4p.

• Net Interest Income down year-over-year but up slightly half-on-half; average customer deposits grew 6% year-over-year.

• Operating expenses (ex D&A) up 13% year-over-year to GBP 43.6 million, with cost growth below revenue growth.

• Income excluding Net Interest Income up 48% year-over-year.

Outlook and guidance

• Medium-term guidance reaffirmed: targeting high teens to low 20% CAGR in total income (excluding NII) over the next three years.

• Dividend policy aims for progressive increases, with full-year dividends to grow at a mid-single-digit rate from 2027.

• CapEx investment to remain at 8%-12% of revenue.

• Basel 3.1 implementation expected in January, with no material impact on surplus capital.

• Expecting higher client volumes and activity in H2 2026, supported by strong client relationships and new mandates.