W.a.g. Payment Solutions Plc · LSE:EWG

W.a.g. Payment Solutions — FY2025 Earnings Presentation

37 slides from W.a.g. Payment Solutions's earnings presentation, Mar 25, 2026

Slide 2: Disclaimer
Disclaimer This presentation comprises certain written materials/slides prepared by W.A.G payment solutions plc (the Company) for the purposes of the Company’s investor relations presentation. This document, its contents and the presentation may not be copied, distributed, published, reproduced or p
Slide 4: Years of driving together
of driving together Eurowag Electronic solution established for toll Digital Platform is live with 1995 2006 35% customers actively using the platform as at Q1 2026 2000 Licence of EETS EVA Energy payments Live + Initial migration provider onboard unit via mobile app of customers Launched EW Payment
Slide 5: Eurowag Office progress
Eurowag Office progress Legend: Transport Majority of our core services Management System already in EW Office Platform: In EW Office today (TMS) Some of the additional or new features still in progress In EW Office by Q2 2026 • Energy In EW Office by year end • Tax Refund • Fleet Management Solutio
Slide 6: Track record of consistent growth
CONFIDENTIAL - INTERNAL Track record of consistent growth Attract FY25: +6.4% to 321.5k trucks Engage FY25: +3.8 pts to 43.8pts Active trucks (000’s) Net Promoter Score ( pts ) 8% CAGR 43.8 302.1 321.5 +3.1pts Financial highlights 256.8 274.7 40.7 40.0 2025 39.0 ✓ Net revenue +12.9% 2022 2023 2024 2
Slide 8: FY 2025 financial highlights
FY 2025 financial highlights Strong growth, cash flow generation, and reduced leverage Net revenue Adj. EBITDA 1 Adj. cash EBITDA 1,2 Adj. Profit Before Tax 1 +12.9% +8.5% +10.5% +11.0% €330.1m €132.1m €98.0m €51.4m Margin 40.0% Margin 29.7% Adj. basic EPS 1 Capitalised R&D Special dividend Net leve
Slide 9: Consistently delivering strong growth
Consistently delivering strong growth Toll as main revenue stream, growing 52% year-over-year Net revenue growth: +12.9% yoy Adj. cash EBITDA 2 (€m) • Payments: +20.1% • Mobility: +5.5% excl. Non-CRT1 Mobilty 330.1 24% CAGR 98.0 Subscription (Mobility) Mobility 292.5 50.3 21% CAGR 15% 88.7 Toll 256.
Slide 10: Solid Adjusted cash EBITDA & stable margins
Solid Adjusted cash EBITDA & stable margins, despite increased investments in people and platform 29.6 1% 29.7% Margin Margin 2024 2025 (€m) 37.6 0.9 (12.5) (8.1) 98.0 • Increased headcount to (6.4) 88.7 support the business • 5.4% salary inflation 86.5 1 2 +13.3% 2024 Revenue Credit Employee 3 Tech
Slide 11: Investing in a Data-Driven, Scalable Platform
Investing in a Data - Driven, Scalable Platform Continued development of the EW Office and its Capital expenditure (€m) products 56.5 Capitalised R&D 1 €41.4m 5.3 • €28.3m invested in EW Office platform Infrastructure 46.0 and its products 9.8 3.8 OBU • €13.1m invested in technology & data 7.2 OBUs
Slide 12: Robust cash generation; leverage now 1.9x
Robust cash generation; leverage now 1.9x (€m) Net leverage Net leverage 2.3x 1.9x Free cash: €177.9m (FY 2024: €147.3m ) 275.5 10.1 216.2 11.3 5.3 2.0 11.6 24.3 54.0 (132.1) 10.3 17.9 (52.2) (21.8) FY 2024 Adjusted Working Non-cash items Net Tax Capital Dividends FX Adjusted items Lease Acquisition
Slide 13: Balanced capital allocation with capital discipline
Balanced capital allocation with capital discipline 1 Organic growth Investing in a modern, scalable and AI enabled platform 2 Deleverage Solid Financial Structure • FY 2025: • FY 2025: 1.9x net leverage1 • Capitalised R&D €41.4m • Total capex €56.5m • Guidance2: net leverage below 2.0x • Guidance:
Slide 14: FY 2026 guidance
FY 2026 guidance Low-double digit net revenue growth Net revenue Outlook Adjusted EBITDA % Adjusted EBITDA margin ~40% 2026 is the year of migration. Adjusted cash We are laser-focused to have the In the range of €105m - €115m EBITDA 1 majority of our customers actively using the platform by the end
Slide 16: The Opportunity
The Opportunity Our customers pain - points: Fragmented commercial road transportation ecosystem • Fragmented & analogue Fleet and Energy & toll Finance & Original equipment Regulators Shippers & freight transport payments insurance manufacturers & authorities operators • Complex workflows managemen
Slide 17: Eurowag Office: scalable, proprietary data, AI enabled
Eurowag Office: scalable, powered by unique proprietary data, and AI enabled Scalable, Data - led, AI enabled a s the Operating System Architectural Strength • Modular transactional infrastructure offers flexibility and faster for SME clients in the CRT Industry innovation • Open API architecture en
Slide 18: Embracing AI as revenue driver and long-term value creator
Embracing AI as revenue driver and long - term value creator Examples of Use Cases and Customer facing applications For customers: strategic differentiator in product evolution to drive tangible customer value Cost Calculator Fraud Prevention Our Operational Un-matched speed and accuracy in costs ca
Slide 19: Improving NPS scores after first customer migrations
Improving NPS scores after first customer migrations Eurowag mobile apps 2024 Fuel Toll FMS Eurowag Eurowag Navigation Office 2025 Fuel Toll FMS High ratings 1 19 Notes: (1) Ratings as at 24 March 2026. Changes from Jan 2025 to Jan 2026 19
Slide 20: 2025 Advanced Features of EW Office
2025 Advanced Features of EW Office Energy Toll • 25 countries, added UK and Estonia • Overall coverage: 23 countries • Network: 17,000 acceptance points • EETS1: 13 countries, added Switzerland (2,200 alternative fuel stations) and Bulgaria • EVA2 onboard unit: 108,000 units (+50%) Organisation des
Slide 21: Multi-channel Sales Strategy to scale faster and cost effectively
Multi- channel Sales Strategy to scale faster and cost effectively Expanding our market reach Indirect Digital Direct Strengthening our traditional Building through OEM & Developing and investing in our sales channel strategic partnerships digital channel Supported through Established partnerships w
Slide 22: Operational excellence
Operational excellence Strengthening the Foundations for Scalable Growth During 2025: Strategy • Enhanced operational capabilities across the business • Service reliability remained strong • Resolution times accelerated Operating • Processes streamlined model • Harmonising Systems • Strengthening Go
Slide 23: Eurowag's updated sustainability strategy
Eurowag’s updated sustainability strategy Transforming transport Investing in our people Operating with sustainably & communities integrity Creating a cleaner and more resilient future Improving lives in our Conducting Eurowag's for Eurowag and industry and in the local operations with integrity com
Slide 24: Our growth journey
Our growth journey 2027 + Ecosystem at scale 2026 • 2027: complete EW Office Migration Year migration 2025 • Become the operating system of 2026 Guidance1: our customers Eurowag Office Live 2016 202 5 • Majority of customers migrated • Cross-sell and subscription • Rule of 50 onto the platform bundl
Slide 25: 18 years of uninterrupted growth
18 years of uninterrupted growth Eurowag’s 370 Net revenue 362 120 Brent Oil Price ($/bbl) 330 320 100 293 270 257 80 Brent Oil Price ($/bbl) 220 Net revenue €m 191 60 170 153 129 40 115 120 74 20 70 60 41 EU GDP Growth (%) 26 35 14 15 20 0 20 6 9 11 4 2007 2008 2009 2010 2011 2012 2013 2014 2015 20
Slide 28: Revenue model
Revenue model Payment solutions Mobility solutions Re-occurring transaction-based revenue streams Recurring subscription and other fee-based revenue streams Energy payments # of transactions Transport Fleet Work time (x) management management management average units per transaction (x) Subscription
Slide 29: Significant growth and revenue contribution from Toll
Significant growth and revenue contribution from Toll Total payment Total mobility Total Group (€m) solutions solutions Net revenue +20.1% +5.5% Core CRT growth +12.9% +3.3 % incl. Non - CRT 1 Net revenue 61% 39% contribution +52.3% +1.2% +3.1% +13.9% +3.8% +121.5% +12.1% +6.2% 26.1 0.2 1.1 0.9 0.5
Slide 30: Alternative measures
Alternative measures Adjusted Adjusting FY 2025 Adjusted Adjusting FY 2024 items Items (€m) (€m) (€m) (€m) (€m) (€m) Net revenue 330.1 — 330.1 292.5 — 292.5 EBITDA 132.1 (14.8) 117.3 121.7 (14.8) 106.9 EBITDA margin (%) 40.0% — 35.5% 41.6% — 36.5% Depreciation, amortisation and (47.2) (17.6) (64.8)
Slide 31: Adjusting items
Adjusting items Adjusting items Adjusted EBITDA reconciliation FY 2025 FY 2024 FY 2025 FY 2024 (€m) (€m) (€m) (€m) M&A related expenses 0.2 6.3 Profit before tax 19.0 11.7 Transformation expenses 5.3 — Intangible assets amortisation 49.6 50.0 ERP implementation and integration Tangible assets deprec
Slide 32: Good control on working capital despite revenue growth
Good control on working capital despite revenue growth Working capital movement1 (€m) Total revenue (€bn)3 500 10% 400 8% 4.0 300 3.7 6% 200 3.4 4% 3.2 100 1.7 2% 1.5 1.0 0 2.5 1.1 0% (100) aa 0.9 -2% (200) -4% (300) 2.4 2.2 2.3 (400) -6% 2.1 1.6 (500) -8% (600) -10% 2019 2020 2021 2022 2023 2024
Slide 33: Debt profile
Debt profile Updated debt amortisation profile (€m) Club finance agreement1 amended to extend maturity to 2029 and reduce term loan amortisation • Facility A: €150m amortising facility with quarterly repayments plus a €57.5m balloon • Facility B: €180m amortising facility with quarterly repayments p
Slide 34: Net revenue geographical split
Net revenue geographical split Southern Cluster Central Cluster Czech Republic 4% 14% Poland Other Central Cluster 23% Portugal 15% 19% Other Western Cluster Romania 28% w 28% 15% Other Southern Cluster 14% 13% Not specified 6% 13% 4% 4% 10% 5% Western Cluster Note: Percentage represents proportion
Slide 35: Trucking is an essential pillar of the economy
Trucking is an essential pillar of the economy Transport split as % share European CRT Trucks in gross tonne km 6% € 9m Heavy commercial vehicles – International 10% - 15% • >12 tonne 19% • ~130,000km p.a. mileage 75% >9m ~5% ~20m Heavy commercial vehicles – Domestic Commercial of European CRT2 rela
Slide 36: Strategic priorities focused on key value drivers
Strategic priorities focused on key value drivers Attract & Engage Customer acquisition cost Customer through digital and indirect channels lifetime value ARPU No. of active trucks through cross sell; platform enables acceleration >321,500 Today Retention ~2.8 No. of products per active truck Moneti
Slide 37: Building a technology platform; enabling us to scale
Building a technology platform; enabling us to scale Direct Indirect Digital • Office Web Portal • Office App • Navigation • Transport management • Financing and Payments • Fleet management • Tax • Work time management • Toll • Customer data base • Ordering services • Reporting • Pricing services •

W.A.G payment solutions — FY2025 Earnings Presentation on 6ix

W.a.g. Payment Solutions — FY2025 Earnings Presentation

Slide 1: Full year results 2025

Slide 2: Disclaimer

Slide 3: Introduction and highlights

Slide 4: Years of driving together

Slide 5: Eurowag Office progress

Slide 6: Track record of consistent growth

Slide 7: Financial results

Slide 8: FY 2025 financial highlights

Slide 9: Consistently delivering strong growth

Slide 10: Solid Adjusted cash EBITDA & stable margins

Slide 11: Investing in a Data-Driven, Scalable Platform

Slide 12: Robust cash generation; leverage now 1.9x

Slide 13: Balanced capital allocation with capital discipline

Slide 14: FY 2026 guidance

Slide 15: Strategic update

Slide 16: The Opportunity

Slide 17: Eurowag Office: scalable, proprietary data, AI enabled

Slide 18: Embracing AI as revenue driver and long-term value creator

Slide 19: Improving NPS scores after first customer migrations

Slide 20: 2025 Advanced Features of EW Office

Slide 21: Multi-channel Sales Strategy to scale faster and cost effectively

Slide 22: Operational excellence

Slide 23: Eurowag's updated sustainability strategy

Slide 24: Our growth journey

Slide 25: 18 years of uninterrupted growth

Slide 26: Q&A

Slide 27: Appendix

Slide 28: Revenue model

Slide 29: Significant growth and revenue contribution from Toll

Slide 30: Alternative measures

Slide 31: Adjusting items

Slide 32: Good control on working capital despite revenue growth

Slide 33: Debt profile

Slide 34: Net revenue geographical split

Slide 35: Trucking is an essential pillar of the economy

Slide 36: Strategic priorities focused on key value drivers

Slide 37: Building a technology platform; enabling us to scale