W.A.G payment solutions (EWG) H2 2025 earnings summary

Executive summary

• 2025 marked a pivotal year with the launch of Eurowag Office, a unified digital platform for fleet operators, reducing administrative workload by up to 50% and operational costs by up to 10%.

• 35% of customers are actively using the platform, with the majority expected to migrate by end of 2026.

• Strong operational execution, platform integration, and robust financial results underpin the next phase of scalable growth.

• Net leverage reduced to 1.9x, reflecting robust cash generation and disciplined capital allocation.

• Special dividend of €24.3m paid in July 2025, with a proposed €12m special dividend for FY 2026.

Financial highlights

• Net revenue rose 12.9% year-over-year to €330.1m, driven by a 52.3% increase in toll revenues.

• Adjusted EBITDA increased 8.5% to €132.1m (margin 40.0%); adjusted cash EBITDA grew 10.5% to €98.0m (margin 29.7%).

• Adjusted profit before tax up 11% to €51.4m; adjusted basic EPS up 3.9% to €0.048.

• Free cash flow improved to €177.9m, up from €147.3m in FY 2024.

• Capitalised R&D increased 18.3% to €41.4m.

Outlook and guidance

• For FY 2026, expects low double-digit net revenue growth and adjusted EBITDA margin around 40%.

• Adjusted cash EBITDA guidance set at €105–115m; capitalised R&D to remain below €50m.

• Net leverage expected to stay below 2.0x, within the 1.5x–2.5x target range.

• Majority of customers to be migrated to Eurowag Office by end of 2026; focus shifts to monetization and scaling in 2027.