WAG Payment Solutions PLC (LSE:WPS), also known as Eurowag, confirmed its full-year guidance following first-half (H1) revenue that exceeded expectations.

The company reported a 15% year-on-year rise in H1 net revenue to €162 million, 4% above consensus estimates. Payment Solutions revenue climbed 23% to €98 million, while Mobility Solutions increased 4.9% to €64.3 million, or 8% when excluding non-truck revenue from fleet management services. Eurowag shares fell 2% in early London trading.

Adjusted EBITDA grew 7.7% to €63.9 million, or 11.7% excluding a prior-year commercial settlement. Adjusted cash EBITDA rose 14.1% to €49.2 million, delivering a margin of 30.4%, ahead of consensus of €46 million and 30%. Adjusted profit before tax increased to €27.8 million from €21.6 million, driving a 16.3% rise in adjusted EPS to 2.92 cents per share.

The company reaffirmed its 2025 guidance, anticipating net revenue growth of 10–13% to €322–331 million, in line with consensus of €323 million. Jefferies analysts note this implies second-half revenue growth of around 8%. Adjusted cash EBITDA is projected between €90–100 million, with margins expected to remain flat year-on-year and R&D costs staying below the €50 million cap.

“Despite strong results, guidance was only confirmed as visibility remains low, but with toll possibly continuing its run, we could see the high-end as achievable,” Jefferies analysts commented, adding that they expected the stock to rise on the results.

“Eurowag has delivered an impressive performance for the first half with double-digit net revenue growth and strong cash generation, despite the sustained macroeconomic challenges,” said Founder and Chief Executive Martin Vohánka. He added that the phased rollout of Eurowag Office is progressing as the company transforms into a “data-centric and AI driven company,” while noting that macroeconomic headwinds are expected to continue in the second half.

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