CAB delivered a solid financial performance in H125 (to 30 Jun), with our FY25 forecasts (and beyond) unchanged. This performance was despite unfavourable market conditions, driven by US tariff and trade policy which depressed cross border flows and increased currency volatility, and the cutback in USAID payments which reduced development aid flows. H125 was a period where huge progress was made in laying the foundations for a return to strong growth (see pages 2 & 3). Network and client numbers were up; a new US office in New York should accelerate LATAM growth; a new International Money Transfer Operator licence in Nigeria (granted Jul 25) should accelerate growth in that market; and new products such as ‘last mile’ functionality, a deposit guarantee facility, and forex derivative products have the potential to provide a further boost. Our fundamental value remains 90p per share, using a DCF model (page 8), around 80% above the current share price.