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Copyright © 2025, W.A.G. payment solutions, a.s. Go far. / eurowag.com W.A.G payment solutions plc Copyright © 2025, W.A.G. payment solutions, a.s. Go far. / eurowag.com
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Disclaimer 2 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 passed on, directly or indirectly, in whole or in part, for any purpose or under any circumstances. This document is being provided to you solely for your information in connection with the intended use. This document and the related presentation do not constitute or form part of, and should not be construed as, any offer, invitation or recommendation to purchase or sell or subscribe for any securities in any jurisdiction and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity whatsoever. This document and the related presentation are intended to present background information on the Company, its business and the industry in which it operates, and are not intended to provide complete disclosure upon which an investment decision could be made. This document and the related presentation do not therefore purport to contain all of the information that may be required to evaluate any investment in the Company or any of its securities and should not be relied upon to form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. You are solely responsible for any assessment of the market and the market position of the Company and its Group, and of its securities, assets and liabilities or any part thereof. The merit and suitability of an investment in the Company should be independently evaluated and any person considering such an investment in the Company is advised to obtain independent advice as to the legal, tax, accounting, financial, credit and other related advice prior to making an investment. This document is given in conjunction with an oral presentation and should not be taken out of context. The information and opinions contained in this document and any information made available orally or in writing at the presentation are provided as at the date of such presentation and are subject to change without notice. The information set out herein and in any related materials and given at the presentation is subject to updating, completion, revision, verification and amendment, and such information may change materially. No representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its subsidiary undertakings, or any of their respective Directors, officers, employees, agents, affiliates or advisers, as to, and no reliance should be placed on, the accuracy, completeness or fairness of the information or opinions contained in this document or the related presentation and such persons disclaim all and any responsibility and liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this presentation or its contents or otherwise in connection with this presentation. None of the Company or any of its subsidiary undertakings, or any of their respective Directors, officers, employees, agents, affiliates or advisers, undertakes any obligation to amend, correct or update this document or the related presentation or to provide the recipient with access to any additional information that may arise in connection with them. Certain information contained herein constitutes “forward-looking statements”, which can be identified by the use of terms such as “may”, “will”, “should”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue,” “target” or “believe” (or the negatives thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. As a result, you should not rely on such forward-looking statements in making your investment decision. No representation or warranty (express or implied) is made as to the achievement or reasonableness of and no reliance should be placed on such forward-looking statements, which speak only as of the date of the presentation. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. The Company and its Directors, officers, employees, agents, affiliates and advisers expressly disclaim any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of the presentation or to update or to keep current any other information contained in this document or the related presentation. Certain information contained herein is based on management estimates and the Company’s own internal research. Management estimates have been made in good faith and represent the current beliefs of applicable members of the Company's management. While those management members believe that such estimates and research are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice, and, by their nature, estimates may not be correct or complete. Accordingly, no representation or warranty (express or implied) is given to any recipient of this document that such estimates are correct or complete. By attending the presentation or reading or accepting a copy of this document, you agree to be bound by the foregoing limitations. Copyright ©2025 W.A.G payment solutions plc
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Copyright © 2025, W.A.G. payment solutions, a.s. Go far. / eurowag.com of Driving Together Eurowag established Electronic solution for toll Launched EW Payment Services (Fuel Card) Launched tax refund services Licence of EETS provider EVA onboard unit Energy payments via mobile app RAEMON Soft-Launch of EW Office EW Office Live + Initial migration of customers Digital platform is live with 35% customers actively using the platform as at Q1 2026 2024 2023 2020 2017 2006 1995 2000 Acquisitions 2014 2025 2026 2021 3 Established partnerships with OEMs
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Copyright © 2025, W.A.G. payment solutions, a.s. Go far. / eurowag.comNotes: All figures as at 31 December 2025 unless otherwise stated (1) EETS: European Electronic Toll Service (2) Market cap a s at 30 June 2026. 4 Who We A re Eurowag is a leading technology company transforming the Commercial Road Transport (“CRT”) industry in Europe, with a purpose to make it clean, fair and efficient . Founded 1995 Employees ~2,000 Countries of operation 25 LSE listed 2021 Constituent FTSE 250 Market cap 2 £710m Active trucks ~322k Fuel stations ~17k Countries offering Toll 23 Alternative fuel stations ~2.2k EETS 1 licensed countries 13 Countries offering tax refund 32 Pan - European Presence 25 countries in operation 19 commercial offices Toll Network: 13 EETS & 23 countries Fuel Network: ~17,000 acceptance points
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Commercial vehicles1 ~9m of European GDP ~5% of EU inland freight (tonne-km) is transported by road 78% Major regional transport routes Sources: Fitch/BMI, Eurostat, ACEA, industry reports, TÜİK, European Union Statistical Pocketbook , and Company data and estimates Note: (1) Includes Medium & Heavy commercial vehicles (>3,5 tonne). (2) Commercial Road Transport. 5% 17% 5 Commercial Road Transport Industry Capturing the Pan - European Trucking Opportunity €10bn €25bn Total addressable market today…. with current service offers ….future market with expanded service offers Stable & Resilient ~9% Europe’s CRT greenhouse gas emissions Total Addressable Market CRT Industry in Europe Heavy commercial vehicles International >12 tonne ~130,000km p.a. mileage Heavy commercial vehicles Domestic Medium commercial vehicles >12 tonne ~70,000km p.a. mileage >3.5 tonne ~70,000km p.a. mileage 40% - 50% 40% - 45% 10% - 15% 9m European CRT trucks
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6 Driver Stressful driving conditions & compliance Commercial Road Transport Industry Customer Needs 3% – 5% Margins Cash flow pressure and limited access to financing Low Profitability Different Administrative Tasks + 30 Complex Adm. Tasks of operators are SMEs and lack access to technology & data insights >90% Fragmented Disconnected and analogue systems to operate at the same time ~10+ Multiple Systems Owner Cash Flow pressure & high regulatory environment Dispatcher High Administrative burden & limited tools Customer Pain Points
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Copyright © 2025, W.A.G. payment solutions, a.s. Go far. / eurowag.com 18 Years of Uninterrupted Growth Despite Oil Price Volatility & Macroeconomic Headwinds 7Source: 1) Eurostat 2) Macrotrends 3) FY 2026 analysts’ consensus as at 23 April 2026. 4 6 9 11 14 15 20 26 35 41 60 74 115 129 153 191 257 293 330 365 -20 0 20 40 60 80 100 120 -30 20 70 120 170 220 270 320 370 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Consensus Brent Oil Price ($/bbl) Net revenue €m Eurowag net revenue (€m) Brent Oil Price ($/bbl) EU GDP Growth (%) Brent Oil Price ($/bbl) EU GDP Growth (%) Eurowag’s Net revenue 2
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8 Back office services VAT and excise duty refund Net Invoicing Energy services Fuel cards, Eurowag truck parks and acceptance network. Decarbonisation as a Service Fleet Management Solutions Navigation Transport Management and Work Time Management Road services i.e. parking and washing Financial services and insurance i.e. eWallet, Balance management and Anti-Fraud System Toll services EETS and national toll provider Built First Fully Integrated Digital Platform: Eurowag Office Addressing our Customer Needs EW Office unlocks significant value for our customers: Becoming the Operating System of the CRT Industry in Europe • Accurate real-time cost calculations & optimal routes • Up to 10% reduction in costs • Up to 50% reduction in daily administrative tasks • 0.5 tCO2e avoided customer emissions per active truck per year • Compliance with regulation We not only integrate services, but offer a unique differentiated value proposition for our customers
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Copyright © 2025, W.A.G. payment solutions, a.s. Go far. / eurowag.com Eurowag Office Progress Energy Tax Refund Fleet Management Solutions (FMS) Work Time Management (WTM) Financial Services Navigation Transport Management System (TMS) Toll Products in EW Office: In EW Office as of Q1 2026 In EW Office by Q2 2026 In EW Office by year end Net revenues per product 1 Majority of our core services already in EW Office Platform: Some of the additional or new features still in progress • Energy • Tax Refund • Fleet Management Solutions • Work Time Management • Navigation • Financial Services Toll: • EETS EVA already in EW Office • Other toll providers & national tolls planned for Q2 2026 Transport Management Solutions: planned for YE 20262 35% customers actively using the platform as of Q1 2026 Majority of customers by end of 2026 2 9Notes: (1) Net revenues generated by these products in FY 2025 (2) Forward Looking Statements 2026 Year of Migration
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Eurowag Office: A Platform Built to Win Strong competitive moats Competitive Advantages behind Eurowag Office 10 1. Deep Industry Expertise We understand the problem better than anyone else • Deep expertise across Europe's highly regulated road transport industry • 360° understanding of the entire customer journey • Purpose-built solutions simplifying complex customer operations 3. Unparalleled Proprietary Data Powering unique customer insights and intelligent solutions • Connected hardware capturing proprietary data across every journey • Deep and broad proprietary data from millions of daily customer interactions • Real time data enabling smarter and faster decisions 2. Network & Physical Infrastructure Years to build, difficult to replicate • 30 yrs. building trusted relationships & market leadership • Licenses and network built over decades • Proprietary infrastructure powering services and data 4. Architectural strength enabling innovation Built for Scale. Designed to Evolve • Cloud-based modular architecture • Open ecosystem through APIs • Secure and resilient • One integrated platform replacing multiple disconnected systems
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Unlike general AI models, Eurowag's AI is powered by millions of proprietary transport transactions generated every day across our integrated platform Customer - facing AI solutions: purpose-built AI addressing customers' biggest operational pain points 20+ automation and AI initiatives currently in production Turning Propietary Data into Customer Value Examples of AI solutions already delivering value for customers and Eurowag Helping customers increase profitability, reduce manual work and make better quoting decisions • Documents digitisation for onboarding and tax refund • Sales Efficiency Agents • Customer Care Agents • Dynamic Pricing Optimisation Un-matched speed and accuracy in costs calculations Fraud Prevention Intelligent Cost Calculator Reduces fraud losses while improving customer trust 11 Identifying suspicious transactions in real time AI improving Eurowag Operations
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Track Record of Consistent G rowth Growing with High Customer Satisfaction Net Promoter Score Eurowag mobile apps Notes: (1) Avg. number of products per truck not tracked by the group prior to FY 2023 12
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FY 2025 Financial Highlights Strong Growth, Cash Flow Generation, and Reduced Leverage Net revenue +12.9% €330.1m Adj. basic EPS 1 +3.9% 4.83c Capitalised R&D +18.3% €41.4m Net leverage 3 1.9x FY 2024: 2.3x Notes: (1) Adjusted numbers are non-statutory measures.The Group presents various alternative performance measures (“APMs”). Refer to Note 2 of the financial statements included in the Group’s Press Release. (2) Adjusted cash EBITDA is defined as Adjusted EBITDA less capitalised R&D plus share-based payments. (3) Net leverage covenant calculation as per bank definition. Please refer to Note 15 of the financial statements included in the Group’s Press Release. 13 Adj. EBITDA 1 +8.5% €132.1m Margin 40.0% Adj. Profit Before Tax 1 +11.0% €51.4m +10.5% €98.0m Margin 29.7% Adj. cash EBITDA 1,2 Special dividend €24.3m (3.0p per share)
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92.1 108.3 113.8 117.1 124.4 21.0 26.6 33.2 49.9 76.0 14.4 24.3 63.5 78.5 79.4 25.7 31.7 46.0 47.1 50.3 2021 2022 2023 2024 2025 Mobilty Subscription (Mobility) Toll Energy 41.5 47.2 72.0 88.7 98.0 2021 2022 2023 2024 2025 Consistently Delivering Strong Growth Toll as Main Revenue Stream, Growing 52% year - over - year 14 Net revenue growth: +12.9% yoy • Payments: +20.1% • Mobility: +5.5% excl. Non-CRT1 Adj. cash EBITDA 2 ( €m) Payments 61% 21% CAGR 24% CAGR 153.1 190.9 256.5 292.5 330.1 Margin 27.1% 29.7%29.6%28.1%24.7% Notes : (1) Non-truck revenue such as LGVs, buses and passenger cars (2) ) Adjusted cash EBITDA is defined as Adjusted EBITDA less capitalised R&D plus share -based payments (3) FY 2024 Adjusted cash EBITDA margin excludes commercial settlement of €2.2m. Including the commercial settlement, Adjusted cash EBITDA margin was 30.3% as reported in the Group’s Financial Statements for Fiscal Y ear 2024. 3 Toll: 14% Toll 23% Energy: 60% Energy 38% Subscription (Mobility) 24% Mobility 15% Subscription (Mobility) 9% Mobility: 17%
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86.5 98.0 37.6 0.9 (12.5) (8.1) (6.4) 2024 Adjusted cash EBITDA Revenue growth Credit losses Employee expenses Technology expenses and Other OPEX Capitalised R&D 2025 Adjusted cash EBITDA 15 Solid Adjusted cash EBITDA & Stable Margins Despite Increased Investments in People and Platform (€m) Notes: (1) FY 2024 Adjusted cash EBITDA excludes commercial settlement of €2.2m. Including the commercial settlement, Adjusted cash EBITDA margin was 30.3% as reported in the Group’s Financial Statements for Fiscal Year 2024. (2) Adjusted cash EBITDA growth of 10.5% yoy considering the € 2.2m commercial settlement in FY 2024. (3) Employee expenses exclude €5.2m increase related to share -based payments, consistent with the Adjusted Cash EBITDA methodology. (4) Technology expenses and other OPEX increased by €0.7m and €7.4m respectively. Other OPEX relate mainly to professional services, travel, marketing, facilit ies etc. Margin 2024 • Increased headcount to support the business • 5.4% salary inflation 29.6 1 % 29.7% +13.3% 3 4 1 Margin 2025 2 88.7
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24.4 28.3 10.6 13.1 7.2 9.8 3.8 5.3 2024 2025 Infrastructure OBU Tech & data Platform and products Capital Expenditure Investing in a Data - Driven, Scalable Platform 16 56.5 46.0 Capex % net revenues Continued development of the EW Office and its products Capitalised R&D below the cap level of €50m excl. OBUs and infrastructure Capital expenditure (€m) 17.1%15.7% Capitalised R&D 1 € 41 . 4 m • €28.3m invested in EW Office platform and its products • €13.1m invested in technology & data OBUs 2 € 9 . 8 m • Enabling growth in Toll and other data solutions • Standardising OBU hardware across the organisation Infrastructure € 5 . 3 m • Mainly investments in our truck parks and IT Hardware Capitalised R&D €41.4m Capitalised R&D % net revenues 12.5%12.0% Notes: (1) Capitalised R&D includes the development of EW Office, as well as enhancements in technology and data capabilities. (2): On-Board Units, which are a key driver of revenue growth and support the revenues streams in Toll and FMS.
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Robust Cash Generation Decreasing Leverage to 1.9x 275.5 (132.1) (52.2) (21.8) 17.9 10.3 54.0 11.6 11.3 5.3 2.0 10.1 216.2 24.3 FY 2024 net debt Adjusted EBITDA Working capital Non-cash items in Adj. EBITDA Net interest Tax Capital expenditure¹ Dividends FX Adjusted items - cash Lease payments Acquisitions Other FY 2025 net debt Free cash: €177.9m (FY 2024: €147.3m ) (€m) Net leverageNet leverage Notes: (1) Capex includes proceeds from sales of assets. (2) ‘Other’ mainly relate to finance costs such as bank guarantees and fact oring 1.9x 2.3x 17 2
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Balanced Capital A llocation with Capital D iscipline 18 Organic growth Investing in a modern, scalable and AI enabled platform • FY 2025: • Capitalised R&D €41.4m • Total capex €56.5m • Guidance: Capitalised R&D below cap level of €50m M&A Shareholders’ returns Deleverage 1 3 2 4 Solid Financial Structure • FY 2025: 1.9x net leverage1 • Guidance2: net leverage below 2.0x Pursue bolt on opportunities • New products • New active trucks on the platform To further enhance cross - sell opportunities Shareholder returns based on free cash flow generation • FY 2025: €24.3m special dividend (3.0p per share) • FY 2026: ~€12m special dividend3 (1.5p per share) Notes: (1) Net leverage covenant calculation as per bank definition. Please refer to Note 15 of the financial statements included in the Group’s Press Release. (2) Corporate target range 1.5 -2.5x. (3) Special dividend paid in July 2026.
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FY 2026 Guidance 19 Net revenue Capex Low-double digit net revenue growth Adjusted EBITDA margin ~40% Expected to remain below 2.0x Within our target range of 1.5x-2.5x Capitalised R&D below the cap level of €50m (excluding OBU and infrastructure) Notes: (1) Defined as Adjusted EBITDA less capitalised R&D plus non -cash share-based payments. (2) Net leverage covenant calculation as per bank definition in Note 15 of the financial statements included in the Group’s Press Release. Net debt includes lease liabilities and derivative liabilities. 2026 is the year of migration. We are laser-focused to have the majority of our customers actively using the platform by the end of the year, while maintaining robust margins and low-double digit net revenue growth. Outlook In the range of €105m - €115m Adjusted EBITDA % Adjusted cash EBITDA 1 Leverage ratio 2 Confidence to deliver in line with market expectations for FY 2026
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Direct Indirect Digital Strengthening our traditional sales channel Building through OEM & strategic partnerships Developing and investing in our digital channel Established partnerships with OEMs Multi - channel Sales Strategy Driving Customer Lifetime Value Multi - Channel Growth Engine Supporting Long - Term Value Creation 2 0 Notes: All figures as at 31 December 2025.
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Copyright © 2025, W.A.G. payment solutions, a.s. Go far. / eurowag.com • Acquired and developed a broader suite of services • Developed unique customer value proposition • Integrated acquisitions • Built multi-channel capabilities 21 2016 2024 Our Growth J ourney From Integration to Platform Monetisation Eurowag Office Live Migration Year • 2027: complete EW Office migration • Operating system of our customers • Cross-sell and subscription bundles • Expand value capture through embedded Finance • Introduce loads within workflows • Open platform ecosystem to third parties • Partners-enabled ecosystem supporting faster growth Scaling & Moneti s ing 2027 + €41m revenue 39,000+ active trucks €330m revenue 321,500 active trucks FY 2016 Notes: 1) Forward-Looking Statements, see Disclaimer contained within these Materials. (2) Adjusted numbers are non-statutory measures.The Group presents various alternative performance measures (“APMs”). Refer to Note 2 of the financial statements included in the Group’s FY 2025 Press Release. FY 2025 • Rule of 50 12.9% net revenue growth 39.9% Adj. EBITDA margin • Strong NPS 43.8 • Financial discipline 1.9x leverage ratio 2026 Guidance1: • Majority of customers migrated • Low double-digit net revenue growth • Adj. EBITDA2 margin ~40% • Adj. cash EBITDA2 range: €105 – 115m • Net leverage ratio below 2.0x • Special dividend 1.5p per share to be approved in AGM 2025 2026 Accumulation / Integration Customers Migration: 35% customers – March 2026 Majority of customers by end 2026 2
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With €10 billion addressable market today Significant market opportunity Building the operating system for the Commercial Road Transport industry Unique competitive moat 12.9% net revenue growth 40.0% Adjusted EBITDA margin Rule of 50 – growing and profitable 1.9x leverage ratio Special dividend Financial discipline 43.8 Net Promoter Score High customer satisfaction and loyalty Why Eurowag is Positioned to Win A Differentiated Business Built for Growth Unparalleled years of proprietary data, embedded infrastructure, AI embracing Founder - led & top - tier leadership 22 30 years of industry expertise & experienced leadership
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Copyright © 2025, W.A.G. payment solutions, a.s. Go far. / eurowag.com 23 Oskar Zahn Chief Financial Officer • Joined Eurowag in 2023 • Previously held the role of CFO at XP Power Limited, one of the world’s leading providers of power converter solutions • CFO of Scapa Group plc and Spearhead International • Held other senior roles in Teleflex, British Airways, Georgia-Pacific and KPMG • Honours degree in Finance from the University of South Africa Z Martin Vohánka CEO and Founder • Founded Eurowag in the Czech Republic in 1995 • Developed and scaled the business from an energy payments solution to the first integrated digital platform for the CRT industry in Europe • His vision is to build a seamless integrated digital ecosystem to revolutionise what is known as the middle mile, to benefit customers, partners and the environment • MBA from the University of Pittsburgh and lectures at the University of Economics, Prague Francesco Nazzarri Chief Product & Commercial Officer • Joined Eurowag in 2024 • Previously held the role of CCO at Experian PLC for EMEA and APAC • Held a wide range of product and commercial roles with Symantec Corporation, Vodafone Group, Cable & Wireless Worldwide • At Vodafone, developed and launched the first integrated products and multi-play propositions for the telecoms sector • Holds a Master’s degree and a PhD in Telecommunications Engineering from Bath University • Joined Eurowag in 2022 • CTO of the Czech-based start-up Liftago, replacing Liftago’s monolithic architecture with micro-service architecture • Spent many years in the banking sector, working in various roles for Home Credit International, including Software Development Director and Chief Information Officer Pavel Hendrich Chief Technology Officer Founder - led & top - tier leadership Felipe Alves Chief Operating Officer • Joined Eurowag in 2024 • COO at Ananas e-Commerce, transforming it into a leading e-commerce ecosystem in the Balkans • Director of Mercado Envios, leading the supply chain strategy and transformation across Latin America • Partner at Boston Consulting Group • Holds an MBA from COPPEAD, Brazil and a degree in Industrial Engineering from PUC-RJ, Brazil Emma Copland Chief HR Officer • Joined Eurowag in 2022 • Previously held the role of Chief People Officer at RM plc • HR Director at Centrica and The Bicester Collection • Holds a Chartered Institute of Personnel Development (CIPD) qualification from the University of Westminster Attila Dsupin Senior VP Energy BU • Joined Eurowag in 2016 and previously served as Sales Director • Previously worked at international energy group, MOL, holding different positions from Business to Finance. He was leading the Group Controlling function and spent years leading the operation of MOL Group in the Czech republic as CEO. • Graduated from the University of Economics in Hungary. Ivan Jakúbek Chief Strategy Officer • Joined Eurowag in 2017 and previously served as the Group’s Chief Corporate Development Officer • VP at the central European private equity group Enterprise Investors • Held Non-Executive Director roles at AVG Technologies, Supervisory Board member at Kofola, and STD Donivo • Master’s degree in Finance, Banking and Investments from Ekonomická univerzita in Bratislava
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Copyright © 2025, W.A.G. payment solutions, a.s. Go far. / eurowag.com 24 Appendix
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Net Revenue Geographical Split 25 14% 28% 10%4%4% 13% 23% 4%Czech Republic Poland Other Central Cluster Portugal Other Western Cluster Romania Other Southern Cluster Not specified Central Cluster Southern Cluster Western Cluster 19% 15% 6% 15% w 14% 28% 13% 5% Note: Percentage represents proportion from total Group net revenue.
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Enhanced by Our E xtensive Fuel Network ~17k energy stations around Europe 25 countries covering most of Europe ~2,200 alternative fuel locations (HVO, LNG/BioLNG) 31 own truck parks in most optimum locations 26Notes: (1): CRT: Commercial Road Transport. All figures as at 31 December 2025 unless otherwise stated >200 charging locations accessible via our new hybrid fleet card First CRT1-focused eMobility Service Provider (“eMSP”) Fuel Network
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F urther Differentiated by C omprehensive EETS 1 T oll Coverage, on a S ingle D evice 27 Notes: (1) EETS: European Electronic Toll Service (2) Forward-Looking Statements, see Disclaimer contained within these Materials 2 Total of 23 countries + Switzerland + Bulgaria
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Revenue Model Notes: (1) Units: e.g. litres of fuel, kilo of LNG /CNG, kWh for EV; (2) Operating profit is defined as net energy and services sales less operating costs that can be directly attributed to or controlled by the segments. Operating profit does not include indirect costs and allocation of shared costs that are managed at group level. Mobility solutions Re-occurring transaction-based revenue streams Recurring subscription and other fee-based revenue streams Net revenue (% Total) Operating profit (2) (% Margin) Payment solutions Energy payments # of transactions (x) average units per transaction (x) fee per unit1 Toll payments processed volume (x) % take rate Transport management Subscription based Fleet management Subscription based Work time management Subscription based Tax refund processed volume (x) % take rate Smart routing Subscription based and lifetime license fees Other adjacent services Various 39% 67% 61% 85% 28
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29 2025: Significant Revenue Contribution from Toll Total payment solutions Total mobility solutions(€m) 292.5 7.3 26.1 (0.1) 0.2 1.1 (0.9) 0.9 0.5 1.7 0.7 330.1 FY 2024 net revenue Energy Toll Tax refund Work time management Fleet management (Core CRT) Fleet management (Non-CRT) Transport management Navigation Payment & Financial Services Other sevices² FY 2025 net revenue Total Group Net revenue contribution 61% 39% +6.2% +52.3% (0.4%) +1.2% +13.9% +3.8% Notes: (1) Non-truck revenue such as LGVs, buses and passenger cars (2) Other services include road services Net revenue growth +20.1% +12.9% +3.3% incl. Non - CRT 1 +3.1% (3.6%) +5.5% Core CRT +121.5% +12.1%
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Alternative Measures Adjusted (€m) Adjusting items (€m) FY 2025 (€m) Adjusted (€m) Adjusting Items (€m) FY 2024 (€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 impairments (47.2) (17.6) (64.8) (45.7) (19.8) (65.5) Share of net loss of associates (2.3) — (2.3) (0.7) — (0.7) Operating profit/(loss) 82.6 (32.4) 50.2 75.3 (34.6) 40.7 Finance income 0.8 — 0.8 2.7 — 2.7 Finance costs (31.9) — (31.9) (31.7) — (31.7) Profit/(loss) before tax 51.4 (32.4) 19.0 46.3 (34.)6 11.7 Income tax (17.9) 1.1 (16.8) (14.0) 5.2 (8.8) Profit/(loss) after tax 33.5 31.3 2.2 32.3 29.4 2.9 Basic earnings per share 4.83 0.30 4.65 0.39 30
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Adjusting Items FY 2025 (€m) FY 2024 (€m) M&A related expenses 0.2 6.3 Transformation expenses 5.3 — ERP implementation and integration costs 9.3 6.3 Share-based compensation — 2.2 Adjusting items in operating expenses 14.8 14.8 Adjusting Items in depreciation and amortisation 17.6 19.8 Total adjusting items 32.4 34.6 Adjusted EBITDA reconciliation Adjusting items FY 2025 (€m) FY 2024 (€m) Profit before tax 19.0 11.7 Intangible assets amortisation 49.6 50.0 Tangible assets depreciation 9.5 9.6 Right-of-use depreciation 5.8 5.6 Depreciation and amortisation 64.8 65.5 Net finance costs and share of net loss of associates 33.5 29.7 EBITDA 117.3 106.9 Adjusting Items 14.8 14.8 Adjusted EBITDA 132.1 121.7 Adjusted EBITDA margin 40.0% 41.6% 31
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aa Good Control on Working Capital Despite Revenue Growth 32 Working capital movement1 (€m) -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% (600) (500) (400) (300) (200) (100) 0 100 200 300 400 500 2019 2020 2021 2022 2023 2024 2025 Net working capital Net working capital % of total revenue2 Trade payables Other payables Trade receivables Other receivables Inventories Notes: (1) Trade payables and receivables include AP/AR related to the core business. Other payables include employee related liabilities from social and health insurance, liabilities payable to employees for salaries and accrued vacations, advances aro und customer deposits related to OBUs and prepaid cards, as well as deferred acquisition considerations for Webeye and A ldobec. Other receivables include receivables from foreign tax authorities and financing of tax refund customers, advances related to the production of OBU units and other business-related advances. (2) Total revenue calculated as revenue from contracts with custome rs plus toll volume, (3) Gross toll volume not included in external reporting as Eurowag is acting as agent. Total revenue (€bn)3 1.6 2.4 2.1 2.2 2.3 0.9 1.0 1.1 1.5 1.7 2021 2022 2023 2024 2025 Revenue Toll volume 3.4 3.2 2.5 3.7 4.0
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150 358 310 273 250 211 172 02022 2023 2024 2025 2026 2027 2028 Q1 2029 Updated debt amortisation profile (€m) Debt Profile Final payment 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 plus a €69m balloon • Original Revolving Credit Facility of €235m for revolving loans and ancillary facilities • Original €150m uncommitted Incremental Facility for acquisitions, capital expenditure and revolving credit facilities Amortising interest rate swaps at H1 2025 Facility A and B: • Total of €137m with fixed interest rate between 2.2% pa and 3.5% pa, expiring by 2027 • Hedge ratio at approx. 50% of term loan exposure Interest rate margins Facility A and B: • 2.10% pa for net leverage between ≤ 3.2 ≥ 2.5 • 1.90% pa for net leverage ≤ 2.5 • Sustainability KPIs included in the multicurrency term and revolving facilities agreements Note: (1) Facility A of €150m, drawn October 2022. Facility B of €180m, drawn March 2023. Incremental Facility I, €50m drawn in May 2023. Incremental Facility II, €33.5m drawn in November 2023. Incremental Facility III, increased Revolving Credit Facility to €285m for revolving loans. Incremental Facility IV, €16.5m drawn in January 2026. 33
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Copyright ©2023 W.A.G. Payment Solutions Go far. Contact: investors@eurowag.com investors.eurowag.com EUROWAG