W.A.G Payment Solutions Plc, operating as Eurowag, reported H1 2026 net revenue of €179.5 million, up 10.7% year-over-year, and raised its full-year adjusted cash EBITDA guidance to €110–115 million from a previous range of €105–115 million.
Adjusted EBITDA rose 10.5% to €70.6 million with a margin of 39.3%. Adjusted cash EBITDA grew 13.2% to €55.7 million at a 31.0% margin. However, adjusted profit before tax declined 14.7% to €23.7 million, weighed by €8.3 million in unrealized foreign-exchange losses driven by the Hungarian forint's depreciation against the euro. Net income fell to €5.2 million from €10.6 million in H1 2025. Free cash flow dropped to €17 million from €60 million a year earlier.
Net leverage improved to 1.8 times versus 1.9 times at year-end 2025, within the company's 1.5x–2.5x target range. A special dividend of €12.1 million, or 1.5 pence per share, was paid in July 2026.
The company said over 65% of its customers are now actively using the integrated Eurowag Office platform, up from 35% at the end of March 2026. Monthly active users grew 236% during H1, and weekly active users surged 222%. Platform-engaged hours rose 92%, while usage of legacy systems fell 36%.
Active trucks reached 334,800, growing at an 8% compound annual rate, with average products per truck rising to 2.7 from 2.5 in 2023. New truck registrations increased 10% year-over-year across Eurowag's markets. The group's Net Promoter Score declined to 29.6 points from 43.8 points in FY 2025.
Recurring revenues from toll payments and subscriptions totaled €85 million, representing 47% of total net revenue. Subscription revenue alone reached €40.8 million, or 23% of net revenues, growing at a 48% CAGR since 2022. Energy payments rose 6.3% to €67.0 million, while toll payments surged 25.7% to €43.9 million. Mobility solutions grew 11% to €27.8 million.
Geographically, Poland accounted for 28% of net revenue, followed by the Southern Cluster at 21%, the Czech Republic at 14%, and Romania at 13%. Total capital expenditure was €26.5 million, or 14.8% of net revenue, down from 15.2% in H1 2025. Capitalized R&D came to €21.0 million, with €14.7 million directed toward Eurowag Office and product development and €6.3 million toward technology and data infrastructure.
Management maintained its full-year outlook for low double-digit net revenue growth, an adjusted EBITDA margin of approximately 40%, net leverage below 2.0x and capitalized R&D below €50 million. Eurowag will hold its capital markets day on December 1, 2026, in London.
