W.A.G payment solutions (EWG) Q4 2025 TU earnings summary

Executive summary

• Achieved strong financial performance in FY 2025, with organic net revenue growth of approximately 13% year-over-year, reaching about €330m.

• Adjusted cash EBITDA is anticipated to exceed the ~€95m guidance set earlier in the year.

• Continued robust cash generation, with net debt to Adjusted EBITDA expected below 2.0x at year end.

Financial highlights

• Net revenue for FY 2025 expected at €330m, up from €292.5m in 2024, representing ~13% growth.

• Adjusted EBITDA margin expected to align with previous guidance.

• Adjusted cash EBITDA projected above the ~€95m guidance.

• Strong cash generation supports leverage below 2.0x.

Outlook and guidance

• 2026 guidance targets low double-digit net revenue growth, with sustained Adjusted EBITDA and Adjusted cash EBITDA margins.

• Capital expenditure target remains unchanged; R&D investment to stay below €50m in FY 2026.

• Majority of customers expected to migrate to the integrated platform by end of FY 2026.