Zooming in on 2025 Accounts

Research evidence excerpt

Zooming in on 2025 Accounts

UK | Payments, Processors & IT Services

Boku EquityJuneResearch19, 2026

COMPANY UPDATEZooming in on 2025 Accounts

Post FY25 results, we dive into Boku's accounts, which provide more clarity RATING BUY

on core cash dynamics and merchant float structure. We continue to believe PRICE 137.00p^

Boku can achieve >20% underlying growth (ex launch pricing) in H1 and PRICE TARGET | % TO PT 286.00p | +109%

expect a positive messaging around pipeline and merchant momentum, 52W HIGH-LOW 250p - 135p

especially around PIX. See also our note on Money 20/20 Takes. FLOAT (%) | ADV MM (USD) 83.6% | 2.67

MARKET CAP £409.2M | $547.9M

Platform costs increased, while personnel costs saw some efficiency gains: Platform costs TICKER BOKU LN

(non-Personnel expenses) rose 43% y/y to $21m in 2025 and were 17% of sales (2024: ^Prior trading day's closing price unless otherwise

noted.

15%), reflecting better operating leverage supported by platform scale and prior investments.

Personnel costs fell to 51% of sales as contribution per employee rose 11% y/y.

FY (Dec) CHANGE TO JEFe JEF vs CONS

Breakdown of core cash structure: In 2025, Receivables from issuers were $156m, while

payables to merchants were $313m, translating into a merchant float of $158m or 1.2x 2026 2027 2026 2027

revenue, slightly higher than 2024. Core cash rose to £103m in 2025, representing 42% of gross REV* NA NA NM +1%

cash and 53% of unrestricted cash. The company remains without any debt exposure. EBITDA NA NA -1% -2%

Finance income remained flat to $3.7m in 2025: It was driven by a higher average unrestricted 2026 ($) 1Half 2Half FY

cash balance of $168m (+30% y/y). Interest earned on cash decreased to 2.2%, down from EBITDA 21.0 28.4 49.4

2.8% in 2024. PREV

*Rev. (MM)