Full Year 2025 Financial Highlights

• Total net revenue increased +12.9% to €330.1 million (FY 2024: €292.5 million), primarily driven by solid growth in Payment solutions.
• Payment solutions net revenue increased +20.1% to €200.4 million (FY 2024: €166.9 million), supported by impressive growth from Toll revenues of +52.3%.
• Mobility solutions net revenue excluding non-CRT2 Fleet Management Solutions increased 5.5%, mainly driven by growth in our Transport Management Solutions, Financial Services and Core CRT Fleet Management Solutions. Total mobility solutions net revenue, including non-CRT FMS increased +3.3% to €129.7 million (FY 2024: €125.6 million).
• Adjusted EBITDA increased +8.5% to €132.1 million (FY 2024: €121.7 million), with Adjusted EBITDA margin of 40.0% (FY 2024: 41.6%).
• Adjusted cash EBITDA increased +10.5% of €98.0 million (FY 2024: €88.7 million), with Adjusted cash EBITDA margin of 29.7% (FY 2024: 30.3%).
• Statutory profit before tax increased 62.4% to €19.0 million (FY 2024: €11.7 million) as a result of growth in net revenues.
• Adjusted basic EPS increased to 4.83 cents per share (FY 2024: 4.65). Basic EPS decreased to 0.30 cents per share (FY 2024: 0.39) mainly driven by the impact of windfall tax expense.
• Capital expenditure of €56.5 million (FY 2024: €46.0 million), of which €41.4 million (FY 2024: €35.0 million) was capitalised R&D4 primarily relating to our integrated platform. 
• Robust free cash-flow generation continued to strengthen the balance sheet through a reduction of net debt to €216.2 million (FY 2024: €275.5 million), with net leverage at 1.9x (FY 2024: 2.3x). During 2025 the Group paid a special dividend of €24.3m.

Strategic Highlights

• Eurowag Office Platform launched in 2025. The platform now integrates the majority of Eurowag’s core services, including Fuel, Tax Refund, Fleet Management Solutions (“FMS”), Work Time Management (“WTM”), Navigation and Financial Services. Most Toll solutions are already available within Eurowag Office, including European Electronic Toll Service (“EETS”)—which represents approximately 70% of total transacted toll volumes—while the remaining toll services are expected to be integrated during the second quarter of 2026. The final set of services related to Transport Management are scheduled to be integrated by the end of 2026.
• Customer migration began in 2025. As of today, 35% of our customers are actively using the platform  and we expect the majority of customers to be migrated to Eurowag Office by the end of 2026.
• Net promoter score (“NPS”) improved by +3.8pts to 43.8pts, supported by ongoing product development and our commitment to delivering increasing value to customers.
• Total active trucks increased by +6.4% to 321,500, reflecting continued expansion of our customer base.
• Average number of products per truck increased from 2.7 to 2.8, reflecting our cross-sell opportunities through Eurowag Office and our ability to provide integrated solutions that enhance and streamline customer operations.
• Subscription revenues increased by 1.1% to €79.4 million, which represented 24.1% of total net revenues (FY 2024: 26.8%).

Outlook and FY 2026 guidance

As we enter 2026, this will be a pivotal migration year for Eurowag. The successful transition of customers to Eurowag Office is our primary strategic priority, as we focus on ensuring a smooth, high-quality migration experience while further strengthening the foundations of our integrated digital ecosystem. Our guidance for 2026 is as follows:

• Low double-digit net revenue growth
• Adjusted EBITDA margin ~40%
• Capitalised R&D below the cap level of €50m
• Adjusted cash EBITDA in the range of €105m to €115m
• Net leverage ratio expected to remain below 2.0x, within our target range of 1.5x-2.5x

Given our strong cash generation, the Board is recommending a second special dividend of 1.5p per share, of around €12 million, subject to approval at the Annual General Meeting (“AGM”) in May 2026.

Martin Vohánka, Founder and CEO, commented:

"As we celebrate 30 years of supporting the commercial road transport industry, 2025 stands out as a defining year for Eurowag. After years of disciplined investment and execution, we brought to life our most ambitious project yet: Eurowag Office, our end-to-end digital platform is now live. This is a major strategic milestone for the Group that strengthens our position as the commercial road transport industry’s digital operational partner. We have already 35% of our customers actively using the platform and plan to migrate the majority of our customers by year-end 2026. Encouragingly, this large-scale transition has been met with strong customer endorsement, with our Net Promoter Score increasing to 43.8 in 2025 compared to 40 in FY 2024. This is clear evidence of the value and simplicity we are delivering to customers.

During 2025 we also delivered strong financial results. We have reported double-digit net revenue growth together with increased profitability and cash flow generation, enabling us to reduce leverage whilst investing in the business and delivering enhanced returns to our shareholders.

Continuing to ensure a smooth customer migration experience is a strategic priority for this year. Our resilient business model enables us to maintain sustained growth and profitability during a migration year, supported by increasing recurring revenues. We remain confident in our ability to deliver in line with market expectations for 2026, as we transition from build to scale."

Results, reports and presentations

ENQUIRIES

About Eurowag

Eurowag was founded in 1995 and is a leading technology company and an important partner to Europe's CRT industry, with a purpose to make it clean, fair and efficient. Eurowag enables trucking companies to successfully transition to a low carbon, digital future by harnessing all mission critical data, insights and payment and financing transactions into a single ecosystem and connects their operations seamless before a journey, on the road and post-delivery.

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