September 13, 2021
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EITF on the London Stock Exchange

Eurowag, a leading pan-European integrated payments & mobility platform focused on the commercial road transportation industry, today announces its expected intention to undertake an IPO and the intended publication of a registration document. Alongside this, Eurowag is also pleased to announce the appointment of Paul Manduca as Chair and Independent Non-Executive Director.

Eurowag, a leading pan-European integrated payments & mobility platform focused on the commercial road transportation industry, today announces its potential intention to undertake an initial public offering (the “IPO” or the “Offer”) and the intended publication of a registration document (the “Registration Document”). Should Eurowag proceed with the IPO, the Company will apply for admission of its Ordinary Shares to the premium listing segment of the Official List of the FCA and to trading on the main market of the London Stock Exchange (together, “Admission”).

 EUROWAG: OVERVIEW AND KEY HIGHLIGHTS

  • Founded in 1995 by its Chief Executive Officer, Martin Vohánka, Eurowag is a pan-European integrated payments & mobility platform focused on the rapidly growing commercial road transportation (“CRT”) industry.
  • Eurowag primarily focuses on:
    • Payment solutions, which includes energy payments through a card network of approximately 15,500 acceptance points across approximately 30 countries in Europe, and toll payments across 23 countries in Europe; and
    • Mobility solutions, which includes tax refund services, fleet management services (including vehicle information and telematics), smart routing and other adjacent services.
  • Eurowag has a proprietary technology platform that simplifies the complex CRT payments ecosystem, offering a one-stop-shop for the payments and mobility needs of CRT customers across Europe.
  • Over the last 25 years the Group has built a growing and loyal SME customer base with very low customer concentration. Eurowag is continually expanding its product offering through data capabilities which identify customer needs, cross-sell and upsell opportunities.
  • Long-term customer relationships with an average net revenue retention rate of over 110% are driven by very high customer satisfaction and the Group’s proven ability to continuously cross-sell and up-sell to customers across their lifecycle, increasing Eurowag’s share of the customer’s wallet.
  • The Company drives new customer growth with a multi-channel sales strategy, including (i) direct sales through dedicated in-country and telesales teams; (ii) indirect sales through third party relationships; and (iii) digital sales to leads generated by the Group’s applications.
  • Eurowag has a very attractive financial profile, with consistent growth in net revenues and EBITDA across the cycle
    • For the year ended 31 December 2020 net revenues were of €128.6 million, reflecting a three-year CAGR of approximately 32%. On a purely organic basis, the Group delivered a net revenue CAGR of approximately 15% in the same period, further increased to 22% for the six months ended 30 June 2021 compared to the same period for 2020; and
    • Eurowag increased its Adjusted EBITDA margin by 11 percentage points over this period, from 35% in 2018 to 46% in FY20.
  • Eurowag’s strategy is based on its social and environmental responsibilities, aiming to create sustainable financial and technological solutions for the benefit of the CRT industry, society and the environment.

 Martin Vohánka, CEO and Founder of Eurowag, said:

“Eurowag has built a large payments acceptance network in Europe integrated with complementary mobility services and is at the forefront of the transformation of the commercial road transportation industry. We are poised for a period of rapid growth and remain committed to improving the profitability of fleets and the well-being of drivers, as well as reducing the industry’s carbon footprint.

For over 25 years, Eurowag has used technology to make life easier for commercial road transport operators and drivers, who are the backbone of Europe’s economies. As a business founded in the Czech Republic in 1995, we have grown with our customers to become one of Europe’s leading integrated payments and mobility platform, serving over 100,000 trucks across approximately 30 countries.

I am pleased to announce our intention to list on the London Stock Exchange, the world’s most international market. This is an important and exciting next step in our journey. The prospective IPO will enable us to accelerate our growth and deliver on our vision for every independent CRT company to have access to all the benefits of digitisation at scale, before, during and after every journey.”

Paul Manduca, recently appointed Independent Non-Executive Director and Chair of Eurowag, said:

“Eurowag is a strong business with a successful track record of growth and profitability. Eurowag has established itself as a leading pan-European integrated payments and mobility platform focusing on commercial road transport operators, through an extensive payments acceptance network. The company offers comprehensive and innovative solutions whilst helping to drive the energy transition to alternative fuels.

With an experienced management team and a loyal and growing customer base, Eurowag is well positioned to continue its growth trajectory – expanding within its existing markets, growing into new geographies in Europe, and accelerating the digitalisation of the commercial road transportation industry.

I am looking forward to working with Martin and the Board as Eurowag continues to drive the change and deliver sustainable growth in the future.”

For a full EITF announcement please see here