Eurowag (WAG Payment Solutions) reported first-half 2026 net revenue of EUR 179.5 million, up 10.7% year over year. Adjusted EBITDA was EUR 70.6 million, up 10.5%, with a margin of 39.3%, roughly stable. Adjusted cash EBITDA rose 13.2% to EUR 55.7 million, lifting the margin to 31.0%, up 60 basis points. Adjusted profit before tax fell 14.7% to EUR 23.7 million, and adjusted basic earnings per share were EUR 0.0253. Net income declined to EUR 5.2 million from EUR 10.5 million in the first half of 2025. Management said growth continued while the company executed an important phase of integration and migration, despite fuel price volatility.
Free cash flow was EUR 17 million, affected by a EUR 54.4 million working-capital outflow. Total capital expenditure was EUR 26.5 million, or 14.8% of net revenue. That included EUR 21 million of capitalized research and development, comprising EUR 14.7 million for product and service development and EUR 6.3 million for technology and data capabilities, EUR 4.3 million for onboard units, and EUR 1.2 million for infrastructure and IT hardware. Net leverage decreased to 1.8 times from 1.9 times at the end of December 2025.
Recurring revenue reached 47% of group net revenue and grew 14% year over year. Toll revenue accounted for 24% of net revenue and rose 26%, while subscription revenue was EUR 41 million, or 23% of net revenue. Segment growth included a 15% increase in fleet management solutions, 12% growth in navigation and tax refund, 11% growth in mobility excluding non-core non-CRT revenues, and 6% growth in energy services. The fuel network spans more than 17,800 stations, including 2,700 alternative-fuel stations.
Active trucks increased 7% to more than 335,000, and average products per truck rose to 2.7. More than 65% of customers were actively using Eurowag Office, up from 35% at the end of the first quarter. Management attributed the net promoter score decline to 29.6 points to a methodology change that unified multi-branded legacy feedback under the Eurowag brand and to pressure from volatile fuel prices. The credit loss ratio improved to 0.3% of total revenues and toll volumes from 0.4% in the first half of 2025, while total credit losses increased by EUR 0.3 million, or 4%. Employee expenses rose by EUR 5.1 million, or 10%, excluding non-share-based payments, due to salary inflation and new hires.
Eurowag recorded a EUR 8.3 million predominantly non-cash foreign-exchange loss, largely driven by appreciation of the Hungarian forint, compared with a EUR 3.5 million gain in the first half of 2025. The company returned EUR 12 million to shareholders in July through a special dividend.
Guidance for full-year adjusted cash EBITDA was raised to EUR 110 million to EUR 150 million from EUR 105 million to EUR 150 million. Eurowag reiterated expectations for low double-digit net revenue growth, an adjusted EBITDA margin of around 40%, capitalized research and development below EUR 50 million, and net leverage below 2 times, with a target range of 1.5 to 2.5 times. Management said higher growth rates and improved margins are the key attributes investors can expect.
The company said a transport management solution integration is planned for 2027 and new subscription tiers are expected to launch in the coming weeks across three bands, from basic to premium, with premium described as an all-you-can-eat package. A capital markets day is scheduled for December 1 in London to discuss capital allocation policies, platform-focused metrics and medium-term growth.
