30 September 2025

Boku, Inc.

("Boku" or the "Company" and, together with its subsidiaries, the "Group")

Interim results for the six months ended 30 June 2025

Tech giants' partner of choice for local payment methods

On track to meet previously announced medium term guidance

Boku (AIM: BOKU), a global network of local payment methods ("LPMs"), announces its unaudited interim results for the six months ended 30 June 2025 ("H1 2025"), with a strong first half performance reflecting continued merchant and customer adoption globally. As the world shifts decisively towards LPMs, Boku is the trusted enabler, helping global technology leaders reach billions of new consumers through their preferred payment methods - making LPMs truly global.

Financial Highlights

Strategic and Operational Highlights

Outlook

With a positive start to H2 2025, the year-on-year revenue growth rate is expected to be at least in line with the underlying H1 growth rate of 27%, implying full-year revenue in line with upgraded consensus³ post the H1 2025 Trading Update announced on 24 July 2025.

As set out in that update, we are now including currency conversion costs within adjusted EBITDA. While adjusted EBITDA would be higher on a like-for-like basis, the inclusion of these costs means that full year adjusted EBITDA is expected to be in line with consensus³. 

Previous medium-term guidance in relation to organic revenue growth exceeding 20% on a compound annual growth rate basis and achieving adjusted EBITDA margins in excess of 30%, remains unchanged.

Stuart Neal, Chief Executive Officer, commented:

"Boku's strong momentum in the first half of 2025 reflects both the trust we've built with the world's largest tech giants and the scale of our global network - driven by consistent execution, resilient infrastructure, and a seamless localised payments experience. As merchants expand across both mature and emerging markets, the rapid rise of Digital Wallets and Account-to-Account schemes underscores the accelerating shift beyond traditional card networks toward more flexible, mobile native local payment methods.

Our ability to deliver at scale continues to position Boku as the trusted partner for our merchants' global growth. This is supported by our banking and treasury infrastructure, including progress towards fully automated settlements, and a growing suite of value-added services.

With a strong first half behind us and a positive start to H2, we remain firmly on track to meet expectations for the full year, as well as previously announced medium-term guidance of delivering organic revenue growth exceeding 20% on a compound annual growth rate basis and sustaining adjusted EBITDA margins above 30%. We look forward to sharing more on how our platform, innovation pipeline, and value-added services will drive our long-term growth journey to becoming the world's best localised payments partner for global commerce at our Capital Markets Event in October."

Capital Markets Event

As previously announced, the Company will be hosting a Capital Markets Event for institutional investors and research analysts on Thursday 16 October 2025, with presentations starting at 3pm at The Courthouse Hotel, 335-337 Old St, London, EC1V 9LL. Institutional investors and analysts interested in attending are invited to register their interest by contacting boku@investor-focus.co.uk.

¹ These represent alternative performance measures (APMs) for the Group. Refer to the APM section at the end of this announcement for a summary of APMs used, together with their definitions

² For a full list of definitions and abbreviations used by the Group, refer to the Glossary at the end of this announcement

³ In so far as the Board is aware, as at 29 September 2025, consensus expectations for the full year to 31 December 2025 was for revenue of $126.7m and adjusted EBITDA of $39.3m.

Enquiries:

Notes to Editors

Boku Inc. (AIM: BOKU) is a global network of local payment methods. Through a single integration, Boku provides access to a comprehensive network of digital wallets, direct carrier billing, and account-to-account (A2A) real-time payment schemes - reaching over 7 billion consumer payment accounts worldwide. 

Merchants that trust Boku to simplify sign-up, acquire new paying users and prevent fraud include the world's largest technology, media and entertainment companies.

Boku Inc. was incorporated in 2008 and is headquartered in London, UK, with offices in the US, India, Brazil, China, Estonia, France, Germany, Indonesia, Ireland, Japan, Singapore, Spain, Taiwan and Vietnam.

To learn more about Boku Inc., please visit: https://www.boku.com

Chief Executive Officer's Report

Before getting into the results, I wish to express my sincere thanks to Dr Richard Hargreaves as he steps down following nine years of dedicated service to the Boku board, first as NED and subsequently as Chair. His unwavering support of the Boku management team, and of me personally since I took over as CEO in January 2024 has been hugely appreciated. 

I also offer a warm welcome to Richard Pennycook CBE, our incoming Chair, whose vast experience will undoubtedly add significant value to Boku going forward. I am looking forward to working with him immensely.

Business momentum

I am delighted to report another strong half of business performance on Boku's journey towards becoming the world's best localised payments partner for global commerce. Across all reported metrics, the business demonstrated positive momentum, with strong revenue growth of >30% half on half and solid adjusted EBITDA margins of >30% being particularly pleasing.

It is worth noting the continued resilience of Direct Carrier Billing (DCB) Payments as a popular form of payment, alongside the ongoing and rapid rise of Digital Wallets. At the same time, we are seeing the emergence of Account-to-Account (A2A) schemes and increasing popularity of our app distribution product, DCB Bundling. In the first half, all of these products continued to grow by connecting our large global merchants to paying users (consumers) worldwide, with more than 95 million users making a purchase through the Boku network in June 2025 alone.

Of course, current year revenues are a reward for the work we did back in 2024, and I therefore want to spotlight the work we are doing in 2025 that will create value in future periods.

Progress is not only measured by what is clearly visible - strong financial results, growth in active user numbers, new revenue-generating connections, merchant launches and licence wins like Brazil. It is also, and just as importantly, reflected in what is less visible. This includes new talent hired across multiple functions, enhancements to banking and treasury infrastructure, advances towards straight-through processing, and the introduction of AI tools for all colleagues

Put simply, we are continuing to grow the business whilst simultaneously creating a scalable platform to allow for future growth. 

Core elements of the mid-term strategy

Boku believes the key to long-term success is to create a virtuous circle, the Boku flywheel, that keeps our merchants at the centre of everything we do. By solving real problems for our merchants, we develop new products and expand our Local Payment Methods (LPM) network which in turn, attracts more merchants and drives greater volumes. With this growth, we can sharpen operational efficiency while building a platform capable of scaling materially.

As we think about scaling the business for the longer term, the following continue to be the key pillars that will facilitate that virtuous circle:

·      Grow core and develop new revenue streams

Our revenue growth will come from both deepening our partnerships with existing global merchants while also attracting new ones onto our network.

o  Grow with existing merchants

We are fortunate to partner with some of the world's most successful technology brands, helping to connect them with billions of consumer accounts worldwide via access to LPMs. We have a long history with these merchants, and as LPMs become more prevalent around the world, there remains significant opportunity to grow alongside these merchants.

o  Attracting new merchants (utilise the network)

Boku has created a network that spans the globe, with connections to LPMs across four continents and around 70 countries. Whilst we have historically concentrated our efforts on serving our large existing merchants, we now see a clear opportunity to expand our merchant base through a more direct sales approach. This new sales motion is in planning phase during 2025, with a ramp-up in sales activity expected in 2026.

·      Drive product innovation

As we continue to seek new ways to add value for our merchants, we are developing products and services that build on Boku's global payment infrastructure. These include, though are not limited to, three current areas of focus: money movement, currency conversion and treasury; Payment Marketing; and next-generation innovation led by our new team in Singapore.

o  Money movement, currency conversion and treasury

Put simply, how do we help merchants, as they expand geographically, to collect money in different currencies around the world and convert those funds into their preferred currencies? Being able to provide this service professionally, transparently and in a locally compliant fashion will help differentiate the Boku proposition. Backed by top tier global banks, with payment licences and registrations that permit us to move money in over 40 markets, we have already made great progress in this area and are now collecting funds in more than 30 currencies.

o  Payment Marketing

The war for subscribers is still raging in tech-land. Boku's connectivity via LPMs into billions of end-consumer accounts is a rich hunting ground for large tech giants seeking broad distribution. By providing a shop window within payment apps, Boku connects merchants directly with LPM consumers, creating an efficient way to drive user numbers (and consequently payment volumes) upwards - a model where everybody wins!

o  Innovation team

We are investing in exploratory innovation that will shape the next generation of payments. Under the supervision of our newly established innovation team in Singapore, we are testing multiple ideas that may lead to new technology products in areas such as stablecoins, dynamic currency conversion, and money disbursements.

We recently announced our participation in an exciting new venture in the global stablecoin clearing arena, Ubyx. This is part of our strategy to stay ahead of technological developments and embed them into our products for the benefit of our global merchant base.

·      Increase operational efficiency

With increasing volumes across our network, we are prioritising operational efficiency and building a platform with the capacity to scale significantly.

Being part of the open banking ecosystem (via A2A connections) sets a high bar for efficiency, with features such as automated transaction reconciliation, straight-through merchant settlements and near real-time/ instant fund flows. Back in 2024 we embarked on a multi-year programme to upgrade Boku's payment operations systems which underpin transaction and money flows through our business to ensure accurate, automated, and swift settlement of merchant funds.

I am pleased to report that we have continued to make significant progress on these workstreams, and we can now settle money through our interconnected banking network. By the end of 2025, we expect to process a significant portion of merchant settlements in a fully automated manner.

Marching forward

I am, as always, full of admiration and gratitude for the village of Boku employees around the world, who deliver such incredible results and who make Boku the incredibly special company that we are. It is through their talent, energy and inspiration that I have every confidence that we will march forwards towards our goal to be the best localised payments partner for global commerce.

It is my pleasure to lead this company.

Stuart Neal

Chief Executive Officer

30 September 2025

Chief Financial Officer's Report

Accelerating growth through strategic execution and scale

I am delighted to present Boku's exceptionally strong first half performance, driven by growing global demand for Local Payment Methods (LPMs) and consistent strategic execution, as we continue to work towards becoming the world's best localised payments partner for global commerce.

Group revenue increased by 34% (or 36% on a Constant Exchange Rate[1](CER) basis) to $63.3m (H1 2024: $47.3m). Excluding c.$3m of revenue related to launch-phase pricing, which is not expected to repeat in H2, underlying revenue growth remained strong at 27% (or 30% on a CER basis), reflecting the strength of our core business.

This growth was underpinned by strong momentum across our key operational metrics, as the global shift towards LPMs continues to accelerate. Monthly Active Users (MAU) in June rose by 20% to 95.5m (June 2024: 79.6m) while Total Payment Volumes (TPV) increased by 28% (or 26% on a CER basis) to $7.4bn (H1 2024: $5.8bn).

We have maintained and deepened our leadership in Direct Carrier Billing (DCB), with revenue from DCB Payments and DCB Bundling growing by 9% and 70% respectively. At the same time, we are actively diversifying our revenue base through significant growth in Digital Wallets and Account-to-Account (A2A) schemes which saw revenue increase by 89% - or 61% on an underlying basis, excluding launch-phase pricing. These products now represent 36% of total Group revenue, up from 25% in H1 2024.

This strong revenue performance together with a disciplined focus on strategic investment has translated into a significant uplift in both adjusted EBITDA[2] and operating profit. Adjusted EBITDA, which now includes $1.4m of foreign exchange costs associated with currency conversion services, increased by 53% to $21.8m (H1 2024: $14.2m), resulting in an adjusted EBITDA margin[3] of 34.3% (H1 2024: 30.1%). Excluding the impact of launch-phase pricing in the period, underlying adjusted EBITDA would have risen by 29%, with the adjusted EBITDA margin remaining above 30%. On a statutory basis, we delivered an operating profit of $11.9m (H1 2024: operating loss of $0.4m).

We continue to lay the groundwork for future growth by investing in our infrastructure, extending our regulatory scope, and sharpening our commercial capabilities. Despite this ongoing investment, the business remains highly cash generative, with own cash[4] increasing from $80.2m at 31 December 2024 to $87.3m at 30 June 2025, representing growth of 9% or 24% excluding the $12.3m outlay on share buybacks during the first six months (30 June 2024: $75.2m).

As ever, our results reflect the strength of our network, the quality of our people, and the increasing relevance of our products to some of the world's largest merchants. With a strong first half behind us and a clear pipeline of opportunities ahead, we enter the second half with confidence and momentum.

Merchants and consumers continue to adopt LPMs driving payment volumes and revenues

Our revenue performance in H1 2025 was supported by continued merchant and consumer adoption of LPMs.

MAU in June 2025 reached 95.5m, up 20% from 79.6m in June 2024, with 44.3m new users added to the network (H1 2024: 39.9m).  This growth was driven by both deeper integration with existing merchants and the successful onboarding of high-quality new names including a leading digital design platform and a global entertainment company. We also delivered 60 new connections for our merchants expanding both their reach and relevance across key markets. At the same time, we remain focused on optimising our portfolio of merchants and payment methods to ensure they align with our long-term economic priorities.

These increased user numbers have in turn led to a 28% (or 26% on a CER basis) increase in TPV to $7.4bn (H1 2024: $5.8bn).

Our take rate improved by 4 basis points to 0.85% (H1 2024: 0.81%), largely reflecting the impact of launch-phase pricing. Excluding this, the underlying take rate would have been flat half on half.

DCB revenue, comprising Payments and Bundling, grew by a combined 15%, with Bundling up by 70% and Payments up by 9%. DCB continues to benefit from subscription-led growth, with markets such as APAC and EMEA performing particularly well. Growth has also been supported by a leading global consumer electronics and entertainment merchant expanding geographically, alongside strong adoption trends among bundling merchants.

Revenue from Digital Wallets and Account to Account (A2A) schemes increased by 89% or 61% excluding the impact of launch phase pricing. This was underpinned by a 44% increase in MAU in June to 12.6m (June 2024: 8.8m) together with a 38% rise in new users to 12.7m during the first half (H1 2024: 9.2m). These products now account for 36% of total Group revenue, up from 25% at H1 2024. A2A and Digital Wallet growth has been supported by new issuer connections in APAC and EMEA for a leading global social media and technology company. We are also seeing ongoing cumulative growth from our established connections - for example, Blik has scaled rapidly since launch last year. In addition, the roll out of multiple wallets for our newly onboarded global digital design merchant have contributed positively.

Scaling efficiently without compromising margin

Adjusted operating expenses increased by 30% to $41.1m (H1 2024: $31.7m), reflecting ongoing strategic investment to support growth while maintaining our commitment to an adjusted EBITDA margin above 30%.

Foreign exchange costs of $1.4m related to currency conversion services which we provide to our merchants are now included in adjusted operating expenses and adjusted EBITDA. With these services now contributing more meaningfully to revenue, this revised methodology better aligns income and associated costs.

We continue to take a disciplined approach to cost management, prioritising investment in initiatives that will scale the business by driving product innovation and enhancing operational efficiency. Our product focus is about strengthening money movement and currency conversion capabilities, developing the Payment Marketing opportunity, and building out our new innovation team in Singapore. From an operational perspective, we are investing in greater automation, straight-through processing, and a broader payment operations transformation agenda.

Translating adjusted EBITDA to statutory results

Boku delivered an operating profit of $11.9m in H1 2025 (H1 2024: operating loss of $0.4m). The bridge to adjusted EBITDA of $21.8 million can be explained as follows:

·      Share-based payment charges decreased to $5.1m (H1 2024: $5.8m). More details on the award schemes operated by the Group can be found in note 22 of the 2024 full year annual report.

·      Amortisation of internally generated intangibles has increased to $2.5m (H1 2024: $1.9m) due to higher levels of capitalised expenditure in 2023 and 2024. Amortisation of acquired intangibles was unchanged compared to H1 2024 at $0.9m.

·      Depreciation decreased marginally to $0.8m (H1 2024: $1m).

·      Exceptional items of $0.6m primarily comprising transformation costs including restructuring and redundancy (H1 2024: $0.2m).

·      Foreign exchange gains of $0.1m (H1 2024: foreign exchange loss of $4.8m).

Other items below the operating profit line include:

·      A fair value loss on the Amazon warrants of $2.8m (H1 2024: fair value loss of $3.3m) primarily due increases in our share price over the period. See note 8 for further detail.

·      Interest income of $1.6m (H1 2024: $1.6m).

The Group reported a Basic Earnings Per Share (EPS) of $0.03 and a Diluted EPS of $0.03 (H1 2024: Basic loss per share of $0.01)

Capital strength supporting growth

Cash Generation

Through disciplined capital allocation and a focus on scalable profitable growth, Boku remains debt-free and continues to generate strong cash flows to drive future expansion. Group cash balances increased by 8% to $192m from $177.3m at 31 December 2024 (30 June 2024: $148.5m) with average cash balances in the first six months up 13% to $152.3m compared to $134.4m during H1 2024 (FY 2024: $154m).

Boku's own cash, which excludes merchant and issuer related balances, increased by 9% to $87.3m from $80.2m at 31 December 2024 (30 June 2024: $75.2m). Excluding the outlay of $12.3m related to the repurchase of our own shares this increase would have been 24%.

Share Buyback

In the first half of the year, the Group repurchased 5.8m of Boku's own shares for a total consideration of $12.3m under our share buyback programme. See note 11 for further details.

Intangibles

The Group had goodwill of $43.2m (31 December 2024: $41.3m) and other intangibles of $15.6m (31 December 2024: $15.2m). No impairment was required.

Deferred Tax Asset

Our deferred tax asset decreased to $14.2m from $16.1m at 31 December 2024 primarily due to utilisation of tax losses.

Principal risks and uncertainties

For the six months to 30 June 2025, the principal risks and uncertainties of the Group remain consistent with those previously reported in the Annual Report and Accounts for the year-ended 31 December 2024. For more details on the Group's risk management, please refer to the 'Principal Risks and Uncertainties' section on pages 19 to 25 of the Annual report.

Outlook

With a positive start to H2 2025, the year-on-year revenue growth rate is expected to be at least in line with the underlying H1 growth rate of 27%, implying full-year revenue in line with upgraded consensus[6] post the H1 2025 Trading Update announced on 24 July 2025.

As set out in that update, we are now including currency conversion costs within adjusted EBITDA. While adjusted EBITDA would be higher on a like-for-like basis, the inclusion of these costs means that full year adjusted EBITDA is expected to be in line with consensus.

Previous medium-term guidance in relation to organic revenue growth exceeding 20% on a compound annual growth rate basis and achieving adjusted EBITDA margins in excess of 30%, remains unchanged.

Robert Whittick
Chief Financial Officer
Date: 30 September 2025

Cautionary Statement

Boku has made forward-looking statements in this financial information, including statements about the market and benefits of its products and services; financial results; product development plans; the potential benefits of business relationships with third parties and business strategies. The Group considers any statements that are not historical facts as "forward-looking statements". They relate to events and trends that are subject to risk and uncertainty that may cause actual results and the financial performance of the Group to differ materially from those contained in any forward-looking statement. These statements are made by the Directors in good faith based on the information available to them and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors underlying any such forward-looking information. 

Condensed consolidated statement of comprehensive income

¹Adjusted EBITDA is a non-IFRS measure defined as earnings before interest, tax, depreciation, amortisation, non-recurring income, share-based payment expense, foreign exchange gains/(losses) (excluding costs associated with currency conversion services) and exceptional items (see alternative performance section of this report for further details).

The accompanying notes form an integral part of these condensed consolidated financial statements.

Condensed consolidated statement of financial position

Condensed consolidated statement of changes in equity

The accompanying notes form an integral part of these condensed consolidated financial statements.

Condensed consolidated statement of cash flows

The accompanying notes form an integral part of these condensed consolidated financial statements.

Notes to the condensed consolidated financial statements

1.  Corporate information

Boku, Inc. (the Company or the Parent) is a public limited company incorporated and domiciled in the United States of America. The shares of the Company are quoted on AIM, a market of the London Stock Exchange Group plc. The Company's registered office is at 660 Market Street, Suite 400, San Francisco, CA 94104, United States. 

These condensed consolidated financial statements comprise the Company and its subsidiaries (the Group or collectively Boku).

The principal activity of Boku is the provision of digital payment solutions to its merchants, allowing consumers to make purchases through Local Payment Methods (LPMs), such as Direct Carrier Billing (DCB), Digital Wallets, and Account to Account (A2A) schemes. These solutions support a broad range of payment preferences and enable Boku's merchants to acquire new consumers and accept payments from consumers who prefer, or only have access to, alternative payment methods.

Boku operates through its subsidiaries under various payment licenses and registrations across multiple jurisdictions, each allowing operations within the respective territories. In the European Economic Area (EEA), Boku is authorised as a Payment Institution by the Central Bank of Ireland, permitting cross-border services across EEA member states. In the United Kingdom, Boku is authorised as an Electronic Money Institution and a Payment Initiation Service Provider by the Financial Conduct Authority, facilitating operations within the United Kingdom. Similarly, Boku holds regulatory approvals and registrations in Hong Kong, India, Brazil, the Philippines, Singapore, Taiwan, Argentina, Malaysia, the United States of America, and Japan, enabling it to provide payment services in those jurisdictions.

These condensed consolidated financial statements for the six months ended 30 June 2025 were approved by the Board of Directors and authorised for issue on 30 September 2025.

2.  Basis of preparation

The condensed consolidated financial statements are for the six months ended 30 June 2025 and have been prepared on a going concern basis in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) and have been independently reviewed but not audited.

The condensed consolidated financial statements do not contain all the information required for full annual financial statements and should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2024. The comparative condensed statement of financial position has been extracted from the annual financial statements as at 31 December 2024. The comparative condensed consolidated statement of comprehensive income, statement of changes in equity, and statement of cash flows have been extracted from unaudited condensed consolidated financial statements of the Group for the six-month ended 30 June 2024.

In the six months ended 30 June 2025 the Group did not adopt any new standards or amendments issued by the IASB or interpretations by the IFRS Interpretations Committee ("IFRIC") that would have had a material impact on the condensed consolidated financial statements.

2.1 Going concern

Boku finances its day-to-day working capital requirements through its own cash balances. The Directors have considered the Group's financial position and cash flow forecasts and are satisfied that the Group has adequate resources to continue in operational existence for at least the next 12 months from the approval date of these condensed consolidated financial statements. Accordingly, these condensed consolidated financial statements have been prepared on a going-concern basis.

2.2 Alternative performance measures (APMs)

Management uses APMs internally to understand, manage, and evaluate the business performance and make operating decisions. These measures are among the primary factors management uses in planning for and forecasting future periods. The primary APMs are adjusted EBITDA, adjusted operating expenses, constant exchange rate revenues, own cash and average cash balances which management considers relevant in understanding the Boku's financial performance. Further information about these APMs is disclosed in the APM section of this report.

2.3 Critical accounting estimates and judgements

In preparing these condensed consolidated financial statements, management has made judgements and estimates about the future that affect the application of the Group's accounting policies and the reported figures. Actual results may differ from these estimates.  Management assessed that there were no material changes in the current period to the critical accounting estimates and judgements, as disclosed in the consolidated financial statements for the year ended 31 December 2024.

3.    Material Accounting Policies

The accounting policies and the methods of computation adopted in the preparation of these condensed consolidated financial statements are the same as those applied in the preparation of Group's most recent annual financial statements for the year ended 31 December 2024.

4.    Segment information

Boku operates as a single operating segment - Payments Services. This segment includes all activities related to providing digital payment solutions, allowing consumers to make purchases through local payment methods such as Direct Carrier Billing (DCB) Digital Wallets and Account to Account (A2A) schemes.

The Chief Operating Decision Maker (CODM), identified as the Global Leadership Team (GLT), monitors the performance of Boku as a whole for the purpose of resource allocation and decision-making. As such, no additional segment reporting disclosures under IFRS 8 are provided.

Revenue disaggregation by major geographical market¹ is as follows:

¹ The geographical market is determined by the consumer location.        

As of the reporting date, the majority of Boku's non-current assets are located in the USA. The geographical breakdown of non-current assets, based on their location, is as follows:

² Non-current assets exclude deferred tax and warrant contract assets

5.    Revenue

The Group's revenue is principally its service fees earned from its merchants. All revenue is earned at the time the transaction is processed and, as a result, all revenue is recognised at that point in time.

In H1 2025, 2 merchants (H1 2024: 4) accounted for more than 10% of the total revenue from Payment Services, contributing $34.1m (2024: $32.5m).

6.    Finance income and expense

7.    Cash and cash equivalents and restricted cash

The restricted cash primarily includes safeguarded funds received but not yet paid to merchants for Boku's licensed entities. In addition, it includes cash held at the bank to secure a lease agreement for Boku's San Francisco office, and monies held at a financial institution to collateralise Company credit cards.

8.    Warrants

Amazon Warrants - Derivative Liabilities

On 16 September 2022, the Group entered into a stock warrant agreement with Amazon in conjunction with a commercial service level agreement for the Group to provide payment processing services to Amazon. The Group includes a detailed explanation of the Amazon warrants and its accounting policy for such warrants in the Group's most recent annual financial statements and has therefore not replicated those disclosures within these condensed consolidated financial statements.

The fair value of warrant obligations as at 30 June 2025 was $11.2m (FY 2024: $9.1m), primarily due to an increase in the spot price of shares on AIM from £1.82 to £2.12 (as well as an decrease in risk free rate from 4.41% to 3.92%), partially offset by a decrease in the number of warrants expected to vest (including warrants already vested based on revenue generated to date) from 5,571,222 to 5,141,301. The fair value of 1 warrant increased to $2.181 at 30 June 2025 from $1.639 at 31 December 2024. The decrease in the number of warrants expected to vest resulted in a decrease to the contract asset and financial liability by $0.7m. The increase in the fair value of underlying warrants of $2.8m represented a charge to the condensed consolidated statement of comprehensive income. During the period, 209,350 (H1 2024: 209,350) additional warrants of common stock vested for revenue generated under the agreement.

The warrants are classified as Level 3 derivative liabilities, as they require significant judgement or estimation due to the absence of an active market. The fair value was determined using a combination of Monte Carlo Simulation and Black-Scholes Model valuation methods.

Significant unobservable inputs used in the valuation as at 30 June 2025 included an equity volatility of 35% (FY 2024: 40%), revenue volatility of 30% (FY 2024: 35%), a risk-free rate of 3.92% (FY 2024: 4.41%), and forecasted revenue from Amazon over the 7-year vesting period.

A significant change in volatilities would materially impact the fair value of the warrants. At 30 June 2025, a 5% decrease in both equity and revenue volatilities (to 30% and 25%, respectively) would have resulted in a fair value reduction to $11.1m, a decline of $0.1m. Conversely, a 5% increase (to 40% and 35%, respectively) would have increased the fair value to $11.4m, an increase of $0.2m.

Exercise of other warrants in the comparative period

In the comparative six months, Danal Company Ltd exercised a total of 1,634,699 warrants, exercisable at 141p, for a total compensation of $3m. As a result, 1,634,699 new common shares of $0.0001 were issued. The warrants were issued as part of the initial consideration in respect of the Company's acquisition of Danal, Inc, announced on 6 December 2018 and completed on 1 January 2019.

9.    Cash generated from operations

¹ Net working capital includes both short-term and long-term items.

² In 2024, Boku changed the presentation of the cash flows relating to operations activities to improve the usefulness of disclosed information. The comparative amounts for H1 2024 have been re-represented accordingly.

10.   Dividends

No interim dividend has been paid or proposed in respect of the current financial period (H1 2024: nil).

11.   Share Capital

At 30 June 2025, Boku, Inc. had 303,220,113 (FY 2024: 303,110,613) common shares issued and fully paid. Boku, Inc. has only one class of shares with par value of $0.0001 each. The authorised share capital is 500,000,000 shares. Boku, Inc. holds 6,628,009 shares in treasury (FY 2024: 4,548,434 shares). During the six months to 30 June 2025 Boku, Inc. purchased back 5,815,000 shares under the Share buyback programme. The programme expired on 30 June 2025.

12.   Contingent liabilities

The Group does not believe it has any potential liabilities or obligations that would have a material adverse effect on its financial position or results of operations, including those related to legal disputes, patent claims, or indemnification agreements.

13.   Events after the reporting date

Management has assessed the events occurring between the reporting date and the date of approval of the financial statements.  No material events have been identified that would require adjustment to or disclosure in the financial statements.

Alternative Performance Measures

Management uses Alternative Performance Measures (APMs) internally to understand, manage and evaluate the business performance and make operating decisions. These measures are among the primary factors management uses in planning for and forecasting future periods.

Management present APMs because they believe that these and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. It is believed these APMs depict the true performance of the business by encompassing only relevant and controllable events, allowing management to evaluate and plan more effectively for the future. These measures are not defined under the requirements of IFRS and may not be comparable with the APMs of other companies and should be viewed as supplemental to, but not a substitute for, measures presented in the financial statements which are prepared in accordance with IFRS.

The primary APMs are adjusted EBITDA, adjusted operating expenses, constant exchange rate revenues, own cash, and average cash balances which management considers are relevant in understanding the Group's financial performance. Management calculates APMs by excluding certain non-cash and one-off items from the actual results. The determination of whether non-cash items or one-off items should be excluded, is a matter of judgement and is based on whether the inclusion/exclusion from the results represent more closely the consistent trading performance of the business.

Boku uses the following APMs:

Alternative performance measures

Reconciliation of adjusted EBTIDA to operating profit/(loss):

Exceptional items are included in administrative expenses and include the following items:

Adjusted operating expenses calculation

Constant Exchange Rate Revenues

Own Cash Calculations

Average Cash Balances

Independent review report to Boku, Inc.

Report on the condensed consolidated interim financial statements

Our conclusion

We have reviewed Boku, Inc.'s condensed consolidated interim financial statements (the "interim financial statements") in the 2025 Interim Report of Boku, Inc. for the 6 month period ended 30 June 2025 (the "period").

Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as issued by the IASB and the AIM Rules for Companies.

The interim financial statements comprise:

·    the Condensed consolidated statement of financial position as at 30 June 2025;

·    the Condensed consolidated statement of comprehensive income for the period then ended;

·    the Condensed consolidated statement of cash flows for the period then ended;

·    the Condensed consolidated statement of changes in equity for the period then ended; and

·    the explanatory notes to the interim financial statements.

The interim financial statements included in the 2025 Interim Report of Boku, Inc. have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as issued by the IASB and the AIM Rules for Companies.

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Financial Reporting Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We have read the other information contained in the 2025 Interim Report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However, future events or conditions may cause the group to cease to continue as a going concern.

Responsibilities for the interim financial statements and the review

Our responsibilities and those of the directors

The 2025 Interim Report, including the interim financial statements, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the 2025 Interim Report in accordance with the AIM Rules for Companies which require that the financial information must be presented and prepared in a form consistent with that which will be adopted in the company's annual financial statements. In preparing the 2025 Interim Report, including the interim financial statements, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.

Our responsibility is to express a conclusion on the interim financial statements in the 2025 Interim Report based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the AIM Rules for Companies and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

PricewaterhouseCoopers LLP

Chartered Accountants

London

30 September 2025