CAB Payments Holdings posted its strongest income performance across two consecutive quarters since its IPO, driven by rising FX activity and wider take‑rates in Q1 2026 versus Q1 2025.
FX volumes for the quarter were £9.8bn, up 5% year‑on‑year, with Emerging Market volumes rising 15% to £3.6bn. The Group added 13 active clients and expanded its partner network to 447 from 440 at end‑2025. Excluding a non‑repeating dislocation in Q4 2025, sequential quarter‑on‑quarter income was broadly flat and ahead of plan; all figures are unaudited.
Net Interest Income was only c.10% lower year‑on‑year after late‑2025 rate cuts, a smaller hit than anticipated thanks to growth in call deposits and higher rate expectations lifting investment yields. Take‑rates continued to widen as the business mix shifts and market volatility boosted FX margins.
"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," Neeraj Kapur, Group CEO, commented.
Strategic progress included the Abu Dhabi office going fully active (first transaction for Emirates Airlines), Deutsche Bank onboarded as a USD/euro global clearing partner, initial flows from a major China‑based client, a first corporate trade with TotalEnergies, a new KEB Hana Bank partnership for South Korea, and work on a mid‑2026 internal stablecoin launch subject to approvals.
Medium‑term guidance is unchanged: total income (ex NII) growth of high‑teens to low‑20s % CAGR over three years, structural cost‑income ratio improvement, higher capex in 2026 and "significant surplus capital generation" that could enable future shareholder returns. The Group will update shareholders at the AGM on 29 April and publish half‑year results on 6 August.
