Eurowag - 2026 Interim Results
LEI: 213800HU63CWV5J8YK95 9 September 2026
W.A.G payment solutions plc ("Eurowag" or the "Group")
Interim results for the six months ended 30 June 2026
Strong first-half year performance and significant progress on Eurowag Office
Eurowag today announces its interim results for the six-month period ended 30 June 2026.
Martin Vohánka, Founder and CEO, commented:
"We delivered a strong and resilient first-half year performance, with double-digit net revenue growth, robust margins and lower leverage, while making significant progress through the integration and migration phase to Eurowag Office. We are pleased to have reached a key milestone, with more than 65% of our customers now actively using the platform, customer engagement continuing to grow and the majority of our services available on the platform. Delivering these results through a volatile geopolitical and macroeconomic environment demonstrates the resilience of our business and keeps us on track to deliver our full-year guidance.
The progress we are making in 2026 positions us well for the next phase of our strategy. As integration and migration advance, we will increasingly be able to leverage the power of a single digital platform and proprietary data to deepen product penetration, increase customer engagement and drive greater operating leverage. From 2027, our focus will shift towards scaling and monetising Eurowag Office, unlocking the benefits of our integrated model to deliver greater value for our customers and drive sustainable, profitable growth."
Strategic Highlights
· Eurowag Office platform continues to advance towards full product integration, with the majority of our services now available through the platform. Toll services were integrated during the first half, complementing the capabilities already available across Fuel, Tax Refund, Fleet Management Solutions ("FMS"), Work Time Management ("WTM"), Navigation and Financial Services. Transport Management Solutions are expected to be integrated during 2027.
· Active customers using Eurowag Office increased significantly, with more than 65% of customers actively using the platform as at the date of this report, up from 35% at the end of Q1 2026.
· Total active trucks increased by +7.0% YoY to 334,800 (H1 2025: 313,000), expanding our customer base while demonstrating resilience through the ongoing integration and migration platform phase and a volatile fuel prices environment.
· Average number of products per truck increased to 2.7 (H1 2025: 2.6 on a restated basis1), demonstrating continued progress in deepening customer relationships and increasing the number of services used in our platform.
· NPS decreased to 29.6pts (H1 2025: 43.0pts), reflecting a change to a unified Eurowag brand methodology, with an approximately 9-point impact, and elevated fuel prices affecting broader customer sentiment. We expect this to be temporary as familiarity increases. Importantly, customer behaviour remains positive, with increasing usage of Eurowag Office and adoption of capabilities specific to the platform.
· Subscription-based revenues increased 3.3% YoY to €40.8 million (H1 2025: €39.5 million), representing 22.7% of total net revenue. Recurring revenues of €84.7million (H1 2025: €74.4 million) represented 47.2% of total net revenue, comprising subscription-based revenues and highly recurring toll revenues.
Half Year 2026 Financial Highlights
· Total net revenue2 increased +10.7% to €179.5 million (H1 2025: €162.2 million), reflecting broad- based growth across our platform services. Growth was supported by Toll (+26%), Energy (+6%), Core CRT Fleet Management Solutions (+15%), Navigation (+12%) and Tax Refund (+12%).
· Adjusted EBITDA3 increased +10.5% to €70.6 million (H1 2025: €63.9 million), with Adjusted EBITDA margin of 39.3% (H1 2025: 39.4%). Growth was driven by higher net revenue, partly offset by increased operating expenses, primarily reflecting continued investment in talent and performance-related remuneration to support the Group's future growth.
· Adjusted cash EBITDA3 increased +13.2% to €55.7 million (H1 2025: €49.2 million), with Adjusted cash EBITDA margin growing to 31.0% (H1 2025: 30.4%). Growth was supported by higher net revenue and the impact of share-based payments, partly offset by higher capitalised R&D expenditure.
· Statutory profit before tax declined 46.5% to €8.4 million (H1 2025: €15.7 million), primarily reflecting higher finance expenses, including an €8 million predominantly un-realised (non-cash) foreign exchange loss, largely resulting from the appreciation of the Hungarian forint. Interest expense decreased to €8.8 million (H1 25: €10.5 million), reflecting a reduction in the Group's average cost of borrowing. Basic EPS as a result decreased to 0.76 cents per share (H1 2025: 1.53 cents per share).
· Adjusted profit before tax3 declined 14.7% to €23.7m (H1 2025: €27.8m), resulting in an Adjusted basic EPS of 2.53 cents per share (H1 2025: 2.92 cents per share).
· Capital expenditure was €26.5 million (H1 2025: €24.7 million), including €21.0 million (H1 2025: €17.9 million) of capitalised R&D4, reflecting continued investment in Eurowag Office (€14.7 million) and the technology and data capabilities (€6.3 million) underpinning our integrated platform and future growth.
· Net leverage5 decreased to 1.8x (FY 2025: 1.9x) supported by Adjusted EBITDA growth. Net debt increased to €253.3 million (FY 2025: €216.2 million), primarily reflecting a €54.4 million working capital outflow, as anticipated following the increase in fuel prices and associated working capital requirements. The outflow primarily reflects the timing of collections around the period end rather than a structural change in working capital. On a 12-month basis, working capital remained broadly neutral.
· Post half-year end a special dividend of 1.5p per share (€12.1 million) was paid to shareholders on 22 July 2026.
H1 2026 Financials
Key statutory financials
H1 2026
H1 2025
YoY growth
Revenue (€m)
1,377.1
1,162.2
18.5%
Net revenue2 (€m)
179.5
162.2
10.7%
Payment solutions net revenue (€m)
110.9
97.9
13.3%
Mobility solutions net revenue (€m)
68.6
64.3
6.7%
Profit before tax (€m)
8.4
15.7
(46.5)%
Basic EPS (cents/share)
0.76
1.53
(50.3)%
Alternative performance measures 3
H1 2026
H1 2025
YoY growth
Adjusted EBITDA (€m)
70.6
63.9
10.5%
Adjusted EBITDA margin
39.3%
39.4%
(0.1)pp
Adjusted cash EBITDA (€m)
55.7
49.2
13.2%
Adjusted cash EBITDA margin
31.0%
30.4%
0.6pp
Adjusted basic EPS (cents/share)
2.53
2.92
(13.4)%
Strategic KPIs
H1 2026
FY 2025
H1 2025
YoY growth
Total active trucks (000s)6
334.8
321.5
313.0
7.0%
Average number of products per truck1
2.7
2.6
2.6
+0.1
Net promoter score (points)
29.6
43.8
43.0
(13.4)pts
Subscription revenue (%)
22.7%
24.1%
24.3%
(1.6)pp
Notes:
1. The methodology used to calculate average products per truck has been refined during 2026 following improvements in product-level data allocation. The Group is now able to allocate products more accurately to individual trucks; previously, certain products could only be identified at customer level and were therefore attributed to all trucks associated with that customer. Comparative periods have been restated on a consistent basis where applicable. Under the revised methodology, average products per truck for H1 2025 is 2.6, compared with 2.8 as previously reported; and for FY 2025 is 2.6, compared with 2.8 as previously reported.
2. Net revenue is defined as revenue less costs of goods sold.
3. The Group presents various alternative performance measures ("APMs"). Refer to Note 2 of the accompanying financial statements of this document. Adjusted EBITDA is defined as EBITDA before Adjusting items. Adjusted cash EBITDA is defined as Adjusted EBITDA less capitalised R&D plus share-based payments. Adjusted profit before tax is defined as profit before tax plus the adjusting items affecting Adjusted EBITDA and the adjusting items in amortisation of acquired intangibles.
4. Capitalised R&D excludes investments in hardware of onboard units ("OBUs") and infrastructure.
5. As per covenant calculation, net leverage is defined as the ratio of total net debt to adjusted EBITDA. Total net debt includes financial lease liabilities and derivative liabilities. Please refer to Note 15 of the accompanying financial statements of this document for the definition of adjusted EBITDA for covenant calculations.
6. An active truck is defined as a vehicle that has paid for a service in a given month. Average number of products per truck is defined as the average number of products used by an active truck in a given month.
Outlook and FY 2026 guidance
Following a robust first half performance, we remain confident in delivering our FY 2026 guidance. During the remainder of the year, our primary strategic focus will remain the successful migration of customers to Eurowag Office. As migration advances, the remaining cohorts will increasingly include larger customers and those using more UX-intensive products and workflows. We will continue to prioritise a carefully managed, high-quality customer experience while maintaining disciplined growth and profitability.
With the majority of services now available on Eurowag Office and customer adoption advancing well, we remain on track with our strategic priorities for 2026. From 2027, our focus will increasingly shift towards scaling and monetising Eurowag Office, enabling us to deepen customer relationships, accelerate cross-sell and product adoption, leverage our proprietary data to develop differentiated solutions and scale more efficiently, supporting sustainable, profitable growth and our ambition to simplify and transform the way our customers operate.
Based on first-half results we are updating our adjusted cash EBITDA guidance for FY 2026. All other guidance remains unchanged:
· Low double-digit net revenue growth
· Adjusted EBITDA margin ~40%
· Updated Adjusted cash EBITDA range from €105m-€115m to €110m-€115m
· Capitalised R&D below the cap level of €50m
· Net leverage ratio expected to remain below 2.0x, within our target range of 1.5x-2.5x
Investor and analyst presentation today
Martin Vohánka (CEO) and Oskar Zahn (CFO) will host a virtual presentation and a Q&A session for investors and analysts today, 9 September 2026, at 9.00am BST. The presentation will be available on the Group's website at Results, reports and presentations - Eurowag (LSE: EWG)
Please register to attend the investor presentation via the following link:
Eurowag 2026 Half-Year Results Announcement - W.A.G Payments Solutions plc | SparkLive | LSEG
To view the webcast, you will need to register with SparkLive, which should only take a moment.
Should you want to ask questions at the end of the presentation, please use the following link:
Registration | Eurowag 2026 Half-Year Results Announcement
Capital Markets Day
Eurowag will host its second Capital Markets Day for institutional investors and analysts on Tuesday, 1 December 2026. The event will provide an update on the Group's strategy, Eurowag Office and its medium-term growth opportunities. Investors and analysts are invited to save the date, with further details on the agenda, timing and registration to follow.
ENQUIRIES
Eurowag
Carolina Orozco
VP Investor Relations and Communications
+44 (0)75 5537 3873
Sodali & Co
Justin Griffiths, Gilly Lock
IR and international media
+44 (0)20 7250 1446
Eurowag is a leading technology company serving Europe's commercial road transport ("CRT") industry, with a purpose to make it clean, fair and efficient. Eurowag Office is the first integrated digital platform for the European CRT industry, bringing together mission-critical services across Fuel, Toll, Financial Services, Navigation, Fleet and Work Time Management. By connecting its technology, infrastructure, industry expertise and proprietary data through a single platform, Eurowag helps transport companies simplify complex operations, make better decisions and run more efficient and profitable businesses. Eurowag is listed on the London Stock Exchange (LSE: EWG) and is a constituent of the FTSE 250. investors.eurowag.com
CEO Statement
Over the past several years, Eurowag has transformed from a provider of individual services into an integrated digital platform for the Commercial Road Transport ("CRT") industry. Through organic investment, targeted acquisitions and the integration of our capabilities, Eurowag Office now brings together mission-critical services across Fuel, Toll, Financial Services, Navigation, Fleet and Work Time Management, providing SME customers with a simpler way to manage increasingly complex operations.
The value of Eurowag Office goes beyond bringing our services together in one place. Connecting our capabilities, infrastructure and proprietary data enables us to simplify complex customer workflows and increasingly deliver real-time, intelligent solutions that support better decision-making. This creates greater value for our customers while strengthening our ability to deepen relationships and increase product penetration over time.
2026 represents an important phase in this transformation, with our focus firmly on integration and migration. During the first half, we made significant progress across both areas, while continuing to enhance the capabilities and customer experience available through Eurowag Office. These developments are strengthening the foundations of our integrated platform and positioning us well for the next phase of our strategy.
Platform Integration and Customer Migration
We are pleased with the progress made on the integration and migration of Eurowag Office during the year to date. The majority of our services are now available through the platform and, as at the date of this report, more than 65% of our customers are actively using Eurowag Office. This represents an important milestone in delivering our 2026 priorities.
Customer behaviour provides further positive evidence of platform adoption and engagement. Activity on Eurowag Office has increased significantly during the year as customers increasingly incorporate the platform into their regular operating routines. Importantly, customers are also increasingly using the integrated capabilities specific to Eurowag Office.
These trends are supported by continued customer growth, with active trucks increasing by 7% year-on-year, accelerating from 5% growth in H1 2025. Together, these indicators provide positive evidence of customer adoption and engagement as migration progresses.
NPS decreased to 29.6 points, reflecting two principal factors. In 2026, we moved from a multi-brand methodology to a unified Eurowag brand measurement, which had an approximately 9-point impact on the H1 2026 score. We expect this impact to be temporary as brand familiarity increases, with early data already indicating improvement. NPS was also affected by high fuel prices, which typically affect overall customer sentiment. Taking these factors into account, we expect NPS to improve over the coming quarters.
Advancing Eurowag Office: H1 2026 Developments
Alongside the progress in integration and customer migration, we achieved a number of important product milestones during the first half, further broadening the capabilities and value proposition of Eurowag Office. Key developments included:
Energy: we continued to expand our Energy network, across 25 European countries, while broadening our alternative fuel and decarbonisation offering as demand continues to increase.
· Fuel Network: our fuel network expanded to ~17,800 acceptance points (FY 2025: ~17,000 acceptance points), including two new truck parks opened in Italy (Bussolengo) and Poland (Torzym), bringing our total owned truck parks to 33.
· Mobile Network: our mobile acceptance network expanded to ~3,000 locations (FY 2025: ~2,600) across 15 countries, further digitising the customer experience by enabling customers to authorise fuel purchases directly through the Eurowag mobile app without requiring a physical fuel card.
· Alternative Fuels Network: our alternative fuel network expanded to ~2,700 stations (FY 2025: ~2,200), including ~870 HVO acceptance points, increasing customers' access to lower-carbon fuels alternatives across Europe.
Decarbonisation as a Service ("DaaS"): we continued to expand our DaaS capabilities through Eurowag Office, helping customers navigate the transition to lower-carbon transport and increasingly complex sustainability requirements. During the first half, we introduced new solutions that make it easier for customers to meet shippers' requirements, reduce emissions and simplify sustainability reporting:
· We launched Biofuel Swap, enabling customers to support the use of HVO, even where it is not physically available at the point of refuelling. Through an accredited partner, an equivalent volume of certified HVO is introduced into the European fuel network, with the associated verified GHG emissions reductions allocated to the customer through a book-and-claim mechanism.
· We began implementing automated sustainable biofuel certificates for customers purchasing HVO and bio-LNG through Eurowag Office. Generated automatically from transaction data, these certificates simplify sustainability reporting and help customers respond to increasing compliance requirements.
Toll: we continued to strengthen the technology, coverage and regulatory capabilities of our toll services simplifying cross-border toll operations through Eurowag Office:
· Our proprietary onboard unit EVA ("Enhanced Vehicle Assistant") automates multi-country toll payments while connecting vehicles to Eurowag Office through real-time vehicle data, enabling a range of Fleet Management Solutions ("FMS") and other digital services. The number of EVA onboard units increased by 12.9% to ~122,000 from December 2025, expanding our connected vehicle base and strengthening the proprietary data generated through the platform.
· We successfully deployed our proprietary map-matching technology, bringing a previously third-party capability in-house. By matching vehicle location data with the precise tolled road sections travelled, the technology enables accurate toll calculation, reduces reliance on external providers and supports lower processing costs over time, while further strengthening our proprietary technology and data capabilities.
· CO₂-based tolling continued to expand across Europe, with new requirements introduced in Bulgaria and Belgium during the period, following earlier implementation in Germany, Austria and Slovakia. Our regulatory expertise and multi-country capabilities help customers navigate increasingly complex toll requirements through a single integrated solution.
· We made further progress in the Netherlands, adding the country as our 14th EETS ("European Electronic Toll Service") licensed market and expanding our overall Toll coverage to 23 countries. The Netherlands became the first toll domain certified on EVA 2.0 and the first market where we deployed our proprietary map-matching technology. These capabilities support customers following the introduction of the country's new distance-based truck tolling scheme, enabling international fleets to manage the new requirements through our integrated Toll solution.
Digital fleet solutions: we continued to enhance the Fleet Management, Navigation and Work Time Management capabilities available through Eurowag Office, helping customers connect fleet visibility, driver communication and administrative workflows in a single environment:
· Live Map -enhanced feature: we improved scalability, usability and integrated toll visibility in our live map. New functionality includes more detailed map views, configurable vehicle lists and a fully responsive mobile web experience, alongside integrated toll visibility providing dispatchers and fleet managers with active toll domains, toll weight categories and live vehicle information through a single view.
· FMS and Navigation -Dispatcher-Driver messaging: we enhanced dispatcher-driver communication capabilities across Eurowag Office and the Eurowag Navigation mobile app. New functionality includes improved conversation management and photo and file sharing, supporting more efficient communication and coordination across day-to-day fleet operations.
· WTM -Driver Work Module: we launched the Driver Work module through Eurowag Office for customers using the Tacho Remote add-on, automating monthly driver work reporting and simplifying payroll administration using remotely retrieved tachograph and driver-card data. The module consolidates driving time, rest periods and working hours alongside country-specific information required for salary calculations, allowances and night-work premiums, helping customers manage complex international labour requirements while reducing manual processing and the time spent on administrative tasks.
Financial Services: following the FlexiPay pilot in 2025, we continued to develop the solution during the first half of 2026 and commenced its commercial roll-out in Romania. FlexiPay enables eligible customers to extend payment terms by 14 days through a digital solution, providing additional flexibility to manage working capital. During the period, the offering was also extended beyond fuel to selected EETS toll invoices. We plan to continue expanding this solution into additional markets.
Multi-channel Sales Strategy
Eurowag Office is enabling the evolution of our commercial model, combining our established direct sales capabilities with an increasingly scalable digital channel and strategic partnerships to support customer acquisition and deepen product penetration.
We are evolving our direct sales approach from individual product-led conversations towards a more consultative model centered on understanding customers' broader operational needs. By strengthening the expertise of our frontline teams across Eurowag Office, we can better identify customer needs and recommend the most relevant solutions.
During the first half, we also continued to expand digital onboarding through Eurowag Office. While direct sales remain our primary customer acquisition channel today, we expect digital acquisition to play an increasingly important role as Eurowag Office scales, providing customers with a simpler, self-service journey and enabling us to reach and onboard customers more efficiently.
An important part of our commercial strategy is the relationships we have built with leading Original Equipment Manufacturers ("OEMs"). These are relationships that have developed over time and provide us with an important platform to accelerate new customer acquisition in an efficient and scalable way. We continue to develop these partnerships and see further potential as our integrated proposition evolves.
Scaling our Operating Model
As Eurowag Office continues to integrate services and migrate customers onto a single platform, we are evolving our operating model to support a larger customer base efficiently while maintaining high levels of service and operational resilience. During the first half, our teams successfully supported customers across both Eurowag Office and legacy systems, maintaining stable and reliable operations throughout the transition.
We continued to invest in automation and AI to improve customer support and operational efficiency. During the period, we began deploying our internally developed AI-enabled assistant for Customer Care teams, providing first-line teams with real-time guidance on common technical queries. This is helping increase first-contact resolution, reduce resolution times and limit unnecessary escalation to specialist technical teams. Early adoption and initial performance indicators have been encouraging, and we will continue to expand the use of AI and automation as the platform scales.
We also continued to standardise operational processes across fleet management and our hardware supply chain, including onboard-unit installation, refurbishment and inventory management. Greater process standardisation, supplier diversification and increased hardware reuse are improving operational resilience and supporting a more efficient cost base as the number of connected trucks grows.
Cybersecurity and business continuity remain fundamental to the reliability of Eurowag Office. During this period, we continued to strengthen our unified security framework, regulatory readiness and business continuity capabilities to support the growing scale and importance of the platform.
Sustainability
Sustainability remains embedded in our strategy and, increasingly, in the solutions we provide to customers. During the first half, we continued to support the decarbonisation of the Commercial Road Transport industry by expanding access to lower-carbon fuels and developing practical solutions that help customers reduce and report their emissions. As outlined above, our alternative fuel network continues to expand, while the development of our DaaS offering included the launch of Biofuel Swap and the implementation of automated sustainable biofuel certificates through Eurowag Office.
We also continued to engage with policymakers and industry participants on the challenges of decarbonising road transport. In April, Eurowag was the main partner of the Clean Energy & Mobility Summit in Prague, bringing together policymakers, transport operators and industry leaders to discuss commercially viable pathways towards lower-carbon transport while maintaining the competitiveness of the European CRT industry.
Supporting the people who keep the road transport industry moving also remains an important part of our sustainability agenda. During the first half, we launched the first in a series of on-the-road health initiatives for truck drivers, providing access to medical check-ups and physiotherapy on-site at our truck parks. The initiative addresses some of the health and well-being challenges associated with professional driving.
We continued to invest in the health, safety and wellbeing of our employees, including through our annual Safety Day, which provided training and activities focused on operational safety, emergency preparedness, ergonomics and wellbeing across the Group.
Board Update
As previously announced, Linda Myers joined the Board as an independent Non-Executive Director on 2 February 2026 and was appointed Chair of the Remuneration Committee. Linda brings extensive experience across corporate law, governance, and capital markets, having held senior leadership roles at Kirkland & Ellis and board positions at publicly listed companies in the U.S. and Europe.
Financial review1
(€m)
Adjusted
Adjusting
items
H1 2026
Adjusted
Adjusting
items
H1 2025
Net revenue
179.5
-
179.5
162.2
-
162.2
EBITDA
70.6
(6.6)
63.9
63.9
(2.7)
61.2
EBITDA margin (%)
39.3%
-
35.6%
39.4%
-
37.7%
Capitalised R&D
(21.0)
-
(21.0)
(17.9)
-
(17.9)
Share-based payments
6.1
-
6.1
3.2
-
3.2
Cash EBITDA
55.7
(6.6)
49.0
49.2
(2.7)
46.5
Cash EBITDA margin (%)
31.0%
-
27.3%
30.4%
-
28.7%
Depreciation, amortisation and impairments
(25.9)
(8.7)
(34.6)
(25.4)
(9.3)
(34.7)
Share of net loss of associates
0.1
-
0.1
(0.8)
-
(0.8)
Operating profit
44.8
(15.4)
29.4
37.7
(12.0)
25.7
Finance income
0.2
-
0.2
3.8
-
3.8
Finance costs
(21.3)
-
(21.3)
(13.8)
-
(13.8)
Profit before tax
23.7
(15.4)
8.4
27.8
12.0
15.7
Income tax
(6.1)
(3.0)
(3.1)
(7.5)
(2.4)
(5.1)
Profit after tax
17.6
(12.4)
5.2
20.2
(9.6)
10.6
Basic earnings per share (cents)
2.53
0.76
2.92
1.53
Notes:
(1) Numbers may not cast due to rounding.
As in prior years, the Group used adjusted and other performance measures in this announcement to provide additional insight into its underlying performance. Adjusting items comprise items within the statutory results that the Board considers to be: i) one-off by virtue of their size and/or nature, ii) related to strategic transformation programmes or ERP implementation relating to key IT systems, or iii) significant items outside the ordinary course of business. Adjusted measures exclude these items from statutory results. Reconciliations between statutory and adjusted measures are provided in Note 2 to the accompanying financial statements.
Revenue (€m)
H1 2026
H1 2025
YoY
YoY
change (%)
Revenue
1,377.1
1,162.2
214.9
18.5%
Payment solutions
1,308.5
1,097.9
210.5
19.2%
Mobility solutions
68.6
64.3
4.3
6.7%
Net revenue
179.5
162.2
17.3
10.7%
Payment solutions
110.9
97.9
13.0
13.3%
Mobility solutions
68.6
64.3
4.3
6.7%
Revenue increased by 18.5% year-on-year to €1,377.1m (H1 2025: €1,162.2m), primarily reflecting higher fuel prices, with a corresponding increase in the cost of energy sold. Revenue is reported net of Toll volumes charged to customers on behalf of Toll Operators. Total revenue, including Toll charges and net of customer discounts, increased by 18.0% to €2,352.2m (H1 2025: €1,994.2m), supported by continued growth in our EETS Toll solution.
Net revenue increased by 10.7% to €179.5m, reflecting broad-based growth across services. Within our existing reporting structure, Payment Solutions net revenue increased by 13.3% year-on-year. Energy net revenue increased by 6.3%, demonstrating resilience through a volatile fuel market, while Toll net revenue increased by 25.7%, supported by continued expansion of our EETS offering and growth in the number of our onboard EVA units. During the period, we also expanded our EETS coverage with the addition of the Netherlands as our 14th EETS-licensed country.
Mobility Solutions net revenue excluding non-CRT activities increased by 11.1% year-on-year, supported by growth across Tax Refund, Navigation and core CRT Fleet Management Solutions. Including non-CRT activities, Mobility Solutions net revenue increased by 6.8%. Non-CRT activities, which include services for LGVs, buses and passenger cars, are not core to our strategic focus on the CRT industry and heavy commercial vehicles, and we expect their contribution to reduce over time.
Corporate expenses
€m
Adjusted
Adjusting
Items
H1 2026
Adjusted
Adjusting
Items
H1 2025
Employee expenses
62.4
1.9
64.3
54.4
0.2
54.6
Impairment losses of financial assets
7.5
-
7.5
7.2
-
7.2
Technology expenses
8.7
4.7
13.4
8.4
2.4
10.8
Other operating expenses
31.5
-
31.5
29.3
0.1
29.4
Other operating income
(1.1)
-
(1.1)
(1.0)
-
(1.0)
Corporate expenses before depreciation and amortisation1
109.0
6.6
115.6
98.3
2.7
101.0
Depreciation and
amortisation
25.9
8.7
34.6
25.4
9.3
34.7
Total corporate expenses
134.9
15.3
150.2
123.7
12.0
135.7
Notes:
1. Corporate expenses before depreciation and amortisation, consist of operating expenses, operating income and impairment losses of financial assets.
Statutory corporate expenses increased by €14.5m to €150.2m (H1 2025: €135.7m), primarily reflecting higher employee expenses driven by continued investment in talent to support the Group's next phase of growth, salary inflation and changes in senior incentive programmes due to the introduction of a new long-term incentive plan (Super LTIP) in September 2025.
Adjusted total corporate expenses increased by €11.2m to €134.9m (H1 2025: €123.7m), of which €8.0m related to higher adjusted employee expenses which increased by 14.7% to €62.4m.
Impairment losses on financial assets, mainly related to customer insolvencies, increased 4.2% to €7.5m (H1 2025: €7.2m). Importantly, the credit loss ratio improved to 0.3% of total revenues and toll volumes (H1 2025: 0.4%), with customer insolvencies remaining broadly better than anticipated and no material deterioration in underlying portfolio. Losses were concentrated primarily in Hungary, Poland and Romania, while credit risk management and cash collection processes in place continued to support portfolio performance.
Adjusted technology expenses increased by 3.6% to €8.7m (H1 2025: €8.4m) reflecting continued investment in the Group's technology and cloud capabilities supporting our integrating digital platform.
Adjusted other operating expenses grew 7.5% to €31.5m (H1 2025: €29.3m), primarily reflecting professional services, travel, marketing and facilities costs. Other operating income remained broadly stable at €1.1m (H1 2025: €1.0m).
Adjusted depreciation and amortisation grew by 2.0% to €25.9m (H1 2025: €25.4m).
Adjusting items in corporate expenses, and depreciation and amortisation
(€m)
H1 2026
H1 2025
M&A-related expenses
0.1
(0.2)
Transformation expenses
1.3
-
ERP implementation expenses
5.2
2.9
Adjusting items in operating expenses
6.6
2.7
Adjusting Items in depreciation and amortisation
8.7
9.3
Total Adjusting items
15.3
12.0
In H1 2026, the Group incurred costs of €15.3m (H1 2025: €12.0m), which were considered Adjusting items and have been excluded from the calculation of Adjusted EBITDA and Adjusted profit before tax.
M&A-related expenses of €0.1m relate to professional fees associated with evaluating potential opportunities for future growth. Last year we released a provision relating to the acquisition of Inelo.
Transformation expenses were €1.3 million (H1 2025: nil), relating to a Group project launched in H2 2025 to drive operational efficiencies and support a scalable operating model. A further €5-7m is expected to be incurred during the remainder of 2026.
ERP implementation expenses were €5.2m (H1 2025: €2.9m). A further €5-6m of expenses relating to this implementation is expected during the remainder of 2026.
Amortisation of acquired intangibles decreased to €8.7m (H1 2025: €9.3m), primarily relating to intangible assets recognised from the acquisition of Inelo.
Adjusted cash EBITDA
(€m)
H1 2026
H1 2025
YoY growth (%)
Adjusted EBITDA
70.6
63.9
10.5%
Capitalised R&D
(21.0)
(17.9)
17.3%
Share based payments
6.1
3.2
90.6%
Adjusted cash EBITDA (€m)
55.7
49.2
13.2%
Adjusted cash EBITDA margin (%)
31.0%
30.4%
0.6pp
Adjusted cash EBITDA increased 13.2% to €55.7m, (H1 2025: €49.2m) with a margin of 31.0% (H1 2025: 30.4%).
Capitalised R&D totalled €21.0m (H1 2025: €17.9m), reflecting continued investment in integrated digital platform and supporting technology and data capabilities. Of the total, €14.7m related to product and platform development, and €6.3m invested in technology and data systems.
Share based payments increased to €6.1m (H1 2025: €3.2m), reflecting post IPO share-based incentive awards and the long-term incentive plan (Super LTIP), approved by shareholders in the Extraordinary General Meeting ("EGM") in September 2025.
Net finance expense
Net finance expense increased to €21.0m in H1 2026 (H1 2025: €10.0m). Finance income decreased to €0.2m (H1 2025: €3.8m), mainly driven by a foreign exchange gain recognised in the prior-year period. Finance expenses increased to €21.3m (H1 2025: €13.8m), primarily reflecting an un-realised (non-cash) foreign exchange loss resulting mainly from the appreciation of the Hungarian forint against the euro during H1 2026. The increase was partially offset by lower interest expense of €8.9m (H1 2025: €10.5m).
Taxation
The Group's Adjusted effective tax rate decreased to 25.8% (H1 2025: 27.1%) reflecting improved tax efficiency across the Group.
Corporate income tax rates across the Group's key tax jurisdictions remained unchanged compared to prior year: 21% in the Czech Republic, 25% in the UK, 19% in Poland, 22% in Slovenia, and 24% in Spain. Further details are provided in Note 8 of the accompanying financial statements.
Earnings per share (EPS)
Adjusted basic EPS declined by 13.4% to 2.53 cents per share (H1 2025: 2.92 cents per share) as a result of lower Adjusted profit before tax and an increase in the number of shares following the exercise of employee share options. Basic EPS decreased 50.3% to 0.76 cents per share, primarily reflecting lower statutory profit before tax due to higher net finance expenses, largely driven by foreign exchange losses during the period.
Acquisition of non-controlling interests
In May 2026, the Group exercised its option to acquire an additional 3.8% interest in FireTMS for a consideration of €1.8 million. Following H1 2026, the Group acquired an additional 7.6% interest in FireTMS upon payment of a consideration of €3.6 million on 8 July 2026, in accordance with the existing agreement. Further details are provided in Note 18 of the accompanying financial statements.
Cash performance
During the period, the Group reported a net debt outflow of €37.1m (H1 2025: inflow of €30.9m). The principal movements are set out in the table below:
Management free cash flow (€m)
H1 2026
FY 2025
H1 2025
Adjusted EBITDA
70.6
132.1
63.9
Non-cash items in Adjusted EBITDA
13.8
21.8
10.8
Tax
(5.2)
(10.3)
(6.3)
Net interest
(7.9)
(17.9)
(9.2)
Working capital
(54.4)
52.2
0.9
Free cash
16.9
177.9
60.1
Adjusting items - cash
(5.6)
(11.3)
(3.1)
Capital expenditure1
(29.2)
(54.0)
(20.9)
Payments related to previous acquisitions
(1.8)
(2.0)
-
Repayment of lease obligations
(2.7)
(5.3)
(2.8)
Dividend payments
-
(24.3)
-
FX
(8.5)
(11.6)
1.7
Other2
(6.2)
(10.1)
(4.1)
Movement in net debt inflow/(outflow)
(37.1)
59.3
30.9
Opening Net debt3
(216.2)
(275.5)
(275.5)
Closing Net debt3
(253.3)
(216.2)
(244.6)
Note:
1. Includes proceeds from sale of assets.
2. Other includes finance costs relating to factoring and bank guarantees and other non-cash adjusting items.
3. Please refer to Note 2 Alternative Performance Measures (APM's) of the accompanying financial statements.
As of 30 June 2026, the Group's net debt position stood at €253.3m, compared with €216.2m as of 31 December 2025. Cash Tax paid decreased to €5.2m in H1 2026 (H1 2025: €6.3m), which includes advance tax payments and tax settlement (payment/refunds). Tax cash paid are lower compared to the previous year, mainly due to a lower tax liability based on the latest tax assessment, resulting in lower advance payments.
Net interest paid decreased to €7.9m (H1 2025: €9.2m), reflecting a reduction in the Group's average cost of borrowing.
Non-cash items in Adjusted EBITDA of €13.8m (H1 2025: €10.8m) predominantly relate to share-based compensation issued post-IPO and movements in credit loss provisions.
Working capital reflected an outflow of €54.4m in H1 2026 (H1 2025: inflow of €0.9m), as anticipated following the increase in fuel prices and associated working capital requirements. The outflow primarily reflects the timing of collections around the period end rather than a structural change in working capital.
Cash adjusting items relates to ERP implementation expenses, transformation expenses and M&A-related expenses as outlined in Note 2 of the accompanying financial statements.
Capital expenditure
Capital expenditure in the first half of 2026 amounted to €26.5m (H1 2025: €24.7m), primarily reflecting continued investment in Eurowag Office, its services and technology and data capabilities. Capitalised R&D spend was €21.0m (H1 2025: €17.9m), of which €14.7m related to product and our digital platform, and €6.3m to the underlying technology and data systems supporting the platform and its future scalability. The remaining capital expenditure included €4.3m on onboard units ("OBUs") which support the delivery of toll and fleet management services and expand the connected vehicle base across our platform, and €1.2m on infrastructure mainly related to our truck park infrastructure, buildings and IT hardware.
Financing facility and covenants
Covenant
Calculation
Actual 30 June
2026
Interest cover
The ratio of adjusted EBITDA1 to finance charges
Min. 3.50
6.1
Net leverage
The ratio of total net debt2 to adjusted
EBITDA
Max. 3.50
1.8
Adjusted net
leverage
The ratio of the adjusted total net debt3 to
adjusted EBITDA
Max. 6.50
3.5
Notes:
1. Please refer to Note 15 of the accompanying financial statements of this document for the definition of adjusted EBITDA for covenant calculations.
2. Total net debt includes financial lease liabilities and derivative liabilities.
3. Adjusted total net debt includes financial lease liabilities, derivative liabilities and banking guarantees.
The Group's net leverage ratio improved to 1.8x (FY 2025: 1.9x) while Net debt increased to €253.3m (FY 2025: €216.2m). As of 30 June 2026, the Group remained compliant with all its financial covenants as shown in the table above.
The Group continues to manage its working capital requirements through the use of uncommitted factoring facilities, with average financing limits of €152m and average utilisation of 83% (H1 2025: €150m and 78% respectively), together with the use of uncommitted reverse factoring facilities with average financing limits of €29m and average utilisation of 82% in H1 2026 (H1 2025: €22m and 55% respectively).
The Group maintains a strong financial position, supported by leverage of 1.8x, significant covenant headroom and flexible working-capital facilities, providing financial flexibility as the business continues to grow.
Capital allocation
The Group's capital allocation priorities remain unchanged, supported by a disciplined approach to the balance sheet. Over recent periods, the Group has demonstrated its ability to generate cash and reduce leverage, with net leverage at 1.8x at the end of H1 2026, within our target range of 1.5x-2.5x.
Our capital allocation strategy prioritises investment in organic growth, selective bolt-on M&A opportunities that support our strategy, continued deleveraging, and returning excess capital to shareholders where appropriate. Organic investment remains our primary priority, including continued investment in Eurowag Office and the technology and data capabilities supporting our integrated platform, with capitalised R&D expected to remain below our €50 million cap.
Risk management
Risk identification, assessment and management are central to the Group's internal control environment. The Group's risk management supports the effective identification, evaluation, mitigation, monitoring, and reporting of risks, while balancing risk management with the achievement of strategic objectives. A detailed description of the Group's principal risks, including trends in exposure and the associated mitigation measures is disclosed on pages 33 to 40 of the 2025 Annual Report and Accounts.
Forward-looking Statements
Certain information contained in this announcement constitutes "forward-looking statements", which may be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue," "target" or "believe" (or the negatives thereof) or other variations thereon or comparable terminology. Forward-looking statements include statements concerning the Group's plans, objectives, strategies, expectations, guidance, targets and future performance. Due to various risks and uncertainties, actual events or results or actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. Forward-looking statements are not guarantees of future performance and investors should not place undue reliance on them for their investment decisions. No representation or warranty (express or implied) is made as to the achievement or reasonableness of and no reliance should be placed on such forward-looking statements, which speak only as of the date of the announcement. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. The Company and its Directors, officers, employees, agents, affiliates and advisers expressly disclaim any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this announcement, except as required by applicable law or regulation.
Certain information contained herein is based on the Company's own estimates and internal research. Estimates have been made in good faith and represent the current beliefs of applicable members of the Company's management. While the Company believes that such estimates and research are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. By their nature, estimates are subject to uncertainty and actual outcomes may differ from those estimated. Accordingly, no representation or warranty (express or implied) is given to any recipient of this document that such estimates are correct or complete.
By reading or accepting a copy of this document, you agree to be bound by the foregoing limitations.
Consolidated income statement
For the period ended 30 June
2026
2025
Adjusted
Adjusting
items*
Total
Adjusted
Adjusting
items*
Total
Note
€000
€000
€000
€000
€000
€000
Revenue
3
1,377,086
-
1,377,086
1,162,183
-
1,162,183
Cost of sales
(1,197,590)
-
(1,197,590)
(999,997)
-
(999,997)
Net Revenue
179,496
-
179,496
162,186
-
162,186
Operating expenses
(128,491)
(15,337)
(143,828)
(117,466)
(12,046)
(129,512)
Other operating income
5
1,111
-
1,111
986
-
986
Impairment losses of financial assets
(7,487)
-
(7,487)
(7,178)
-
(7,178)
Share of net profit/(loss) of associates
accounted for using the equity method
116
-
116
(759)
-
(759)
Operating profit
44,745
(15,337)
29,408
37,769
(12,046)
25,723
Finance income
6
233
-
233
3,812
-
3,812
Finance costs
7
(21,275)
-
(21,275)
(13,811)
-
(13,811)
Profit before income tax
23,703
(15,337)
8,366
27,770
(12,046)
15,724
Income tax expense
8
(6,115)
3,048
(3,067)
(7,525)
2,401
(5,124)
Profit for the period
17,588
(12,289)
5,299
20,245
(9,645)
10,600
Profit attributable to:
Owners of the parent
17,521
(12,289)
5,232
20,181
(9,645)
10,536
Non-controlling interests
67
-
67
64
-
64
17,588
(12,289)
5,299
20,245
(9,645)
10,600
Earnings per share - basic and diluted (Note 9):
2026
cents
2025
cents
Basic earnings per share
0.76
1.53
Diluted earnings per share
0.74
1.52
*Adjusting items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance. See Note 2.
Consolidated statement of comprehensive income
For the period ended 30 June
2026
2025
Note
€000
€000
Profit for the period
5,299
10,600
Other comprehensive income/(expense)
Items that may be reclassified to profit or loss
Change in fair value of cash flow hedge recognised in equity
4,328
634
Exchange differences on translation of foreign operations
(55)
1,174
Deferred tax related to other comprehensive income - cash flow hedge
(914)
(133)
Total items that may be reclassified to profit or loss
3,359
1,675
Total other comprehensive income (net of tax)
3,359
1,675
Total comprehensive income for the period
8,658
12,275
Total comprehensive income attributable to:
Owners of the parent
8,597
12,209
Non-controlling interests
61
66
Total comprehensive income for the period
8,658
12,275
Consolidated statement of financial position
Note
30 June 2026
(unaudited)
€000
31 December 2025
€000
Assets
Non-current assets
Intangible assets
12
502,284
510,799
Property, plant and equipment
12
60,803
60,692
Right-of-use assets
18,329
17,069
Investments in associates
11
8,784
8,667
Deferred tax assets
14,012
13,635
Derivative assets
87
-
Other non-current assets
13
7,652
7,218
611,951
618,080
Current assets
Inventories
11,325
11,215
Trade and other receivables
13
504,274
372,850
Income tax receivables
1,340
1,667
Derivative assets
10
4,787
273
Cash and cash equivalents
92,032
116,524
613,758
502,529
Total assets
1,225,709
1,120,609
Liabilities
Current liabilities
Trade and other payables
14
561,163
472,176
Borrowings
15
117,581
99,885
Lease liabilities
5,477
5,395
Provisions
4,187
4,252
Income tax liabilities
11,366
11,602
Derivative liabilities
10
746
936
700,520
594,246
Net current liabilities
(86,762)
(91,717)
Non-current liabilities
Borrowings
15
227,759
232,792
Lease liabilities
13,655
12,647
Provisions
397
529
Deferred tax liabilities
27,647
28,842
Derivative liabilities
10
768
333
Other non-current liabilities
14
8,449
7,452
278,675
282,595
Total liabilities
979,195
876,841
Net assets
246,514
243,768
Equity
Share capital
8,186
8,148
Share premium
2,958
2,958
Merger reserve
(25,963)
(25,963)
Other reserves
1,029
(2,338)
Put option reserve
(3,554)
(5,392)
Retained earnings
263,404
265,822
Equity attributable to equity holders of the Company
246,060
243,235
Non-controlling interests
454
533
Total equity
246,514
243,768
Consolidated statement of changes in equity
For the period ended 30 June
Attributable to owners of the parent
Note
Share capital
Share premium
Merger reserve
Other reserves
Put option reserve
Retained earnings
Total
Non- controlling interests
Total equity
€000
€000
€000
€000
€000
€000
€000
€000
€000
At 1 January 2025
8,120
2,958
(25,963)
114
(4,657)
281,370
261,942
374
262,316
Profit for the period
-
-
-
-
-
10,536
10,536
64
10,600
Other comprehensive
income
-
-
-
1,673
-
-
1,673
2
1,675
Total comprehensive
income
-
-
-
1,673
-
10,536
12,209
66
12,275
Share options exercised
28
-
-
-
-
-
28
-
28
Transfer of reserves
-
-
-
2
-
(2)
-
-
-
Share-based payments
-
-
-
-
-
3,154
3,154
-
3,154
Transactions with NCI
in subsidiaries
-
-
-
-
(429)
-
(429)
-
(429)
Total transactions with owners recognised
directly in equity
28
-
-
2
(429)
3,152
2,753
-
2,753
At 30 June 2025
8,148
2,958
(25,963)
1,789
(5,086)
295,058
276,904
440
277,344
At 1 January 2026
8,148
2,958
(25,963)
(2,338)
(5,392)
265,822
243,235
533
243,768
Profit for the period
-
-
-
-
-
5,232
5,232
67
5,299
Other comprehensive
(expense)/income
-
-
-
3,365
-
-
3,365
(6)
3,359
Total comprehensive
income
-
-
-
3,365
-
5,232
8,597
61
8,658
Share options exercised
38
-
-
-
-
-
38
-
38
Transfer of reserves
-
-
-
2
-
(2)
-
-
-
Dividends to be paid*
-
-
-
-
-
(12,109)
(12,109)
-
(12,109)
Share-based payments
-
-
-
-
-
6,107
6,107
-
6,107
Transactions with NCI
in subsidiaries
-
-
-
-
1,838
(1,646)
192
(140)
52
Total transactions with
owners recognised directly in equity
38
-
-
2
1,838
(7,650)
(5,772)
(140)
(5,912)
At 30 June 2026
8,186
2,958
(25,963)
1,029
(3,554)
263,404
246,060
454
246,514
*Special dividend of 1.50p per ordinary share.
Consolidated statement of cash flows
For the period ended 30 June
Unaudited
2026
2025
Note
€000
€000
Cash flows from operating activities
Profit before tax for the year
8,366
15,724
Non-cash adjustments:
Depreciation and amortisation
34,639
34,687
Gain on disposal of non-current assets
(191)
(280)
Interest income
6
(197)
(362)
Interest expense
7
8,870
10,549
Movements in provisions
(197)
263
Impairment losses of financial assets
7,487
7,178
Movements in allowances inventories
44
61
Foreign currency exchange rate differences
208
(1,789)
Fair value revaluation of derivatives and securities
59
60
Share-based payments
6,123
3,192
Other non-cash items
(119)
762
Operating cash flows before movements in working capital
65,092
70,045
Changes in:
Trade, contract and other receivables
13
(138,089)
(74,925)
Inventories
(151)
3,962
Trade, contract and other payables
14
83,847
71,887
Cash generated from operations
10,699
70,969
Interest received
197
362
Interest paid
(8,066)
(9,553)
Income tax paid
(5,150)
(6,276)
Net cash (used in)/generated from operating activities
(2,320)
55,502
Consolidated statement of cash flows (continued)
For the period ended 30 June
Unaudited
2026
2025
Note
€000
€000
Cash flows from investing activities
Proceeds from sale of property, plant and equipment
285
322
Purchase of property, plant and equipment
(7,470)
(6,118)
Purchase of intangible assets
(22,053)
(15,128)
Net cash used in investing activities
(29,238)
(20,924)
Cash flows from financing activities
Payment of principal elements of lease liabilities
(2,704)
(2,756)
Proceeds from borrowings
36,500
25,000
Repayment of borrowings
(24,616)
(33,456)
Acquisition of non-controlling interests
(1,785)
-
Proceeds from issued share capital (net of expenses)
38
28
Net cash generated from/(used in) financing activities
7,433
(11,184)
Effect of exchange rate changes on cash and cash equivalents
(368)
-
Net (decrease)/increase in cash and cash equivalents
(24,124)
23,394
Net cash and cash equivalents at the beginning of the period
116,524
107,428
Net cash and cash equivalents at the end of the period
92,032
130,822
1. PRINCIPAL ACCOUNTING POLICIES
W.A.G Payment Solutions plc (the "Company" or the "Parent") is a public limited company incorporated and domiciled in the United Kingdom and registered under the laws of England & Wales under company number 13544823 with its registered address at Third Floor (East), Albemarle House, 1 Albemarle Street, London W1S 4HA.
Basis of preparation
The condensed interim financial statements for the six-months ended 30 June 2026 have been prepared in accordance with UK-adopted IAS 34 Interim Financial Reporting and the Disclosure and Transparency Rules of the Financial Conduct Authority. It has been prepared on a basis consistent with that adopted in the previous year. The condensed interim financial statements should be read in conjunction with the Annual Report and Consolidated financial statements for the year ended 31 December 2025, which have been prepared in accordance with UK-adopted International Accounting Standards (UK-adopted IFRS).
The condensed interim financial statements have been prepared under the historical cost convention except for derivative financial instruments and unquoted investments which are stated at their fair value. The interim condensed financial statements are presented in EUR and all values are rounded to the nearest thousand (€000), except where otherwise indicated.
These condensed interim financial statements do not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2025 were approved by the Board of directors on 24 March 2026 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act 2006.
These condensed interim financial statements for the half year period (from 1 January 2026 to 30 June 2026) were approved for issue on 9 September 2026 and have been neither reviewed nor audited by the auditors. There is no significant seasonality of Group's operations.
Going concern
The financial statements have been prepared on a going concern basis. Having considered the ability of the Company and the Group to operate within its existing facilities and meet its debt covenants, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future.
The adoption of the going concern basis is based on an expectation that the Group will have adequate resources to continue in operational existence at least until December 2027.
The Directors considered the Group's business activities, together with the principal risks and uncertainties, likely to affect its future performance and position. For the purpose of this going concern assessment, the Directors have considered the Group's forecasts and strategic plan for the period to December 2027. The review also included the financial position of the Group, its cash flows and adherence to its banking covenants. The Group has access to a Club Finance Facility which comprises of two amortizing loans, a revolving credit facility ("RCF") together with additional incremental lines all of which mature in March 2029. See Note 15 for the covenant assessment as at 30 June 2026.
The Directors have reviewed the financial forecasts across a range of scenarios and prepared both a base case and severe but plausible downside case. The severe downside case assumes a deterioration in trading performance relating to a decline in product demand, as well as supply chain risks. These downsides would be partly offset by the application of mitigating actions to the extent they are under management's control, including deferrals of capital and operating expenditure and potential future dividends.
The Directors have also considered the impact of climate-related matters on the Group's going concern assessment, and do not expect this to have a significant impact on the going concern assessment throughout the forecast period.
On consideration of the above, the Directors believe that the Group has adequate resources to continue in operational existence for the forecast period to December 2027 and the Directors therefore consider it appropriate to continue to adopt the going concern basis in preparing the 2026 interim financial statements.
Since performing their assessment, there have been no subsequent changes in facts and circumstances relevant to the Directors' assessment of going concern.
Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
Summary of significant accounting policies information
The significant accounting policies used in preparing the consolidated financial statements are set out in the Annual Report and Accounts. These accounting policies have been consistently applied in all material respects to all periods presented.
2. ALTERNATIVE PERFORMANCE MEASURES ("APMs")
Throughout the consolidated financial statements, which are prepared and presented in accordance with IFRS, the Group presents various alternative performance measures (APMs) in addition to those reported under IFRS. The APMs are reviewed by the Chief Operating Decision Maker ("CODM") together with the main Board and analysts who follow the performance of the Group in assessing the performance of the business.
The Group uses APMs to provide additional information to investors and to enhance their understanding of its results. The APMs should be viewed as complementary to, rather than a substitute for, the figures determined according to IFRS. Moreover, these metrics may be defined or calculated differently by other companies, and, as a result, they may not be comparable to similar metrics calculated by the Group's peers.
Explanations of how they are calculated and how they are reconciled to an IFRS statutory measure are set out below:
Revenue and toll volumes
Revenue corresponds to segmental revenue from contracts with customers. In addition to revenue, the Group monitors a combined operational metric incorporating toll volumes. Toll volumes represent the value of toll charges incurred by customers. Although toll volumes are not recognised as revenue or cost of sales in accordance with IFRS due to the Group's role as an agent, they constitute a significant indicator of underlying business activity and have a material impact on working capital. This APM has been introduced to provide clearer insight into the drivers of working capital movements, as IFRS revenue does not fully reflect the operational activity that influences cash flows. Toll volumes have a direct and material impact on cash inflows and outflows, and incorporating them into this APM enables investors and analysts to better understand the underlying factors affecting working capital.
Unaudited
30 June 2026
30 June 2025
€000
€000
Revenue
1,377,086
1,162,183
Toll volumes
975,091
832,059
Total
2,352,177
1,994,242
EBITDA
EBITDA is defined as operating profit before depreciation and amortisation.
Adjusted EBITDA
Adjusted EBITDA is defined as EBITDA before Adjusting items.
Adjusting item
Definition
Exclusion justification
M&A-related expenses
Fees and other costs relating to
the Group's acquisition activity
M&A-related expenses vary according to non-recurring acquisition activity of the Group. Exclusion of these costs enhances comparability of the Group's results over time.
ERP implementation costs
Costs related to transformation of key IT systems
ERP implementation costs comprise expenditures incurred as part of the Group's strategic transition to a new SAP-based enterprise platform. The program is designed to significantly enhance core operational capabilities, standardize processes and strengthen the Group's technology foundation to support future growth. These costs primarily relate to design, configuration, and implementation activities that do not meet capitalisation criteria and are therefore presented as an EBITDA adjusting item due to their scale and infrequent nature of such significant projects.
Transformation
expenses
Costs related to transition to a
new operating model
In 2025, the Group launched a new project targeting operational efficiency across the Group. The project is accompanied with a significant termination cost. These costs relate to a significant, one-off restructuring and are not reflective of ongoing operating performance.
Adjusted EBITDA reconciliation
Unaudited
H1 2026
H1 2025
€000
€000
Profit before tax
8,366
15,724
Intangible assets amortisation
26,627
26,446
Tangible assets depreciation
5,407
4,996
Right of use depreciation
2,605
3,245
Depreciation and amortisation
34,639
34,687
Net finance cost and share of net loss of associates
20,926
10,758
EBITDA
63,931
61,169
M&A-related expenses
60
(178)
ERP implementation costs
5,242
2,922
Transformation expenses
1,335
-
Adjusting items
6,637
2,744
Adjusted EBITDA
70,568
63,913
The Group has incurred acquisition related costs which are primarily professional fees in relation to M&A activities, consisting of various activities to explore further opportunities for growth. Prior year expenses are represented by accrual reversals exceeding the invoiced expense.
ERP implementation costs of €5.2 million (H1 2025: €2.9 million) are related to the implementation of our ERP system, which went live in January 2024.
Transformation expenses of €1.3 million (H1 2025: €nil) relate to a project implementing a new target operating model aimed at increasing accountability and efficiency across the Group.
Adjusted EBITDA margin
Adjusted EBITDA margin represents Adjusted EBITDA for the period divided by net revenue.
Adjusted cash EBITDA
Adjusted cash EBITDA is Adjusted EBITDA less capitalised research and development costs plus share-based payments.
Unaudited
H1 2026
H1 2025
€000
€000
Adjusted EBITDA
70,568
63,913
Capitalised research and development costs (Note 12)
(20,960)
(17,861)
Share-based payments
6,123
3,192
Adjusted cash EBITDA
55,731
49,244
Adjusted earnings (net profit)
Adjusted earnings are defined as profit after tax from continuing operations before Adjusting items.
Adjusted earnings reconciliation
Unaudited
H1 2026
H1 2025
€000
€000
Profit for the period from continuing operations
5,299
10,600
Amortisation of acquired intangibles
8,700
9,302
Adjusting items affecting Adjusted EBITDA
6,637
2,744
Tax effect
(3,048)
(2,401)
Adjusted earnings (net profit)
17,588
20,245
Amortisation charges of €8.7 million relate to the amortisation of acquired intangibles in 2026 (H1 2025: €9.3 million) comprised mainly of the acquisition of Inelo.
Adjusted basic earnings per share
Adjusted basic earnings per share is calculated by dividing the Adjusted net profit for the period attributable to equity holders by the weighted average number of ordinary shares outstanding during the period.
Adjusted earnings per share measures:
Unaudited
H1 2026
H1 2025
Net profit attributable to equity holders (€000)
5,232
10,537
Adjusting items affecting Adjusted EBITDA
6,637
2,744
Amortisation of acquired intangibles
8,698
9,299
Tax impact of above adjustments
(3,048)
(2,401)
Adjusted net profit attributable to equity holders (€000)
17,519
20,179
Basic weighted average number of shares
692,758,634
690,509,787
Adjusted basic earnings per share (cents/share)
2.53
2.92
Effects of dilution from share options
11,546,145
3,819,814
Diluted weighted average number of shares
704,304,779
694,329,601
Adjusted diluted earnings per share (cents/share)
2.49
2.91
Adjusted effective tax rate
Adjusted effective tax rate is calculated by dividing the Adjusted tax expense by the Adjusted profit before tax, representing the rate of tax that would have been incurred on profit before Adjusting items.
Adjusted effective tax rate is as follows:
Unaudited
H1 2026
H1 2025
€000
€000
Accounting profit before tax
8,366
15,724
Adjusting items affecting Adjusted EBITDA
6,637
2,744
Amortisation of acquired intangibles
8,700
9,302
Adjusted profit before tax (A)
23,703
27,770
Accounting tax expense
3,067
5,124
Tax effect of above adjustments
3,048
2,401
Adjusted tax expense (B)
6,115
7,525
Adjusted earnings (A-B)
17,588
20,245
Adjusted effective tax rate (B/A)
25.80%
27.10%
The decrease of Adjusted effective tax rate is primarily driven by improved tax efficiency.
Net debt/cash
Net debt/cash represents cash and cash equivalents less interest-bearing loans and borrowings.
3. REVENUE
Net revenue - geographical location
The geographical analysis is derived from the base location of responsible sales teams, rather than reflecting the geographical location of the actual transaction.
Unaudited
H1 2026
H1 2025
€000
€000
Czech Republic ("CZ")
25,319
21,837
Poland ("PL")
50,357
43,825
Central Cluster (excluding CZ and PL)
24,906
19,481
Portugal ("PT")
8,067
7,346
Western Cluster (excluding PT)
5,878
6,936
Romania ("RO")
23,618
21,978
Southern Cluster (excluding RO)
37,503
37,813
Other
3,848
2,971
Total
179,496
162,186
Segment revenue from contracts with customers - geographical location
Unaudited
H1 2026
H1 2025
€000
€000
Czech Republic
245,053
197,494
Poland
279,105
232,717
Central Cluster (excluding CZ and PL)
186,180
170,295
Portugal
142,678
57,882
Western Cluster (excluding PT)
82,632
45,887
Romania
195,717
184,043
Southern Cluster (excluding RO)
241,749
269,841
Other
3,972
4,024
Total
1,377,086
1,162,183
4. FINANCIAL PERFORMANCE BY SEGMENT
Six months ended 30 June 2026 (unaudited)
Payment solutions
€000
Mobility solutions
€000
Central
€000
Total
€000
Segment revenue
1,308,444
68,642
-
1,377,086
Net revenue
110,854
68,642
-
179,496
Operating profit/(loss)
93,460
46,692
(110,744)
29,408
Net finance cost
-
-
(21,042)
(21,042)
Profit/(loss) before tax
93,460
46,692
(131,786)
8,366
Six months ended 30 June 2025 (unaudited)
Payment solutions
€000
Mobility solutions
€000
Central
€000
Total
€000
Segment revenue
1,097,896
64,287
-
1,162,183
Net revenue
97,899
64,287
-
162,186
Operating profit/(loss)
82,489
43,301
(100,067)
25,723
Net finance cost
-
-
(9,999)
(9,999)
Profit/(loss) before tax
82,489
43,301
(110,066)
15,724
5. OTHER OPERATING INCOME
Other operating income for the respective periods was as follows:
Unaudited
H1 2026
H1 2025
€000
€000
Other income
1,111
986
Total
1,111
986
6. FINANCE INCOME
Finance income for the respective periods was as follows:
Unaudited
H1 2026
H1 2025
€000
€000
Foreign exchange gain
-
3,450
Gain from the revaluation of securities and derivatives
35
-
Interest income
197
362
Other
1
-
Total
233
3,812
Foreign exchange gain in H1 2025 is primarily caused by appreciation of Czech Koruna.
7. FINANCE COSTS
Finance costs for the respective periods were as follows:
Unaudited
H1 2026
H1 2025
€000
€000
Bank guarantees fee
1,124
750
Interest expense
8,870
10,549
Factoring fee
2,957
2,512
Foreign exchange loss
8,324
-
Total
21,275
13,811
Foreign exchange loss in H1 2026 is primarily caused by appreciation of Hungarian forint.
8. INCOME TAX
The taxation charge for the interim period has been calculated based on estimated effective tax rate for the half year of 36.7% (six months ended 30 June 2025: 32.6%). The effective tax rate increased, primarily due to lower statutory profitability, while the majority of non-deductible expenses, mainly interest expense related to acquisition financing and share-based payments, remained broadly in line with the prior year. The effective tax rate also continues to be impacted by sector-specific taxes in Hungary and the Romanian minimum fuel tax, both of which remain in effect through FY26. Corporate income tax rate in the key tax jurisdictions for the Group remained unchanged in 2026 compared to prior year - 21% in the Czech Republic, 25% in the UK, 19% in Poland, 22% in Slovenia, and 24% in Spain.
Adjusted effective tax rate decreased from 27.1% to 25.8%. Further details are provided in Note 2 of the accompanying condensed interim financial statements.
As of 30 June 2026, the Group had successfully completed the Pillar 2 filing requirements. Based on the 2024 CbCR report and the OECD Pillar 2 calculations, the Group benefited from the De minimis and/or Simplified Effective Tax Rate safe harbours in most countries. For the most significant countries with substantial profitability (Czech Republic, Poland, Slovenia, Slovakia and Spain), the simplified effective tax rate exceeded the required threshold of 15%. As expected, top-up tax was payable only in Bulgaria due to its statutory corporate income tax rate of 10%. Given the relatively small size of the Bulgarian entities, the financial impact on the Group was immaterial.
9. EARNINGS PER SHARE
All ordinary shares have the same rights.
Basic EPS is calculated by dividing the net profit / (loss) for the period attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the year.
Diluted EPS is calculated by dividing the net profit / (loss) for the period attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the period, plus the weighted average number of shares that would be issued if all dilutive potential ordinary shares were converted into ordinary shares. Adjusted basic EPS is calculated by dividing the Adjusted earnings (net profit) for the period attributable to equity holders by the weighted average number of ordinary shares outstanding during the period.
Adjusted diluted EPS is calculated by dividing the Adjusted earnings (net profit) for the period attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the period, plus the weighted average number of shares that would be issued if all dilutive potential ordinary shares were converted into ordinary shares.
In periods where a net loss is recognised, the impact of potentially dilutive outstanding share-based awards is excluded from the calculation of diluted loss per share as their inclusion would have an antidilutive effect.
The following reflects the income and shares data used in calculating EPS:
Unaudited
H1 2026
H1 2025
Net profit attributable to equity holders (€000)
5,232
10,536
Basic weighted average number of shares
692,758,634
690,509,787
Effects of dilution from share options
11,546,145
3,819,814
Total number of shares used in computing dilutive earnings per share
704,304,779
694,329,601
Basic earnings per share (cents/share)
0.76
1.53
Diluted earnings per share (cents/share)
0.74
1.52
Options
Options granted to employees under share-based payments are considered to be potential ordinary shares. They have been included in the determination of diluted earnings per share assuming the performance criteria would have been met based on the Group's performance up to the reporting date, and to the extent to which they are dilutive. The options have not been included in the determination of basic earnings per share as their performance conditions have not been met.
10. FAIR VALUE MEASUREMENT
The following table provides the fair value measurement hierarchy of the Group's assets and liabilities.
Fair value measurement hierarchy for assets and liabilities as at 30 June 2026 (unaudited):
Date of valuation
Fair value measurement using
Total
€000
Note
Quoted prices in active markets (Level 1)
€000
Significant observable inputs
(Level 2)€000
Significant unobservable inputs
(Level 3)€000
Assets measured at fair value
Derivative financial assets
Foreign currency forwards
30 June 2026
-
4,714
-
4,714
Interest rate swaps
30 June 2026
-
160
-
160
Liabilities measured at fair value
Derivative financial liabilities
Foreign currency forwards
30 June 2026
-
607
-
607
Interest rate swaps
30 June 2026
-
907
-
907
There have been no transfers between Level 1, Level 2 and Level 3 during the six months ended 30 June 2026.
Fair value measurement hierarchy for assets and liabilities as at 31 December 2025:
Date of valuation
Fair value measurement using
Total
€000
Note
Quoted prices in active markets (Level 1)
€000
Significant observable inputs
(Level 2)€000
Significant unobservable inputs
(Level 3)€000
Assets measured at fair value
Derivative financial assets
Foreign currency forwards
31 December 2025
-
273
-
273
Liabilities measured at fair value
Derivative financial liabilities
Foreign currency forwards
31 December 2025
-
4
-
4
Put options
31 December 2025
-
-
16
16
Interest rate swaps
31 December 2025
-
1,249
-
1,249
There have been no transfers between Level 1, Level 2 and Level 3 during the year ended 31 December 2025.
Specific valuation techniques used to value financial instruments include:
· for interest rate swaps - the present value of the estimated future cash flows based on observable yield curves;
· for foreign currency forwards - the present value of future cash flows based on the forward exchange rates at the balance sheet date;
· for put options - option pricing models (Monte Carlo); and
· for other financial instruments - discounted cash flow analysis.
Management assessed that the fair values of cash and cash equivalents, trade and other receivables and trade and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments. Interest-bearing loans and borrowings are at floating rates, with margin corresponding to market margins, and the credit rating of the Company has not significantly changed since refinancing in June 2024.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
11. INVESTMENTS IN SUBSIDIARIES AND ASSOCIATES
There were no new acquisitions in 2026.
Acquisition of non-controlling interests
On 15 May 2026, the Group acquired additional 3.8% interest in FireTMS for a consideration of €1.8 million.
12. INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT
2026
2025
€000
Intangible assets
Property, plant and equipment
Intangible assets
Property, plant and equipment
Cost
Opening balance as at 1 January
785,802
105,979
741,894
97,156
Transfers
-
-
(656)
656
Additions
20,960
5,504
41,391
15,097
Disposals
(103)
(2,629)
(258)
(6,481)
Translation differences
(4,244)
80
3,431
(449)
Closing balance at 30 June (unaudited) / 31 December
802,415
108,934
785,802
105,979
Accumulated amortisation / depreciation
Opening balance as at 1 January
(275,003)
(45,287)
(224,387)
(41,031)
Amortisation / depreciation
(26,627)
(5,407)
(49,605)
(9,461)
Disposals
40
2,446
185
4,585
Translation differences
1,459
117
(1,196)
620
Closing balance at 30 June (unaudited) / 31 December
(300,131)
(48,131)
(275,003)
(45,287)
Net book value
As at 1 January
510,799
60,692
517,507
56,125
As at 30 June 2026 (unaudited) /
31 December 2025
502,284
60,803
510,799
60,692
Impairment testing
At 31 December 2025 the Group tested intangible assets with an indefinite useful life for impairment and no impairment was recognized. As at 30 June 2026, the Group did not identify any indicators of impairment.
The key assumptions used to determine the recoverable amount for the different CGUs are disclosed and further explained in the annual consolidated financial statements for the year ended on 31 December 2025.
13. TRADE, OTHER RECEIVABLES AND OTHER NON-CURRENT ASSETS
30 June 2026 (unaudited)
31 December 2025
€000
€000
Current
Trade receivables
409,298
289,900
Receivables from tax authorities
11,362
13,359
Advances granted
8,802
9,338
Unbilled revenue
7,927
8,378
Miscellaneous receivables
3,313
1,671
Tax refund receivables
50,147
37,900
Prepaid expenses and accrued income
7,607
7,353
Contract assets
5,818
4,951
Total Trade and other receivables
504,274
372,850
Non-current
Contract assets
6,354
5,460
Prepaid expenses and accrued income
1,090
1,419
Advances granted
206
336
Other receivables
2
3
Total Other non-current assets
7,652
7,218
14. TRADE, OTHER PAYABLES AND OTHER LIABILITIES
30 June 2026 (unaudited)
31 December 2025
€000
€000
Current
Trade payables
448,204
344,018
Employee related liabilities
20,493
26,168
Advances received
16,918
17,818
Miscellaneous payables
35,956
45,587
Payables to tax authorities
19,035
19,710
Contract liabilities
9,468
9,273
Refund liabilities
7,535
4,211
Put option redemption liability
-
5,391
Deferred acquisition consideration
3,554
-
Total Trade and other payables
561,163
472,176
Non-current
Contract liabilities
7,543
6,992
Employee related liabilities
588
261
Other liabilities
318
199
Total Other non-current liabilities
8,449
7,452
15. INTEREST-BEARING LOANS AND BORROWINGS
On 16 December 2025, the Group signed a utilisation request for the remaining Incremental Facility in the amount of €16.5 million. The loan was utilised on 2 January 2026.
In May 2026, the financing banks approved a new limit for bank guarantees utilised beyond the Club of banks. The limit has increased by €30 million.
The Group entered into an amendment agreement dated 29 June 2026 which increases the revolving facility limit by €30 million.
The Group complied with all financial covenants under the Club Finance facility as of 30 June 2026 and 31 December 2025, and forecasts compliance for the going concern period based on the revised terms as described above.
Financial covenant terms of the Club Finance facility were as follows:
Covenant
Calculation
Target
30 June 2026
Interest cover
the ratio of adjusted EBITDA to finance charges
Min 3.50
6.13
Net leverage
the ratio of total net debt (covenants) to adjusted EBITDA
Max 3.50
1.82
Adjusted net leverage
the ratio of the adjusted total net debt (covenants) to adjusted EBITDA
Max 6.50
3.50
For covenants calculation, APMs are defined differently by the Club Finance facility to those disclosed in Note 2:
· adjusted EBITDA represents full year adjusted EBITDA of companies acquired during the period, with restrictions to the level of adjusting items for the year as a percentage of Adjusted EBITDA;
· net debt (covenants) includes lease liabilities and derivative liabilities, and
· adjusted total net debt (covenants) includes face amount of guarantees, bonds, standby or documentary letter of credit or any other instrument issued by a bank or financial institution in respect of any liability of the Group.
16. FINANCIAL RISK MANAGEMENT
The Group is exposed to a variety of financial risks including foreign currency risk, fair value interest rate risk, credit risk and liquidity risk. The condensed interim financial statements do not include all financial risk management information and disclosures required in the annual financial statements; they should be read in conjunction with the Group's annual financial statements as at 31 December 2025 (Note 30, Financial risk management). There have been no changes in any risk management policies since the year end.
17. RELATED PARTY DISCLOSURES
Company
The Company controlling the Group is disclosed in Note 1.
Subsidiaries
As at 30 June 2026, there were the following changes in the Group's subsidiaries:
Name
Principal activities
Country of incorporation
Registered address
Effective economic interest
2026
2025
FireTMS.com GmbH
Mobility solutions
Germany
Stresemannstraße 123C, 10963 Berlin, Germany
92.40%
88.60%
FIRETMS.COM Sp. z o.o.
Mobility solutions
Poland
44-200 Rybnik, ul. 3 Maja 30, Poland
92.40%
88.60%
MYWEBEYE IBÉRIA, LDA (merged with W.A.G. payment solutions PT Unnipessoal, LDA)
Mobility solutions
Portugal
Rua das Industrias, n˚ 236, 1˚, Sala 104, Trofa, 4785 - 625, Portugal
-
100%
In May 2026, the Group executed the option and acquired additional share of 3.8% in FireTMS investment. Remaining share (7.6%) was acquired in July 2026.
Key management personnel compensation
Key management personnel compensation is disclosed in the table below.
Unaudited
H1 2026
H1 2025
€000
€000
Key management*
Key management*
Wages and salaries
3,558
3,934
Social security and health insurance
599
588
Option plans
5,396
2,509
Total employee expense
9,553
7,031
*Includes the members of the Board and Executive Committee of W.A.G payment solutions plc.
Ultimate controlling party
The Company is the ultimate parent entity of the Group and it is considered that there is no ultimate controlling party. Decision making is made collectively by the Board of Directors or by Board sub-committees on behalf of the Board. The Board is the first to approve many of the items brought to vote at the Annual General Meeting (e.g. Directors' appointments and resignations, authority to allot shares, annual accounts approval, appointment of auditors). Mr Vohánka does not control either the Board of Directors or its sub-committees.
Dividends
Dividends are disclosed in the Consolidated Statement of Changes in Shareholders' Equity and subsequent events (Note 18).
Transactions with other related parties
Unaudited
H1 2026
H1 2025
€000
€000
Sale of various goods and services to entities controlled by key management personnel
-
1
Purchases of various goods and services from entities controlled by key management personnel*
845
954
Purchases of various goods and services from associates
16
40
Sale of W.A.G Payment solutions plc shares to key management personnel
38
28
* The Group acquired the following goods and services from entities that are controlled by members of the Group's key management personnel: software development, consultancy.
30 June 2026 (unaudited)
31 December 2025
€000
€000
Trade payables to entities controlled by key management personnel
141
134
Trade payables to associates
-
45
18. SUBSEQUENT EVENTS
Acquisition of non-controlling interests
Based on the agreement from 15 May 2026, the Group acquired additional 7.6% interest in FireTMS upon payment of a consideration of €3.6 million on 8 July 2026.
Paid dividends
On 22 July 2026, the Group paid out to its shareholders special dividend in the amount of €12.1 million.
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