H1 2025 financial highlights

• Total net revenue¹ +15.0% to €162.2m (H1 2024: €141.0m).
  • Payment solutions net revenue¹ +22.7% to €97.9m, supported by strong growth from toll revenues +50.3% and energy revenues +11.4% driven by higher volumes.
  • Mobility solutions net revenue +4.9% to €64.3m, as a result of growth across our tax refund and transport management solutions. Excluding non-truck revenue in FMS and navigation relating to  LGVs, buses, passenger cars etc, mobility revenue grew 7.8%.
• Adjusted EBITDA¹ +7.7% to €63.9m (H1 2024: €59.4m), +11.7% excluding income relating to the previously noted commercial settlement in H1 24. Adjusted cash EBITDA² +14.1% to €49.2m, (H1 2024: €43.2m) with a margin of 30.4% (H1 2024: 30.6%).
• Adjusted profit before tax² increased to €27.8m (H1 2024: €21.6m) which resulted in a 16.3% increase in adjusted basic EPS to 2.92 cents per share (H1 2024: 2.51 cents). Statutory profit before tax increased to €15.7m (H1 2024: €4.2m).
• Strong cash generation reduced net debt³ to €244.6m (FY 2024: €275.5m) with net leverage³ at 2.0x down from 2.6x in H1 2024 (FY 2024: 2.3x)

Good progress made on phased rollout of Eurowag Office with migration of products and customers

• Capital expenditure of €24.7m (H1 2024: €20.5m), of which €17.9m⁴ (H1 2024: 17.0m) was capitalised R&D investment in the development and integration of our products and technology, including Eurowag Office.
• Progress on track with digital onboarding for energy customers commenced with an initial pilot, and e-wallet and AI tools now available to customers within Eurowag office, such as a load cost calculator and document processing tools.

Outlook and FY 2025 guidance reiterated before any adjustments relating to new long term incentive plan

In-line with guidance communicated at the start of 2025, we expect:

• Low-teen net revenue growth
• Adjusted EBITDA margins to be in-line with FY 2024 before any non-cash adjustments relating to the new long-term incentive plan (“LTIP”) approved by shareholders at the EGM. Including these non-cash adjustments, margins will be around 40%
• Capitalised R&D will remain below the cap level of €50m⁴
• Adjusted cash EBITDA to be in the middle of the guidance range of €90m to €100m communicated at FY 2024
• Net leverage³ ratio to remain around 2.0x at the end of the year, including the payment of the special dividend of €24.3m made in July, remaining well within our target range of 1.5x-2.5x

The implementation of the new LTIP reiterates our focus on growth in Adjusted cash EBITDA as the key performance metric. We are targeting a low-teen CAGR for adjusted cash EBITDA over the medium term.  

Martin Vohánka, Founder and CEO, commented:

"Eurowag has delivered an impressive performance for the first half with double-digit net revenue growth and strong cash generation, despite the sustained macroeconomic challenges. This continued market outperformance is a testament to our robust business model and the critical role we play in helping our customers on the road. We have made good progress in the phased roll out of our new integrated platform, Eurowag Office, progressively migrating solutions and customers, as we continue Eurowag's transformation into a data-centric and AI driven company. Looking forward, whilst we expect macro headwinds to persist in the second half, we remain confident in delivering our full year guidance.” 

You can read the full announcement in our Results, reports and presentation page 

^Notes:

<sup>1. The Group used "Net revenue", defined as revenue less costs of goods sold in the 2024 Annual Report and in other information supplied to markets, a subtotal similar to gross profit.
2. Refer to the Performance review section and see Note 2 Alternative Performance Measures (“APMs”) of the  condensed interim financial statements. The Group used "Net revenue", defined as revenue less costs of goods sold in the Annual Report and in other information supplied to markets, a subtotal similar to gross profit. 
3. Net leverage covenant calculation, as per our bank definition, uses net debt which includes lease liabilities and derivative liabilities divided by Adjusted EBITDA for the last twelve months.
4. Capitalised R&D excludes investments in hardware of onboard units and infrastructure.</sup>

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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