Interim report
Page 1
23 September 2026 Boku, Inc. ("Boku" or the "Company" and, together with its subsidiaries, the "Group") Interim results for the six months ended 30 June 2026 Significant strategic progress and resilient financial performance with new market launches now live Boku (AIM: BOKU), a global network of local payment methods ("LPMs"), announces its unaudited interim results forthe six months ended 30 June 2026 ("H1 2026"), with underlying revenue growth of 11% alongside strategic progressincluding our first channel partnership. Financial highlights $'m unless stated H1 2026 Headline1 H1 2025 Headline1 H1 2025Underlying¹ Movement Vs H1 2025Headline Vs H1 2025Underlying Direct Carrier Billing 35.3 34.2 34.2 +3% +3% Digital Wallets & Account toAccount 22.0 22.5 19.1 -2% +15% Bundling 9.2 6.6 6.6 +39% +39% Total Group revenue 66.5 63.3 59.9 +5% +11% Adjusted EBITDA 19.6 21.8 18.4 -10% +7% Adjusted EBITDA margin 29.4% 34.3% 30.6% -4.9pp -1.2pp Operating profit 4.8 11.9 8.5 -59% -43% ¹ Headline total group revenue and operating profit noted above are synonymous with reported numbers for the period without adjustment for thelaunch phase pricing within Digital Wallets and Account to Account revenue, which was non-recurring in H1 2025. Underlying performancemeasures adjust headline measures to exclude the effect of launch phase pricing which was non-recurring so that performance can be assessed ona like for like basis. There was no launch phase pricing in H1 2026. $’m 30 Jun 2026 31 Dec 2025 Group cash 186.8 245.6 Own cash² 84.6 102.9 ² The movement in own cash includes $23.6m of share repurchases during H1 2026. Operational highlights H1 2026 H1 2025 Movement Total Payment Volume ($bn) 8.6 7.4 +16% Blended take rate (headline) 77bps 85bps -8bps Blended take rate (underlying) 77bps 81bps -4bps Stuart Neal, Chief Executive Officer, commented: "The first half delivered significant strategic progress and a resilient financial performance. We signed our first channelpartnership with Stripe, giving them access to our network of local payment methods, with the first merchants alreadylive. We delivered 47 new payment connections for both new and existing merchants, went live on PIX (Brazil) andUPI (India) and saw positive underlying momentum in all three of our main product lines. As we said in July, our performance in H1 2026 was impacted by three factors. The first related to delayed launchesfor a key merchant. Under that merchant's dual-sourcing policy we expected a reduction in share in an existing marketto be more than offset by additional share across a number of new markets, the launches of which were delayed fromH1 to H2. All of these markets are now live and contributing in the second half. Second, two direct carrier billingconnections were suspended by local authorities in one country. We have no remaining exposure in this country.Finally, we experienced delays to a small number of other merchant launches. We go into the second half confident in the strengths of our network, licences, partnerships and the scale of thegrowth opportunity ahead." FINANCIAL HIGHLIGHTS
Page 2
Group revenue up 11% on an underlying basis, led by Bundling and Digital Wallets & Account toAccount ● Group revenue increased to $66.5m (H1 2025: $63.3m), representing growth of 5%, or 4% on a constantexchange rate ("CER") basis. ● Underlying revenue growth was 11% (10% on a CER basis) which excludes $3.4m of non-recurring launch-phase pricing recognised in H1 2025. ● Digital Wallets & Account to Account ("A2A") revenue grew 15% on an underlying basis to $22.0m (H1 2025:$19.1m underlying). Growth was impacted by delays to a key merchant’s launches in a number of marketswhich had been expected to offset reduced volume due to that merchant’s dual sourcing in another market. ● Direct Carrier Billing ("DCB") revenue increased 3% to $35.3m (H1 2025: $34.2m), reflecting steady demandfrom existing and new merchants despite the suspension of two connections in a single country. ● Bundling revenue grew 39% to $9.2m (H1 2025: $6.6m), with the platform helping our merchants serve 51million subscribers during the period (H1 2025: 42 million). ● Our diversification of revenue continues with Digital Wallets & A2A and Bundling accounting for 47% of Grouprevenue, up from 43% a year ago on an underlying basis. ● Our blended take rate was 77bps on an underlying basis (H1 2025 underlying: 81bps), with growth in the halfweighted towards lower take-rate products including Bundling. With a number of our H2 launches now live inmarkets that combine large, fast-growing LPM volumes with currency conversion opportunities, we do notexpect take rate to reduce further in the second half. Adjusted EBITDA of $19.6m at a 29.4% margin, reflecting prior years investments in operationalefficiency ● Adjusted EBITDA grew 7% on an underlying basis to $19.6m (H1 2025 underlying: $18.4m at a 30.6%margin). ● Adjusted operating expenses increased 13% to $47.0m (H1 2025: $41.6m), primarily due to the annualisationof headcount costs following hiring in FY 2025. ● Having invested in our workforce during 2024 and 2025, the benefits of our transformation initiatives are nowallowing us to absorb continued business growth without the associated headcount growth. Headcountincreased by 7% compared to June 2025 and has reduced by 1% compared to 31 December 2025. ● Operating profit was $4.8m (H1 2025: headline $11.9m, underlying $8.5m). Strong balance sheet with own cash of $84.6m and no debt ● Group cash was $186.8m (31 December 2025: $245.6m) the unwind of seasonally high December balances,the impact of in period dual sourcing on settlement volumes and the repurchase of shares. ● Own cash, the Group’s own funds excluding merchant and issuer-related balances, was $84.6m (31December 2025: $102.9m). This includes the buyback of 9.5m shares for $23.6m during the period (H1 2025:5.8m shares for $12.3m). ● On 8 July 2026 the Board approved an extension to the buyback programme, providing authority torepurchase up to a further 8m shares. ● Average cash for the period was $164m (H1 2025: $152m). OPERATIONAL PERFORMANCE Deepening merchant partnerships ● Total Payment Volume increased 16% to $8.6bn (H1 2025: $7.4bn) on both a reported and CER basis. ● Our network of over 200 LPMs gives merchants access to billions of consumer accounts worldwide, with 10new LPMs added during the period. ● Delivered 47 new payment connections (H1 2025: 60) for 14 new and existing merchants. Many of theseconnections used LPM integrations already live on the network, supporting continued growth in revenue perLPM. ● Since period end, the market launches delayed in the first half for the dual-sourcing merchant have gone live. Diversifying revenue ● Signed the Group’s first channel partnership, with Stripe. Boku is enabling Stripe’s merchants to acceptspecific LPMs, with the first merchants already live on the Boku network. ● Established a direct sales capability targeting digital services merchants across an expanded set of verticalsincluding gaming, e-commerce and mobility, adding new direct merchants during the period. ● Peter Klein joined as Chief Commercial Officer in July 2026. His experience will be instrumental as wesharpen execution and accelerate the next stage of Boku's growth. Driving scalability and building the platform of the future
Page 3
● Continuing to bring currency conversion in-house with cross-border settlement volumes up c9% year on year.Expansion of FX partner network with five new onshore and offshore partners added in H1. ● Expanded money movement infrastructure into key MEA markets. ● Continued investment in automation and AI to improve the service we provide to our merchants and partners,support the development of our straight-through processing capabilities and drive operating leverage as thebusiness scales. ● The Innovation Hub in Singapore has been exploring stablecoin technology for merchants alongside runningpilots to deliver a broader range of standardised FX and money movement products. ● Today, we have also announced the appointment of Karim Ahmad as Chief Product Officer with effect from 1October 2026. OUTLOOK As announced on 8 July 2026, full-year performance for the year to 31 December 2026 is expected to compriserevenue of $135-142m and adjusted EBITDA of $38-42m, with the latter reflecting the lower revenue expectationpartly mitigated by cost-efficiency gains, as a result of prior year investments in operational efficiency. Trading sincethe period end has been in line with expectations. Notes Alternative performance measures ("APMs") are used throughout this announcement. Refer to the APM section of theinterim report for a summary of the APMs used, together with their definitions. For a full list of definitions and abbreviations used by the Group, refer to the Glossary at the end of the interim report. Results briefing The Company’s management will host a presentation and Q&A session for sell-side analysts and investors on the day of the results at 09.30 BST. To register for the event, please use the following link: https://boku-hy-results-2026.open-exchange.net For further information: Enquiries: Boku, Inc. Stuart Neal, Chief Executive Officer Via HeadlandConsultancyRob Whittick, Chief Financial Officer Investec Bank plc (Nominated Adviser and JointBroker) +44 (0)20 7597 5970 Nick Prowting / Kamalini Hull / James Smith Peel Hunt LLP (Joint Broker) +44 (0)20 7418 8900Neil Patel / Ben Cryer / Kate Bannatyne Headland Consultancy (Financial PR & IR) +44 (0)20 3805 4822Matt Denham / Henry Wallers / Georgina Powley About Boku Boku Inc. (AIM: BOKU) is a global network of Local Payment Methods (LPMs). Through a single integration, Bokuprovides its merchants and channel partners with access to a comprehensive network of Direct Carrier Billing (DCB),Digital Wallets and Account-to-Account (A2A) real-time payment schemes, reaching over 7 billion consumer paymentaccounts worldwide. Boku also enables merchants to distribute their services via its Bundling product and providesadditional value-added services, including currency conversion and cross-border funds settlement, facilitatinginternational expansion. Boku's merchants include the world's most sophisticated global technology companies, whotrust the Group to simplify their integration to hundreds of LPMs, 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 This announcement contains certain forward-looking statements with respect to the financial condition, results ofoperations, and businesses of Boku. These statements and forecasts involve risk, uncertainty and assumptionsbecause they relate to events and depend upon circumstances that will occur in the future. There are a number offactors that could cause actual results or developments to differ materially from those expressed or implied by theseforward-looking statements. These forward-looking statements are made only as at the date of this announcement.Nothing in this announcement should be construed as a profit forecast.
Page 4
Chief Executive Officer’s Report Following a very strong performance in the year to December 2025, in which we grew revenue at 30%, headlinerevenue growth in the first half of 2026 moderated to 5%, or 11% on an underlying basis (excluding the impact of launch phase pricing on a significant connection in H1 2025). This translated into adjusted EBITDA of $19.6m,representing an adjusted EBITDA margin of 29.4%. Despite some challenges, I am pleased we have delivered these resilient results, while making significant strategicprogress. Nowhere more so than in channel partnerships. It was a privilege to announce Stripe as our first livechannel partner. Stripe enables millions of merchants worldwide to accept cards and other payment methods. We always said that growth would not happen in a straight line, so why did it slow in the period? This was driven bythree factors. The first relates to delayed launches for a key merchant. Under that merchant's dual-sourcing policy we expected a reduction in share in an existing market to be more than offset by additional share across a number of newmarkets, the launches of which were delayed from H1 into H2. These launches are now live and are in markets withlarge, fast-growing LPM volumes and attractive opportunities to earn FX spread. Secondly, two direct carrier billing connections were suspended by local authorities in one country. We have no remaining exposure in this country.Finally, we experienced delays to a small number of other merchant launches. The Chief Financial Officer’s reportprovides more detail on these issues. While these factors have clearly had a near-term impact, we remain excited by the prospects for the business as wecontinue to benefit from the structural tailwinds that support our growth ambitions. LPMs continue to gain ground over traditional cards, accounting for over half of global e-commerce value. We expect this share to reach around 60% of an $11 trillion global eCommerce market by 2028[1]. This is the structural shift in payments we have talked about for several years, and it continues to play out as expected. Boku holds a structural advantage in the LPM ecosystem, serving sophisticated global technology businesses through a high-quality network of over 200 LPMs. We have regional strengths in the fast-growing APAC and MEA regionsalongside continued growth in North America through our Bundling product. Boku combines payment licences andregistrations across more than 40 markets, including markets such as India and Brazil, with direct connections to LPMs, banking infrastructure and liquidity partners. This gives global merchants and channel partners a simpler routeto LPM acceptance and cross-border settlement. That preserves margin and keeps quality control in our hands. Putanother way, we are building a third global network in payments, making global commerce simpler for our merchants and partners. We are well diversified by payment method. Volume transacted over high-growth Wallets and Account-to-Account (A2A) schemes contributed 33% of Group revenue in H1. We add significant value to our customers over and aboveour core payments products, including via our sophisticated FX and money movement capabilities, and ourspecialised expertise in subscriptions, augmented by our Bundling platform product, which enables our merchants to grow their subscriber numbers through third-party partner distribution deals. We have continued to invest against our strategic priorities, to maintain and grow our strategic moat in LPMs, and to make sure we are set up to execute. Deepen merchant partnerships We continue to support our merchants to expand their reach via new connections. In H1 2026 alone, we added 47new payment connections for 14 new and existing merchants. Many of these connections were with LPMs with whom we are already integrated, thus increasing and improving both the density and economics of our network. Newmerchant additions to existing LPMs need considerably less investment than a brand-new LPM integration. We alsoprocessed our first transactions on PIX in Brazil and UPI in India, two of the largest and fastest-growing A2A schemes globally. We remain focused on solving real problems for our merchants, one of which is the challenge of managing and growing their subscriber base. By combining our tokenised recurring payments product (payment method on file) withour Bundling product, we have created a compelling set of solutions to help merchants grow and retain consumers.This is becoming a key factor in the success and growth of Bundling revenue, which grew by 39% in the period. Diversify revenues We are proud of the quality of the network that we have built, that meets the demanding performance specifications of the world’s most sophisticated global technology merchants. The challenge we have set for ourselves is how togenerate more operating leverage from the network, by adding scale and diversifying our sources of growth.Alongside growing our Bundling and money movement products, we are broadening our merchant base in two ways. Firstly, we are adding more direct merchants. Secondly, we are recruiting merchants through channel partnerships. We have established a direct sales capability focused on winning business with the next layer of digital services merchants, across an expanded set of verticals including gaming, e-commerce, mobility, digital advertising, travel andticketing marketplaces. We have added new direct merchants, with momentum building into H2: July saw the launchof a leading global streaming and entertainment platform, alongside our first mobility merchant, followed by one of the world’s largest video platforms in August. Our channel partnership strategy allows a partner, such as a Payment Service Provider (PSP), to act as a single point of distribution for Boku’s LPMs, alongside the partner’s existing card product or other offerings. Boku in that sense
Page 5
provides the “last mile” access to millions of consumers who choose to pay via LPMs. In return, the partner does notneed to build its own parallel network and can focus its resources on serving its merchant base. In July, I was delighted to welcome Peter Klein to Boku as Chief Commercial Officer, bringing more than 25 years'experience across payments, fintech and financial infrastructure, most recently at Mastercard, where he built and co- led the global A2A and Cross-Border Payments business. Peter’s experience will be instrumental as we sharpenexecution and accelerate the next stage of Boku's growth. Drive scalability Beyond the direct revenue benefits we expect from our direct sales merchants and channel partners, there is a strategic benefit too. As volumes and merchant numbers step up over time, we get better payment economics. Scale strengthens our position in the ecosystem, including with our LPM partners. The more volume and merchants we bring to the LPMs, whether directly or through channel partners, the more influence we have over commercialterms, technical standards, core functionality and value adds. Better economics with the LPMs, makes us moreattractive to target merchants and PSPs, which brings more volume to the LPMs in turn, creating positive flywheel effects. Additionally, the more volume we process across our network, the greater our ability to drive standardisation in areas like merchant onboarding, KYC, tokenisation and other technical features. This standardisation is what lets us connectmerchants or PSPs to multiple LPMs at once, through a single connection to Boku. To support increasing volumes, we continue to invest in the scalability of the Boku platform, with a consistent focus onoperating efficiency by developing our straight-through-processing capabilities and other automation features that cutmanual work. We are investing in AI capabilities across the business, both to support product and service enhancement, and to improve operating efficiency. To ensure we put AI at the heart of every strategic debate acrossthe company, we recruited David Oliver to lead our data efforts, and in H1 he was promoted to Chief Data & AI Officer,joining our Global Leadership Team. We are committed to being a technology-first business, and his role is driving effective adoption of AI/Agentic across all aspects of the business. Liam Mulvihill was appointed Chief Human Resources Officer during the period and is focused on shaping our global people strategy to drive the next phase of growth. It is at the intersection of high-calibre people and cutting-edgetechnology that the future success of Boku lies. Today, we have also announced the appointment of Karim Ahmad as Chief Product Officer with effect from 1 October2026. Karim will lead Boku’s global Product teams, leveraging new propositions, including agentic tools, to build valueadded products and services on top of Boku’s LPM network. He replaces Adam Lee, who after 15 years leadingBoku’s product function, will step back from his day-to-day role and move into an advisory capacity. Build the platform of the future We continue to invest in the platform and technology stack to improve levels of service and automation, supportingproduct diversification and operating leverage. Expansion of our money movement infrastructure continues with the onboarding of five new onshore and offshorepartners in H1 and the completion of set-up in key MEA markets. Alongside this expansion we’ve continued to bringcurrency conversion in-house with cross-border settlement volumes up c9%. Our Innovation Hub in Singapore has been exploring ways to use stablecoin technology for the benefit of ourcustomers, and tokenised deposits as a more effective way to manage Boku’s cash balances in real time. The Hub isalso working on several pilots that will augment our investment in FX capabilities with a broader range of standardisedFX products, delivered to our merchants and other target customers through a digital portal. We are pursuing a PayFac model that will enable Boku to onboard and risk screen a higher volume of merchants viaour channel partners, onto the Boku network of LPMs. Outlook As we announced on 8 July 2026, full-year performance for the year to 31 December 2026 is expected to compriserevenue of $135-142m and adjusted EBITDA of $38-42m, with the latter reflecting the lower revenue expectationpartly mitigated by cost-efficiency gains as a result of prior year investments in operational efficiency. Trading sincethe period end has been in line with expectations. Thank youNone of this progress would be possible without our people. I want to thank our colleagues around the world for bringing their talent, creativity, hard work and commitment to the Boku mission throughout H1 2026, and ourmerchants, partners and shareholders for their continued trust and support as we build the world’s best localpayments partner for global commerce. Stuart NealChief Executive Officer23 September 2026
Page 6
Boku & Juniper Research, 2024. 2024 Global Ecommerce Report. Chief Financial Officer’s report Revenue growth and resilient margins as we continue our strategic progress After a year of exceptional growth in 2025, the first half of 2026 was a period defined by both strong strategic progressand a number of specific operational challenges. Group revenue increased by 5% to $66.5m (H1 2025: $63.3m) or 4% on a Constant Exchange Rate (CER)[2] basis. On an underlying basis, revenue growth was 11%, or 10% on aCER basis, led by Bundling, up 39%, and Digital Wallets & Account-to-Account (A2A), up 15% on an underlying basis. Underlying performance measures have been arrived at by excluding $3.4m of launch-phase pricing recognised withinthe Digital Wallets & Account to Account (A2A) revenue line in H1 2025 as set out below: $m unless stated H1 2026 Headline* H1 2025Headline* H1 2025Underlying* HeadlineMovement UnderlyingMovement Direct Carrier Billing 35.3 34.2 34.2 +3% +3% Digital Wallet & A2A 22.0 22.5 19.1 -2% +15% Bundling 9.2 6.6 6.6 +39% +39% Total Group revenue 66.5 63.3 59.9 +5% +11% Operating Profit 4.8 11.9 8.5 -59% -43% Adjusted EBITDA 19.6 21.8 18.4 -10% +7% Adjusted EBITDAmargin 29.4% 34.3% 30.6% -4.9pp -1.2pp Blended take rate 77bps 85bps 81bps -8bps -4bps *Headline total group revenue and operating profit noted above are synonymous with reported numbers for the period without adjustment for thelaunch phase pricing, within Digital Wallets & Account to Account revenue, which was non-recurring in H1 2025. Underlying performance measuresadjust headline measures to exclude the effect of launch phase pricing which was non-recurring so that performance can be assessed on a like forlike basis. There was no launch phase pricing in H1 2026. The key area of strategic progress in the period was the development of our channel strategy, culminating in our firstpartnership with Stripe, a leading company providing programmable financial services which will give us access tomeaningful numbers of new merchants. As set out in our trading update of 8 July 2026, performance in the period was affected by three isolated factors. First,delayed launches for a key merchant. Under that merchant's dual-sourcing policy we expected a lower share in onemarket to be offset by volume in others, and those new launches were delayed. Second, the suspension of two DirectCarrier Billing (DCB) connections by local authorities in a single country and finally, delays to a small number of othermerchant launches. These factors have different implications and should therefore be considered separately. As explained in more detaillater, the dual-sourcing impact is one of timing – the volume reduction in the original market was anticipated and theoffsetting launches have since gone live in H2 2026. We expect to be a net beneficiary of this merchant's dual-sourcing policy. By contrast, we have assumed the suspension of the two DCB connections removes the associatedrevenue permanently and lowers the base from which we grow in 2027. The third factor, delays to a small number ofother merchant launches, was materially smaller in impact but has nonetheless reduced our near-term revenueexpectations. Importantly, none of these factors reflects a change in the underlying demand for our products and wecontinue to have confidence in the long-term thesis for the business. Adjusted EBITDA[3] was $19.6m (H1 2025: $21.8m; $18.4m underlying), representing growth of 7% on an underlying basis at an adjusted EBITDA margin[4] of 29.4% (H1 2025: 34.3%; underlying: 30.6%). Operating profit was $4.8m (H1 2025: $11.9m, underlying $8.5m). The Group continues to maintain a strong balance sheet with own cash (after share buybacks of $23.6m in the period)of $84.6m at 30 June 2026 (31 December 2025: $102.9m) and no debt. With a growing network and a compelling set of growth opportunities, including our first channel partnership, weremain confident in the prospects for the business. Merchant and consumer adoption of LPMs continues to drive volume and revenue Operational highlights H1 2026 H1 2025 Movement Total Payment Volume (TPV) $8.6bn $7.4bn +16% Blended take rate* 77bps 81bps -4bps * Take rate for H1 2025 is shown on an underlying basis, excluding $3.4m of launch-phase pricing recognised within Digital Wallets & A2A. TPV increased by 16% to $8.6bn (H1 2025: $7.4bn) on both a reported and CER basis. Our blended take rate was77bps on an underlying basis (H1 2025 underlying: 81bps), with growth in the half weighted towards lower take-rateproducts including Bundling. With a number of our H2 launches now live in markets that combine large, fast-growing
Page 7
LPM volumes with currency conversion opportunities, we do not expect take rate to reduce further in the second half.As set out at our 2025 Capital Markets Event, we do continue to expect revenue growth to be driven primarily byvolume expansion, with blended take rates trending down over time. With over 200 LPMs, our network gives merchants access to billions of consumer accounts across the world. Wecontinue to extend that reach, adding 10 new LPMs during the period. We delivered 47 new payment connections for new and existing merchants during the period (H1 2025: 60). Many ofthese connections were with issuers (LPMs) with whom we are already integrated, increasing the density of ournetwork; as a result, revenue per issuer continues to grow. New connections typically take four to five years to reachfull run rate, so each cohort compounds as it matures. Those launched in 2025 contributed c2.5% of H1 2026revenue, up from c1.5% in FY25. Continuing to diversify our revenue base Revenue by product ($m) H1 2026 H1 2025 Movement Direct Carrier Billing (DCB) 35.3 34.2 +3% Digital Wallets & Account-to-Account* 22.0 19.1 +15% Bundling** 9.2 6.6 +39% Total Group revenue* 66.5 59.9 +11% * H1 2025 is shown on an underlying basis, excluding $3.4m of launch-phase pricing recognised within Digital Wallets & A2A. ** Bundling is presented separately from Direct Carrier Billing, consistent with the presentation adopted in the Annual Report for the year ended 31 December 2025, reflecting its extension beyond its historical application within DCB. Digital Wallets & A2A revenue grew by 15% on an underlying basis to $22.0m (H1 2025 underlying: $19.1m),representing 33% of Group revenue (H1 2025 underlying: 32%). Growth was impacted by delays to market launches for a key merchant. Under that merchant’s dual sourcing policy,we had anticipated a reduction in our share of volume in one market and had also expected to gain volume in othermarkets. We expected those gains to land in the first half and offset the reduction, but those launches were delayed.We retained a material proportion of the volume in the original market, which continues to grow in absolute terms andall the markets that were delayed for that merchant in H1 have since gone live in H2. We continue to expect revenuefrom these markets to more than offset the revenue foregone in the original market, although the pace of the ramp-upremains dependent on the merchant. We therefore expect to be a net beneficiary of this merchant's dual-sourcingpolicy. The merchant's dual-sourcing decision did not arise from any issue with Boku's service. It was taken some timeago and reflects its own approach to managing single-supplier risk. DCB revenue increased 3% to $35.3m, representing 53% of Group revenue (H1 2025 underlying: 57%), reflectingsteady demand from both existing and new merchants. This growth was delivered despite the suspension of twoconnections by local authorities in a single country. The suspension does not relate to the performance, security orcompliance of our platform and we have no remaining exposure in that country. We monitor all our marketscontinuously and are not aware of comparable situations elsewhere in our portfolio. Excluding those connections,DCB growth was +5%. Bundling revenue increased 39% to $9.2m, representing 13.8% of Group revenue (H1 2025: 11%). The platform hasallowed our merchants to serve 51 million subscribers (H1 2025: 42 million) during the period. Together, Digital Wallets & A2A and Bundling accounted for 47% of Group revenue in the period, up from 43% a yearago (on an underlying basis) and 35% in FY 2024. As set out in the Chief Executive Officer's report, we are pursuingtwo further routes to diversify the revenue base beyond product mix: channel partnerships, where volumes havealready commenced; and a direct sales capability, through which we added new enterprise merchants during the firsthalf. While neither route contributed materially to revenue in the period, both are expected to build through 2027. Atthe same time, we continue to expand our money movement and currency conversion capabilities, strengthening ourvalue proposition for merchants and diversifying our revenue base. Prior investment now delivering operational efficiencies Operating performance ($m) H1 2026 H1 2025 Movement Adjusted operating expenses** 47.0 41.6 +13% Adjusted EBITDA* 19.6 18.4 +7% Adjusted EBITDA margin* 29.4% 30.6% -1.2pp Operating profit* 4.8 8.5 -43% * Adjusted EBITDA, adjusted EBITDA margin and operating profit for H1 2025 are shown on an underlying basis, excluding $3.4m of launch-phase pricing recognised within Digital Wallets & A2A. ** In 2025 the Group revised the presentation of its Consolidated Statement of Profit or Loss and Other Comprehensive Income from a classification of expenses by function to a classification by nature. As a result, adjusted operating expenses are defined as revenue less adjusted EBITDA (previously gross profit less adjusted EBITDA). Comparative information for H1 2025 has been re- presented accordingly. Adjusted operating expenses and adjusted EBITDA are alternative performance measures.
Page 8
Adjusted operating expenses increased by 13% to $47.0m (H1 2025: $41.6m). This is primarily due to annualisationof headcount costs following hiring in FY 2025. Having invested in our workforce during 2024 and 2025, the benefitsof our transformation initiatives are now allowing us to absorb continued business growth without the associatedheadcount growth. Headcount increased by 7% compared to June 2025 and has reduced 1% compared to 31December 2025. We are also selectively deploying AI-enabled tools to improve the service we offer to our merchantsand partners, streamline routine processes and help our teams work more effectively and efficiently as the businessscales. These operational efficiencies helped support an adjusted EBITDA margin of 29.4%, a resilient performancethat was only modestly below our guidance. As set out in the Chief Executive Officer’s report, investment in the period was concentrated in our strategic priorities,principally money movement and currency conversion, new routes to market, and automation. Understanding the bridge to operating profit Boku delivered an operating profit of $4.8m (H1 2025: $11.9m, underlying $8.5m). The bridge from adjusted EBITDAof $19.6m is as follows: Share-based payment charges, including associated tax costs, of $5.7m (H1 2025: $5.1m). These relate to the Group's long-term incentive arrangements, including awards granted to all employees and performance-based awards for senior management.Depreciation and amortisation of $5.1m (H1 2025: $4.2m), including amortisation of internally generated intangibles of $3.8m (H1 2025: $2.6m). The latter includes accelerated amortisation of $0.6m following areview of remaining useful lives.A foreign exchange loss of $2.4m (H1 2025: gain of $0.1m). Exceptional items of $1.5m (H1 2025: $0.6m), comprising restructuring, redundancy and transformation costs. The key items below operating profit are: A fair value gain on the Amazon warrants of $6.1m (H1 2025: loss of $2.8m), primarily reflecting the movement in the Group's share price during the period.Finance income of $2.1m (H1 2025: $1.6m) and finance expense of $0.2m (H1 2025: $0.1m). The Group reported basic and diluted earnings per share of $0.03 (H1 2025: basic and diluted earnings per share of$0.03). Cash generation and capital allocation Cash metrics ($m) 30 Jun 2026 31 Dec 2025 Group cash 186.8 245.6 Own cash 84.6 102.9 Group cash balances were $186.8m at 30 June 2026 (31 December 2025: $245.6m). Group cash includes merchantand issuer balances which fluctuate with transaction timing and settlement cycles. December is typically the seasonalpeak in Group cash, unwinding in January as year-end settlement cycles complete. In addition, there has been areduction in settlement volumes as a result of the dual sourcing merchant impact in one market and the repurchase ofshares in the period. Own cash, the Group’s own funds excluding merchant and issuer-related balances, was $84.6m (31 December 2025:$102.9m). Before share repurchases, own cash generation was $5.3m (H1 2025: $19.4m). The Group returned$23.6m to participating shareholders through the buyback programme (H1 2025: $12.3m). Average cash[5] for the period was $164m (H1 2025: $152m). Capital allocation and share buyback Our primary focus continues to be organic growth. Alongside this, we continue to assess opportunities for capitalreturns where appropriate, including the use of share buybacks. During the period, Boku purchased 9.5m of its own shares for a total consideration of $23.6m (H1 2025: 5.8m sharesfor $12.3m). Shares purchased are held in Treasury and may be used to meet future obligations under warrants oremployee equity schemes; 4.5m shares were transferred out of Treasury during the period to satisfy employee equityschemes (H1 2025: 3.8m), and the Group held 11.6m shares in Treasury at 30 June 2026 (31 December 2025: 6.5m). Subsequent to the period end, on 8 July 2026, the Board approved an extension to the share buyback programme,providing authority to repurchase up to a further 8.0m shares. See note 13 for further information. Principal risks and uncertainties For the six months to 30 June 2026, the principal risks and uncertainties of the Group remain consistent with thosereported in the Annual Report and Accounts for the year ended 31 December 2025. For further detail on the Group'srisk management, please refer to the 'Principal Risks and Uncertainties' section of that report. Robert Whittick Chief Financial Officer
Page 9
23 September 2026 Cautionary statementBoku has made forward-looking statements in this financial information, including statements about the market andbenefits of its products and services; financial results; product development plans; the potential benefits of businessrelationships with third parties and business strategies. The Group considers any statements that are not historicalfacts as “forward-looking statements”. They relate to events and trends that are subject to risk and uncertainty thatmay cause actual results and the financial performance of the Group to differ materially from those contained in anyforward-looking statement. These statements are made by the Directors in good faith based on the informationavailable to them and such statements should be treated with caution due to the inherent uncertainties, including botheconomic and business risk factors underlying any such forward-looking information. Condensed consolidated statement of profit or loss and other comprehensive income (Unaudited)For six months ended 30 June Re-presented1 2026 2025 Note $’000 $’000 Revenue 5 66,548 63,337 Staff costs (35,322) (31,553)Consultancy and outsourcing costs (6,570) (6,333)Depreciation and amortisation (5,075) (4,193)IT and hosting costs (5,656) (3,739)Other operating expenses (9,082) (5,603) Operating profit 4,843 11,916 Fair value gain/(loss) on warrants 8 6,115 (2,790)Finance income 6 2,104 1,615Finance expense 6 (229) (89) Profit before tax 12,833 10,652 Income tax expense (2,611) (2,168) Profit for the period (all attributable to equity holders of the parent) 10,222 8,484 Other comprehensive income Items that may be reclassified to profit or loss Exchange differences on translation of foreignoperations (1,512) 5,100 Other comprehensive income for the period,net of tax (1,512) 5,100 Total comprehensive income for the period (all attributable to equity holders of the parent) 8,710 13,584 Earnings per share $ $ Basic EPS 0.03 0.03Diluted EPS 0.03 0.03 Alternative performance measures Adjusted EBITDA2 19,594 21,755 1 In 2025, the Group revised the presentation of its Consolidated Statement of Profit or Loss and Other Comprehensive Income from aclassification of expenses by function to a classification by nature in order to provide more transparent and relevant information regarding theGroup’s cost structure. This change relates to presentation only and has no impact on operating profit, profit before tax, profit for the year,earnings per share, total assets, total liabilities or cash flows. Comparative information for H1 2025 has been re-presented accordingly. 2 Adjusted EBITDA is an alternative performance measure (APM) calculated as earnings before interest, tax, depreciation, amortisation, share- based payment expense, foreign exchange gains/(losses) (excluding costs associated with currency conversion services) and exceptional items.(see the APM section of this report for further details). The accompanying notes form an integral part of these condensed consolidated financial statements.
Page 10
Condensed consolidated statement of financial position (Unaudited)30 June 2026 (Audited)31 December2025 Note $’000 $’000 ASSETS Non-current assets Property, plant, and equipment 733 847Intangible assets 58,321 58,490Right-of-use assets 4,815 5,404Warrant contract assets 8 468 1,253Deferred tax assets 9,088 11,875 Total non-current assets 73,425 77,869 Current assets Issuer, trade and other receivables 193,533 177,384Warrant contract assets 8 214 161Cash and cash equivalents 7 186,757 245,582 Total current assets 380,504 423,127 Total assets 453,929 500,996 LIABILITIES Non-current liabilities Warrant liabilities 8 2,539 8,748Lease liabilities 3,903 4,400Other non-current liabilities 1,829 2,381Deferred tax liabilities 912 456 Total non-current liabilities 9,183 15,985 Current liabilities Merchant, trade and other payables 297,346 326,726Short-term lease liabilities 1,007 1,036Warrant liabilities 8 2,195 2,736Current tax liabilities 847 1,306 Total current liabilities 301,395 331,804 Total liabilities 310,578 347,789 EQUITY Share capital 11 30 30Other reserves 258,059 262,500Foreign exchange reserve (3,814) (2,302)Treasury share reserve (28,462) (15,437)Accumulated losses (82,462) (91,584) Total equity (all attributable to equity holders of the parent) 143,351 153,207 Total equity and liabilities 453,929 500,996 The accompanying notes form an integral part of these condensed consolidated financial statements The condensed consolidated financial statements were approved by the Board for issue on 23 September 2026 and signed on its behalf by: Stuart Neal Rob Whittick Chief Executive Officer Chief Financial Officer Condensed consolidated statement of changes in equity Sharecapital Otherreserves Foreigncurrencytranslationreserve TreasuryshareReserve Accumulatedlosses TotalEquity Note $’000 $’000 $’000 $’000 $’000 $’000 Equity as at 1 January 2025 29 261,049 (6,946) (10,728) (105,663) 137,741
Page 11
Profit for the period - - - - 8,484 8,484 Other comprehensive income - - 5,100 - - 5,100 Total comprehensive income for the period(all attributable to equity holders of the parentcompany) - - 5,100 - 8,484 13,584 Transactions with owners of the Company Issue of share capital upon exercise of stockoptions and RSUs 1 - - - - 1 Share-based payment expense - 4,060 - - - 4,060 Taxation on share-based payment - - - - (208) (208) Acquisition of treasury shares - - - (12,342) - (12,342) Issue of treasury shares to employees - (8,068) - 8,068 - - Equity as at 30 June 2025 (unaudited) 30 257,041 (1,846) (15,002) (97,387) 142,836 Equity as at 1 January 2026 30 262,500 (2,302) (15,437) (91,584) 153,207 Profit for the period 10,222 10,222 Other comprehensive income (1,512) (1,512) Total comprehensive income for the period(all attributable to equity holders of the parentcompany) - - (1,512) - 10,222 8,710 Transactions with owners of the Company Issue of share capital upon exercise of stockoptions and RSUs 153 153 Share-based payment expense 5,975 5,975 Taxation on share-based payment - - - - (1,100) (1,100) Acquisition of treasury shares - - - (23,594) - (23,594) Issue of treasury shares to employees - (10,569) - 10,569 - - Equity as at 30 June 2026 (unaudited) 30 258,059 (3,814) (28,462) (82,462) 143,351 The accompanying notes form an integral part of these condensed consolidated financial statements.
Page 13
Condensed consolidated statement of cash flows (Unaudited)For six months ended 30June 2026 2025 Note $’000 $’000 Cash flows from operating activities Cash (used in)/generated from operations 9 (29,132) 25,082 Income taxes paid (1,161) (1,301) Net cash (used in) / generated from operating activities (30,293) 23,781 Cash flows from investing activities Interest received 1,955 1,627Purchase of property, plant, and equipment (152) (310)Payments for internally developed software (4,568) (3,186)Proceeds from sale of property, plant and equipment - 2 Net cash used in investing activities (2,765) (1,867) Cash flows from financing activities Payment on lease liabilities (781) (604)Issue of share capital on the exercise of options and RSUs 153 -Payments for the acquisition of treasury shares (23,594) (12,342) Net cash used in financing activities (24,222) (12,946) Net (decrease) / increase in cash and cash equivalents (57,280) 8,968Cash and cash equivalents at the beginning of the period 245,582 177,333Effect of foreign exchange rate changes (1,545) 5,617 Cash and cash equivalents at the end of the period7 186,757 191,918 The accompanying notes form an integral part of these condensed consolidated financial statement Notes to the condensed consolidated financial statements 1. Corporate information Boku, Inc. (the Company or the Parent) is a public limited company incorporated and domiciled in the United States ofAmerica. The shares of the Company are quoted on the Alternative Investment Market (‘AIM’), a market of the LondonStock Exchange Group plc. The Company’s registered office is at 660 Market Street, Suite 400, San Francisco, CA94104, United States. These condensed consolidated financial statements comprise the Company and its subsidiaries (the Group orcollectively Boku). The principal activity of Boku is the provision of a global network of Local Payment Methods (LPMs). Through a singleintegration, Boku provides its merchants and channel partners with access to a comprehensive network of DirectCarrier Billing (DCB), Digital Wallets and Account-to-Account (A2A) real-time payment schemes, reaching over 7billion consumer payment accounts worldwide. Boku also enables merchants to distribute their services via itsBundling product and provides additional value-added services, including currency conversion and cross-border fundssettlement, facilitating international expansion. Boku's merchants include the world's most sophisticated globaltechnology companies, who trust the Group to simplify their integration to hundreds of LPMs, acquire new payingusers and prevent fraud. Boku operates through its subsidiaries under various payment licences and registrations across multiple jurisdictions,each allowing operations within the respective territories. In the European Economic Area (EEA), Boku is authorisedas a Payment Institution by the Central Bank of Ireland, permitting cross-border services across EEA member states.In the United Kingdom, Boku is authorised as an Electronic Money Institution, a Payment Initiation Service Providerand an Account Information Service Provider by the Financial Conduct Authority, facilitating operations within theUnited Kingdom. Similarly, Boku holds regulatory approvals and registrations in Hong Kong, India, Brazil, thePhilippines, Singapore, Taiwan, Argentina, Malaysia, the United States of America, and Japan, enabling it to providepayment services in those jurisdictions. These condensed consolidated financial statements for the six months ended 30 June 2026 were approved by theBoard of Directors and authorised for issue on 23 September 2026. 2. Basis of preparation
Page 14
The condensed consolidated financial statements are for the six months ended 30 June 2026 and have beenprepared on a going concern basis in accordance with International Accounting Standard 34 Interim FinancialReporting (IAS 34) and have been independently reviewed but not audited. The condensed consolidated financial statements do not contain all the information required for full annual financialstatements and should be read in conjunction with the Group’s annual financial statements for the year ended 31December 2025. The comparative condensed statement of financial position has been extracted from the annualfinancial statements as at 31 December 2025. The comparative condensed consolidated statement of comprehensiveincome, statement of changes in equity, and statement of cash flows have been extracted from unaudited condensedconsolidated financial statements of the Group for the six-months ended 30 June 2025. In the six months ended 30 June 2026 the Group did not adopt any new standards or amendments issued by theIASB or interpretations by the IFRS Interpretations Committee (“IFRIC”) that would have had a material impact on thecondensed consolidated financial statements. 2.1 Going Concern Boku finances its day-to-day working capital requirements through its own cash balances. The Directors haveconsidered the Group’s financial position and cash flow forecasts and are satisfied that the Group has adequateresources to continue in operational existence for at least the next 12 months from the approval date of thesecondensed consolidated financial statements. In making this assessment, the Directors have considered a base andsevere but plausible case. Accordingly, these condensed consolidated financial statements have been prepared on agoing-concern basis. 2.2 Alternative performance measures Management uses APMs internally to understand, manage, and evaluate the business performance and makeoperating decisions. These measures are among the primary factors management uses in planning for andforecasting future periods. The primary APMs are adjusted EBITDA, adjusted EBITDA margin, adjusted operatingexpenses, constant exchange rate revenues, own cash and average cash, all of which management considersrelevant in understanding Boku’s financial performance. Further information about these APMs is disclosed in theAPM section of this report. 2.3 Critical accounting estimates and judgements In preparing these condensed consolidated financial statements, management has made judgements and estimatesabout the future that affect the application of the Group’s accounting policies and the reported figures. Actual resultsmay differ from these estimates. Management assessed that there were no material changes in the current period tothe critical accounting estimates and judgements, as disclosed in the consolidated financial statements for the yearended 31 December 2025. 3. Material Accounting Policies The accounting policies and the methods of computation adopted in the preparation of these condensed consolidatedfinancial statements are the same as those applied in the preparation of Group’s most recent annual financialstatements for the year ended 31 December 2025. 4. Segment information Boku operates as a single operating segment - Payment Services. This segment includes all activities related toproviding digital payment solutions, allowing consumers to make purchases through local payment methods, such asDirect Carrier Billing (DCB), Digital Wallets and Account-to-Account (A2A) schemes, as well as enabling merchants topromote and distribute their services via Bundling.The Chief Operating Decision Maker (CODM), identified as the Global Leadership Team (GLT), monitors theperformance of Boku as a whole for the purpose of resource allocation and decision-making. As such, no additionalsegment reporting disclosures under IFRS 8 are provided. Six months ended 30June 2026 2025 Revenue disaggregation by major geographical markets1 $’000 $’000 Americas 8,082 5,926 Asia-Pacific (APAC) 32,006 30,264 Europe, Middle East & Africa (EMEA) 26,460 27,147 Total Revenue by geographical market 66,548 63,337
Page 15
1 The geographical markets disaggregation is determined by the consumer’s location. As of the reporting date, the majority of Boku’s non-current assets are located in the USA. The geographicalbreakdown of non-current assets, based on their location, is as follows: As at 30 June 2026 As at 31December2025 Non-current assets by geographical region2 $’000 $’000 Americas 53,679 53,357 Europe, Middle East & Africa (EMEA) 9,445 10,462 APAC 745 922 Total non-current assets by geographical region 63,869 64,741 2 Non-current assets exclude deferred tax and warrant contract assets 5. Revenue The Group’s revenue is principally service fees earned from its merchants. All revenue is earned at the time thetransaction is processed and, as a result, all revenue is recognised at that point in time. Six months ended 30June 2026 2025 $’000 $’000 Revenue 66,548 63,337 In H1 2026, 3 merchants (H1 2025: 2) each accounted for more than 10% of the total revenue from PaymentServices, contributing $38.7m (H1 2025: $34.1m). 6. Finance income and expense Six months ended 30 June 2026 2025 $’000 $’000 Finance income Interest income 2,104 1,615 Total finance income 2,104 1,615 Finance expenses Interest on lease liabilities (184) (85) Other interest expenses (45) (4) Total finance expenses (229) (89) Net finance income 1,875 1,526 7. Cash and cash equivalents and restricted cash 30 June 2026 31December2025 $’000 $’000
Page 16
Cash and cash equivalents 145,290 193,547 Restricted cash 41,467 52,035 Total Cash and cash equivalents and restricted cash186,757 245,582 The restricted cash primarily includes safeguarded merchant funds of $41.3m (FY2025: $51.9m) received but not yetpaid to merchants from Boku’s licensed entities. In addition, it includes cash held at the bank of $0.2m (FY2025:$0.2m) to secure a lease agreement for Boku’s San Francisco office. The Group considers its own cash at 30 June2026 to be $84.6m (FY2025: $102.9m). See APM section for further details regarding how own cash is calculated. 8. Warrants On 16 September 2022, Boku entered into a stock warrant agreement with Amazon in conjunction with a commercialservice level agreement for Boku to provide payment processing services to Amazon. A detailed explanation of thewarrants and the related accounting policy is included in the Group’s most recent annual financial statements and hastherefore not been repeated within these condensed consolidated financial statements. During the period, 418,700 (H1 2025: 209,350) additional warrants vested in respect of revenue generated under theagreement. As at 30 June 2026, a cumulative total of 2,422,476 warrants had vested since inception. No warrantshave been exercised as at 30 June 2026 (31 December 2025: Nil). The fair value of the warrant liability at 30 June 2026 was $4.7m (31 December 2025: $11.5m), of which $2.2m ispresented in current liabilities and $2.5m in non-current liabilities. The related warrant contract asset was $0.7m (31December 2025: $1.4m). The $6.7m decrease in the warrant liability during the period comprises a fair value gain of $6.1m (H1 2025: charge of$2.8m) recognised in the condensed consolidated statement of profit and loss, driven primarily by the decrease in theCompany’s closing share price on AIM from £2.10 as at 31 December 2025 to £1.49 as at 30 June 2026, whichreduced the fair value of each warrant from $2.178 to $1.311. In addition, there was a $0.6m reduction arising fromthe decrease in the number of warrants expected to vest over the term of the agreement from 5.3m to 3.6m, whichreduced the warrant contract asset and the warrant liability equally. The remaining movement in the contract asset of$0.1m represents amortisation recognised against revenue in the period. The warrants are classified as Level 3 derivative liabilities, as they require significant judgement or estimation due tothe absence of an active market. The fair value was determined using a combination of Monte Carlo Simulation andBlack-Scholes Model valuation methods. Significant unobservable inputs at 30 June 2026 included volatility of the Company’s common stock of 35% (FY 2025:35%), revenue volatility of 30% (FY 2025: 30%), a risk-free rate of 4.17% (FY 2025: 3.84%), and forecasted revenuefrom Amazon over the 7-year vesting period. At 30 June 2026, a 5% decrease in both equity and revenue volatilities (to 30% and 25%, respectively) would haveresulted in a fair value reduction to $4.6m (H1 2025: $11.1m), a decline of $0.1m (H1 2025: $0.1m). Conversely, a 5%increase (to 40% and 35%, respectively) would have increased the fair value to $4.8m (H1 2025: $11.4m), anincrease of $0.1m (H1 2025: $0.2m). 9. Cash generated from operations (Unaudited) For six months ended30 June 2026 2025 Note $’000 $’000 Cash flows from operating activities Profit for the period 10,222 8,484 Adjustments for: - Depreciation of property, plant, and equipment 241 251 - Amortisation of intangible assets 4,170 3,389 - Depreciation of right-of-use assets 664 553 - Loss on disposal of property, plant, and equipment 5 1 - Amortisation of warrant contract asset 8 99 1 - Fair value (gain)/loss on warrants 8 (6,115) 2,790 - Share-based payment expense 5,975 4,060 - Net Finance income (1,875) (1,526)
Page 17
- Employer taxes on stock options and restricted stockunits (benefit)/charge (932) 583 - Income tax expense 2,611 2,168 Changes in net working capital3: - (Increase) in Issuer, trade and other receivablesincluding contract assets (16,985) (20,184) - (Decrease)/Increase in merchant, trade and otherpayables including contract liabilities (27,212) 24,512 Cash (used in)/generated from operations (29,132) 25,082 3 Net working capital includes both short-term and long-term items. 10. Dividends No interim dividend has been paid or proposed in respect of the current financial period (H1 2025: nil). 11. Share Capital At 30 June 2026, Boku, Inc. had 303,796,992 (FY 2025: 303,484,000) common shares issued and fully paid. Boku,Inc. has only one class of shares with par value of $0.0001 each. The authorised share capital is 500,000,000 shares.Boku, Inc. holds 11,577,629 shares in treasury (FY 2025: 6,507,891 shares). During the six months to 30 June 2026Boku, Inc. purchased back 9,521,647 shares under the Share buyback programme at an average price of $2.48. Theshare buyback programme was extended, subsequent to period-end on 8 July 2026, please see note 13 for furtherdetails. 12. Commitments and contingencies In the normal course of business, the Group may receive inquiries or become involved in legal disputes regardingpossible patent infringements. In the opinion of management, any potential liabilities resulting from such claims, if any,would not have a material adverse effect on the Group’s condensed consolidated statement of financial position orresults of operations.From time to time, in its normal course of business, the Group may indemnify other parties with whom it enters intocontractual relationships, including merchants, aggregators, MNOs, lessors, and parties to other transactions with theGroup. Boku has also indemnified its Directors and executive officers, to the extent legally permissible, against allliabilities reasonably incurred in connection with any action in which such individual may be involved by reason ofsuch individual being or having been a Director or executive officer. The Group believes the estimated fair value ofany obligation from these indemnification agreements is minimal; therefore, these condensed consolidated financialstatements do not include a liability for any potential obligations at 30 June 2026 (FY 2025: Nil).In addition, the Group has provided credit support instruments, including parent guarantees and standby letters ofcredit, to counterparties as part of its contractual obligations. The standby letters of credit have a maximum exposureof $4.0m as at 30 June 2026 (FY 2025: $3.6m). The parent guarantees support the obligations of subsidiaries undercommercial arrangements. Management does not expect any claims under these arrangements to have a materialimpact on the Group’s financial position and, accordingly, no liability has been recognised in these condensedconsolidated financial statements.The Group had no contractual commitments for the acquisition of property, plant, and equipment and intangible assetsin the current or prior period. 13. Events after the reporting date Management has assessed the events occurring between the reporting date and the date of approval of thecondensed consolidated financial statements. Share Buyback Programme Subsequent to the reporting date, on 8 July 2026, the Board approved an extension to the Company's existing sharebuyback programme. The extension provides authority to repurchase up to a further 8,000,000 Common Stock, inaddition to the remaining capacity under the second tranche of the existing programme, subject to an aggregate limitof 10 per cent of the Company's issued Common Stock being held in Treasury. The authority will expire uponcompletion of the programme or on publication of the Company's full year results for the year ending 31 December2026, whichever is earlier. No other material events have been identified that would require adjustment to or disclosure in these condensedconsolidated financial statements. Alternative Performance Measures Management uses Alternative Performance Measures (APMs) internally to understand, manage and evaluate thebusiness performance and make operating decisions. These measures are among the primary factors management
Page 18
uses in planning for and forecasting future periods. Management presents APMs because they believe that these and other similar measures are widely used by certaininvestors, securities analysts and other interested parties as supplemental measures of performance and liquidity. It isbelieved these APMs depict the true performance of the business by encompassing only relevant and controllableevents, allowing management to evaluate and plan more effectively for the future. These measures are not definedunder the requirements of IFRS and may not be comparable with the APMs of other companies and should be viewedas supplemental to, but not a substitute for, measures presented in the financial statements which are prepared inaccordance with IFRS. The primary APMs are adjusted EBITDA, adjusted EBITDA margin, adjusted operating expenses, constant exchangerate revenues, own cash, and average cash, all of which management considers are relevant in understanding theGroup’s financial performance. Management calculates APMs by excluding certain non-cash and one-off items fromthe actual results. The determination of whether non-cash items or one-off items should be excluded, is a matter ofjudgement and is based on whether the inclusion/exclusion from the results represent more closely the consistenttrading performance of the business. Boku uses the following APMs APM Definition Adjusted EBITDA A measure of profitability from continuing operations which iscalculated as earnings before interest, tax, depreciation,amortisation, share-based payment expense, foreign exchangegains/(losses) (excluding costs associated with currency conversionservices) and exceptional items. In calculating adjusted EBITDA, we exclude certain non-cash andnon-recurring items that we believe are not reflective of our long-term performance. Adjusted EBITDA is used internally to establishforecasts, budgets and operational goals to manage and monitor ourbusiness, as well as evaluate our underlying historical performance.We believe that adjusted EBITDA is a meaningful indicator of thehealth of our business as it reflects our ability to generate cash thatcan be used to fund recurring capital expenditures and growth. Wealso believe that adjusted EBITDA is widely used by investors,securities analysts and other interested parties as a supplementalmeasure of performance and liquidity. Adjusted operating expenses Calculated as revenue less adjusted EBITDA. Comparative for H12025 amounts have been revised, following an update to thedefinition in the annual report and accounts for 2025. Adjusted EBITDA margin Calculated as adjusted EBITDA over revenue for the period. Constant exchange raterevenues Constant exchange rate revenues are calculated by applying themonthly average foreign exchange rates in the prior period to thecorresponding monthly current period revenues. Own cash Calculated as cash held plus gross amounts due to Boku fromissuers and merchants less amounts owed to merchants. Average cash Average cash is determined by calculating the average of dailyclosing cash balances for each month and then averaging thosemonthly amounts over the reporting period. Six months ended 30June 2026 2025 Alternative performance measures $’000 $’000 Adjusted EBITDA 19,594 21,755 Adjusted EBITDA margin (%) 29.4% 34.3% Adjusted operating expenses1 46,954 41,582 Constant exchange rate revenues 65,821 64,180 Average Cash 164,123 152,290
Page 19
1 In 2025, the Group revised the presentation of its Consolidated Statement of Profit or Loss and Other Comprehensive Income from a classification of expenses by function to a classification by nature in order to provide more transparent and relevant information regarding theGroup’s cost structure. As a result, adjusted operating expenses are now defined as revenue less adjusted EBITDA (previously defined as grossprofit less adjusted EBITDA). Comparative information for H1-2025 has been re-presented accordingly. As at 30 June2026 31December2025 $’000 $’000 Own Cash 84,602 102,940 Reconciliation of adjusted EBITDA to operating profit Six months ended 30June 2026 2025 Note $’000 $’000 Adjusted EBITDA 19,594 21,755 Depreciation and amortisation (5,075) (4,193) Share-based payments (including associated taxcosts) (5,713) (5,118) Foreign exchange gain/(loss) (2,445) 101 Exceptional items (1,518) (629) Operating profit 4,843 11,916 Exceptional items are included in other operating expenses and include the following items: Six months ended 30June 2026 2025 $’000 $’000 Restructuring and redundancy 1,035 26 Transformation costs 483 389 One-off refund from an Issuer - (50) Office relocation costs - 264 Total exceptional items 1,518 629 Adjusted operating expenses calculation Six months ended 30June 2026 2025 $’000 $’000 Revenue 66,548 63,337 Adjusted EBITDA (19,594) (21,755) Adjusted operating expenses2 46,954 41,582 2 In 2025, the Group revised the presentation of its Consolidated Statement of Profit or Loss and Other Comprehensive Income from a classification of expenses by function to a classification by nature in order to provide more transparent and relevant information regarding the Group’s coststructure. As a result, adjusted operating expenses are defined as revenue less adjusted EBITDA (previously defined as gross profit less adjustedEBITDA). Comparative information for H1 2025 has been re-presented accordingly.
Page 20
Constant Exchange Rate Revenues Six months ended 30 June Constant currency revenue growth 2026 Revenue 2026 Revenue at H1 2025 rates 2025 revenue Operating Segment $’000 $’000 $’000 Payment Services 66,548 65,821 63,337 3.9% Own Cash Calculations As at 30June 2026 As at 31December2025 $’000 $’000 Cash and cash equivalents 186,757 245,582 Receivables from Issuers 169,358 155,573 Trade receivables 16,085 15,238 Payable to Merchants (287,598) (313,453) Total own cash 84,602 102,940 Average Cash Six months ended 30June 2026 2025 $’000 $’000 Average Cash for the period 164,123 152,290 Independent review report to Boku, Inc. Report on the condensed consolidated interim financial statements Our conclusionWe have reviewed Boku, Inc.’s condensed consolidated interim financial statements (the “interim financialstatements”) in the Interim Report 2026 of Boku, Inc. for the 6 month period ended 30 June 2026 (the “period”).Based on our review, nothing has come to our attention that causes us to believe that the interim financial statementsare not prepared, in all material respects, in accordance with International Accounting Standard 34, ‘Interim FinancialReporting’, as issued by the IASB and the AIM Rules for Companies.The interim financial statements comprise:the Condensed consolidated statement of financial position as at 30 June 2026;the Condensed consolidated statement of profit or loss and other comprehensive income for the period thenended;the Condensed consolidated statement of cash flows for the period then ended;the Condensed consolidated statement of changes in equity for the period then ended; andthe explanatory notes to the interim financial statements. The interim financial statements included in the Interim Report 2026 of Boku, Inc. have been prepared in accordancewith International Accounting Standard 34, ‘Interim Financial Reporting’, as issued by the IASB and the AIM Rules forCompanies. Basis for conclusionWe conducted our review in accordance with International Standard on Review Engagements (UK) 2410, ‘Review ofInterim Financial Information Performed by the Independent Auditor of the Entity’ issued by the Financial ReportingCouncil for use in the United Kingdom (“ISRE (UK) 2410”). A review of interim financial information consists of makingenquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and otherreview procedures.A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing(UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significantmatters that might be identified in an audit. Accordingly, we do not express an audit opinion.We have read the other information contained in the Interim Report 2026 and considered whether it contains anyapparent misstatements or material inconsistencies with the information in the interim financial statements.
Page 21
Conclusions relating to going concernBased on our review procedures, which are less extensive than those performed in an audit as described in the Basisfor conclusion section of this report, nothing has come to our attention to suggest that the directors haveinappropriately adopted the going concern basis of accounting or that the directors have identified materialuncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the reviewprocedures performed in accordance with ISRE (UK) 2410. However, future events or conditions may cause the groupto cease to continue as a going concern. Responsibilities for the interim financial statements and the review Our responsibilities and those of the directorsThe Interim Report 2026, including the interim financial statements, is the responsibility of, and has been approved bythe directors. The directors are responsible for preparing the Interim Report 2026 in accordance with the AIM Rules forCompanies which require that the financial information must be presented and prepared in a form consistent with thatwhich will be adopted in the company’s annual financial statements. In preparing the Interim Report 2026, includingthe interim financial statements, the directors are responsible for assessing the group’s ability to continue as a goingconcern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountingunless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to doso.Our responsibility is to express a conclusion on the interim financial statements in the Interim Report 2026 based onour review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are lessextensive than audit procedures, as described in the Basis for conclusion paragraph of this report. Use of this reportThis report, including the conclusion, has been prepared for and only for the company for the purpose of complyingwith the AIM Rules for Companies and for no other purpose. We do not, in giving this conclusion, accept or assumeresponsibility for any other purpose or to any other person to whom this report is shown or into whose hands it maycome save where expressly agreed by our prior consent in writing. PricewaterhouseCoopers LLPChartered AccountantsLondon23 September 2026
Page 23
Glossary Abbreviation Definition A2A Account-to-Account based payment schemes allow payments to be made from onebank account to another, generally in real time. They are contrasted with card-basedpayment schemes where the payment is mediated through a card scheme. In A2Asthe payment is direct via Boku. A2A payments can be organised as schemes,typically under the jurisdiction of the Central Bank (UPI in India or Pix in Brazil), asinterbank initiatives (Twint in Switzerland, Blik in Poland) or as infrastructure (OpenBanking access to Faster Payments in the UK). AGM Annual General Meeting. AIM Alternative Investment Market. AISP Under Open Banking, an Account Information Service Provider, with consumerconsent can access information about the transactions and balances in theconsumer’s bank account. AISPs can then provide services that provide aconsolidated view of a consumer’s activity across multiple banks, or analysis thatmight not be available from their financial institution. In the UK, AISPs are authorisedby the FCA. See also PISP. APMs Alternative performance measures are non-IFRS financial measures used bymanagement to assess and monitor the performance of the business. Definitions ofeach APM used in this report, including adjusted EBITDA, adjusted EBITDA margin,adjusted operating expenses, constant exchange rate revenues, own cash andaverage cash, are set out in the Alternative Performance Measures section of thisreport. ATV The Average Transaction value is the TPV divided by the total number of successfultransactions. BPS Basis points. Bundling Bundling refers to the distribution of Merchant services via Distributors typically aspart of a new tariff or promotional offer (e.g. ‘Get six months of streaming musicincluded with your mobile phone plan’). Boku’s services facilitate this process byseamlessly connecting the Distributor with the Merchant’s systems. CAGR Compound annual growth rate. CER Constant exchange rate revenues/ Total Payment Volumes are calculated byapplying the monthly average foreign exchange rates in the prior year to the currentyear revenues/ Total Payment Volumes. CEO Chief Executive Officer. CFO Chief Financial Officer. CGU Cash generating unit. ChannelPartnership An arrangement under which a partner, such as a Payment Service Provider, acts asa single point of distribution for Boku's LPMs to the partner's own merchant base.The partner accesses Boku's network of LPMs through a single integration, withoutbuilding its own parallel network. COO Chief Operating Officer. CT Corporation tax. Connection A connection represents the integration between a merchant and a Local PaymentMethod(LPM) or other Distributor. Payment connections facilitate payments betweenmerchants andLPMs. Bundling connections facilitate the distribution and promotion of a merchant’sservices via LPMs or other Distributor. DCB Direct Carrier Billing is a form of payment method whereby consumers can purchasedigital goods using their post-paid mobile phone account or pre-paid mobile phonebalance via their Mobile Network Operator. DEI Diversity, equity and inclusion. Digital Wallet A Digital Wallet is a type of payment method that allows a user to undertaketransactionsonline and sometimes, offline. A user will link their wallet to a funding source whichmight bea bank account, debit card or cash top up. The balance in the wallet is then used tofund the
Page 24
purchase. In some cases, these wallets will have an auto top up feature that allowsfunds tobe withdrawn from the funding source if there is insufficient balance. ExamplesincludeAlipay, PayPal, Dana or Gopay. Distributor Third-party organisations, including but not limited to Local Payment Methods, thatprovideaccess to captive customer populations and enable the distribution of a Merchant’sservicesthrough Boku’s network. DT Deferred tax. ECL Expected credit loss. EGM Extraordinary General Meeting. EPS Earnings per share. GLT Global Leadership Team. Group Boku, Inc. and its controlled entities. IFRS International Financial Reporting Standards. Issuer The Issuer is the entity within the Boku network who has the relationship with theconsumer, issues them with payment credentials, collects the amounts owed by theconsumer and settles them. The Issuers within the Boku network include DirectCarrier Billing providers,Digital Wallet providers and A2A schemes. LPMs Local Payment Methods are those which typically operate in a single region. Theyinclude Direct Carrier Billing providers, Digital Wallets providers, Account-to-Accountbased paymentschemes, domestic card schemes, domestic voucher schemes, and Buy Now PayLateroperators. Local Payment Methods typically operate to their own standard and aretypicallynot interoperable with other schemes. LTIP Long term incentive plan. Merchant A merchant is a business or entity that sells products or services to consumers. MNOs Mobile Network Operators are telecommunication providers that operate mobilenetworkinfrastructure and enable mobile-based payment methods, including Direct CarrierBilling. Nomad Nominated adviser. NPV Net present value. Open banking In Open Banking markets, banks are required to provide interfaces to authorisedthird parties to access account information (AISP) or initiate payments (PISP). PISP Under Open Banking, a Payment Initiation Service Provider, with consumer consent,can initiate payments from the consumer’s bank account. In the UK, PISPs areauthorised by the FCA. See also AISP. Platform The platform that Boku has built connects Merchants to Local Payment Methods andotherDistributors. PSP A Payment Service Provider acts as a technical layer connecting a merchant tovarious issuers. The base level of service is the transaction model where onlytechnical services are provided. It can be supplemented by the settlement modelwhereby funds are collected and settled to those merchants. PwC PricewaterhouseCoopers LLP. RCF Revolving credit facility. RSU Restricted Stock/Share Units are share awards subject to a vesting schedule andcertain vesting conditions. Settlement model In the Settlement model, Boku provides not only technical transaction processingservices but also collects the funds due from the Issuers and settles them to themerchant in the currency of their choice. SID Senior Independent Director.
Page 25
SRSU Stretch restricted share units subject to market based vesting conditions. Subscribers The number of end consumers with an active subscription to a merchant's servicedistributed through Boku's Bundling product during the period. Take rate Take rate is defined as revenue divided by TPV. It is a measure of the average priceobtained. Tokenisation The storage of a consumer's payment credentials on Boku's platform, in tokenisedform, for use in future transactions such as recurring subscription payments.Volumes that are non-tokenised are one-time payments, where no credentials arestored. TPV Total Payment Volume is total value transacted through the system quantified in USdollars. For payments, this is the total amount successfully transacted by consumerstranslated into USD at average FX rates for the month. For bundling transactions, itrepresents the total retail value of the bundles. In some cases, this value is inferredfrom revenue. Transactionmodel The Transaction Model is where Boku provides technical connectivity services to amerchant, while the merchant directly arranges settlement with the issuer. WACC Weighted average cost of capital.
Page 26
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial ConductAuthority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution ofthis information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services.For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our PrivacyPolicy. END [2] Constant Exchange Rate revenues are calculated by applying the monthly average foreign exchange rates in the prior period to the corresponding monthly current period revenue. This is an Alternative Performance Measure (APM).[3] Adjusted EBITDA is calculated as earnings before interest, tax, depreciation, amortisation, share-based payment expense, foreign exchange gains/(losses) (excludingcosts associated with currency conversion services) and exceptional items. This is an APM.[4] Adjusted EBITDA margin is calculated as adjusted EBITDA over revenue for the period. This is an APM.[5] Average cash is determined by calculating the average daily closing cash balances for each month and then averaging those monthly amounts over the reporting period. This is an APM.