Eurowag H1 Net Revenue Rises 11% to €179.5M, Beating Estimates

W.A.G payment solutions plc (LSE:EWG) reported first-half 2026 net revenue of €179.5 million, marking a 10.7% year-over-year increase and exceeding analyst estimates by approximately 1% despite volatile fuel prices and broader macroeconomic headwinds.

"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," said Martin Vohánka, Founder and CEO, in the company's earnings release.

Segment Performance and Earnings Metrics

The company's growth was led by its Payment Solutions segment, where net revenue rose 13.3% to €110.9 million. This division benefited from Toll revenue growth of 26% and Energy revenue gains of 6%. Meanwhile, Mobility Solutions net revenue increased 6.7% to €68.6 million, supported by a 7% year-over-year rise in total active trucks, which reached 334,800.

Adjusted EBITDA for the period increased 10.5% to €70.6 million. The corresponding margin held steady at 39.3%, compared to 39.4% in the prior-year period. Adjusted cash EBITDA came in at €55.7 million, representing a 13.2% year-over-year increase with margin expanding to 31.0% from 30.4%, though it finished slightly below consensus expectations of €56 million according to market data.

What Drove the Fall in Statutory Profit?

Despite the operational revenue growth, statutory profit before tax fell 46.5% to €8.4 million. This decline was primarily driven by higher finance expenses, which included an €8 million predominantly unrealized foreign exchange loss resulting from the appreciation of the Hungarian forint.

Platform Adoption and Full-Year Guidance

Eurowag reported rapid adoption of its digital infrastructure. More than 65% of customers are now actively using the Eurowag Office platform, up significantly from 35% at the end of the first quarter.

Looking ahead, management confirmed its full-year 2026 guidance, targeting low double-digit net revenue growth and an adjusted EBITDA margin of approximately 40%. The company also narrowed its adjusted cash EBITDA guidance range to €110-115 million, reflecting ongoing visibility into its commercial pipeline and operational integration.