Boku Inc (LON:BOKU), a global network of localised payment solutions, has announced the following unaudited trading update for the six months ended 30 June 2025.
Financial Highlights
· Total Group revenue for H1 2025 is expected to be in excess of $63 million, representing organic growth of c.34% (H1 2024: $47.3 million). This represents c.37% growth on a constant exchange rate1 basis.
· Direct Carrier Billing revenue, which includes payments and bundling, continued to deliver solid growth of c.16% on H1 2024.
· Revenue from Digital Wallets and Account to Account schemes increased by c.90% on H1 2024 reflecting continued merchant and customer uptake.
· Adjusted EBITDA2 is anticipated to be at least $21 million, up c.50% on the prior comparative period (H1 2024: $14.2 million), reflecting an adjusted EBITDA margin3 of c.33% (H1 2024: 30.1%).
· Total Group cash increased by c. 29% to c.$192 million at 30 June 2025, up from $148.5 million at 30 June 2024 and $177.3 million at 31 December 2024.
· Boku’s own cash4 grew by 16% to c.$87 million at 30 June 2025, up from $75.2 million at 30 June 2024 and $80.2 million at 31 December 2024. This includes the impact of the repurchase of 5.8 million Boku shares during H1 2025 at a cost of $12.3 million.
· Approximately $3 million of total Group revenue relates to specific launch phase pricing during H1 2025, which has since normalised and is not expected to recur in H2 2025. Excluding this element of revenue:
o Underlying organic revenue growth would have been c.27% or c.29% on a constant exchange rate basis.
o Revenue from Digital Wallets and Account to Account schemes would have increased by c.60%.
o Adjusted EBITDA would have increased by c.28% and adjusted EBITDA margin remained above 30%, in line with previously announced guidance.
· Foreign exchange related costs of c.$1.4 million have now been incorporated into our adjusted EBITDA alternative performance measure (APM), reflecting a refined methodology to better align revenue with associated costs. The impact of this change is now reflected in adjusted EBITDA and adjusted EBITDA margin for the current period.
Operational Highlights
· This financial performance has been driven by Boku delivering an increasing number of LPM connections for both new and existing merchants, enabling their access to a broader base of customer accounts worldwide, facilitating their continued expansion.
· Monthly Active Users5 of the Boku platform increased by c.20% to over 95 million in June 2025 (June 2024: 79.6 million).
· Total Payment Volume (“TPV”)6 increased by c. 27% to over $7 billion (H1 2024: $5.8 billion). On a constant exchange rate basis, TPV was c.26% higher than H1 2024.
Outlook
In H1 2025, Group revenue grew by 34% to c.$63 million, or 27% on an underlying basis excluding the impact of specific launch-phase pricing. For the full year, the year-on-year revenue growth rate is expected to be at least in line with the underlying H1 growth rate, implying full-year revenue ahead of consensus7.
As contributions from currency revenue services become increasingly material, we are now including the associated foreign exchange related costs within our adjusted EBITDA calculations as described above. On a like for like basis, adjusted EBITDA would be higher, however, when including these foreign exchange related costs, adjusted EBITDA is expected to be in line with current consensus, which excludes these costs.
Previous guidance in relation to organic revenue growth exceeding 20% on a compound annual growth rate (CAGR) basis over the medium term and achieving adjusted EBITDA margins in excess of 30% remain unchanged.
Board Update
As announced separately, the Company is delighted to welcome Richard Pennycook CBE as Chair of the Board, succeeding Dr Richard Hargreaves.
Stuart Neal, Chief Executive Officer, commented:
“Boku has continued its positive trajectory in the first half of 2025, with robust growth in underlying organic revenue and adjusted EBITDA. This reflects strong strategic execution, supported by the rapid market transition from traditional card payments to Local Payment Methods (LPMs). We remain focused on driving growth through deepening relationships with existing global merchants by increasing their connections to our LPM network and offering new capabilities in key markets. At the same time, we are laying the groundwork to attract new merchants through a combination of direct sales and strategic channel partnerships, extending our footprint and reinforcing our global positioning. It has been great to see exciting new merchants come on board in H1 2025, reflecting solid progress in our commercial efforts. We enter the second half with strong momentum, a clear vision, and upgraded ambitions for global growth as we continue our journey to become the world’s best localised payments partner for global commerce.”
Capital Markets Event
As previously announced, the Company will be hosting a Capital Markets Event for institutional investors and research analysts on Thursday 16 October 2025, with presentations starting at 3pm at The Courthouse Hotel, 335-337 Old St, London, EC1V 9LL. Institutional investors and analysts interested in attending are invited to register their interest by contacting [email protected].
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 measure of profitability from continuing operations which is calculated as operating profit before non-recurring other income, depreciation and amortisation, share-based payments expense, foreign exchange gains/losses unrelated to the cost of providing 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 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.
6 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.
7 FY 2025 consensus as of 18th July 2025 is revenue $119.7m and adjusted EBITDA of $38.3m
