Good day, ladies and gentlemen, and welcome to the Eurowag 2022 half year results announcement W.A.G payment solutions plc. At this time, all participants are in listen only mode. Later, we will conduct a question and answer session through the phone lines, and instructions will follow at that time. Participants can also submit questions through the webcast page by using the ask a question button. I would like to remind all participants that this call is being recorded. I will now hand over to Martin Vohánka, Founder and CEO of Eurowag, and Magdalena Bartoś, CFO, to present the results. Martin, please go ahead. Hello, my name is Martin Vohánka, and I am Founder and CEO of Eurowag. Thank you for joining us today. I'm delighted to be presenting our first interim results. I want to start today by highlighting the importance of the customers we serve for the European economy and highlight sheer scale of the opportunity lying in front of us. The CRT sector represents 5% of continent's GDP, employs 20 million people, and is central to almost every sector of the economy. Our serviceable market is huge, and entire industry is in urgent need of transformation. This is our aim: to build on our unique position by transforming the industry through digitization and connectivity. How we wanna do that? Key components of our value proposition could be structured into two categories: payment solutions and mobility solutions. All those services are having business critical nature for our customers. Each of them creates additional loyalty, improve unit economics, and above all, generates unique operational data. Breadth and width of collected data and insights which could be generated from those is a game changer with disruptive potential for entire industry. In essence, deployed data, artificial intelligence, and improved connectivity and transparency allows for operational efficiency through an array of payment, financing, and mobility solutions, and seamless exchange of the value among industry players on the basis of connectivity in between trucking companies, their trucks, drivers and back office, and on the other side, energy providers, shippers, financial service providers or authorities. Our vision is to make million trucks in Europe to operate in cleaner, safer and more efficient manner. Eurowag is at great spot while being on the market which is waiting for digitization. It's growing and our customer base is highly fragmented, therefore predominantly SME nature. On this slide, I would like, however, to focus your attention on the building blocks of our resilience and the right to win in a new era. At first, it's already mentioned business-critical nature of services we provide to our customers. This supports loyalty and results in high net revenue retention rate. Number and nature of our services generates wealth of data, which allows to produce actionable insights and changing the way industry is working today. Finally, scale is not only confirmation of our success, but fuel to our flywheel going forward. All this is complemented by strong financial profile. Magda, our CFO, will be talking in a minute. I'm very pleased to be able to report strong financial results for the first half of the year. We are clearly operating in challenging environment, but we are doing so with the confidence as Eurowag platform proves its qualities when clients needs it the most. During the reporting period, we delivered strong top-line growth of 19.4% with EUR 35 million adjusted EBITDA. We maintain a very high average net revenue retention rate, and our fleet grew by 7.3% on year-on-year basis. We continue to demonstrate our resilience, and we remain confident that we will meet our long-term objectives. This includes progressing on our ESG engine, which is at the center of our offer as we help clients to realize efficiencies and accelerate decarbonization journey. We continue to make good progress across our two business segments. When it comes to our payment solutions, I would like to mention a couple of notable updates. We extended our LNG network and reached 50% coverage of European market. You see that we mean our role in decarbonization seriously. We have successfully launched mobile payments and will be deploying it gradually across entire payment network. The third example is our full certification in EETS for EETS in Germany. Eurowag is therefore one of five European electronic toll providers eligible to operate in Germany, which is the largest market with 50% share of collected tolls. In our mobility solutions, we have started our e-truck pilot with DHL. The product is derivative of our fleet management solution adjusted for needs of battery electric trucks. This is nice example of two methods. At first, that also battery electric trucks needs the same array of services as diesel trucks. Secondly, that Eurowag is at forefront of transport industry decarbonization efforts and therefore is developing needed solutions in partnerships with the most decarbonization committed partners. Another example I would like to highlight is our continuous success in building super large portfolio of truck drivers via our RoadLords application, which is having today more than 3 million downloads and 600,000 active install base. Finally, I would like to stress that those single components represents building blocks to an integrated platform and experience for our customers. With that, I would like to hand over to Magda, who will take you to our financial performance in detail. Thank you very much. Thank you, Martin. Good morning to everyone on the call, and thank you for joining us today. I am pleased to present our interim results for the first half of 2022, when we traded strongly, delivered resilient growth and performance while responding to a number of headwinds. Before we dive into first half results, though, let's have a look at a few key figures which demonstrate Eurowag's attractive financial profile. First, our scale and network. During the first half of 2022, our CRT-focused and established payments network attracted more than 16,500 active payment solutions customers, which operated over 87,000 trucks. Over the last two years, we have grown active payment solutions customer base by more than 12% and Group net energy and services sales by over 15%. Our suite of highly complementary services has ensured our customers remained active and loyal, driving net revenue retention of over 110% on average. We are also well-diversified, with low customer concentration. Our scale and financial discipline drives profitability. We remain highly profitable business, delivering adjusted EBITA margin of just over 40% in the first half of this year. The high quality nature of these earnings is demonstrated by operating cash conversion, coming in at 81% for the first half of 2022. Moving on to the Group's financial highlights for the period. As Martin already mentioned, the Group delivered a strong set of results overall, with total net revenues up by more than 19% year-on-year. Our organic growth came in at 18%, reflecting the growing scale of Payment solutions segment, complemented by effective cross-sell. Looking at the segmental breakdown, both segments delivered strong growth. A 17% year-on-year sales increase in payment solutions was primarily driven by new customer and truck acquisitions and further underpinned by solid net revenue retention. The over 25% year-on-year increase in our mobility solutions sales reflects, as mentioned, effective cross-selling as well as sales to automotive partners supported by WebEye consolidation. Adjusted EBITA was EUR 35 million, up almost 6% year-on-year, in line with management expectations. Our adjusted EBITA margin was 40.2%, which is five points lower than it was in the same period of last year, mainly due to incremental PLC related costs, WebEye consolidation, as well as inflation and normalization of our cost base post-COVID. As a result of last year's IPO equity raise and supported by our highly cash generative business model, our overall financial position remains strong with EUR 28.7 million of net cash as of the end of June 2022. Our robust balance sheet will allow the business to take advantage of the future strategic opportunities. In line with our strategy, during the first half, we continued to invest in our digital transformation and inorganic growth. We expanded our customer and product capabilities in the first half. As Martin mentioned earlier, some of the key highlights include mobile payments rollout, EETS Germany go live, and enhancements of the customer digital journey. As a result, the transformational investment program added up to EUR 13.3 million. Let's now take a closer look at EBITA evolution. As just mentioned, our adjusted EBITA came to EUR 35 million in the first half of 2022, with adjusted EBITA margin of 40.2%. To better understand the EBITA evolution, let's look at the numbers through the lens of organic and inorganic growth, as well as incremental PLC related expenses. Looking at the left-hand side of the EBITA bridge, you can see that on a standalone basis, organic growth would have delivered EBITA of EUR 37.2 million, up by EUR 4.1 million, with an EBITA margin of 43.3%. A strong organic performance in both payment solutions and mobility solutions was partially offset by a number of incremental items, including expenses related to performance share plans and higher cost base driven by inflation and normalization of operational costs post-COVID. Those mainly represent travel and representation. These results highlight the underlying strength of our business. Moving to the right, in May 2022, we completed the first part of WebEye acquisition, and our half-year results include consolidation of WebEye's non-Hungarian business. While the second part of the acquisition was completed only on 1st July 2022, the full effect of WebEye consolidation will only be visible in the second half-year results. As guided in our mid-term financial guidance, in 2022, incremental PLC-related costs impact our margins. We incurred EUR 2 million of additional employee professional services and insurance expenses. As a result, our half-year adjusted EBITA came in at EUR 35 million. Now, let's focus on corporate expenses. Total adjusted employee expenses for the six months were EUR 28.6 million, up 17.2% year-on-year, which is in line with net energy and services sales growth. Our focus on priority hires and talent retention, specifically in the product and technology area, were the main factors behind higher employee expenses. We have also updated our remuneration schemes to make them more appropriate for a listed company. Performance share plans and incremental PLC expenses added almost EUR 1 million to employee cost base. The increase in impairment losses on financial assets was due to higher notional credit exposure reflecting higher energy costs. As a result of this, our losses ratio increased from 0.1% to 0.2%. However, our expertise in managing credit risk and cash collections resulted in strong and stable, compared to previous periods, aging performance of our receivables portfolio, with approximately 80% of balances being current. Technology expenses were up 37% year-on-year as the group continued to invest in our technology transformation and cloud transition. These expenses include also costs related to new generation ERP system. As we already touched on, PLC related costs, the return of travel and representation post-COVID, as well as inflation, all of these contributed to an increase in the other operating expenses line. Adjusted depreciation and amortization charges grow year on year on the back of our commitment to continuously deploying transformational technology into production. Moving on to capital expenditure. In the first half of 2022, the group's capital expenditure totaled EUR 19.9 million, mainly due to investment in our technology platform and asset base. As you can see, we split CapEx into ordinary and transformational, as in previous presentations. Our combined ordinary and infrastructure CapEx amounted to EUR 6.6 million or 8% of net revenue, net energy and services sales, in line with our midterm guidance. In line with our strategy, we continued to focus on expanding the customer and product capabilities of the business to drive future growth and capitalize on the digitalization trends we're seeing across CRT industry. Our transformational CapEx in the first half was EUR 13.3 million and included investments in mobile payments, the digital customer journey, EETS Germany, and new telematics and ProNavi features, as well as new generation ERP system. Looking forward, our guidance for transformational spending is unchanged. It is firmly on track to complete in 2023, by which point in time we are committed to deliver a modern, complete, and modular tech stack and product offering. Finally, let's review our cash flow. As at the end of June 2022, our cash stood at EUR 182 million versus EUR 224 million as at the beginning of the year, out of which EUR 200 million were the IPO proceeds. The decrease in the level of cash was due to investments in growth, with EUR 22 million cash outflow related to CapEx and EUR 26 million considerations paid for acquisitions of WebEye and LMS. Borrowing repayments was more than covered by underlying cash generation. The increase in working capital was mainly due to the seasonal increase of tax refund receivables and an increase in inventories driven by higher value of fuel stock impacted by elevated energy prices and higher stock of onboard units as the groups decided to end our relationship with a Russian-owned manufacturer and move production to an alternative supplier. As mentioned earlier, operating cash flow conversion was 81%, and we ended the half year with a robust financial position and reported net cash of EUR 28.7 million. Now to a slide that you will have seen before, but it remains very important for us to reiterate our capital allocation policy. Our first priority is investment in the business to drive organic growth with a clear focus on technology. Second, it's disciplined and accretive M&A aligned with our strategy. Third, maintenance of a robust balance sheet to provide strategic flexibility. Then fourth and finally, we have no intention of paying a dividend in the near term, choosing instead to prioritize the many growth opportunities we see in the market. Now, let me turn to current trading and outlook. In the first half of 2022, the group has delivered growth in line with management expectations. Our business has continued to demonstrate resilience and adaptability despite significant headwinds like the war in Ukraine and its knock-on effects on the fuel supplies and macroeconomic environment. Inflation and higher fuel prices have moderately impacted the group's operations and operating expenses. While we have navigated with confidence through the challenges of the current fiscal year, we recognize that there is significant uncertainty in relation to the future of European economy and potential impacts from the sanctions on the imports of Russian oil. Nevertheless, and assuming no significant worsening of the current environment, we remain confident in our future outlook and reiterate our medium-term guidance. When it comes to the nearest future, for the third quarter of 2022, we estimate organic net energy and services sales of at least EUR 44.5 million, with strong last twelve months growth in excess of 19% year-on-year. WebEye's contribution to the top line in Q3 is expected to be at least EUR 3.5 million. To conclude, looking ahead, while there continues to be a high level of uncertainty, our expectations for the business remain unchanged, and we anticipate delivering results over the medium term in line with our midterm guidance. I will now hand over to Martin to talk you through our strategic update. Thank you, Magdalena. Let me provide you now with a brief strategic overview starting with our supportive market trends. As we learn, our market is large and ripe for transformation. This underpins substantial opportunity ahead of us. Although Eurowag serves commercial haulers of all sizes, market reality is about 96% of companies having less than 50 employees. This results in very diversified customer base, but as well in so far untapped opportunity to provide those SMEs more than tools, leveraging digitization and connectivity, and thus opening to our customers new avenues for sustainable profitability. Secondly, day-to-day job of dispatchers, fleet managers, and accountants and drivers is difficult while working with fragmented toolbox and facing ever-changing conditions on the road, in the market, and complex regulation. Therefore, haulers are looking for integrated solutions via single applications resulting in operational efficiency and financial stability. Thirdly, we grow as well as our underlying market. We see ahead of us a market opportunity of EUR 25 -40 billion if you include digital freight aggregation. It's obvious that we are just getting started. Last but not least, underpinning all this is the push to net zero. The pressure for haulers to reduce emissions will be dramatically increasing, and it will be coming from all stakeholders. Eurowag is in pole position to facilitate this transition by providing actionable insights that improves efficiency and reduce energy intensity of transported goods. Our payment and smart routing solutions, including advisory services, connect trucks on the road to the right alternative energy supplier. We have identified five distinctive drivers that enable us to capitalize on opportunities and deliver sustained long-term growth. We have made good progress in all those pillars. In terms of growth from existing customers, we continue to meet their evolving needs. During reporting period, we delivered multiple products and service enhancements, strengthening our competitive moats, such as earlier-mentioned rapid extension of LNG network or deployment of e-mobility solutions. We continue expanding our geographical footprint and new dedicated sales team is already in place and focusing on DACH region. We also continue to acquire new customers through digital sales channel. Thus, in the first half of 2022, we launched end-to-end fully automated digital customer acquisition, credit scoring, and onboarding in the Czech Republic, Slovakia, Poland, Spain, and France. Digital platform development is really additive to our growth ambition, which aims to elevate our CVP to fully integrate into an end-to-end solution and multi-sided industry platform. During reporting period, the digital platform was further developed by expanding pilots for digital freight and receivables financing. The last pillar, accretive M&A. We see a lot of opportunities for bolt-on acquisitions and consolidations. We are screening for the targets that will create cross-sell and upsell opportunities or will help to further develop our product and technology competencies. Which leads us to our strategic acquisition of WebEye. Let me take you now to the next slide for further details. WebEye acquisition was in line with the strategy we set out at the time of IPO. I'm very pleased that we have managed to get an agreement, and on 1st July, we completed the acquisition. WebEye is leading fleet management solution provider in Southern Eastern Europe with 5,000 customers and total portfolio of more than 58,000 connected trucks. It generates revenues of EUR 16.4 million and normalized adjusted EBITDA of EUR 5.6 million in 2021. The transaction expands our customer base and provides WebEye customers access to unrivaled range of integrated end-to-end payment and mobility solutions from Eurowag, leading to incremental revenue opportunities. Wealth of real-time data from connected trucks together with datasets from other Eurowag products used by customer generate unique feed into innovative end-to-end solutions addressing key challenges of our customers we talked earlier, such as reducing overall energy intensity of the transport or improving road safety. This nice example takes us to our powerful flywheel effect, allowing for transition from a single payment transaction interactions where Eurowag came from into 24/7 lifetime relationship with customers. Important to highlight how our payment and mobility solutions complement each other. Payments are often entry point for customers who then buy more of our services. With WebEye, we already see an opposite direction, when customers are starting to use fleet management solutions and then moving to fuel and tolls. This indeed builds powerful momentum and drives retention and growth. The most important, however, is that every transaction, every move of vehicle, every dispatcher's click, every refunded invoice allows to collect unique data, allowing total overview of customers' operation and therefore further improve services and create completely new experience and value. That represents ever-growing point of differentiation against single or limited product providers. I've already touched on our sustainability approach, which is an integral part of our business model. We aim to drive transformation of CRT industry in order to create a successful, resilient and sustainable future for our customers, communities and company. With the decarbonization imperative growing in urgency, we are also intensifying our efforts to make lives more fair, secure and sustainable for the people working at the heart of CRT industry. We covered already some of the highlights. However, I would like to add two more. We have launched collaboration with other industry players to drive a more efficient, better connected and low carbon CRT sector. Last but absolutely not least, we have actively supported employees and communities affected by the war in Ukraine. Before we take your questions, let me summarize what we have said this morning. The key takeaways are we continued delivering strong financial performance complemented by robust balance sheet. We are delivering upon all five strategic pillars for strong, sustainable growth. We are a very attractive although so far overlooked and underserved market. We are navigating through challenges with confidence and with trust to our future-proof strategy. Thank you. Audience can submit questions in written format via the webcast page by clicking the Ask a Question button. If you are dialed into the call and would like to ask a question, please signal by pressing star one on your telephone keypad. We will pause for a moment to assemble the queue. We'll take our first question from Rory McKenzie from UBS. Please go ahead. Good morning. It's Rory from UBS here. Three, please. Firstly, the number of trucks grew by 7%, but the customer numbers grew by 13%. Is that just customer mix, or have you seen any customers maybe having to reduce their truck numbers with you, as they maybe struggle to find drivers? Secondly, thanks for all the detail on the step up in costs. In terms of that run rate of PLC and PSP costs, are we expecting any further increase in that run rate in H2? And then just lastly, in terms of these ambitions for kind of, you know, cross-sell and yeah, expansion revenues within the WebEye customer base. Can you talk a little bit about the kinda milestone, the things you're targeting over the first year of ownership, and which of your product suite you expect to roll out soonest? Thank you. Good morning once more. Thank you, Rory, for the questions. I will take the first and the third, and the second I will ask Magda. When it comes to the number of customers versus number of trucks, your observation is right. It comes to the structure of customers that we focus lately more on the segment of smaller ones. It's also logical consequence of the digital channel because the most prone to procure the services digitally is the smallest segment. We believe, however, that also mid segment, you know, will be learning and exploring beauty of convenience and simply beauty of consuming digital services. You are absolutely right that this is the direction which we took and this is the resulting effect. When it comes to WebEye and cross-sell, we are very pleased to acquire WebEye because fleet management solutions provided to customers create strong loyalty. Because fleet management solution is kind of at the heart of their day-to-day routine. You can think about it like an application which they use the most throughout the day. This is of course phenomenal opportunity for communication cross-sell and on a basis of loyalty. What we plan to do, there are multiple targets. I believe that we do not disclose on single targets because there is a number of them. Which includes at first cross-selling, as was mentioned in the video, of products of Eurowag to WebEye customer base and vice versa. Because WebEye is specifically very strong in Hungary and Romania. We see a huge potential of selling WebEye products to Hungarian Eurowag and Romanian customers. I can however provide you with one example. This could be tolls. WebEye is not only attractive because of its profile, connected trucks, number of customers, but it was one of the leading fleet management solutions across Europe in their territory, which was having already active toll solution. It means that their customers were consuming fleet management solutions, but as well as Hungarian toll because of the way how Hungarian toll system was launched. We knew that Hungarian customers are used to consume together this fleet management solution also tolls. However, this tolls offering was limited to Hungarian toll only. It's natural first step for our sales team to offer to this existing customer base in WebEye a European solution for toll payments which Eurowag is having. We are very much looking forward to it. The second question, Magda, over to you. Thank you. Thank you, Martin. Good morning, Rory. Good to have you on the call today. With regards to the PLC costs, we provided three categories of those costs in our EBITDA bridge. Professional services, employment, and employee expenses and insurance. Employee expenses and insurance are typically a recurring cost. Once the insurance policy is signed and valid, once the additional team members with the PLC are on board with us, those costs would typically run through the year. The last basket, professional services, here we might need to be a bit more granular in terms of what to expect as a run rate. We've got an array of services that we procure for the PLC, and that's the office, corporate secretarial or communication support. Those would typically carry on throughout the year. However, there is also a phasing effect, and that specifically relates to costs that we incurred in the second half of last year, like audit, while this year we accrue them throughout the year. The run rate needs to be normalized for the professional services. Thanks, Rory McKenzie. That's very helpful. Mm-hmm. Thank you. Our next question comes from Patrick Basiewicz from finnCap. Please proceed. Good day, and congratulations on the really good results. Okay, I have a few questions. Maybe I'll just circle back later for the others, but it's free for me at the moment. The first thing I'm gonna focus on is a little bit on the negative. In my model, the truck count that you have on the payment services kind of came a little bit lower than expected. However, on the positive side, your revenue per truck, whether you look at Mobility solutions or Payment solutions, came much more than expected. My question kind of follows on from a previous colleague with regards to maybe your. Was there a focus change in your sales teams with respect to what part of revenue you are focusing on at the moment? This is the first question. The second question is with regards to your working capital development, which is very, very good this half, given the horrendous macroeconomic conditions. My question is, well, kind of what's your secret? How did you manage that? But more importantly, are you seeing the macroeconomic forces that have been driving increase in your working capital somewhat subsiding in the second half? The third question is with regards to your factoring operations. Not factoring for your clients, but factoring of your own receivables. Has that changed in any way in the first half? Are you planning to change it in the near term? Thank you. Thank you, Patrick. Thank you for the questions. The first one I will take, and I will ask Magda for the second and the third. When it comes to the first, the again, we are going back to this number of customers versus number of trucks. As said, it's a result of digital channel and which is growing and which naturally let's say attracts in the first instance the smaller customers. You observe correctly that our revenues per trucks were therefore increasing. It's quite natural because smaller customers are happy, happier and more prone to contract more services from one supplier because they do not have a strong back office, and they are the first one who appreciate integrated solution, one-stop shop, end-to-end. This is also what we do expect is that, and this is rationale behind that we see that loyalty of those customers and the average revenues in this segment could be achieved, which is simply higher than from medium size or super large customers, which are more picky. However, I would mention two things. At first, as said earlier, more than 90% of the market is less than 50 trucks. The market reality is that on average in Europe, fleet size is seven trucks. It's not the market which we are serving or the segments which we are focusing is absolutely not negligible. On the contrary, it's the vast bulk of the market. Secondly, what we believe is a consequence of our vision is that this smallest segment of single truck drivers, let's say three to five, will be in long-term growing because of the solutions we provided. Key problem or key challenge when scaling the fleet is really how to operate, how to connect with the third world, you know, how to organize everything. This is exactly at the heart of our strategy, to simplify, to bring all these tools and reduce them, and abstract only the most important interaction with the customer, and therefore to simplify. Whenever we provide these tools to those customers which were not available so far, we allow them to operate more successfully. We allow them to achieve their goals, including decarbonization. If you think, you know, maybe what will be helpful is analogy with Uber. You know that before Uber and these services, you know, there were plenty of medium-sized taxi companies operating where you need to call. What was the consequence? There is just an Uber application and a single truck driver, who is sitting every morning in his vehicle, activates the Uber application and drives, and Uber takes care of everything else. You know, that's why this is where we are heading. You know, that there will ultimately be a truck driver and a Eurowag application which will be activated, and it will take care of everything from getting the load, planning, financing, reporting, simply everything. This naturally, as in the case of Uber, will be leading to empowerment, to democratization. This is the word which we are using in our vision of truckers, of trucking companies, and ultimately to their success. I will take the net working capital question. Good morning, Patrick Basiewicz. Good to have you on the call with us today. Our working capital, our management principles have not changed. When it comes to managing our outstanding balances on the revenue and receivable side, it is a focus on collection and the quality of credit management processes. We have delivered very comparable performance to the previous years with 80% of the balances being current. When it comes to the liability side of the balance sheet, we have, as mentioned, a long-standing and trust-based relationship with our suppliers, with that allowing us also to manage the payment terms. We obviously use monetization tools and support our balance sheet with operational cash financing tools, like the factoring we mentioned in the previous presentations. There hasn't been any material change neither to the structure or the way we use the monetization financing tools. Okay. Maybe the sort of forward-looking question. You know, sort of by month-over-month models, actually, you know, I look at sort of model your equity capital via movement in the average, let's say, diesel price, like in some granularity by country is fine. You know, and that I've seen kind of has exploded in the first half. I've seen maybe a bit of normalization happening so far this year. Is that really something that you're seeing? Yeah. Magda. Patrick, I'm sorry. I don't think I got that question. Can you summarize again? Just very plainly speaking, you know, in the past I've managed to model to some extent part of your net working capital movement via movement in diesel prices around Europe. You know, if you look at the data, in the first six months, there was definitely a deterioration. I mean, there was a huge increase in diesel prices throughout Europe. Now, in the second half, I'm starting to see some sort of normalization of those prices. My question is, are you seeing the same pressure that you seen maybe from diesel prices in the first half kind of becoming less severe in the second half? Our first priority when managing our operating cash flow, Patrick, is to match receivables with the payables. We typically would have a slightly negative working capital position, but we finance the receivables with the liabilities. Therefore, when it comes to the diesel crisis impact, of course, timing-wise one is never able to perfectly match the outstanding amount on the asset and liability side. As a general kind of trend, we are not really exposed to an impact of the diesel crisis on our balance sheet financing needs, as we tend to cooperate with our suppliers to balance the receivables. Perfect. Thank you very much. Moving on to our following question from Alastair Nolan from Morgan Stanley. Please go ahead. Great. Thanks for taking my questions. Morning, everyone. Maybe just to drill in on the adjusted EBITDA margins and specifically for the second half, can you maybe give us an overview of kind of what are the key puts and takes? Are you actually at this point expecting margins to be kind of broadly flat for the year as a whole? Or, you know, where would you be pointing us towards in terms of a kind of an ambition for the full year and obviously then what's implied by the second half? The second question is just a little bit more detail around the macro environment. I know there's a couple of headwinds that have been flagged in the release. Are these kind of getting worse, or have they stabilized since the invasion of Ukraine? Just trying to get a read on kinda how the current trading environment is shaking out. Thank you. Thank you, Alastair. I'll ask Magda for the first question, and I will cover the second. Thank you. I'll try to. Good morning, Alastair. Thanks for joining us. I'll try to put our messages in order today so that we've got a bit more color on the EBITA expectations and evolutions. We reiterated our midterm guidance today. While we do not provide specific annual guidance, we do guide in our midterm guidance that our margins are expected at mid-40s, trending to high 40s, supported by the operating leverage. In the short term, specifically this year, we are seeing that the PLC incremental costs might limit our margin expansion. When we analyzed the EBITA bridge, we've got those three key elements impacting our EBITA and profitability. First is organic performance, and on an organic comparable basis, the margin EBITA delivered is 43.3%. There are headwinds that we've been navigating in the first half of the year, but operating leverage, as in the past, supports our organic profitability. WebEye consolidation, which is not obvious in the first half of the year, as we started to consolidate WebEye for the part of the business only in May, and the full consolidation will commence in the second half of the year. We will see WebEye results fully consolidated into the group results only in the second half of the year and for the full year in 2023. The PLC related costs, we had a question earlier from Rory how to see or how to think about the run rates. I think we might evaluate the impact on the full year here. We also commented that the incremental profits from WebEye consolidation will support us to cover for, to compensate for the incremental PLC costs in 2022. Martin, over to you for the macro headwinds. Yeah. The macro headwinds, and you mentioned at least there also the Ukraine war. I would answer in three parts. The first thing is, indeed, the Ukraine war is a terrible thing, and we were totally shocked. The first action of ours was focused on helping people, helping communities, helping our team members which are coming from Ukraine. Simply make sure that we can do maximum in order to protect them, the most precious thing which we have, their lives and their families. When it comes to headwinds, as we reported already earlier, our exposure to Ukraine and Russia was very, very small. It was below 0.1% of net revenue. There was no direct impact. In a second instance, we may speak about indirect impact, like, macroeconomic climate and expected slowdown. Secondly, inflation. This is concerning in terms of the economic performance in general of European economy. If you think what Eurowag is doing, we are providing mission critical services to mission critical industry, to the economy. You can think about trucking like a stock index. Because the trucks are serving to every to all parts of the economy. In this sense, there is inherent resilience. But indeed, there is some correlation between GDP and number of kilometers which trucks are doing on European roads. We've seen this phenomenon in 2008 in financial crisis and also in COVID. That this relation, this correlation. At first, you know, it results in very moderate changes in number of kilometers. Let's say that 1% of the kilometer of GDP growth or decline represents 1.6 km decline. You see that, you know, if you think about changes in the European economic performance, in even worse times, we spoke about single percentages. If you translate it in number of kilometers made by trucks on European road, also the impact was relatively moderate. You know, what is needed to say that if you look on our numbers, on our historic numbers, 2008 and also in COVID, you know, we grew in these years. You know, these negatives, you know, are coming with this great demand for Eurowag solutions. Therefore, we were able always to compensate, to overcompensate. If there was some kind of hiccup, either for a quarter or even for the year, we were able to compensate by accelerated acquisition, greater loyalty of customers, and because they were seeking for the better solution which helped them to succeed. The last, if I step aside from macroeconomic impacts, which I just commented, there were questions and you might have in mind, you know, fuel shortages because of the sanctions, because of price regulation, et cetera. We were navigating, as we were commenting earlier, as well as Magda, with success through these difficult periods. Because Eurowag is on a market more than 25 years. This is not for the first time that we were experiencing these shocks. Our teams are super experienced how to balance and how to maneuver even in these difficult times. Very last thing which I would say on the resilience of our business. Again, what needs to be acknowledged that despite that trucking companies might be from the bordering region like Baltics, Poland or eastern Poland, Slovakia, Romania or Bulgaria, it needs to be acknowledged that those trucking companies are doing in this entire Europe. Because, more than 70% of international haulage companies are sitting in Southern and Eastern Europe, big part of them in Iberian Peninsula. We are really sitting on a hotspot which is servicing entire European economy. We shall not like make a direct link in between seat of the transporter and where they are doing the job or for which companies they are doing. It's really evenly split across the economy, which again, you know, supports the resilience of our business. Thank you very much. Thank you. We have received a follow-up question from Patrick Basiewicz from finnCap. Please proceed. Hi. As I said, I promised I'd circle back in, so here I am. I've got two questions which are more philosophical in nature and one very simple one. The first philosophical question is, as you know, you charge your customers on a unit basis versus the margin basis that your competitors do. I mean, with increasing prices of diesel or petrol or whatever, I would imagine that this kind of pricing has somewhat of a competitive advantage vis-à-vis margin-based pricing. Are you seeing any sort of shifts or any if maybe any clients telling you this or any shift in client behavior or maybe even shift in competitors? Maybe they are reducing the margin that they charge on petrol. One. Second question is with regards to your average revenue per truck when you're looking at just the payment segment. Because obviously there is a limit of how many kilometers a truck can drive in a single year. You know, and obviously many of your customers have more than one fuel card. My calculation shows that you have about half of the wallet of a given truck at the moment. So my question is, if you look sort of look in the long term, how far can you take the share of wallet? And by implication, how far can the average revenue per truck in the payment sector actually go? You know, if we talk about five, six, seven, eight, 10 years. The third question is just a simple one. In the past, you gave us a sort of average product take-up per truck. It was, I think, 2.83 last time I checked. You didn't give us this number this time around, but I would imagine it would have been quite a bit better given the revenue per truck dynamics that I've just described. Thanks. Good morning. Thank you very much for questions. I will ask Magda for the third one, and I will try to cover the first one. You are absolutely right that the pricing mechanism and sophisticated pricing engine which reflects multiple data points and very nicely balanced macro conditions with, let's say, micro conditions around the specific situation with the customer is giving us definitely competitive edge. Whether it's somehow accelerated in the, or whether the impact of it is greater than the fuel prices are increasing, I would say in general, yes, but it's very much linked to my previous answer. You know, that they are seeking not only cost saving on a unit price, but they are seeking efficiencies. Because what needs to be acknowledged, you know, that on commodities, our customers can by right selection of the partners save, you know, decimals or a few percent of the cost. By bringing efficiency improvements in terms of reducing labor intensity, utilization of the trucks, better routing, you know, there are much greater profit pools, you know. In general, you know, in difficult times, and of course they are stressed when the fuel prices are increasing because their job is to transfer this price increase to their customers. Typically, they have some clauses, they can do it, but still it's a moment of stress. They are seeking in general for solutions like ours. But I would not specifically attribute to fuel mechanism some kind of extraordinary effect, you know, in those times. Excellent. The second question comes to Payment solutions and, let's say, share of wallet. We need to acknowledge two things. Your thinking is going definitely right direction. We have only certain share of wallet when it comes to fuel spending, because part of it is happening also in their home bases. Yeah? This is big part of it. You know, it depends. It might be 1/3, it might be 80%, it might be zero. But it's a substantial part. The second chunk which we might miss is the fuel which they consume with the competitors. All what we do is to create so big loyalty and to bring so big value that customer has a willingness to cooperate with Eurowag only because of the data, because of the control, because of the predictability and all these things which we are talking. To eliminate, let's say, from the offer, all the other competitors and what will stay is definitely the home-based solutions. Also this in very in longer term will be changing because, for instance, we do expect that LNG, hydrogen, which are like two hot candidates for to propel the trucking industry going forward. Here we do not expect proliferation of the home bases because simply technology is too expensive and would not make sense for the customer also from the operational perspective. Our aspiration is definitely, and we see room in expanding share of wallet when it comes to fuel. When it comes to tolls, the situation is slightly different because typically customer is having one partner. Might have more, but typically is having one partner because toll is about data controls, et cetera. Again, benefit to have it integrated in some unified solution into one application is having great advantages. Here what we can say that European governments will be definitely seeking, and I do not speak about short term, but in long term, we can may only expect increase of the toll rates, as the income from fossil fuels taxes like excise duty will be declining and as the cost to run and operate road infrastructure will be increasing, so only toll rates will be increasing. This is of course positive tailwind which Eurowag will be always benefiting. Again, also here, we do expect, you know, to increase our revenues per truck when it comes to tolls. Patrick. Magda, take the question. Thank you, Martin. Patrick, on the cross-sell, and on the KPIs Eurowag is reporting. Our disclosure focuses on two key messages: payment solutions, active customers, active trucks, and transactions. Also there is a complementary guidance we give in the medium-term guidance saying that we expect the payment solutions and mobility solutions over the medium term to grow at a similar pace. Having said that, while we reported the 2.83 average number of services per customer in 2021, one should analyze our first half results, not in isolation, but as a general picture. We've got payment solutions growth of 17.2%, organic business growth of 18%, and mobility solutions, excluding WebEye growth of almost 20%. The trend that we guided in our midterm guidance is well represented having in mind that Mobility solutions results were delivered through effective cross-sell, but also sales to our automotive partners. Hope that helps. Yes, thank you very much. Perfect. There are no further questions on the conference line. We will now address the written questions submitted via the webcast page. Thank you very much. We will have space to take one more question from Alex at Jefferies. To all the other questions, we will revert after the conference call over email. The first question from Alex is: Mobility solutions delivered a nice pickup in growth in the first half with some contribution from WebEye. Can you give us some sense of how much of this growth is driven by cross-sell and upsell, and how much is driven by acceleration from easier comparables of last year? And how should we think about the momentum in the second half? I think actually I've just answered that question. Once again, the mobility is over the medium term. Our guidance says that we expect mobility solutions and payment solutions sales to grow at a similar pace. Our half year result validation, whereby contributing an incremental EUR 1 million of net revenues to mobility solutions line. Therefore, our midterm guidance, assuming no significant changes in the environment as we caveated our reiteration of the midterm guidance, stands. Thank you. We have one more question relating specifically to WebEye. Looking at the revenue slowing down in the first half compared to the first half of previous year. Can you talk more on how Eurowag can bring the business up to speed with the group's growth level? Yeah. I will ask Magda to comment on the H1 results. When it comes to how to accelerate, I already commented earlier. It's the case which Eurowag knows how to do. We have proven track record of acquiring businesses and integrating them and successfully cross-selling. Actually, cross-sell of multiple solutions and creating additional value from the suite of the solutions is at the heart of our strategy. There will be typical things that WebEye team will be consolidated with Eurowag teams, and there will be cross-selling activity to WebEye portfolio. If you consider the average revenues per truck, which typical fleet management solution is having, and compared to Eurowag due to its much broader suite of products, it's multiple of net revenues of WebEye customer base so far. We see a huge opportunity to cross-sell Eurowag products, and as well as those customers which are not having fleet management solutions so far from Eurowag in Hungary and Romania. They definitely will be one of the first targets. We are confident that this is absolutely possible to do and we like the team of WebEye. We like the way how they approach the market and we remain confident that we can deliver on our assumptions. Thank you very much, Martin. Thank you. Thank you, Magda. I will hand it over you now for some closing remarks. I would like to thank you for all the questions. Thank you for your attention and accept for the further questions, I will be more than happy to reply offline. Thank you very much. Thank you for joining, everyone. Have a good day.