W.A.G payment solutions (LON:WPS), which operates under the Eurowag brand, reported double-digit revenue and earnings growth for the first half of 2026 as it advanced the migration of customers onto its Eurowag Office platform.
Chief Executive Officer Martin Vohánka said the company delivered a “strong and resilient performance” despite fuel-price volatility and a period of significant integration work. Net revenue rose 10.7% year-on-year to €179.5 million, while adjusted EBITDA increased 10.5% to €70.6 million, producing an adjusted EBITDA margin of 39.3%.
Eurowag Office Migration Reaches Key Milestone
The company’s principal focus in 2026 is integrating its products and migrating customers to Eurowag Office, its unified digital platform for transport operators. Vohánka said Toll was integrated into the platform during the first half, meaning the majority of the group’s services are now available through Eurowag Office.
More than 65% of customers were actively using Eurowag Office at the end of the period, compared with 35% at the end of the first quarter. Management said customers using both legacy systems and Eurowag Office are increasingly conducting operational tasks through the new platform, while legacy-system use is largely limited to administrative functions such as accessing billing documents.
Vohánka said the company expects most legacy platforms to be decommissioned over the next 15 months, although certain functions and customer groups may remain until 2028. Rather than recreating all legacy functionality, the company aims to redesign workflows and reduce customer administrative work.
The company plans to shift from integration and migration toward scaling and monetizing Eurowag Office in 2027. CFO Oskar Zahn said management expects the platform to support lower customer churn, greater product adoption, cross-selling and upselling, and lower customer-acquisition costs through digital onboarding and indirect sales channels. He also said margins should benefit from automation, artificial intelligence initiatives and eventual decommissioning of legacy systems.
Customer and Revenue Metrics
Active trucks increased 7% year-on-year to more than 335,000, while the average number of products per truck rose to 2.7. Subscription revenue reached €41 million and represented about 23% of group net revenue. When combined with Toll revenue, which management characterized as highly recurring, recurring revenue represented 47% of net revenue and increased 14% year-on-year.
Net promoter score declined to 29.6 points in the first half. Management attributed the reduction to a change from a multi-brand survey methodology to a unified Eurowag-brand measurement, as well as pressure on customer sentiment during a period of elevated fuel prices. Zahn said the methodology change accounted for approximately eight to nine points of the decline, and management expects NPS to improve as customers become more familiar with the unified brand and platform.
Growth Across Energy, Toll and Mobility
Revenue growth was broad-based across services. Energy revenue increased 6%, Toll revenue grew 26%, and Mobility revenue rose 11% excluding non-core, non-commercial-road-transport revenue. Within Mobility, fleet-management solutions grew 15%, while navigation and tax-refund services each increased 12%.
Vohánka said Toll growth was supported by expanded electronic toll-service coverage, CO2-related tolling changes, and increased adoption of the European Electronic Toll Service, or EETS. The company expanded EETS coverage to 14 countries, including the Netherlands, and increased connected EVA units to about 122,000.
Management said the increasing number and complexity of European toll systems could create barriers for smaller providers. Vohánka said the company expects to invest significantly in Toll during 2027 and 2028, while acknowledging that growth drivers such as new national toll systems and country migrations to EETS will eventually become less significant.
- Fuel network expanded to more than 17,800 stations, including 2,700 alternative-fuel locations.
- Capitalized research and development spending totaled €21 million, focused on Eurowag Office and technology and data capabilities.
- Total capital expenditure was €26.5 million, including €4.3 million for onboard units.
- Credit-loss ratio improved to 0.3% of total revenue and toll volumes, from 0.4% a year earlier.
Cash Flow, Leverage and Capital Allocation
Net income declined to €5.2 million from €10.5 million in the first half of 2025, primarily because the company recorded an €8.3 million predominantly non-cash foreign-exchange loss, compared with a €3.5 million unrealized gain in the prior-year period. Adjusted profit before tax declined 14.7% to €23.7 million.
Net leverage improved to 1.8 times from 1.9 times at the end of 2025. The group generated €17 million of free cash flow but recorded a €54.4 million working-capital outflow. Zahn said the outflow reflected higher fuel prices, timing around the period end, and deliberate extensions of payment terms for certain customers rather than deteriorating payment discipline.
The company returned about €12 million to shareholders through a special dividend in July. Its capital-allocation priorities remain organic investment, maintaining leverage within a target range of 1.5 times to 2.5 times, targeted bolt-on acquisitions and potential shareholder returns. Management said it will provide a more formal capital-allocation policy at its Capital Markets Day in London on Dec. 1.
About W.A.G payment solutions (LON:WPS)
Eurowag was founded in 1995 and is a leading technology company and an important partner to Europe’s commercial road transport industry, with a purpose to make it clean, fair and efficient.
Eurowag enables trucking companies to successfully transition to a low carbon, digital future by harnessing all mission critical data, insights and payment and financing transactions into a single ecosystem and connects their operations seamless before a journey, on the road and postdelivery.
Please visit our website https://investors.eurowag.com for more information.
