Strategic Highlights

• Eurowag Office platform continues to advance towards full product integration, with the majority of our services now available through the platform. Toll services were integrated during the first half, complementing the capabilities already available across Fuel, Tax Refund, Fleet Management Solutions (“FMS”), Work Time Management (“WTM”), Navigation and Financial Services. Transport Management Solutions are expected to be integrated during 2027.

• Active customers using Eurowag Office increased significantly, with more than 65% of customers actively using the platform as at the date of this report, up from 35% at the end of Q1 2026. 

• Total active trucks increased by +7.0% YoY to 334,800, expanding our customer base while demonstrating resilience through the ongoing integration and migration platform phase and a volatile fuel prices environment. 

• Average number of products per truck increased to 2.7 demonstrating continued progress in deepening customer relationships and increasing the number of services used in our platform.

• NPS decreased to 29.6pts reflecting a change to a unified Eurowag brand methodology, with an approximately 9-point impact, and elevated fuel prices affecting broader customer sentiment. We expect this to be temporary as familiarity increases. Importantly, customer behaviour remains positive, with increasing usage of Eurowag Office and adoption of capabilities specific to the platform.

• Subscription-based revenues increased 3.3% YoY to €40.8 million, representing 22.7% of total net revenue. Recurring revenues of €84.7million represented 47.2% of total net revenue, comprising subscription-based revenues and highly recurring toll revenues.

Half Year 2026 Financial Highlights

• Total net revenue increased +10.7% to €179.5 million, reflecting broad- based growth across our platform services. Growth was supported by Toll (+26%), Energy (+6%), Core CRT Fleet Management Solutions (+15%), Navigation (+12%) and Tax Refund (+12%).

• Adjusted EBITDA increased +10.5% to €70.6 million, with Adjusted EBITDA margin of 39.3%. Growth was driven by higher net revenue, partly offset by increased operating expenses, primarily reflecting continued investment in talent and performance-related remuneration to support the Group’s future growth.

• Adjusted cash EBITDA increased +13.2% to €55.7 million, with Adjusted cash EBITDA margin growing to 31.0%. Growth was supported by higher net revenue and the impact of share-based payments, partly offset by higher capitalised R&D expenditure.

• Statutory profit before tax declined 46.5% to €8.4 million, primarily reflecting higher finance expenses, including an €8 million predominantly un-realised (non-cash) foreign exchange loss, largely resulting from the appreciation of the Hungarian forint. Interest expense decreased to €8.8 million, reflecting a reduction in the Group’s average cost of borrowing. Basic EPS as a result decreased to 0.76 cents per share.

• Adjusted profit before tax declined 14.7% to €23.7m, resulting in an Adjusted basic EPS of 2.53 cents per share. 

• Capital expenditure was €26.5 million, including €21.0 million of capitalised R&D4, reflecting continued investment in Eurowag Office and the technology and data capabilities underpinning our integrated platform and future growth. 

• Net leverage decreased to 1.8x supported by Adjusted EBITDA growth. Net debt increased to €253.3 million primarily reflecting a €54.4 million working capital outflow, as anticipated following the increase in fuel prices and associated working capital requirements. The outflow primarily reflects the timing of collections around the period end rather than a structural change in working capital. On a 12-month basis, working capital remained broadly neutral.

• Post half-year end a special dividend of 1.5p per share (€12.1 million) was paid to shareholders on 22 July 2026.

Outlook and FY 2026 guidance

With the majority of services now available on Eurowag Office and customer adoption advancing well, we remain on track with our strategic priorities for 2026. From 2027, our focus will increasingly shift towards scaling and monetising Eurowag Office, enabling us to deepen customer relationships, accelerate cross-sell and product adoption, leverage our proprietary data to develop differentiated solutions and scale more efficiently, supporting sustainable, profitable growth and our ambition to simplify and transform the way our customers operate. 

Based on first-half results we are updating our adjusted cash EBITDA guidance for FY 2026. All other guidance remains unchanged:

• Low double-digit net revenue growth
• Adjusted EBITDA margin ~40% 
• Updated Adjusted cash EBITDA range from €105m-€115m to €110m-€115m 
• Capitalised R&D below the cap level of €50m
• Net leverage ratio expected to remain below 2.0x, within our target range of 1.5x-2.5x

Martin Vohánka, Founder and CEO, commented:

We delivered a strong and resilient first-half year performance, with double-digit net revenue growth, robust margins and lower leverage, while making significant progress through the integration and migration phase to Eurowag Office. We are pleased to have reached a key milestone, with more than 65% of our customers now actively using the platform, customer engagement continuing to grow and the majority of our services available on the platform. Delivering these results through a volatile geopolitical and macroeconomic environment demonstrates the resilience of our business and keeps us on track to deliver our full-year guidance.

The progress we are making in 2026 positions us well for the next phase of our strategy. As integration and migration advance, we will increasingly be able to leverage the power of a single digital platform and proprietary data to deepen product penetration, increase customer engagement and drive greater operating leverage. From 2027, our focus will shift towards scaling and monetising Eurowag Office, unlocking the benefits of our integrated model to deliver greater value for our customers and drive sustainable, profitable growth.

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

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About Eurowag

Eurowag is a leading technology company serving Europe’s commercial road transport (“CRT”) industry, with a purpose to make it clean, fair and efficient. Eurowag Office is the first integrated digital platform for the European CRT industry, bringing together mission-critical services across Fuel, Toll, Financial Services, Navigation, Fleet and Work Time Management. By connecting its technology, infrastructure, industry expertise and proprietary data through a single platform, Eurowag helps transport companies simplify complex operations, make better decisions and run more efficient and profitable businesses. Eurowag is listed on the London Stock Exchange (LSE: EWG) and is a constituent of the FTSE 250.

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