Research on CAB Payments Holdings PLC (CABP:LON) from Equity Development
In 9 months to 30 Sep 2026, FX and payment volumes grew to a record £32.5bn (+4% y-o-y), with Emerging Market (EM) volumes (CAB’s main focus) up 23% to £12.1bn. Q3 volumes in EM and G10 markets exceeded the average of Q1 and Q2 by some distance. 12 new active clients were added, with total active clients up from 601 to 613 over Q3. Total Income over the 9m was c. £102m, +22% y-o-y. Full-year total income for FY25 was £119m. Total income excluding deposit net interest income (NII) was c. £79m, +32% y-o-y. Q3 total income was c. £34m (p2, bottom right chart), roughly the same as Q2, but income excluding NII grew from £26.1m in Q2 to c.£27m in Q3. This growth was lower than volume growth due to a reduction in EM take-rates, as CAB flagged with H1 results. CAB has reiterated its previous guidance of expecting total Income (excluding NII) growth of high-teens to low-20s percentage CAGR over the course of 2026, 2027 and 2028.
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