Very good trading update from Boku, where results are in line with our numbers, but ahead of cons (+6% a/h on EBITDA) driven by very strong top and bottom-line growth (+27% ccy and +31% for sales and EBITDA resp.) and what’s more this outperformance was achieved notwithstanding several upgrades during the year. Driving this, DCB (which has now been separated from ‘Bundling’) grew +9%, while Digital Wallets & Account-to-Account (“A2A”) schemes by 66% and Bundling +71%. The latter two now represent 45%/ Group revs reflecting a key strength of the business, which has been to widen its scope of payment capabilities and service options, such to better and more widely serve its customers. On the look forward despite today’s beat no change to guidance (such that we keep our FY26 forecasts unchanged) these being: +23% y/y sales growth or +26% u/l (FY25 results benefited from $3.4m of ‘exceptional revenue’). Meanwhile, Boku remain optimistic the business can expand its EBITDA margin by 100-200bps y/y (despite the strong base effect from FY25) and our forecasts are consistent with this, looking for a +190bps improvement. Overall therefore a very pleasing update, and while we pinch ourselves slightly, in thinking “is this as good as it gets for Boku?” our (a/h of cons.) FY26 forecasts imply an undemanding 24x earning multiple, which we think is undemanding, considering the growth and what’s more: we don’t see a cliff edge in sight, and in fact, Boku’s DCB and LPM business is built on repeat business and adding incremental connections, that have predictable revenue profiles. We also get a sense that Boku’s new business pipeline is very encouraging. We stay at Buy.