Boku surpasses forecasts with 2025 results

Boku, the global payments company, announced its unaudited trading results for the financial year ending 31 December, 2025. The firm has had a successful year, outperforming its own forecast, and remains bullish for 2026.

Total group revenue rose by 29% (FY24: $128.5 million). It expects its adjusted EBITDA to be $41 million, up 31% (FY 2024: $31.4m). These figures were negatively impacted by currency conversion. Total Group cash increased by c.39% to c.$246m at 31 December 2025 (FY24:$177.3m at 31 December 2024).

Boku’s own cash grew by c.28% to c.$103m at 31 December 2025, up from $80.2m at 31 December 2024. Considering the firm also repurchased 5.8 million Boku Shares during 2025 at a cost of $12.3 million, this is significant. The question is what it will do with this war chest.

Stuart Neal, Chief Executive Officer of Boku, commented, “I am pleased to report another strong year for Boku, driven by deeper merchant relationships, continued revenue diversification and the benefits of sustained investment across the business.

“Our performance was broad-based across merchants, Local Payment Methods, products and geographies, reflecting the ongoing expansion of mobile-native payment methods and Boku’s position as a partner of choice for global technology leaders.

“Momentum is evident across the portfolio. Direct Carrier Billing remains a popular payment method, Digital Wallets are scaling rapidly, and Account-to-Account schemes are continuing to emerge, while adoption of our Bundling product is increasing as merchants seek to accelerate subscription growth.

“We are making targeted investments in money movement and currency conversion, Payment Marketing and next-generation payment innovation, and we are enhancing operational efficiency as volumes grow.

“We enter 2026 with confidence and expect to deliver our medium-term guidance of organic revenue growth above 20% on a CAGR basis and adjusted EBITDA margins above 30%, accreting from FY 2026.”

Results in detail

The update follows the interim update in December, which also detailed some successes from the year. Overall active users rose significantly, up 32% to around 115 million (FY2024: 87.1 million). The total payment volume (“TPV”) increased by c.27%, to c. $15.5 bn (FY 2024: $12.4bn).

The firm has seen growth across its portfolio, though the full breakdown is not available; the highlights are as follows:

• Digital Wallets & Account-to-Account schemes rose 66%, driven by ongoing merchant adoption of Digital Wallets
• Direct Carrier Billing was up 9% as demand for this popular payment method remains strong
• Bundling rose 71% as merchants look to accelerate subscription growth

As the firm looks ahead to 2026, several of its announcements in 2025 are likely to bear fruit in the year ahead and have probably had little impact on the 2025 results.

• In November, it launched an Innovation Hub in Singapore, looking to work closely with APAC organisations and grow its presence in the region.
• In August, it partnered with Canva for payments across Asia and Europe. The first country is Vietnam.
• In July, it received a payment license from the Central Bank of Brazil, enabling it to transact using Pix Payments, not just in Brazil but beyond across LATAM.

It will be interesting to see whether there is a detailed breakdown by country of revenues the annual results. Will these 2025 initiatives have made an impact yet? During 2025, Boku also continued to expand its network. It has added more connections with local payment providers, increasing the number of connected merchants. In turn, this means more payers have access to the Boku network as it continues to grow.

Enterprise Times:  What does this mean

Over the last month, the Boku share price has risen steadily. It is currently up 10.36% to 229.00. While this is below the highest level it achieved during 2025, it is well above the 190 it posted at the start of 2025, a year ago.

With the Innovation Hub, Brazilian license and partnerships such as Canva, 2026 is set to be another year of growth. The question is how successful. If they can also forge new partnerships, especially in South America, it could be an excellent year for the payments firm.

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