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CAB Payments Reports Strong H2 Earnings
FX and payments firm highlights diversification, operational improvements, and medium-term growth targets.
Published on Mar. 8, 2026
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CAB Payments, a leading provider of cross-border payments and foreign exchange services, used its 2025 results presentation to outline a structurally improved and more diversified business. The company reported a sharp acceleration in performance in the second half of the year, with double-digit growth across key metrics. Management emphasized the company's return to "peak income levels" and cited strategic drivers behind the improved results, including more clients transacting across more markets and products, as well as widening FX margins.
Why it matters
CAB Payments' strong second-half performance and diversification efforts demonstrate the company's ability to navigate challenges in the FX and payments industry, such as volatility in emerging markets and pressure on net interest income. The company's focus on operational improvements and strategic initiatives like expanding into new markets and launching a stablecoin proposition suggest it is well-positioned for continued growth.
The details
Group CEO Neeraj Kapur highlighted changes in client and currency concentration, noting the company has reduced roles by about 20% during a reset phase while adjusted EBITDA rose 14%. The company also cited improvements in straight-through processing and onboarding times. CFO James Hopkinson reported income of GBP 119 million, up 12% year-over-year and 30% half-on-half, with FX and payments income representing around 70% of revenue and growing 15% year-over-year. Adjusted EBITDA increased 69% half-on-half to GBP 22 million, and the adjusted EBITDA margin improved to 33% in the second half from 25% in the first half.
- CAB Payments used its 2025 results presentation to outline its performance.
- The company reported a sharp acceleration in performance in the second half of 2025.
- CAB Payments expanded into New York in December 2025 and Abu Dhabi in January 2026.
The players
Neeraj Kapur
Group CEO of CAB Payments.
James Hopkinson
Group CFO of CAB Payments.
CAB Payments
A market leader in business-to-business cross-border payments and foreign exchange, specializing in hard-to-reach markets.
What they’re saying
“We must not let individuals continue to damage private property in San Francisco.”
— Robert Jenkins, San Francisco resident (San Francisco Chronicle)
“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”
— Gordon Edgar, grocery employee (Instagram)
What’s next
Management said 2026 started strongly, with Hopkinson citing strong results in January and February. The company plans to provide a formal capital allocation framework 'this time next year.'
The takeaway
CAB Payments' strong second-half performance, diversification efforts, and focus on operational improvements suggest the company is well-positioned to navigate challenges in the FX and payments industry and continue its growth trajectory.
