W.A.G payment solutions (EWG) H1 2026 earnings summary

Executive summary

• Achieved strong double-digit net revenue growth of 10.7% year-over-year to €179.5m in H1 2026, with robust margins and lower leverage, despite volatile macroeconomic and fuel price conditions.

• Over 65% of customers migrated to the integrated Eurowag Office platform, up from 35% at Q1, with most services now available and increasing engagement.

• Recurring revenues, including toll and subscriptions, reached €85m, representing 47% of net revenue.

• Strategic focus on integrating services, enhancing product capabilities, and preparing for scaling and monetization in 2027.

• Guidance for 2026 reaffirmed, expecting continued growth and margin stability.

Financial highlights

• Net revenue rose 10.7% year-over-year to €179.5m; total revenue up 18.5% to €1,377.1m, driven by broad-based growth.

• Adjusted EBITDA increased 10.5% to €70.6m (margin 39.3%); adjusted cash EBITDA up 13.2% to €55.7m (margin 31.0%).

• Adjusted profit before tax declined 14.7% to €23.7m; adjusted basic EPS down 13.4% to 2.53 cents.

• Net income fell to €5.2m from €10.5m in H1 2025, impacted by €8.3m non-cash FX losses, mainly from HUF exposure.

• Capitalised R&D up 17.3% to €21.0m; capital expenditure was €26.5m.

Outlook and guidance

• FY 2026 guidance: low double-digit net revenue growth, adjusted EBITDA margin around 40%.

• Adjusted cash EBITDA expected between €110m–€150m; capitalised R&D to remain below €50m.

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

• Focus for H2 2026 remains on customer migration and platform enhancement, with 2027 shifting to scaling and monetization.