Update on Total Income Performance to 30 Sept 2026

Momentum continues, record Q3 Total Income and FX volumes

Neeraj Kapur, Group CEO, commented:

"We are delighted with the continued strong performance of the Group in Q3 2026, having reported our best ever Q3 in terms of Total Income and FX volumes. Our Emerging Market volumes continue to grow strongly reflecting deeper client relationships in our core markets, a growing client book and a correspondent banking proposition that continues to scale. This growth has been achieved despite the ongoing conflict in the Middle East as we look to establish and grow our business in the region.

"These results reflect the strength of our relationship-led model, combining expertise and reach across the Global South to win clients and drive growth. Our strategy is working and we're excited about what lies ahead. We look forward to updating you on our full-year performance early next year."

Trading performance:

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​In the nine months to 30 September 2026, Total Income was approximately £102 million, an increase of c.22% YoY while Total Income excluding Deposit Net Interest Income rose c.32% YoY to approximately £79 million. Standalone Q3 Total Income was approximately £34 million, representing the highest income level for any Q3 on record. This was supported by strong growth in payment volumes, Emerging Markets ('EM') FX volumes, and Trade Finance activity.

Activity levels increased across the business with continuous QoQ growth in EM volumes throughout the year offsetting expected reductions in EM take-rates, as market volatility reduced and spreads tightened through the year. This resulted in modest QoQ Total Income growth.

In the nine months to 30 September 2026, total FX and payment volumes grew to a record £32.5 billion (+4% YoY), with EM volumes up 23% YoY to £12.1 billion. In the quarter, the Group experienced strong EM activity growth in all client segments, particularly from Fintech & Corporates. Central banks and solutions activity continued, albeit moderately as central bank policy objectives were met in certain jurisdictions.

The Group added 12 new active clients in the quarter, taking total active clients to 613 as of 30 September 2026 (30 June 2026: 601). Correspondent banking continued to scale following the addition in the year of Deutsche Bank as a further global USD and EUR clearing partner, with 12 new respondent bank clients added in the quarter. The Group has a strong pipeline of further respondent banks set to join the platform by year-end with further additions planned for 2027.

As expected, Deposit Net Interest Income fell for the first nine months of the year (-5% YoY). This reflected a lower average interest rate environment versus prior year and the Group's hedging strategy that commenced towards the end of 2025, offset by the growth in average deposits through the year (+11% YoY).

The Group looks forward to completing a successful year notwithstanding a particularly strong comparator in the fourth quarter last year and intends to publish a pre-close trading update on 19 January 2027, ahead of its full-year 2026 results on 4 March 2027.

Note: all figures are unaudited

YoY = Year-on-Year: 9M 2026 vs 9M 2025

QoQ = Quarter-on-Quarter - Q3 2026 vs Q2 2026

Strategic progress continued into Q3:

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Stablecoin:

o Partnership with BVNK to develop stablecoin-based cross-border payment services for clients operating across select markets in the Global South

o First stablecoin test trade executed

o New Digital Assets leader hired to drive forward product development and commercial strategy

o Application for licence extension submitted in Abu Dhabi to cover digital assets

• Central banks: 3 new central banking clients onboarded across LATAM and Africa
• Trade finance: first letter of credit confirmation for a South American central bank and first multilateral-backed trade loans in Latin America and Asia
• Completion of the Group's first club loan, a US$50m facility in East Africa together with the Group's second trade finance syndication, a US$100m facility for a client in West Africa
• Social impact: CAB is supporting the construction of a new school in Sierra Leone to give around 100 children access to education in conjunction with its long-term partnership with Street Child

Medium-term guidance unchanged:

• Total Income (excluding Net Interest Income) growth of high-teens to low-20s percentage CAGR over the course of 2026, 2027 and 2028
• Continued positive operating leverage supporting a structural improvement in cost-income ratio over time.
• Capital expenditure to increase in 2026 while building a future-ready operating platform for the next phase of growth.
• Dividend policy and further shareholder returns (subject to shareholder approval) - Inaugural interim 2026 dividend of 2.1p per share paid. Final 2026 dividend subject to shareholder approval. Progressive annual dividend growth of mid-single digits % p.a. from 2027 onwards. Seek return of surplus capital above capital requirements via share buy-backs and / or special dividends.

Historical quarterly financial data:

Note about this Q3 release:

In light of the ongoing Unrecommended Offer by the Helios Consortium, the Company has elected to publish this quarterly trading update to keep shareholders informed of the Group's progress. This should not be taken as a change to the Company's reporting practice: the Company's long-term intention remains to report on a half-yearly basis.

Update on 2026 AGM:

At the 2026 AGM, certain resolutions did not achieve the requisite majorities to pass, and certain others were passed, but received significant (>20%) votes against. Full details are set out in the Company's announcement on 29 April 2026. The Board is providing an update as required by the UK Corporate Governance Code. The Board considers that the votes against these resolutions should be viewed in the context of the ongoing Unrecommended Offer for the Company by the Helios Consortium, the Company's largest shareholder and other parties in support of the offer. Since the 2026 AGM, the Board has continued to engage with the Company's shareholders in the ordinary course on a range of issues and will provide a summary of shareholder views and any actions to be taken in the 2026 Annual Report.