Update on Q1 2026 income performance

21 April 2026

CAB Payments Holdings plc and its subsidiaries

("CAB", "CAB Payments", the "Group" or the "Company")

Update on Q1 2026 income performance

Strong first-quarter building on 2025 momentum
Medium-term guidance unchanged

CAB Payments has delivered its strongest income performance over two consecutive quarters since the IPO.

This performance reflects ongoing disciplined strategic execution across business initiatives, a deliberate shift in business mix and better margin performance.  

Excluding a non-repeating dislocation in Q4 2025, as previously highlighted, sequential QoQ performance was broadly flat and ahead of plan.    

Client activity levels increased across the business. FX volumes of £9.8 billion were up 5% YoY, with Emerging Market volumes up 15% YoY to £3.6 billion. The Group added 13 new active clients in the quarter, and the partner network expanded to 447 from 440 at the end of 2025.

Take-rates have continued to widen in Q1 2026 driven by an evolving business mix, the continuation of our central bank and solutions strategies and elevated market volatility providing a constructive FX environment.

Following the interest rate reductions in the last quarter of 2025, Net Interest Income was only c.10% lower YoY. This was better than expected due to steady growth in call deposits and the benefit of higher rate expectations on investment yields.

The Group looks forward to engaging with shareholders at its 2026 AGM on 29 April 2026. The Group expects to publish its half-year results on 6 August 2026.

Note: all figures are unaudited

YoY = Year-on-Year - Q1 2026 vs Q1 2025

QoQ = Quarter-on-Quarter - Q1 2026 vs Q4 2025

Neeraj Kapur, Group CEO, commented:

"Collectively, Q1 2026 and Q4 2025 represents our best income performance since IPO and a clear demonstration that our strategy is working. We are growing faster, diversifying the business and deepening relationships with global banks and corporates, despite continued geopolitical uncertainty. The momentum from 2025 is translating into robust growth and expanding client activity and we see meaningful opportunities to create long-term value for our shareholders.  We look forward to updating the market at our half-year results on 6 August 2026."

Strategic progress continued into Q1:

·    Abu Dhabi office fully active including a first transaction conducted for Emirates Airlines

·    New USD and euro global clearing partner, Deutsche Bank, fully onboarded with client flows starting to be processed 

·    Commenced transacting with a major China-based global payment client

·    First corporate trade executed with TotalEnergies utilising our solutions to unlock liquidity in a complex market

·    New partnership with US major global bank with ability to participate in their entire suite of currency requirements via the AbbeyCross platform

·    Strategic partnership announced with KEB Hana Bank for cross-border payments in South Korea

·    Collaborating with strategic stablecoin partners and clients, targeting a mid-2026 internal launch subject to necessary regulatory approvals

Medium term guidance unchanged:

As set-out in the Group's 2025 annual results, the Group expects to achieve:

·    Total Income (excluding Net Interest Income) growth of high-teens to low-20s percentage CAGR over the next three years. 

·    Continued positive operating leverage supporting a structural improvement in cost-income ratio over time. 

·    Capital Expenditure to increase in 2026 while building a future-ready operating platform for the next phase of growth. 

·  Significant surplus capital generation over the next 3 years leading to capacity for investment in growth as well as a potential shareholder return programme, a framework for which will be laid out at the time of the 2026 results.

Historical quarterly financial data:

About CAB Payments:

CAB Payments, via its operating subsidiary Crown Agents Bank Limited, exists to deliver prosperity to the markets we serve. With a network built over more than 180 years, we connect the world's hardest-to-reach financial markets to the global economy, moving money across 125 currencies and 800+ currency pairs via API, digital platforms or bespoke solutions. Crown Agents Bank Limited is one of the first banks to achieve B Corporation™ status and holds the Platinum Sustainability Rating from EcoVadis, ranking within the top 1% of companies assessed globally.

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Disclaimer:

This announcement 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 announcement does not constitute a prospectus or a prospectus exempted document.

The release, publication or distribution of this announcement 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 announcement 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 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 announcement. Neither the 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 announcement will actually occur. Forward-looking statements involve inherent risks and uncertainties. All forward-looking statements contained in this announcement 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, the 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.

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