WAG Payment Solutions Plc (9VU) Q2 2026 Earnings Report
DE:9VU Q2 2026 EPS Results
- Actual EPS
- EUR 0.03
- Consensus EPS
- EUR 0.03
- Beat/Miss
- Missed by -EUR 0.01
- One Year Ago EPS
- EUR 0.03
DE:9VU Q2 2026 Revenue Results
- Actual Revenue
- EUR 1.41B
- Expected Revenue
- EUR 176.13M
- Beat/Miss
- Beat by +EUR 1.23B
- YoY Revenue Growth
- +21.99%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 09/09/2026
- Time
- Before Open
- Conference Call
- Wednesday, September 9, 2026
DE:9VU Upcoming Earnings
WAG Payment Solutions Plc's next earnings date is estimated for March 30, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive. Eurowag reported double-digit net revenue, adjusted EBITDA, and adjusted cash EBITDA growth; increased recurring revenue; successful Eurowag Office integration and customer migration; improving leverage; product and geographic expansion; and raised adjusted cash EBITDA guidance. The main negatives were lower profit and EPS from foreign-exchange movements, a temporary NPS decline, significant working-capital outflows, higher expenses and investment levels, and remaining legacy-platform migration work. The highlights significantly outweighed the lowlights.
Company Guidance
For FY 2026, adjusted cash EBITDA guidance was updated from a range of EUR 105 million-EUR 150 million to range between EUR 110 million-EUR 150 million, while the company reiterated guidance for low double-digit net revenue growth, an adjusted EBITDA margin of around 40%, capitalized R&D to remain below the EUR 50 million cap, and net leverage to remain below 2x and within its target range of 1.5x-2.5x; NPS is expected to improve over the coming quarters, legacy-platform decommissioning will be happening during the next 15 months, largely during next year, with some functions and some cohorts reminder for 2028, and the company is aiming to save customers 50% of their administrative tasks.
- Resilient H1 Performance and Double-Digit Revenue GrowthNet revenue increased 10.7% year-on-year to EUR 179.5 million despite high and volatile fuel prices. Management described the first-half performance as strong and resilient.
- Strong EBITDA and Cash EBITDA GrowthAdjusted EBITDA increased 10.5% to EUR 70.6 million, with a robust margin of 39.3%, broadly stable year-on-year. Adjusted cash EBITDA increased 13.2% to EUR 55.7 million, with the margin improving by 60 basis points to 31%.
- Broad-Based Service GrowthEnergy revenue grew 6%, toll revenue grew 26%, and mobility revenue grew 11% excluding non-core non-CRT revenues. Within mobility, fleet management solutions grew 15%, while navigation and tax refund each grew 12%.
- Successful Eurowag Office Integration and MigrationThe company integrated Toll into Eurowag Office during the first half, making the majority of services available through the platform. More than 65% of customers were actively using Eurowag Office, up significantly from 35% at the end of Q1.
- Increasing Platform EngagementManagement reported significant increases in monthly and weekly activity on Eurowag Office. Customers using legacy systems alongside Eurowag Office are increasingly shifting their activity toward the new platform, with legacy-system usage mainly retained for administrative access to billing documents.
- Customer Base and Product Penetration GrowthActive trucks increased 7% year-on-year to more than 335,000, compared with 5% growth in the first half of the prior year. Average products per truck increased to 2.7 despite the company's focus on migration.
- Increasing Recurring Revenue MixRecurring revenues grew 14% year-on-year and represented 47% of group net revenue. Toll represented 24% of net revenue, subscription revenue reached EUR 41 million and represented approximately 23% of group net revenue, and almost half of group net revenue was recurring.
- Controlled Credit LossesCredit losses increased by only EUR 0.3 million, or 4%, despite high insolvencies across the transport sector and higher fuel prices. The credit loss ratio improved to 0.3% of total revenues and toll volumes from 0.4% in H1 2025 and was stable versus year-end 2025.
- Improved Leverage and Disciplined Capital ExpenditureNet leverage improved to 1.8x from 1.9x at the end of 2025. Total capital expenditure increased by EUR 1.8 million to EUR 26.5 million but remained disciplined at 14.8% of net revenue.
- Investment in Platform, Technology, and Data CapabilitiesThe company invested EUR 21 million in capitalized R&D, including EUR 14.7 million for continued product and service development and EUR 6.3 million for technology and data capabilities supporting the integrated platform. Full-year capitalized R&D is expected to remain below EUR 50 million.
- Positive Toll and EETS ExpansionEETS coverage expanded to 14 countries, including the Netherlands. Management attributed toll growth to adding countries, the introduction of performance-based tolling, CO2-based tolling that increases the charge per kilometer, higher remuneration when national toll schemes migrate to EETS, and pricing power from the integrated offering.
- Growth in Connected Units and Proprietary TechnologyConnected EVA units grew to approximately 122,000. The company successfully deployed proprietary map-matching technology, which management said reduces reliance on third parties while improving accuracy, scalability, and economics.
- Expansion of Energy and Sustainability OfferingsThe fuel network expanded to more than 17,800 stations, including 2,700 alternative-fuel stations. The company continued developing decarbonization-as-a-service offerings, including Biofuel Swap and automated sustainability certificates.
- Enhancement of Digital Fleet SolutionsEurowag improved communication between dispatchers and drivers, enhanced its live map, and introduced a driver work module intended to automate reporting and reduce administrative work for customers.
- AI, Automation, and Operational ImprovementsThe company is investing in AI and automation, including an internally developed customer-care AI assistant that is helping improve first-contact resolution and reduce resolution times. It is also standardizing processes across fleet management and the hardware supply chain, while strengthening cybersecurity, business continuity, and regulatory readiness.
- Subscription-Based Commercial Model LaunchEurowag began gradually launching a new pricing scheme based on bundled subscriptions ranging from basic to premium, while retaining pay-as-you-go options. Management said customer research indicated that customers were ready and keen for the subscription model.
- Potential Benefits Expected From Eurowag Office ScalingFor 2027 and beyond, management expects the platform to support higher active-truck growth, lower churn, greater cross-selling and upselling, lower customer-acquisition costs through digital onboarding and indirect sales, and improved margins as legacy systems are decommissioned. Management also said customers are being targeted for a reduction of 50% in administrative tasks.
- Continued M&A OptionalityEurowag continues to evaluate bolt-on M&A involving complementary products, financing capabilities, load sourcing, software businesses with low revenue output per truck, and additional active trucks that could be migrated and cross-sold on the platform.
- Raised Adjusted Cash EBITDA GuidanceBased on first-half performance, adjusted cash EBITDA guidance was increased from EUR 105 million-EUR 150 million to EUR 110 million-EUR 150 million. All other FY 2026 guidance was reiterated, including low double-digit net revenue growth, an adjusted EBITDA margin of around 40%, capitalized R&D below EUR 50 million, and net leverage below 2x and within the 1.5x-2.5x target range.
- Shareholder Return and Future Strategic UpdateThe company returned approximately EUR 12 million to shareholders through a special dividend in July and plans to provide additional capital-allocation policy details at its Capital Markets Day on December 1. The event will also cover the strategy for scaling and monetizing Eurowag Office and medium-term growth opportunities.
- Positive Digital Application RatingsEurowag Office received ratings of 4.7 on Android and 4.8 on iOS, while Eurowag Navigation received ratings of 4.4 and 4.5, respectively.
- Supportive Market IndicatorsEuropean road freight remained resilient, with growth expected to accelerate over the coming years and remain ahead of the broader European economy. New truck registrations across Eurowag's markets increased 10% year-on-year, while nearshoring, supply-chain localization, and regional manufacturing investment were identified as supportive trends.
DE:9VU Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 30, 2027 | 2026 (Q4) | 0.04- | 0.02 | ― | ― |
| Sep 09, 2026 | 2026 (Q2) | 0.030.03 | 0.03 | -13.79% (-0.00) | |
| Mar 25, 2026 | 2025 (Q4) | 0.030.02 | 0.02 | -18.18% (-0.00) | |
| Sep 04, 2025 | 2025 (Q2) | 0.030.03 | 0.03 | 16.00% (+0.00) | |
| Mar 25, 2025 | 2024 (Q4) | 0.030.02 | 0.04 | -37.14% (-0.01) | |
| Sep 05, 2024 | 2024 (Q2) | 0.040.03 | 0.03 | -13.79% (-0.00) | |
| Mar 26, 2024 | 2023 (Q4) | 0.030.04 | 0.02 | 45.83% (+0.01) | |
| Sep 07, 2023 | 2023 (Q2) | 0.030.03 | 0.02 | 20.83% (+0.01) | |
| Mar 16, 2023 | 2022 (Q4) | ―0.02 | ― | ― | |
| Sep 06, 2022 | 2022 (Q2) | ―0.02 | ― | ― |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
