Slides
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Copyright ©2023 W.A.G payment solutions plc 1
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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. 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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.
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Copyright © 2025, W.A.G. payment solutions, a.s. Go far. / eurowag.com 3 Strategic Update Martin Vohánka CEO and Founder
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H1 2026 Highlights Strong & Resilient Performance 2026 Guidance reiterated • Double-digit Net Revenue Growth • Robust Margins • Lower Leverage Significant Progress in EW Office • Majority of Services available in the Platform: integrated Toll • >65% of Customers Actively Using the Platform Strong financial performance and progress on Eurowag Office 4
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Copyright © 2025, W.A.G. payment solutions, a.s. Go far. / eurowag.com 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 Pice ($/bbl) Net revenue €m Eurowag net revenue (€m) Brent Oil Price ($/bbl) EU GDP Growth Source: 1) Eurostat 2) Macrotrends 3) Brent oil price and European GDP Growth for 2026 relates to half year figures 4) FY 2026 analysts’ consensus as at 7 September 2026. Brent Oil Price1,3 ($/bbl) EU GDP Growth2,3 (%) Eurowag’s Net revenue Strong Growth Through Volatile Markets 4 1H 180 Continuous and resilient growth through high fuel prices and macro headwinds 5 Consensus
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Copyright © 2025, W.A.G. payment solutions, a.s. Go far. / eurowag.com European Road Freight Resilient, with Improving Outlook 0.4 1.1 1.5 0.8 1.2 1.5 -0.4 0.0 1.4 1.6 1.7 2.3 2023 2024 2025 2026 2027 2028 annual % changes European Road Freight market growth and Real GDP projections 1 EU Real GDP European Road Freight Market Growth • European road freight has remained resilient through geopolitical and fuel-price volatility, with growth expected to accelerate. • New truck registrations across Eurowag markets increased by 10% year-on-year, providing a positive indicator of continued fleet investment and underlying market activity.2 • CEE is gaining importance in European road freight, supported by nearshoring, supply-chain localisation and continued investment in regional manufacturing capacity. Structural trends supporting a more positive growth outlook 6(1) Source. Real GDP projections for Euro area . European Central Bank, Transport Intelligence, Upply, Research and Markets, Eurostat Internal estimates (2) Source: ACEA, Association des Constructeurs Européens d'Automobiles.
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Copyright © 2025, W.A.G. payment solutions, a.s. Go far. / eurowag.com 7 Platform Integration Majority of services now available in EW Office Progress in Eurowag Office Majority of services integrated, with more than 65% of customers actively using the platform Customer Migration Over 65% of customers actively using the platform 35% >65% end of March 2026 Beginning of September 2026 Integration and migration progressing and positioning EW Office for the next phase of growth Contribution to net revenue by product Tax Refund Fleet Management Solutions (FMS) Work Time Management (WTM) Financial Services Navigation Transport Management System (TMS) – partially integrated Toll E nergy Toll Legend: In EW Office today
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Copyright © 2025, W.A.G. payment solutions, a.s. Go far. / eurowag.com Customer Engagement in EW Office Growing customer engagement and product adoption Customer Engagement Active Users in EW Office Platform Adoption Merged - customers increasingly using EW Office Customers are: • Increasingly shifting their activity from legacy systems to EW Office • Returning to legacy systems mainly for administration purposes, i.e. Billing • Gradually shifting their day-to-day activity to EW Office Monthly Active Users Weekly Active Users Example of legacy system: 8 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 EW Office Legacy system Engaged hours per week +92% Legacy system: - 36% Notes: Increase in Monthly Active Users and Weekly Active Users correspond to the period 1 January 2026 – 30 June 2026 Increasing monthly and weekly activity in Eurowag Office
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Copyright © 2025, W.A.G. payment solutions, a.s. Go far. / eurowag.com NPS Impact Methodology change and elevated fuel prices Change in Methodology: Up until 2025: • NPS was measured on a multi-brand approach • Based on legacy brands customers were familiar with 2026: • NPS measured on a unified Eurowag brand • Many respondents from acquired businesses moved from “promoters” to “neutral” Period of Elevated and Volatile Fuel Prices: • Fuel represents a significant part of our customers’ cost base • Pressure on overall customer sentiment NPS decline 43.8 29.6 points Two core factors affected NPS result: 1. Change in Methodology From evaluating legacy brands to a unified Eurowag Office brand Temporary impact, early data already reflecting this 2. High Fuel prices weighed on sentiment Increased cost-pressure for customers 9
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Strategic KPIs 10 Active trucks (000’s) Net Promoter Score (pts.) Avg. number of products per truck 1 Subscription revenues ( €m) 2.5 2.6 2.6 2.7 2023 2024 2025 H1 2026 24.3 63.54 78.5 79.4 40.8 2022 2023 2024 2025 H1 2026 8% CAGR 48% CAGR Attract Monetise Engage Retain Notes: 1) The methodology used to calculate average products per truck has been refined during 2026 following improvements in product-level data allocation. The Group is now able to allocate products more accurately to individual trucks; previously, certain products could only be identified at customer level and were therefore attributed to all trucks associated with that customer. 2024 and 2025 periods have been restated on a consistent basis. (2) Avg. number of products per truck not tracked by the group prior to FY 2023 (3) NPS was 29.6pts in H1 2026 reflecting two principal factors: in 2026, the Group moved from a multi-brand methodology to a unified Eurowag brand measurement. NPS was also affected by high fuel prices, which typically affect overall customer sentimeny (4) 2023: Inelo Acquisition. 23% of Net revenues 256.8 274.7 302.1 321.5 334.8 2022 2023 2024 2025 H1 2026 40.7 39.0 40.0 43.8 29.6 2022 2023 2024 2025 H1 2026 3 Eurowag Navigation Eurowag Office 4.7 4.8 2 Eurowag mobile apps ratings 4.4 4.5
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Copyright © 2025, W.A.G. payment solutions, a.s. Go far. / eurowag.com Financial Results Oskar Zahn CFO
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H1 2026 Financial Highlights Strong double-digit growth and further reduction in net leverage Net revenue +10.7% €179.5m Adj. basic EPS 1 (13.4)% 2.53c Capitalised R&D +17.3% €21.0m Net leverage 3 1.8x FY 2025: 1.9x 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. 12 Adj. EBITDA 1 +10.5% €70.6m Margin 39.3% Adj. Profit Before Tax 1 (14.7)% €23.7m +13.2% €55.7m Margin 31.0% Adj. cash EBITDA 1,2
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92.1 108.3 124.4 117.1 124.3 179.5 21.0 26.6 76.0 49.9 75.9 14.4 24.4 63.5 78.5 79.4 25.7 31.6 46.0 47.1 50.3 2021 2022 2023 2024 2025 2026F Mobilty Subscription (Mobility) Toll Energy Low double-digit growth Consistently Delivering Growth Recurring revenues including Toll and Subscriptions of €85m representing 47% of net revenue 13 21% CAGR Notes : (1) Mobility growth excluding non-truck revenue such as LGVs, buses and passenger cars 153.1 Half - Year Net Revenue ( €m) 190.9 256.5 292.5 63.0 67.0 34.9 43.9 39.5 40.8 24.8 27.8 H1 2025 H1 2026 162.2 179.5 +10.7% YoY 6% Energy 330.1 Net Revenue ( €m) H1 26 results in line with guidance 34.9 43.9 39.5 40.8 H1 2025 H1 2026 +13.8% YoY 74.4 84.7 Recurring revenues 26 % Toll 11 % Mobility 1 47% of Group net revenues Toll Subscription
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49.2 55.7 H1 2025 H1 2026 Adjusted EBITDA Adjusted Cash EBITDA 41.5 47.2 72.0 88.7 98 2021 2022 2023 2024 2025 Adjusted EBITDA Adj. cash EBITDA Adjusted EBITDA and Adjusted cash EBITDA 14 Adj. EBITDA and Adj. cash EBITDA 1 ( €m) 27.1% 29.6% 28.1% 24.7% Notes : (1 ) Adjusted cash EBITDA is defined as Adjusted EBITDA less capitalised R&D plus share-based payments (2) in Adj. cash EBITDA 132.1 121.7 108.7 81.6 69.7 margin 29.7% 45.5% 41.6% 42.4% 42.8% 40.0% 63.9 70.6 margin 30.4% margin 31.0% 39.4% 39.3% 24% CAGR in Adj. cash EBITDA +13.2% Adjusting items Half - Year Adj. EBITDA and Adj. cash EBITDA ( €m) +10.5% in Adj. EBITDA YoY Adj. cash EBITDA 2026 Guidance €110- €115
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17.3 (0.3) (5.1) (2.3) (3.1) 49.2 55.7 2025 Adj Cash EBITDA Revenue growth Credit losses Employee expenses Technology expenses and Other OPEX Capitalised R&D 2026 Adj Cash EBITDA 15 Solid Adjusted cash EBITDA and Improved Margin (€m) Notes: (1) Employee expenses exclude €2.9m increase related to share-based payments, consistent with the Adjusted Cash EBITDA methodology. (2) Technology expenses and other OPEX increased by €0.3m and €2.0m respectively. Other OPEX relate mainly to professional services, travel, marketing, facilities etc. Margin H1 2025 • Increased headcount to support the business • 4.8% salary inflation 30.4 % 31.0 % Margin H1 2026 1 2
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6.7 (3.9) 0.9 0.0 0.7 (11.8) 2.1 10.5 5.2 Net Income H1 2025 Adjusted EBITDA EBITDA adj. items Profit from associates D&A Finance costs FX Tax Net Income H1 2026 16 Net Income Net income impacted by un-realised (non-cash) FX losses, primarily from HUF exposure Net income ( €m) • Net Income impact predominantly driven by un-realised (non-cash) FX losses • €8.3m net FX loss in H1 2026 versus a €3.5m FX gain in H1 2025 • The movement was predominantly related to Hungarian forint revaluation during 1H 2026 345 355 365 375 385 395 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Hungarian Forint HUF / EUR Notes: (1) Basic weighted average number of shares 1.53c H1 2025 0.75c H1 2026 Number of Shares1 6 90.1m 692.8m Number of Shares1 - 50 % Basic EPS
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5.3 1.4 1.2 9.8 5.4 4.3 13.1 5.1 6.3 28.3 12.8 14.7 FY 2025 H1 2025 H1 2026 24.7 Disciplined Investment in EW Office Platform and Technology Capitalised R&D to remain below €50m in FY 2026 Capital expenditure ( €m) 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. 56.5 26.5 Capitalised R&D EW Office, technology & data OBUs On-Board Units Infrastructure Truck parks & IT hardware Capex as a % net revenue Capitalised R&D as a % net revenue 17.1% 15.2% 14.8% 12.5% 11.0% 11.7% 01 €21.0m Capitalised R&D €14.7m EW Office & products €6.3m Technology & data 01 €4.3m On-Board Units • Enabling growth in Toll and other data solutions • Standardising OBU hardware across the organisation 01 €1.2m Infrastructure • Mainly investments in our truck parks and IT hardware P Half - year capex ( €m) 17
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216.2 (70.6) (13.8) 54.4 7.9 5.2 29.2 5.6 2.7 1.8 6.2 253.3 8.5 FY 2025 net debt Adjusted EBITDA Non-cash items in Adj. EBITDA Working capital Net interest Tax Capex FX Adjusted items - cash Lease payments M&A Other H1 2026 net debt Continued Lower Net Leverage, Now 1.8x Strong operating performance supporting deleveraging H1 2026 Free cash: €17m (H1 2025: €60m) (€m) Net leverage Net leverage Notes: (1) Capex includes proceeds from sales of assets. (2) ‘Other’ mainly relate to finance costs such as bank guarantees and factoring 1.8x 1.9x 18 21
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Disciplined and Balanced Capital Allocation Investing in growth while maintaining a strong balance sheet 19 Organic growth Investing in a modern, scalable and AI - enabled platform • H1 2026: • Capitalised R&D €21.0m • Total capex €26.5m • Guidance: capitalised R&D below €50m M&A Shareholder returns Strong Balance Sheet 1 3 2 4 Lower Net Leverage • H1 2026: 1.8x net leverage1 • Guidance2: expected to remain below 2.0x • Target range: 1.5x-2.5x3 Bolt - on opportunities • Add complementary products & services • Add active trucks on the platform • Accelerate cross-sell opportunities Returning excess capital while preserving flexibility • €12.1m special dividend (1.5p per share) paid in July 2026 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) FY 2026 Guidance. (3) Corporate target range 1.5 -2.5x
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FY 2026 Guidance Confidence to deliver in line with guidance 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. 20 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) Range updated: from €105m - €115m €110m - €115m Adjusted EBITDA % Adjusted cash EBITDA 1 Leverage ratio 2
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Copyright © 2025, W.A.G. payment solutions, a.s. Go far. / eurowag.com Highlights & Outlook Martin Vohánka CEO and Founder
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22 Strengthening the EW Office Proposition Energy Overall coverage: 25 countries Toll Overall coverage: 23 countries • 14 EETS1-licenced countries, adding Netherlands • ~122,000 EVA2 onboard units • Netherlands became the first toll domain certified on EVA 2.0 • Deployed our own proprietary map-matching technology Notes: (1) EETS: European Electronic Toll Service (2) EVA: Enhanced Vehicle Assistant: Eurowag's EETS-certified unit which aims to simplify toll payments across Europe by allowing drivers to use a single on -board unit for all toll systems in EU countries. • ~17,800 stations around Europe • 33 owned truck parks in most optimum locations Opened two truck parks in Italy and Poland • >2,700 Alternative Fuel locations (HVO LNG/BioLNG) • ~3,000 Mobile acceptance points Decarbonisation as a Service: • Biofuel swaps • Automated sustainability certificates Expanding capabilities, proprietary technology and customer value
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23 Processes People Organisation design Live - Map Navigation / FMS Enhanced Dispatcher- Driver messaging between EW Navigation mobile-app and Eurowag Office desktop-app Work Time Management • Improved scalability, usability and integrated toll visibility • More detailed map views and configurable vehicle lists • Launched Driver Work Time module • Automated monthly driver work reporting, consolidating driving, rest and working hours with country-specific requirements Strengthening the EW Office Proposition Expanding capabilities, proprietary technology and customer value
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24 Scaling our Operating Model • AI & Automation: Deploying AI in Customer Care improving first-contact resolution and reducing resolution times • Standardisation: Streamlining operational processes, including supply chain and on-board units refurbishment, for further scalability and efficiency • Cost efficiency: Supplier diversification and greater hardware reuse supporting a more efficient cost base • Resilience: strengthening cybersecurity, business continuity and regulatory readiness as platform scales AI, automation and standarisation
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Go far. / eurowag.com INTERNAL Copyright © 2025, W.A.G. payment solutions plc Outlook Leveraging our integrated platform, proprietary data and commercial reach 2026 Integration and migration • Majority of services now available on Eurowag Office • Over 65% of customers actively using the platform today • Continue migrating remaining cohorts while maintaining a high-quality customer experience 2027+ Scale and monetise • Increase product penetration and accelerate cross-sell • Use proprietary data and integrated capabilities to create differentiated, personalised solutions • Drive greater operating leverage as the platform scales Commercial Strategy Multiple routes to efficient customer acquisition Direct Consultative selling focused on customers’ broader operational needs Digital Scalable onboarding and self- service through Eurowag Office OEM Partnerships Established relationships provide an efficient route to new customers 25 • Complete Eurowag Office migration
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Copyright © 2025, W.A.G. payment solutions, a.s. Go far. / eurowag.com 26 Appendix
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Net Revenue Geographical Split 27 14% 28% 14%4% 3% 13% 21% 2% 19% 15% 6% 15% w 14% 28% 13% 4% Note: Percentage represents proportion from total Group net revenue. Czech Republic Poland Other Central Cluster PortugalOther Western Cluster Romania Other Southern Cluster Other
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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. (2)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 38% 68% 62% 84% 28
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29 Significant Growth from Toll, FMS, Navigation and Tax Refund Total payment solutions Total mobility solutions(€m) 162.2 4.0 9.0 2.7 1.3 0.8 0.9 0.7 (0.1) (0.6) (1.4) 179.5 H1 2025 net revenue Energy Toll Fleet management (Core CRT) Tax refund Navigation Payment & Financial Services Transport management Other sevices² Work time management Fleet management (Non-CRT) H1 2026 net revenue Total Group Net revenue contribution 62% 38% +6.3% +25.7% +12.0% (6.3%) +22.4%+11.9% Notes: (1) Non-truck revenue such as LGVs, buses and passenger cars (2) Other services include road services Net revenue growth +13.3 % +10.7 % +6.8 % incl. Non - CRT 1 +15.2% (12.0%) + 11.1 % Core CRT +76.9% (1.5%)
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Alternative Measures (€m) Adjusted Adjusting items H1 2026 Adjusted Adjusting Items H1 2025 Net revenue 179.5 - 179.5 162.2 - 162.2 EBITDA 70.6 (6.6) 63.9 63.9 (2.7) 61.2 EBITDA margin (%) 39.3% - 35.6% 39.4% - 37.7% Depreciation, amortisation and impairments (25.9) (8.7) (34.6) (25.4) (9.3) (34.7) Share of net loss of associates (0.1) - (0.1) (0.8) - (0.8) Operating profit 44.8 (15.4) 29.4 37.7 (12.0) 25.7 Finance income 0.2 - 0.2 3.8 - 3.8 Finance costs (21.3) - (21.3) (13.8) - (13.8) Profit before tax 23.7 (15.4) 8.3 27.7 (12.0) 15.7 Income tax (6.1) (3.0) (3.1) (7.5) (2.4) (5.1) Profit after tax 17.6 (12.4) 5.2 20.2 (9.6) 10.6 Basic earnings per share 2.53 0.76 2.92 1.53 30
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Adjusting items (€m) H1 2026 H1 2025 M&A related expenses 0.1 (0.2) Transformation expenses 1.3 - ERP implementation expenses 5.2 2.9 Adjusting items in operating expenses 6.6 2.7 Adjusting Items in depreciation and amortisation 8.7 9.3 Total adjusting items 15.3 12.0 Adjusted EBITDA reconciliation Adjusting items (€m) H1 2026 H1 2025 Profit before tax 8.4 15.7 Intangible assets amortisation 26.6 26.4 Tangible assets depreciation 5.4 5.0 Right-of-use depreciation 2.6 3.2 Depreciation and amortisation 34.6 34.7 Net finance costs and share of net loss of associates 20.9 10.8 EBITDA 63.9 61.2 Adjusting Items 6.6 2.7 Adjusted EBITDA 70.6 63.9 Adjusted EBITDA margin 39.3% 39.4% 31
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-10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% (600) (400) (200) 0 200 400 600 2021 2022 2023 2024 2025 H1 2025 H1 2026 Good control on Working Capital 32 Working capital1 (€m) 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 Aldobec. 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 Total revenue (€bn) 1.6 2.4 2.1 2.2 2.3 1.2 1.4 0.9 1.0 1.1 1.5 1.7 0.8 1.0 2021 2022 2023 2024 2025 H1 2025 H1 2026 Revenue Toll volume 3.4 3.2 2.5 3.7 4.0 2.0 2.4
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150 358 310 273 270 250 211 172 0YE2022 YE2023 YE2024 YE2025 H1 2026 YE2026 YE2027 YE2028 Q1 2029 Amortisation Profile €270 million outstanding term facilities as at 30 June 2026 Facility A, Facility B and Term Incremental facilities Debt Profile Final payment 33 Debt profile as at 30 June 2026: Drawn Facilities • €270m Facility A, Facility B and Term Incremental facilities • €80m Revolving Credit Facility (“RCF”) • Total Drawn facilities: €350m Interest rate Hedging Amortising interest rate swaps • €190m (~70%) of term-loan exposure hedged • Weighted fixed rate of 2.7% • Hedge maturity in 2029 Floating Interest rate Facility A, B and Term Incremental Facilities: • 3M EURIBOR + 1.90% pa for net leverage ≤ 2.5 • 0.025% margin reduction when sustainability KPIs are met
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Copyright ©2023 W.A.G. Payment Solutions CONFIDENTIAL - INTERNAL Go far. Contact: investors@eurowag.com investors.eurowag.com EUROWAG