Boku, Inc (LON:BOKU) has announced it audited results for the year ended 31 December 2025
Profitable growth driven by scale, diversification and financial strength
Strong momentum and clear strategic priorities
Medium term guidance unchanged
| Financial highlights | FY 2025 | FY 2024 | Movement |
| $’m | $’m | ||
| Direct Carrier Billing 1 | 70.4 | 64.6 | +9% |
| Digital Wallets & Account to Account 1 | 43.5 | 26.0 | +67% |
| Bundling 1 | 14.9 | 8.7 | +71% |
| Total Group revenue | 128.8 | 99.3 | +30% |
| Adjusted EBITDA2,3 | 41.3 | 30.3 | +36% |
| Adjusted EBITDA margin2,3 | 32.1% | 30.5% | +1.6pp |
| Operating profit | 18.9 | 6.2 | +205% |
| 31 Dec 2025 | 31 Dec 2024 | Movement | |
| Group cash | 245.6 | 177.3 | +39% |
| Own cash2 | 102.9 | 80.2 | +28% |
| Operational highlights | FY 2025 | FY 2024 | Movement |
| Monthly Active Users1 (m) in December | 114.4 | 87.1 | +31% |
| Total Payment Volume1 ($bn) | 15.7 | 12.4 | +27% |
| Blended take rate1 | 82bps | 80bps | +2bps |
Stuart Neal, Chief Executive Officer, commented: “This was a year of very strong growth for Boku as we capitalised on our position at the centre of the structural shift towards Local Payment Methods (“LPMs”). We delivered revenue growth of 30%, tracking ahead of the medium term guidance we set in March 2025, while we continued to maintain an adjusted EBITDA margin of above 30%. These results demonstrate continued progress on our multi-year transformation journey.
Rapid growth in our Digital Wallets & Account to Account and Bundling products was an important driver, while Direct Carrier Billing also performed well. We delivered new connections across our LPM network, increased Monthly Active Users and Total Payment Volume, and supported merchants in acquiring millions of new subscribers through our Bundling product. At the same time, we strengthened our payment license footprint and cross-border money movement capabilities, enhancing our competitive position and the scalability of our platform.
As global e-commerce becomes increasingly dependent on a diverse range of payment methods, our role as a growth partner to global merchants around the world continues to deepen. We enter 2026 with great momentum, a clear strategy and a strong financial position that provides the flexibility to support substantial long-term growth.”
FINANCIAL HIGHLIGHTS
Group revenue +30% driven by strong growth in Digital Wallets & Account to Account and Bundling
| • | Group revenue increased to $128.8m (FY 2024: $99.3m) representing growth of 30% or 29% on a Constant Exchange Rate2 (“CER”) basis. |
| • | Digital Wallets & Account to Account (“A2A”) revenues grew by 67%, accounting for 34% of total revenues (FY 2024: 26%), underpinned by expanding merchant adoption of Local Payment Methods (“LPMs”), particularly in EMEA and APAC. This included c.$3m from launch-phase pricing related to a single Digital Wallet connection in H1 2025. |
| • | Direct Carrier Billing (“DCB”) revenues increased by 9% year-on-year, representing 55% of total Group revenues (FY 2024: 65%), reflecting continued steady demand from both existing and new merchants. |
| • | Bundling revenues increased by 71% year-on-year, contributing 11% of total revenues (FY 2024: 9%), capitalising on growing merchant demand for promotional consumer acquisition solutions outside of DCB. |
| • | Blended take rates remained broadly stable at 82bps (FY 2024: 80bps). |
Adjusted EBITDA +36% to $41.3m (FY 2024: $30.3m), with adjusted EBITDA margin increasing to 32.1% (FY 2024: 30.5%) funding continued targeted investment
| • | As previously announced, foreign exchange costs related to currency conversion services of c.$2.4m (FY 2024: c.$1.1m) are now included in adjusted EBITDA, reflecting a refined methodology to better align revenue with associated costs. Without this change, the FY 2025 adjusted EBITDA margin would have been 34.0% (FY 2024: 31.6%). |
Operating profit increased by $12.7m to $18.9m in FY 2025 (FY 2024: operating profit of $6.2m) driven by the adjusted EBITDA growth providing clear evidence that the business is scaling efficiently.
Continued strong cash generation and robust balance sheet supporting financial flexibility
| • | Total Group cash of $245.6m, up 39% from $177.3m at 31 December 2024. |
| • | Own cash grew by 28% to $102.9m, up from $80.2m at 31 December 2024. This includes the impact of the repurchase of 5.8m Boku shares for $12.3m. |
| • | 4 million were shares repurchased in January-February 2026, at a total cost of $11.9m. |
| • | The Group remains debt free. |
OPERATIONAL PERFORMANCE
Continued to partner with global merchants to reach new consumers in both existing and new markets
| • | Monthly Active Users (“MAU”) in December 2025 +31% to 114.4m (87.1m in December 2024). |
| • | Total Payment Volume (“TPV”) +27% to $15.7bn (FY 2024: $12.4bn). On a CER basis, TPV was 25% higher than FY 2024. |
| • | We delivered 132 new payment connections1 for our merchants (FY 2024: 131) enabling access to a broader base of consumers worldwide, supporting their continued expansion. |
| • | Our Bundling product helped our merchants acquire millions of new subscribers during the year. |
| • | We also successfully onboarded new merchants in 2025 and commenced a number of negotiations for new merchant partnerships that we expect to go live in 2026. |
Targeted investment during the year to support revenue growth and diversification, product innovation and operational efficiency
| • | Continued investment in readiness to participate in A2A schemes such as PIX and UPI, alongside further development of go-to-market and channel partnership strategies. |
| • | Continued investment in money movement capabilities, supported by an expanding banking and liquidity partner network. |
| • | Launched an Innovation Hub in Singapore to support the development of new payment capabilities, including pay-outs and stablecoin. |
| • | Ongoing enhancement of operational infrastructure, leveraging automation and AI capabilities to improve scalability. |
OUTLOOK
Medium term guidance set in March 2025 remains unchanged
While annual growth rates may vary, we expect organic revenue growth exceeding 20% on a compound annual growth rate (CAGR) basis over the medium term. We also expect an adjusted EBITDA margin exceeding 30% with progressive accretion from 2026 as we benefit from the operational leverage generated by our ongoing investments.
1 For a full list of definitions and abbreviations used by the Group, refer to the Glossary at the end of this announcement.
2 These represent alternative performance measures (APMs) for the Group. Refer to the APM section at the end of this announcement for a summary of APMs used, together with their definitions.
3 Costs relating to currency conversion services of c.$2.4m (2024: c.$1.1m) have been incorporated into adjusted EBITDA, reflecting a refined methodology to better align revenue and associated costs. Comparative information for 2024 has been re-presented accordingly.
Non-Executive Director Update
As separately announced today Jon Prideaux, currently a Non-Executive Director and formerly Chief Executive Officer of Boku, has decided to step down from the Board immediately prior to the Company’s next Annual General Meeting. On behalf of the whole Board we thank Jon for his long and distinguished career at Boku.
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 9.30 a.m. GMT.
To register for the event, please use the following link: https://storm-virtual-uk.zoom.us/webinar/register/WN_rHwhV2JhR8OXRTtcAj3dug#/registration
