Cab Payments Holdings PLC

First-pass take

CAB Payments is a specialist FX/cross-border payments provider with zero AI exposure and no mention of AI strategy or spending drivers. Revenue down 8% YoY; modest HoH recovery (+3%) masks margin compression (-800bps YoY to 25%). Recent restructuring (100 FTE reduction) shows early operating leverage signs, but weak top-line growth limits upside. Regulated bank with strong capital ratios (CET1 19.5%) and improving revenue diversification (Top 5 corridors fell to 27% from 32%), but IDO segment under pressure (-30% YoY) and cyclical FX headwinds persist.