REG - Boku Inc - Trading update for the year ended 31 December 2025

BokuAnnouncement

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RNS Number : 8606P  Boku Inc  22 January 2026

22 January 2026

 

Boku, Inc.

 

("Boku" or the "Company" and, together with its subsidiaries, the "Group")

 

Trading update for the year ended 31 December 2025

 

Strong and increasingly diversified growth across Boku's global network

 

Boku (AIM: BOKU), a global network of local payment methods, is pleased to
announce the following unaudited trading update for the year ended 31 December
2025 ("FY 2025").

 

Financial Highlights

 

 ·   Total Group revenue for FY 2025 is expected to be ahead of market
     expectations(7) at c.$128.5m, representing growth of c.29% (FY 2024: $99.3m)
     and c.27% growth on a constant exchange rate ("CER")(1) basis:

     - Direct Carrier Billing ("DCB") remains a widely used and sought after
     payment method, delivering growth of c.9%.

     - Digital Wallets & Account-to-Account ("A2A") schemes increased by c.66%.

     - Bundling continued its H1 2025 trajectory, growing by c.71%, and will now be
     presented separately reflecting its increased scale and broader application
     beyond DCB.

 ·   Digital Wallets & A2A, together with Bundling, generated c.45% of total
     revenue, highlighting the strength of our ongoing strategy to diversify our
     revenue streams

 ·   FY 2025 adjusted EBITDA(2) is expected to also be ahead of market
     expectations(7) at c.$41m, up c.31% (FY 2024: $31.4m), reflecting an adjusted
     EBITDA margin(3) of c.32% (FY 2024: 31.6%). As previously announced, foreign
     exchange costs relating to currency conversion services have now been
     incorporated into adjusted EBITDA reflecting a refined methodology that better
     aligns revenue and associated costs. Without this change, the FY 2025 adjusted
     EBITDA would have been at least $43m.

 ·   Total Group cash increased by c.39% to c.$246m at 31 December 2025, up from
     $177.3m at 31 December 2024.

 ·   Boku's own cash(4) grew by c.28% to c.$103m at 31 December 2025, up from
     $80.2m at 31 December 2024. This includes the impact of the repurchase of 5.8m
     Boku shares during 2025 at a cost of $12.3m.

 

Operational Highlights

 

 ·   Boku has continued to expand its network, delivering more connections between
     Local Payment Methods ("LPMs") and both new and existing merchants, fuelling
     growth in volumes and users:

     - Total Payment Volume ("TPV")(5) increased by c.27%, or 25% on a CER basis,
     to c.$15.5bn (FY 2024: $12.4bn).

     - Monthly Active Users (MAU)(6) of the Boku platform increased by c.32% to
     c.115m in December 2025 (December 2024: 87.1m).

     - Onboarded high-profile merchants during 2025, including a leading digital
     design platform and a global entertainment company, expanding Boku's reach
     into new customer bases, whilst continuing to make good progress with existing
     merchants.

 ·   Take rate expected to remain broadly stable.

 

Stuart Neal, Chief Executive Officer of Boku, commented:

 

"I am pleased to report another strong year for Boku, driven by deeper
merchant relationships, continued revenue diversification and the benefits of
sustained investment across the business. Our performance was broad-based
across merchants, Local Payment Methods, products and geographies, reflecting
the ongoing expansion of mobile-native payment methods and Boku's position as
a partner of choice for global technology leaders.

 

"Momentum is evident across the portfolio. Direct Carrier Billing remains a
popular payment method, Digital Wallets are scaling rapidly and
Account-to-Account schemes are continuing to emerge, while adoption of our
Bundling product is increasing as merchants seek to accelerate subscription
growth. We are making targeted investments in money movement and currency
conversion, Payment Marketing and next-generation payment innovation, and we
are enhancing operational efficiency as volumes grow.

 

"We enter 2026 with confidence and expect to deliver our medium-term guidance
of organic revenue growth above 20% on a CAGR basis and adjusted EBITDA
margins above 30%, accreting from FY 2026."

 

 

(1) Constant exchange rate ("CER") is calculated by applying the monthly
average foreign exchange rates in the prior year to the current year results.
This is an alternative performance measure ("APM").

(2) Adjusted EBITDA is a non-IFRS measure defined as earnings before
interest, tax, depreciation, amortisation, non-recurring income, share-based
payment expense, foreign exchange gains/(losses) (excluding costs associated
with currency conversion services) and exceptional items.  This is an APM.

(3) Adjusted EBITDA margin is calculated as adjusted EBITDA over revenue for
the year. This is an APM.

(4) Own cash is calculated as cash held plus gross amounts due to Boku from
issuers and merchants less amounts owed to merchants. This is an APM.

(5) Total Payment Volume ("TPV") is total value transacted through the system
quantified in US dollars. For payments, this is the total amount successfully
transacted by consumers translated into USD at average FX rates for the month.
For bundling transactions, it represents the total retail value of the
bundles. In some cases, this value is inferred from revenue.

(6) A Monthly Active User ("MAU") is one who has undertaken one or more
successful payment transactions or who has an active bundle within the month
in question. Users who have registered and still have an active payment method
on file are not defined as active unless they have successfully transacted.

(7) In so far as the Board is aware, as at 21 January 2026, consensus market
expectations for FY 2025 were for Revenue of $127.5m, and adjusted EBITDA of
$39.8m.

 

The information contained within this announcement is deemed by Boku to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 (as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018) ("MAR"). On the publication of this
announcement via a Regulatory Information Service, such information is now
considered to be in the public domain. For the purposes of MAR, the person
responsible for arranging for the release of this announcement on behalf of
Boku is Robert Whittick, Chief Financial Officer.

 

Enquiries:

 

 Boku, Inc.
 Stuart Neal, Chief Executive Officer                    Via IFC Advisory
 Robert Whittick, Chief Financial Officer

 Investec Bank plc (Nominated Adviser and Joint Broker)  +44 (0)20 7597 5970
 Nick Prowting / Kamalini Hull / James Smith

 Peel Hunt LLP (Joint Broker)                            +44 (0)20 7418 8900
 Neil Patel / Ben Cryer / Kate Bannatyne

 IFC Advisory Limited (Financial PR & IR)                +44 (0)20 3934 6632
 Tim Metcalfe / Graham Herring / Florence Staton

 

Notes to Editors

 

Boku Inc. (AIM: BOKU) is a global network of local payment methods. Through a
single integration, Boku provides access to a comprehensive network of digital
wallets, direct carrier billing, and account-to-account (A2A) real-time
payment schemes - reaching over 7 billion consumer payment accounts worldwide.

 

Boku's merchants include the world's largest technology, media and
entertainment companies, who trust the Group to simplify sign-up, acquire new
paying users and prevent fraud.

 

Boku Inc. was incorporated in 2008 and is headquartered in London, UK, with
offices in the US, India, Brazil, China, Estonia, France, Germany, Indonesia,
Ireland, Japan, Singapore, Spain, Taiwan and Vietnam.

 

To learn more about Boku Inc., please visit: https://www.boku.com
(https://www.boku.com)

 

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