Boku, Inc

BOKU · AIM · Industrial Goods and Services · mcap £405m · 142.0p

Boku connects global merchants such as Google, Amazon and Canva to local payment methods, including digital wallets, bank-to-bank payments and carrier billing. It earns a small fee on each payment processed over its network.

Target	Promise	Said	Status
2024
2024	Adjusted EBITDA margin of approximately 33% while continuing to invest in the network.	23 Jan 2024	✗ Missed
	“continued investment in Boku's mobile-first payment network with adjusted EBITDA margin of approximately 33%” Result FY2024 margin was 31.6% and H1 2024 was 30.1%, below the roughly 33% indicated. 18 Mar 2025 · Results for the year ended 31 December 2024
2024	2024 solid revenue growth with adjusted EBITDA margin broadly flat on 2023.	24 Sep 2024	✓ Kept
	“We reiterate our expectation that 2024 will be a year of solid top line growth that is in turn funding an increase in investment, with Adjusted EBITDA margins staying broadly flat on 2023” Result FY2024 revenue grew 20% and margin was 31.6% versus 31.2%. 18 Mar 2025 · Results for the year ended 31 December 2024
2025
30 Jun 2025	Complete licensed money movement capabilities by H1 2025.	18 Jul 2024	… In progress
	“world leading licensed money movement capabilities, due to complete in H1 2025” Result Not yet due.
31 Dec 2025	FY2025 revenue growth at least in line with underlying H1 rate of 27%.	24 Jul 2025	✓ Kept
	“the year-on-year revenue growth rate is expected to be at least in line with the underlying H1 growth rate of 27%” Also stated 30 Sep 2025 Result FY2025 revenue grew about 29-30% to $128.8m. 17 Mar 2026 · 2025 Full Year Results
Today · 10 Oct 2026
2026
31 Dec 2026	Adjusted EBITDA margin above 30% with progressive accretion from 2026.	18 Mar 2025	✗ Missed · target changed
	“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.” Also stated 17 Mar 2026 Result H1 2026 margin fell to 29.4% and FY26 guidance (about 28-30%) implies no accretion. “Adjusted EBITDA margin 2, 3 \| 32.1% \| 30.5% \| +1.6pp”17 Mar 2026 · 2025 Full Year Results
31 Dec 2026	FY2026 revenue of $135-142m and adjusted EBITDA of $38-42m.	23 Sep 2026	… In progress
	“full-year performance for the year to 31 December 2026 is expected to comprise revenue of $135-142m and adjusted EBITDA of $38-42m” Status so far Not yet due.
2027
2027-03	Complete 4m share buyback and repurchase a further 8m shares by FY2026 results.	17 Mar 2026	… In progress
	“the Board intends to assess whether or not to commence a further buyback programme, within the Board authority to repurchase up to 5% of the Common Stock, based on the circumstances at the time” Status so far Not yet due.
2028
2028-03	Grant stretch RSU awards to executives after interim results in September 2024, vesting on share price versus 180.4p base.	15 Aug 2024	… In progress
	“Awards will be granted to members of the executive team of the Company following the release of the Company's interim results, currently expected in late September 2024.” Status so far Not yet due.