Full year financial and operational highlights

• Total net revenue +14.0% to €292.5m (FY 2023: €256.5m).
• Payment solutions net revenue +13.6% to €166.9m, supported by strong growth from toll revenues +50.2% and 10.8% growth in active payment solutions trucks. 
• Mobility solutions net revenue +14.6% to €125.6m, as a result of growth across our fleet management and work time management solutions and the annualisation of Inelo. 
• Adjusted EBITDA +12.0% to €121.7m (FY 2023: €108.7m), with an adjusted EBITDA margin of 41.6% (FY 2023: 42.4%). 
• Adjusted cash EBITDA of €88.7m, +23.2% (FY 2023: €72.0m).
• Adjusted profit before tax decreased to €46.3m (FY 2023: €56.7m) due to higher finance costs and amortisation from intangibles. Statutory profit before tax increased to €11.7m (FY 2023: loss of €39.3m) with last year impacted by a non-cash goodwill impairment.
• Strong cash generation reduced net debt to €275.5m (FY 2023: €316.8m) with net leverage at 2.3x (FY 2023: 2.9x), back within our target range of 1.5x-2.5x.
• As a result of outperformance in cash generation, a special dividend of 3.0p per share, representing around €25.0m, to be proposed and subject to approval at the AGM in May 2025.   

Commenced phased rollout of industry-first integrated platform, Eurowag Office 

• Capital expenditure of €46.0m (FY 2023: €50.9m), of which €35.0m (FY23: 38.0m) was capitalised R&D investment in the development and integration of our products and technology, including Eurowag Office, which got launched to the market in Q4 2024.
• Phased migration already started, with existing fleet management and navigation solutions and a cohort of customers onto the platform with live-user testing. 

Martin Vohánka, Founder and CEO, commented:

Eurowag has had another strong year with double-digit net revenue growth, strong profitability and outperformance in cash generation. This has all been possible against a challenging macroeconomic backdrop, which makes me even more proud of what the teams have achieved.  
Looking forward, I remain confident in the future growth prospects for the business and delivering our FY 2025 guidance. The continued rollout of our new integrated platform will not only bring many benefits for our valued customers, but it will also accelerate our ability to cross-sell products and unlock further business efficiencies. This in turn drives our ability to deliver positive returns to our shareholders.

Outlook and FY 2025 guidance 

Eurowag has a proven track record of delivering double-digit organic growth, despite the economic pressures seen across the CRT industry over the last few years. Looking ahead, we are starting to see some signs of economic recovery in the first quarter with the load spot market and kilometres driven improving in some of our larger markets such as Poland; however the macro outlook across Europe remains uncertain. Notwithstanding this we remain confident in our business model, our ability to cross-sell and the delivery of the integrated platform, all of which underpin the Group’s confidence in delivering its FY 2025 guidance and continued strong cash generation.

In-line with prior guidance, we expect low-teen net revenue growth and to maintain EBITDA margin. Going forward capitalised R&D will be capped at €50m, excluding investment in infrastructure and onboard units (“OBUs”). As a result, we expect Adjusted Cash EBITDA to be between €90m and €100m. The net leverage ratio will fall to around 2.0x, after the payment of the proposed special dividend of €25.0m, remaining within our target range of 1.5x-2.5x. 
 
The Board will continue to evaluate the cash generation of the business and ensure priority is given to investing in the business in-line with its stated capital allocation priorities, before returning any further cash to shareholders.

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

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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