CAB Payments Full Year 2025 Results

Summary by AI ^BETAClose X

CAB Payments Holdings PLC reported a return to profitable growth for the full year 2025, with Total Income increasing by 12% year-on-year to £119 million and Adjusted EBITDA rising by 14% to £35 million, reflecting a 30% Adjusted EBITDA margin. The company saw active clients grow to 592 and wholesale FX & Payment FX volumes increase by 13% to £41.9 billion. Despite a reported EPS decrease to 5.4p due to restructuring costs, the company is confident in delivering sustained, profitable growth in 2026, targeting high-teens to low-20s percentage CAGR growth in Total Income excluding Net Interest Income over the next three years.

Disclaimer*

Companies

CAB Payments Holdings 1/3P (WI) (CABP)

UK 100

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Twelve Months Ended 31 December	2025	2024	YoY growth %	H2 vs H1 growth %
Wholesale FX	48.7	39.0	25 %	75 %
Payments	29.5	29.5	- %	15 %
Banking	40.8	37.9	8 %	- %
Total Income	119.0	106.4	12 %	30 %

Staff costs	(50.4)	(45.7)	10 %	22 %
Other operating expenses	(33.5)	(30.5)	10 %	9 %
Reversal of impairment provisions	0.1	0.6	(83) %	(100) %
Adjusted EBITDA	35.2	30.8	14 %	69 %

IFRS 16 Interest expense on lease liabilities	(1.4)	(0.9)	56 %	(14) %
Depreciation & Amortisation	(10.6)	(8.5)	25 %	4 %
Adjusted Profit Before Tax	23.2	21.3	9 %	122 %

Adjusted taxation	(5.8)	(5.3)	9 %	122 %
Adjusted Profit after Tax	17.4	16.0	9 %	122 %

Adjusted EPS (pence)	6.8	6.3	9 %	119 %

	2025	2024	YoY growth %	H2 vs H1 growth %
Profit before tax	18.5	17.6	5 %	397 %
Profit after tax	13.6	14.2	(4) %	387 %
Earnings per share (pence)	5.4	5.6	(4) %	389 %

	Volume (£bn)		Take Rate (%)		Income (£m)
	2025	2024	2025	2024	2025	2024
G10	28.4	23.7	0.07 %	0.06 %	20.5	15.3
Emerging Markets	13.5	13.5	0.31 %	0.29 %	42.2	38.5
Total	41.9	37.2	0.15 %	0.14 %	62.7	53.8

	2025	2024	YoY growth %	H2 vs H1 growth %
Capital & Investment
Core Capex (£m)	8.6	12.5	(31) %	49 %
Capital intensity (% of Total Income)	7 %	14 %	(50) %	14 %
Operating Free Cash Flow (£m)	27.2	15.5	75 %	86 %
Operating Free Cash Flow Conversion (%)	77 %	50 %	54 %	11 %
Total CET1 Capital (£m)	129.3	116.0	11 %	12 %
CET1 Ratio (%)	22.1 %	19.2 %	15 %	13 %

Margin
Adjusted EBITDA Margin (%)	30 %	29 %	3 %	32 %
Adjusted Cost:Income Ratio (%)	79 %	80 %	(1) %	(12) %

Income
Total Income (excl. Net Interest Income) (£m)	87.5	74.6	17 %	48 %
Wholesale & Payments FX (£m)	78.2	68.5	14 %	49 %
Wholesale and Payment FX Volume (£bn)	41.9	37.2	13 %	11 %

Income by client type
Banks (£m)	71.9	62.4	15 %	16 %
Fintechs & Corporates (£m)	33.2	28.8	15 %	66 %
IDOs (£m)	13.9	15.2	(9) %	36 %

Summary Financial Information and KPIs
Twelve Months Ended 31 December	2025	2024	YoY growth %	H2 vs H1 growth %
Total Income¹ (£m)	119.0	106.4	12%	30%
Profit After Tax (£m)	13.6	14.2	(4%)	387%
Total Income (ex Net Interest Income) (£m)	87.5	74.6	17%	48%
Adjusted EBITDA¹ (£m)	35.2	30.8	14%	69%
Adjusted EBITDA margin¹ (%)	30%	29%	3%	32%
Adjusted Return on Equity (%)	11%	11%	-%	111%
Earnings Per Share (pence)¹	5.4	5.6	(4%)	389%
Adjusted Earnings Per Share (pence)¹	6.8	6.3	9%	119%
Average total deposits (£bn)	1.5	1.4	4%	(2%)
Shareholders funds (£m)	160.7	146.6	10%	7%
Number of Active Clients	592	546	8%	3%
Wholesale and Payment FX Volume (£bn)	41.9	37.2	13%	11%
Capital Expenditure (£m)	8.7	15.0	(42%)	49%

Combined Wholesale and Payment FX	2025	2024	YoY growth %	H1 2025	H2 2025	H2 vs H1 growth %
Emerging Market Currencies
Volumes £bn	13.5	13.5	- %	6.3	7.3	16%
Take Rates	0.31%	0.29%	7%	0.24%	0.38%	58%
G10 Currencies
Volumes £bn	28.4	23.7	20%	13.6	14.8	9%
Take Rates	0.07%	0.06%	17%	0.06%	0.07%	17%

Client Type	2025 (£m)	2024 (£m)	YoY growth %	H1 2025 (£m)	H2 2025 (£m)	H2 vs H1 growth %
Banks¹	71.9	62.4	15 %	33.3	38.6	16 %
Fintechs & Corporates¹	33.2	28.8	15 %	12.5	20.7	66 %
IDOs	13.9	15.2	(9) %	5.9	8.0	36 %
Total	119.0	106.4	12 %	51.7	67.3	30 %

Geography (by client domicile)	2025 (£m)	2024 (£m)	YoY growth %	H1 2025 (£m)	H2 2025 (£m)	H2 vs H1 growth %
Americas	41.3	37.6	10 %	20.5	20.8	1 %
UK	29.4	28.7	2 %	11.2	18.2	63 %
Europe	6.1	5.9	3 %	2.4	3.7	54 %
Africa	36.0	27.6	30 %	14.6	21.4	47 %
Middle-East	1.1	1.4	(21) %	0.5	0.6	20 %
Asia	5.1	5.2	(2) %	2.6	2.5	(4) %
Total	119.0	106.4	12 %	51.8	67.2	30 %

Category	2025 (£m)	2024 (£m)	YoY growth %	H2 vs H1 growth %
Staff expenses (excluding variable compensation)	41.7	41.2	1 %	5 %
Variable compensation	8.7	4.5	93 %	163 %
Total Staff Costs	50.4	45.7	10 %	22 %
Cost of Sales	6.6	5.7	16 %	20 %
Other operating expenses	26.9	24.8	8 %	7 %
Total operating expenses (excl. D&A)	83.9	76.2	10 %	17 %
Depreciation and amortisation	10.6	8.5	25 %	4 %
Total operating expenses before non-underlying items	94.5	84.7	12 %	15 %
Non-underlying items	4.7	3.7	27 %	(88) %
Total operating expenses after non-underlying items	99.2	88.4	12 %	6 %

FTE (spot)	366	421	(13) %	7 %
Transactions ('000)	1,163	976	19 %	9%
STP Rate	94%	93%	1 %

Average Deposits (£m)	2025 (£m)	2024 (£m)	YoY growth %	H2 vs H1 growth %
Call Deposits	773	611	27 %	- %
Fixed Term Deposits	678	789	(14) %	(5) %
Total Deposits	1,451	1,400	4 %	(2) %

	Current Context	Mitigants and other considerations
1. Business risk

Risk Description The risks to the Group arising from: • the broader risk of the Group's business model or strategy proving inadequate due to macroeconomics, geopolitical, industry, regulatory, competitive environment or other factors; or • adverse events and media coverage that could negatively impact the Group's name and reputation thereby impacting its ability to achieve its strategic objectives.	• The Group's business model and operations rely on the continued relationships with a diversified network of counterparties, liquidity providers and partner banks for clearing USD, GBP and EUR. • The Group provides access to emerging markets, with a level of concentration to Sub-Saharan Africa. Significant changes to our partner network or key markets (e.g. the risk of market dislocations, general access, regulatory, economic, or geopolitical conditions) would have a corresponding impact on the Group's business, operations, financial performance and reputation. • The Group's business model and operations rely on the continued relationships with a diversified network of counterparties and partners including liquidity providers. Potential events may include: • Adjustments in the nature of our partner networks impacting access to local liquidity or clearing services. Structural changes to markets that result in the removal or narrowing of margins and/or access to preferential local market currency rates. • Changes to local economies including market structure (e.g. regulatory/central bank monetary actions): - Economic or political events (e.g. changes in government). - Translation risk associated with significant strengthening in GBP relative to USD.		• The Board and Management periodically: - Review and update the strategic plan, budgets, targets, emerging opportunities, and threats. - Track and manage, through governance, a range of metrics and early warning indicators to highlight emerging risks to performance; these continue to be developed and enhanced. • The Group has a dedicated Network and Partnerships Function, who develop and manage our key local relationships; actions continue to be taken to ensure these are adequately diversified including key currencies such as USD and GBP. This function also tracks and reports regulatory changes and geo-political issues in these markets. • The Group has a strategic risk register which tracks the top risks and the corresponding actions planned and underway to mitigate these. This is reported periodically to the Risk Committee and Executive Risk Committee. • The Group has a medium-term strategy in place to continue diversifying revenues across geographies, clients and products whilst investing in its sales team.

2. Financial crime risk

Risk Descriptions The risk associated with criminal activity in the form of money laundering, terrorist financing, bribery and corruption, sanctions, tax evasion and fraud.	• Foreign Exchange (FX) remains the dominant product, utilised by over 90% of clients. However, correspondent banking and payment services are core offerings. AML and sanctions risks remain most pronounced, within this area, and Trade Finance, accounting for the majority of Suspicious Activity Reports submitted to the NCA. • The Group delivers services to clients across global jurisdictions, including Africa, the Americas and Caribbean, the Middle East, the USA, Canada, and Europe. Historically, client concentration was weighted toward higher-risk countries; however, continued trends show increased payment flows from low-risk to higher-risk jurisdictions. Despite this, new clients in higher risk regions continued to be onboarded in 2025, while strategic expansion into the Americas and the UAE is underway to reduce reliance on African markets. • In 2025 there was no significant change in the distribution of Client types within CAB's portfolio and Financial Institutions remain the largest segment of CAB's Client portfolio. • CAB specialises in segments including Fintechs, Money Service Businesses (MSB), and charities, but also includes segments such as financial institutions, Central Banks and supranational organisations. • The Group's organisational structure and control environment continue to be assessed as low due to no legacy financial crime issues, and no major control failures. The introduction of the UAE subsidiary may impact this operating risk, although the Group's licensed subsidiaries operate in a simple, non-complex structure and are physically located in jurisdictions with well established regulatory standards. • Regulatory oversight and scrutiny are generally lower for many Fintechs and MSBs. Continued observed regulatory penalties in 2025, related to control deficiencies within MSBs, highlight persistent challenges in mitigating financial crime risk in this sector, supporting their classification as higher risk. Similarly, financial institutions operating in high-risk jurisdictions are assessed as higher risk due to the inherent country-level exposure, which may present additional challenge to the Group.	• To effectively mitigate risks, the Group enforces rigorous onboarding standards and comprehensive due diligence for correspondent banking, supported by strong governance structures and dedicated client risk approval committees. • A robust country risk framework mitigates the Group's exposure to high-risk countries. This framework includes complete prohibitions of some countries and detailed restrictions on others. • Screening and monitoring controls enforce the framework, and the Group's employees have a strong awareness and understanding of the legal and regulatory environment in which they operate, including the relevant financial crime prevention provisions. • The Group continues its investment programme in anti-financial crime technology, focusing on advanced analytics and rule-set optimisation. Following the successful implementation of a new transaction monitoring system and screening upgrades in 2024, Phase 2 enhancements were delivered in 2025, introducing machine learning capabilities and improved alert handling. Additional upgrades to sanctions screening and real-time monitoring are underway to further strengthen detection and response. • Regular training is delivered to ensure standards are continuously maintained. • A dedicated Risk and Compliance Function provides oversight and undertakes thematic assurance activity to identify potential gaps and issues.

3. Operational risk

Risk Description The risk of loss or other non-financial impact, resulting from inadequate or failed internal processes, people and systems, or from external events.	• The Group relies extensively on the use of technology, including the inter-relationship between multiple third-party services, which is central to the processing and its operating environment. System resiliency coupled with the growing sophistication of cyber-attacks is consistently under review. • Resource capacity and capability impact all risk types, these are monitored frequently to ensure staffing levels reflect the size and complexity of the Group. • The Group relies on a combination of manual and automated processes. Specific clients have bespoke processes that are more prone to human errors. The Group is acutely aware that a technology incident could result in manual intervention as part of its recovery efforts.	• The Group is Cyber Essentials and ISO 27001 accredited. Additionally, the Group continues to enhance its operational resilience efforts with a key focus on critical third-party resilience testing. • The Group deploys several attraction and retention strategies throughout the employee lifecycle, including hybrid-working and competitive employee benefits. • Process and control automation is proactively considered across the Group, acknowledging that not all processes can be automated but regular process review cycles support in ensuring processes and procedures are consistently updated and maintained.

4. Credit risk

Risk Description The risk of financial loss arising from a borrower's or counterparty's failure or inability to meet their financial obligations in accordance with contractual terms.	• Credit risk arises inherently from the Group's core banking, financing, and treasury activities. It represents the potential for financial loss should counterparties fail to meet their contractual obligations in full and on time. • The Group's exposure to credit risk primarily stems from its lending and trade finance operations, including working capital overdrafts, letters of credit, guarantees, and other customer financing products. These exposures are managed through robust credit approval processes, ongoing monitoring, and clearly defined risk appetite parameters. • Counterparty credit risk also emerges from the Group's foreign exchange, payment, and derivative transactions, where counterparties may be unable or unwilling to fulfil their financial or collateral obligations as they fall due. Such exposures are mitigated through the use of collateral management frameworks, netting agreements, and credit support annexes (CSAs) where appropriate. • In addition, treasury and liquidity management activities contribute to credit risk through the placement of surplus funds with financial institutions and investments in high-quality liquid assets (HQLA) and money market instruments. These exposures are controlled by adhering to internal counterparty limits, minimum credit rating thresholds, and concentration risk metrics. • Overall, the Group maintains a balanced credit risk profile, supported by sound governance, regular stress testing, and alignment with the Group's overarching risk appetite and capital management framework.	• Credit risk remains a key area of focus for the Group, given its central role in the Group's banking, financing, and treasury activities. • The Group's risk appetite thresholds are designed in alignment with regulatory requirements and are informed by the outcomes of the Internal Capital Adequacy Assessment Process (ICAAP) and internal risk assessments. • A well-established Credit Risk Policy defines portfolio-level exposure limits and a maximum individual counterparty exposure framework, ensuring appropriate diversification and concentration control. • The Credit & Lifecycle Risk Committee provides oversight at both the individual counterparty and portfolio levels, ensuring that exposures remain within approved risk appetite and policy parameters. • Comprehensive credit assessment, approval, and ongoing monitoring frameworks are in place to manage and mitigate exposures in line with the Group's credit management objectives and enterprise risk framework. • Counterparty credit risk arising from foreign exchange and derivative transactions is mitigated through the use of ISDA Master Agreements and CSAs, where appropriate, to ensure effective collateralisation and reduce potential counterparty exposure.

5. Market risk

Risk Description The risk of losses occurring from adverse value movements of the Group's assets and liabilities; principally relating to FX and interest rate fluctuations.	• The Group's market risk exposure occurs primarily through FX volatility and IRRBB. • The economic and financial market uncertainties remain elevated. Disruptive adjustment to interest rate levels, deteriorating trade or geopolitical tensions could have implications for FX rates and the value of the Group's Nostro balances. Alternatively, a decline in interest rates may compress net interest margin across the business. • Adverse changes in FX rates can impact capital ratios given elements of the risk-weighted assets exposures are denominated in foreign currencies. • Failure to account for foreign currency movements could result in an adverse impact on the Group's regulatory capital and leverage ratios.	• An assessment of market risk drivers is conducted as part of the ICAAP, and to assess BAU and stressed market risk. • Market Risk exposure limits are staggered, to constrain typical market risk exposure. The Group primarily trades in the FX spot market and risk appetite limits are set and monitored at both an aggregate and currency level. • Defensive positions are typically taken to the extent that markets exhibit increased market risk events, such as during national elections. • Interest rate risk in the banking book (IRRBB) is primarily driven by mismatches between the profile of client deposits, capital, investments for cash management purposes, and lending. The Group manages IRRBB through strategies employed to mitigate risks to net interest income and economic value.

	2025 (£m)	2024 (£m)	YoY growth %
Cash at Central Banks	257.9	584.7	(56) %
Money Market Fund	218.2	488.2	(55) %
Loans and advances to banks	129.9	185.6	(30) %
Debt Securities	677.5	246.0	175 %
Non-HQLA Assets	5.1	0.2	2450 %
Treasury Assets	1,288.6	1,504.7	(14) %
Trade Finance	269.8	179.7	50 %
Working Capital	21.5	32.6	(34) %
Right of use assets	15.7	17.8	(12) %
Intangible Assets	31.2	30.6	2 %
Fixed and Other Assets	32.9	39.4	(16) %
Total Assets	1,659.7	1,804.8	(8) %
Customer Deposits - Current	915.6	775.8	18 %
Customer Deposits - Term	520.9	809.2	(36) %
Customer Deposits	1,436.5	1,585.0	(9) %
Other Liabilities	62.5	73.2	(15) %
Shareholders Funds	160.7	146.6	10 %
Total Liabilities + Equity	1,659.7	1,804.8	(8) %

9. Conduct risk

Risk Description The risk that the conduct of the Group and its staff, towards clients (or in the markets in which it operates), leads to unfair or inappropriate client outcomes and results in reputational damage and/or financial loss.	• As the Group continues to operate in complex markets and deliver services to a diverse client base, there is an ongoing risk that actions, processes, or products originating within the Group could lead to client detriment. Conduct risk may arise through several channels, including: • Product design that fails to meet client needs or expectations; • Inappropriate sales practices that do not align with regulatory or market standards; • Poor complaint handling, particularly where the Group has acted improperly towards clients; • Behaviour or practices that fall short of market integrity or regulatory requirements; and • Such failures could result in unfair or inappropriate client outcomes, leading to reputational damage, regulatory scrutiny, and potential financial loss.	• Integration of Conduct Risk in Product Governance: All new products undergo a formal approval process that includes an assessment of conduct risk to ensure suitability and fair client outcomes. • Robust Complaints Management Framework: Complaints are systematically logged, thoroughly investigated, and resolved with documented responses to maintain transparency and accountability. • Gifts and Hospitality Controls: A formal Gifts and Hospitality Policy is in place, requiring prior approval and mandatory logging of all instances to prevent conflicts of interest. • Mandatory Conduct and Ethics Training: All employees complete annual training focused on conduct, ethics, and cultural standards to reinforce expected behaviours and regulatory compliance. • Executive-level reporting: Including conduct risk metrics and thematic reviews in regular ExCo-level updates. • Conduct Risk MI (Management Information): Tracking indicators such as complaints trends, client detriment cases, and breaches. • Whistleblowing Framework: Strengthening anonymous reporting channels and ensure staff confidence in escalation processes. • Communication monitoring: surveillance of electronic communications (emails, chats, voice recordings) to ensure compliance with conduct standards.

		As at	As at
		31 December 2025	31 December 2024
	Note	£'000	£'000
Assets
Cash and balances at central banks	9	257,867	584,679
Money market funds	10	218,157	488,197
Loans and advances on demand to banks	11	129,946	185,559
Investment in debt securities at amortised cost	13	234,790	246,021
Investment in debt securities at fair value through OCI	14	442,751	-
Other loans and advances to banks	11	274,956	180,084
Other loans and advances to non-banks	11	21,521	32,596
Unsettled transactions		8,900	10,866
Derivative financial assets	12	489	4,884
Investment in equity securities		679	553
Other assets¹	15	9,614	9,944
Current tax asset¹		8,839	9,397
Accrued income		2,033	925
Property, plant and equipment	16	2,299	2,781
Right of use assets	17	15,713	17,754
Intangible assets	18	31,170	30,605
Total assets		1,659,724	1,804,845
Liabilities
Customer accounts	20	1,436,533	1,585,000
Derivative financial liabilities	12	1,384	539
Unsettled transactions		20,772	35,173
Other liabilities		4,843	5,967
Accruals		13,451	10,380
Lease liabilities	17	19,037	18,069
Deferred tax liability	19	928	1,217
Provisions	21	2,054	1,949
Total liabilities		1,499,002	1,658,294
Equity
Called up share capital	22	85	85
Treasury shares reserve		(264)	(244)
Retained earnings		161,065	146,724
Investment revaluation reserve		200	126
Cash flow hedge reserve	12	(244)	-
Debt securities revaluation reserve	14	73	-
Foreign currency translation reserve		(193)	(140)
Shareholders' funds		160,722	146,551

N Kapur	J Hopkinson
Group Chief Executive Officer	Group Chief Finance Officer

6. Regulatory and compliance risk

Risk Description The risk arising from non-compliance with laws and regulations governing financial services institutions in the markets in which we operate.	• As the Group continues to grow in terms of increasing size and complexity it brings with it an increasingly diverse legislative and regulatory landscape and potentially increasing the risks of legal or regulatory sanctions, material financial loss and/or reputational damage in the markets in which we operate.	• Regulatory Horizon Scanning: Ongoing monitoring of upcoming UK and international regulatory developments to anticipate and prepare for changes. • Regulatory Impact Assessments: Conducting impact analysis for new regulations to identify operational, financial, and compliance implications. • Timely Regulatory Engagement: Prompt and comprehensive responses to all regulatory requests and inquiries. • Market Entry Compliance: Verification that the Group holds all necessary licenses and permissions before operating in any jurisdiction. • Partnership Due Diligence: Collaboration with local providers that are regulated entities or hold appropriate local licenses to ensure compliance and reduce risk. • Legal Assurance for Expansion: Engagement of third-party legal counsel for new territorial expansions to confirm adherence to local laws and regulatory requirements. • Regulatory Updates Communication: Issuing regular compliance bulletins to staff on new or changing regulations. • Regular Compliance Audits: Performing periodic thematic reviews to ensure adherence to regulatory requirements. • Executive Reporting: Including regulatory risk metrics and compliance status in ExCo-level reporting.

7. Capital adequacy risk

Risk Description The risk of the Group having insufficient quality or quantity of capital, to meet its regulatory capital requirements and internal thresholds to cover risk exposures and withstand a severe stress as identified as part of the ICAAP.	• The Group's capital ratios can be affected by various business activities and the failure to meet prudential capital requirements, internal targets and/or to support the Group's strategic plans. • The key risk drivers with capital implications are credit risk, market risk and operational risk, each of which is addressed within its relevant section.	• The Group has robustly defined capital adequacy thresholds, constructed in reference to regulatory requirements and maintains capital ratios in excess of these. • The Group produces an ICAAP at least once each calendar year. Challenge and oversight of the ICAAP occurs at the Asset & Liability Risk Committee and the Risk Committee before approval by the Board. • Day-to-day capital risk exposure is managed by the Treasury function with oversight from the Asset & Liability Risk Committee and the Group Treasury Committee, who monitor and manage capital risk in line with the Group's capital management objectives, capital plan and risk frameworks. • If the Group were to encounter a significant stress on capital resources, a Recovery Plan is maintained which includes options to ensure it can remain sufficiently capitalised to remain viable. Recovery Plan metrics are regularly monitored and reported against. The Group's Pillar 3 disclosures contain a comprehensive assessment of its capital requirements and resources and are published separately on the Group's website.

8. Liquidity and funding risk

Risk Description The risk the Group cannot meet its contractual or contingent obligations in a timely manner as they fall due. Funding risk is the risk that the Group cannot maintain access to a sufficient stable funding base to maintain its liquidity.	• The Group's liquidity ratios (i.e. LCR and Net Stable Funding Ratio (NSFR)) can be affected by various business activities, either idiosyncratic or market-wide, that could impact prudential liquidity requirements and corresponding business activities, and investor or depositor confidence. • The key liquidity risk drivers are depositor outflows, and intraday liquidity requirements.	• Funding and liquidity risks are managed within a comprehensive risk framework in reference to regulatory requirements and internal thresholds to ensure there is no significant risk that liabilities cannot be met as they fall due. • The Group produces an ILAAP at least once per calendar year. Challenge and oversight of the ILAAP occurs at the Asset & Liability Risk Committee and the Risk Committee before approval by the Board. • The primary metrics used to monitor and assess the adequacy of liquidity are the Overall Liquidity Adequacy Rule (OLAR), the LCR and NSFR. • Day-to-day liquidity risk exposure is managed by the Treasury function with oversight from the Asset & Liability Risk Committee. • Treasury conducts regular and comprehensive liquidity stress testing, including reverse stress testing, to ensure that the liquidity position remains within the Board's appetite.

Earnings per share		2025	2024
		pence	pence
Basic earnings per share	28	5.4	5.6
Diluted earnings per share		5.2	5.3

	Share capital	Treasury shares reserve	Retained earnings	Investment revaluation reserve	Debt securities revaluation reserve	Cash flow hedge reserve	Foreign currency translation reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 1 January 2025	85	(244)	146,724	126	-	-	(140)	146,551
Profit for the year	-	-	13,556	-	-	-	-	13,556
Other comprehensive income:
Foreign exchange gain on translation of foreign operations	-	-	-	-	-	-	(53)	(53)
Movement in investment revaluation reserve for equity instruments at fair value through other comprehensive income	-	-	-	98	-	-	-	98
Cash flow hedge reserve (Note 12)	-	-	-	-	-	(244)	-	(244)
Movement in investment in debt securities at fair value through other comprehensive income (Note 14)	-	-	-	-	73	-	-	73
Income tax relating to these items (Note 19)	-	-	-	(24)	-	-	-	(24)
Other comprehensive income net of tax	-	-	-	74	73	(244)	(53)	(150)
Total comprehensive income	-	-	13,556	74	73	(244)	(53)	13,406
Transactions with owners in their capacity as owners:
Share-based payment expense	-	-	615	-	-	-	-	615
Deferred tax on share based payment expense	-	-	170	-	-	-	-	170
Acquisition of treasury shares by EBT	-	(20)	-	-	-	-	-	(20)
Total	-	(20)	785	-	-	-	-	765
Balance at 31 December 2025	85	(264)	161,065	200	73	(244)	(193)	160,722

Balance at 1 January 2024	85	-	131,478	111	-	-	(144)	131,530
Profit for the year	-	-	14,212	-	-	-	-	14,212
Other comprehensive income:
Foreign exchange losses on translation of foreign operations	-	-	-	-	-	-	4	4
Movement in investment revaluation reserve for equity instruments at fair value through other comprehensive income	-	-	-	20	-	-	-	20
Income tax relating to these items (Note 19)	-	-	-	(5)	-	-	-	(5)
Other comprehensive (loss)/income net of tax	-	-	-	15	-	-	4	19
Total comprehensive income	-	-	14,212	15	-	-	4	14,231
Transactions with owners in their capacity as owners:
Share-based payment expense	-	-	996	-	-	-	-	996
Change in ownership interest in subsidiary	-	-	38	-	-	-	-	38
Share capital reduction	-	(244)	-	-	-	-	-	(244)
Total	-	(244)	1,034	-	-	-	-	790
Balance at 31 December 2024	85	(244)	146,724	126	-	-	(140)	146,551

Leasehold improvements	Life of lease
Computer equipment	5 years
Fixtures and fittings	5 years
Artwork	20 years

Accounting standard*		Details of amendment
Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures effective 1 January 2026		The amendments provide guidance related to: • Financial assets with ESG-linked features; • Settlement of financial liabilities by electronic payments.
New sustainability standards issued by the International Sustainability Standards Board (ISSB) effective 1 January 2026 in the UK		The ISSB issued its first two sustainability reporting standards on 26 June 2023. This included: • General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1), the core framework for the disclosure of material information about sustainability-related risks and opportunities across an entity's value chain. • Climate-related Disclosures (IFRS S2), the first thematic standard issued that sets out requirements for entities to disclose information about climate-related risks and opportunities.
IFRS 18 Presentation and Disclosure in Financial Statements effective 1 January 2027		IFRS 18 affects all companies, bringing significant changes to how companies present their income and what information companies need to disclose, and making certain 'non-GAAP' measures part of audited financial statements for the first time. There will be three new categories of income and expenses, two defined income statement subtotals and one single note on management-defined performance measures.
IFRS 19 Reduced Disclosures for Subsidiaries		To simplify and reduce the cost of financial reporting by subsidiaries while maintaining the usefulness of their financial statements. This standard is not applicable to the Group consolidated financial statements.

	2025	2024
Income by business line from continuing operations	£'000	£'000
FX ¹	48,679	38,997
Payments ¹	29,517	29,510
Banking services and other income ²	40,793	37,934
Total income - net of interest expense	118,989	106,441

Reconciliation of profit before tax from continuing operations to EBITDA and Adjusted EBITDA	2025	2024
	£'000	£'000
Profit before taxation	18,521	17,594
Adjusted for:
Interest expenses on lease liabilities (Note 17)	1,384	897
Amortisation (Note 18)	7,930	6,213
Depreciation (Note 16)¹	2,690	2,320
EBITDA	30,525	27,024
Non-underlying items	4,674	3,741
Adjusted EBITDA	35,199	30,765

	Consolidated
	2025	2024
Interest income:	£'000	£'000
Interest on cash and balances at central banks	22,039	29,894
Interest on loans and advances	15,170	12,993
Interest on letters of credit	1,525	1,347
Interest on interest rate swaps	130	-
Interest on investment in debt securities	16,625	14,428
Other interest income and similar income¹	299	194
Interest income	55,788	58,857
Interest expense:
Interest on financial liabilities at amortised cost	(29,179)	(38,232)
Other interest expense¹	(156)	(171)
Interest on interest rate swaps	(444)	-
Interest expense (Note 3a)	(29,779)	(38,403)
Total net interest income (Note 3a)	26,009	20,454

CAB Payments Full Year 2025 Results

Summary by AI BETAClose X

Companies

UK 100

Latest directors dealings

Summary by AI ^BETAClose X

	As previously reported	Adjustment	Reclassified
For the year ended 31 December 2024	£'000	£'000	£'000
Interest expense	(39,300)	897	(38,403)
Net interest income	19,557	897	20,454
Total Income, net of interest expense	104,928	897	105,825
Total income	105,544	897	106,441
Other finance costs	-	897	(897)

Average number of persons employed during the year by legal entity	2025	2024
Crown Agents Bank Limited	347	364
CAB US Inc (formerly Segovia Technology Company)	3	6
CAB Europe BV	10	8
Crown Agents Global Markets	2	-
Total	362	378

Consolidated
2025	Gross amounts	Net amounts presented in the balance sheet	Amounts subjected on master netting arrangements¹	Cash Collateral	Net amount
	£'000	£'000	£'000	£'000	£'000
Financial assets
Derivative assets	489	489	(12)	-	477
Financial liabilities
Derivative liabilities	(1,384)	(1,384)	386	4,830	3,832

	2025			Changes in fair value use to calculate hedge ineffectiveness²	Ineffectiveness portion recognised in profit or loss	2024			Changes in fair value use to calculate hedge ineffectiveness²	Ineffectiveness recognised in profit or loss
Consolidated	Notional principal	Assets	Liabilities		Ineffectiveness portion recognised in profit or loss	Notional principal	Assets	Liabilities		Ineffectiveness recognised in profit or loss
2025	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Interest rate hedging¹
Interest rate swaps - customer accounts	259,644	92	(480)	(16)	(16)	-	-	-	-	-

Total at year end	259,644	92	(480)	(16)	(16)	-	-	-	-	-

	Consolidated
	Leasehold improvements¹	Computer equipment	Fixtures & fittings²	Total
2025	£'000	£'000	£'000	£'000
Cost
At 1 January 2025	2,717	4,067	540	7,324
Additions	21	135	11	167
Fully depreciated asset write off	(1,506)	(1,322)	(411)	(3,239)
At 31 December 2025	1,232	2,880	140	4,252
Accumulated depreciation and impairment
At 1 January 2025	1,778	2,317	448	4,543
Charge to profit or loss	107	523	19	649
Fully depreciated asset write off	(1,506)	(1,322)	(411)	(3,239)
At 31 December 2025	379	1,518	56	1,953

Net book value
At 1 January 2025	939	1,750	92	2,781
At 31 December 2025	853	1,362	84	2,299

	Consolidated
	Leasehold property¹
	£'000
Cost
At 1 January 2025	19,061
Additions	-
At 31 December 2025	19,061
Accumulated depreciation
At 1 January 2025	1,307
Charge to profit or loss¹	2,041
At 31 December 2025	3,348
Net book value
At 31 December 2025	15,713
Cost
At 1 January 2024	1,760
Additions	19,061
Lease assignment	(695)
At 31 December 2024	20,126
Accumulated depreciation
At 1 January 2024	1,071
Charge to profit or loss¹	1,553
Lease assignment	(252)
At 31 December 2024	2,372
Net book value
At 31 December 2024	17,754

	Consolidated
	Leasehold property
	£'000
Lease liabilities as at 1 January 2025	18,069
Payments during the year¹	(238)
Foreign exchange revaluation	(45)
Add: interest on lease liabilities	1,251
At 31 December 2025	19,037
Lease liabilities as at 1 January 2024	884
Additions during the year	17,264
Payments during the year¹	(328)
Lease assignment	(628)
Foreign exchange revaluation	63
Add: interest on lease liabilities	814
At 31 December 2024	18,069

	Consolidated
	Goodwill	Core accounting software	Other software	Brand/name	Total
	£'000	£'000	£'000	£'000	£'000
Cost
At 1 January 2025	5,919	5,922	44,150	1,483	57,474
Additions	-	198	8,318	55	8,571
Impairments	-	(76)	-	-	(76)
Fully amortised asset write off	-	-	(1,964)	-	(1,964)
At 31 December 2025	5,919	6,044	50,504	1,538	64,005
Accumulated amortisation and impairment
At 1 January 2025	-	4,557	22,093	219	26,869
Charged for the year	-	696	7,183	51	7,930
Fully Amortised Asset Write Off	-	-	(1,964)	-	(1,964)
Exchange rate loss	-	-	-	-	-
At 31 December 2025	-	5,253	27,312	270	32,835
Net book value
At 1 January 2025	5,919	1,365	22,057	1,264	30,605
At 31 December 2025	5,919	791	23,192	1,268	31,170

	2025		2024
	Carrying amount	Remaining	Carrying amount	Remaining
	£'000	Useful life	£'000	Useful life
FX derivatives platform	3,120	48 months	2,361	60 months
New Transaction Monitoring System	1,595	41 months	1,688	53 months

	Consolidated
	Property, plant and equipment	Investment in equity	Intangible assets	Total
Deferred tax liability 2025	£'000	£'000	£'000	£'000
At 1 January 2025	118	41	1,058	1,217
(Credit) to profit and loss 2025	(202)	-	(111)	(313)
Charge to other comprehensive income 2025	-	24	-	24
At 31 December 2025	(84)	65	947	928
Deferred tax liability 2024
At 1 January 2024	115	36	544	695
Charge/(Credit) to profit and loss 2024	3	-	514	517
Charge to other comprehensive income 2024	-	5	-	5
At 31 December 2024	118	41	1,058	1,217