W.A.G payment solutions (EWG) H1 2025 earnings summary

Executive summary

• Achieved double-digit net revenue growth of 15.0% year-over-year to €162.2m in H1 2025, with adjusted cash EBITDA up 14.1% to €49.2m and margin at 30.4%.

• Number of active trucks grew 5% year-over-year to 313,000, with average products per truck rising to 2.8.

• Special dividend of €24.3m (GBP 3 per share) paid in July 2025, reflecting robust cash generation.

• Continued rollout and integration of the Eurowag Office digital platform, with digital onboarding and new energy solutions launched.

• Net leverage reduced to 2.0x, down from 2.6x year-over-year, supported by strong cash generation.

Financial highlights

• Net revenues increased 15% year-over-year to €162.2m, driven by payment solutions (up 22.7% to €97.9m) and mobility solutions (up 4.9% to €64.3m).

• Adjusted cash EBITDA rose 14.1% to €49.2m (margin 30.4%); adjusted EBITDA margin at 39.4%.

• Adjusted profit before tax up 28.4% to €27.8m; adjusted basic EPS up 16.3% to 2.92¢.

• Free cash increased to €60.1m from €50.0m in H1 2024.

• Subscription revenues now 24% of total net revenues, up from 10% at IPO.

Outlook and guidance

• FY 2025 guidance reiterated: low-teen net revenue growth, adjusted EBITDA margin around 40%, and net leverage to remain near 2.0x.

• Capitalised R&D to remain below €50m; adjusted cash EBITDA expected between €90–100m.

• 30% of customers expected to use the platform by early next year, with focus on digital onboarding and operational optimisation.

• Medium-term outlook targets low-teen CAGR for adjusted cash EBITDA and leverage to remain around 2.0x.