Q2 2026 WAG Payment Solutions PLC Earnings Call

September 9, 2026

Speaker #1: Good day, ladies and gentlemen, and welcome to the WAG Payment Solutions PLC Q2 2026 results. The presentation will commence shortly. After the presentation, we'll conduct a Q&A session.

Operator: Good day, ladies and gentlemen, and welcome to W.A.G. payment solutions plc H1 2026 results. The presentation will commence shortly. After the presentation, we will conduct a Q&A session. If you wish to ask a question, you will be able to ask a question either through the Zoom webinar link provided separately or by submitting written questions using the Ask a Question button on the Spark Live Webcast page. During the Q&A element of this morning's call, if you wish to ask a question, we ask that you please use the raise hand function at the bottom of your Zoom screen. If you already have a question, please do this now, ready for when the Q&A begins. Please note that this call is being recorded. I would now like to hand over to Martin Vohanka, CEO, to open the presentation.

Speaker #1: If you wish to ask your question, you'll be able to do so either through the Zoom webinar link provided separately or by submitting written questions using the Ask a Question button on the Spark Live webcast page.

Speaker #1: During the Q&A portion of this morning's call, if you wish to ask a question, we ask that you please use the raise hand function at the bottom of your Zoom screen.

Speaker #1: If you already have a question, please do this now, so you're ready for when the Q&A begins. Please note that this call is being recorded. I would now like to hand it over to Martin Vohanka, CEO, to open the presentation.

Speaker #2: Good morning, everyone, and thank you for joining us today for EUROVAC's interim results. We delivered a strong and resilient performance in the first half of 2026, with continued customer growth, double-digit net revenue growth, robust margins, and lower leverage, while making significant progress on our key strategic priority for the year—the integration and migration of the EUROVAC office.

Martin Vohánka: Good morning, everyone, and thank you for joining us today for Eurowag's interim results. We delivered a strong and resilient performance in H1 2026 with continued customer growth, double-digit net revenue growth, robust margin, and lower leverage while making significant progress on our key strategic priority for the year, the integration and migration of Eurowag Office. The majority of our services are now available through the platform. Over 65% of our customers are actively using Eurowag Office today. Many of you will probably recognize this slide from our previous results, but we wanted to bring it back as it provides a very good illustration of resilience of our business. Over the past 18 years, Eurowag has consistently grown through very different fuel price and macroeconomic environments. The first half of 2026 provides further evidence of that resilience.

Speaker #2: The majority of our services are now available through the platform. Over 65% of our customers are actively using EUROVAC Office today. Many of you will probably recognize this slide from our previous results, but we wanted to bring it back, as it provides a very good illustration of the resilience of our business.

Speaker #2: Over the past 18 years, EUROVAC has consistently grown through very different fuel price and macroeconomic environments, and the first half of 2026 provides further evidence of that resilience.

Speaker #2: Despite significant fuel price volatility, and while executing an important phase of integration and migration, we continue to grow and deliver strong results. And this.

Martin Vohánka: Despite significant fuel price volatility and while executing an important phase of integration and migration, we continue to grow and deliver strong results. This behavior is also evident in the industry we serve, where the outlook is becoming increasingly supportive. European road freight has remained resilient and growth is expected to accelerate over the coming years and remain ahead of the broader European economy. We are also seeing encouraging indicators in the market today. New truck registration across our market increased by 10% year on year, providing a positive signal of continued fleet investment and underlying activity. Importantly, Central and Eastern Europe are playing an increasing role within European road freight. Nearshoring greater supply chain localization and continued investment in regional manufacturing capacity are strengthening the region's role in intra-European trade.

Speaker #2: Behavior is also evident in the industry we serve, where the outlook is becoming increasingly supportive. European road freight has remained resilient, and growth is expected to accelerate over the coming years and remain ahead of the broader European economy.

Speaker #2: We are also seeing encouraging indicators in the market today. New truck registrations across our market increased by 10% year on year, providing a positive signal of continued fleet investment and underlying activity.

Speaker #2: And importantly, Central and Eastern Europe are playing an increasing role within European road freight. Nearshoring, greater supply chain localization, and continued investment in regional manufacturing capacity are strengthening the region's role in intra-European trade.

Speaker #2: We are seeing interesting structural trends that are particularly relevant to the markets in which we have a strong presence. With that, let me take you through the progress we have made on our key priority for 2026.

Martin Vohánka: We are seeing interesting structural trends that are particularly relevant to the markets in which we have strong presence. With that, let me take you through the progress we have made on our key priority for 2026, product integration and customer migration into Eurowag Office. I am very pleased with the progress we have made year to date. As you may remember from our last call, one of our milestones for the first half was the integration of toll into Eurowag Office, and we have now achieved that. With toll now integrated, the majority of our services are available through Eurowag Office, as you can see on the left-hand side of the slide. We will continue enhancing the functionality already available, adding further capabilities and advancing our product development, as well as completing the integration of our transport management solution, which is planned for 2027.

Speaker #2: Product integration and customer migration into the EUROVAC office. I'm very pleased with the progress we have made year to date. As you may remember from our last call, one of our milestones for the first half was the integration of TOLL into the EUROVAC office, and we have now achieved that.

Speaker #2: With toll now integrated, the majority of our services are available through the EUROVAC office, as you can see on the left-hand side of the slide.

Speaker #2: We will continue enhancing the functionality already available, adding further capabilities and advancing our product development, as well as completing the integration of our transport management solution, which is planned for 2027.

Speaker #2: From a customer perspective, the progress has been very strong. We have achieved another important milestone, with over 65% of our customers now actively using EUROVAC Office—up significantly from 35% at the end of Q1, when we last spoke.

Martin Vohánka: From a customer perspective, the progress has been very strong. We have achieved another important milestone with over 65% of our customers now actively using Eurowag Office, up significantly from 35% at the end of Q1 when we last spoke. During the remainder of the year, our focus will remain on continuing the migration of the next customer cohorts while further enhancing the platform. Customer behavior in Eurowag Office has been also encouraging. As more customers actively use Eurowag Office, we are seeing not only broader adoption of the platform, but also deeper engagement. The graphs on the left shows the significant increase in monthly and weekly activity throughout the year. On the right-hand side, we are showing a specific example on how customers who still use one of our legacy systems are increasingly shifting their activity towards Eurowag Office. Let me explain this in more detail.

Speaker #2: During the remainder of the year, our focus will remain on continuing the migration of the next customer cohorts, while further enhancing the platform. Customer behavior in the EUROVAC office has also been encouraging, as more customers actively use EUROVAC office.

Speaker #2: We are seeing not only broader adoption of the platform, but also deeper engagement. The graphs on the left show the significant increase in monthly and weekly activity throughout the year.

Speaker #2: And on the right-hand side, we are showing a specific example of how customers who still use one of our legacy systems are increasingly shifting their activity towards the EUROVAC office.

Speaker #2: Let me explain this in more detail. Our customers' migration is strategically centered on a merge and migration approach. This approach is used by many successful tech companies, as it allows customers to become gradually familiar with a new, better system.

Martin Vohánka: Let me explain this in more detail. Our customers migration strategy is centered on a merge and migration approach. This is an approach used by many successful tech companies, as it allows customer to become gradually familiar with a new, better system. When we look at merge customers who continue to use one of our legacy system alongside Eurowag Office, we see strong evidence that their engagement with Eurowag Office has been increasing steadily, overtaking legacy platform. Importantly, when these customers return to the legacy system, the main reason is purely administrative, typically to access billing documents. On the other hand, they are increasingly using Eurowag Office for broader range of operational capabilities. This shows that customers are gradually shifting their day-to-day activity from legacy environments to Eurowag Office as they become familiar with the platform.

Martin Vohánka: Our customers migration strategy is centered on a merge and migration approach. This is an approach used by many successful tech companies, as it allows customer to become gradually familiar with a new, better system. When we look at merge customers who continue to use one of our legacy system alongside Eurowag Office, we see strong evidence that their engagement with Eurowag Office has been increasing steadily, overtaking legacy platform. Importantly, when these customers return to the legacy system, the main reason is purely administrative, typically to access billing documents. On the other hand, they are increasingly using Eurowag Office for broader range of operational capabilities. This shows that customers are gradually shifting their day-to-day activity from legacy environments to Eurowag Office as they become familiar with the platform. Taken together, these behaviors give us encouraging evidence that customers are increasingly adopting Eurowag Office.

Speaker #2: When we look at merged customers who continue to use one of our legacy systems alongside EUROVAC Office, we see strong evidence that their engagement with EUROVAC Office has been increasing steadily, overtaking the legacy platform.

Speaker #2: Importantly, when these customers return to the legacy system, the main reason is purely administrative—typically, to access billing documents. On the other hand, they are increasingly using EUROVAC Office for a broader range of operational capabilities.

Speaker #2: This shows that customers are gradually shifting their day-to-day activity from legacy environments to EUROVAC Office as they become familiar with the platform. Taken together, these behaviors give us encouraging evidence that customers are increasingly adopting EUROVAC Office.

Martin Vohánka: Taken together, these behaviors give us encouraging evidence that customers are increasingly adopting Eurowag Office. The platform is becoming part of their regular operating routines, and we strongly believe this trend will continue to accelerate as we deploy more integrated workflows. With respect to NPS, we saw a decrease in the score during the H1 of the year to 29.6 points due to two core factors. First, up until 2025, we measured NPS based on a multi-branded approach. Clients from acquired businesses were being surveyed about the relevant legacy brands they were very familiar with. In 2026, following the completion of our rebranding program, we changed our NPS measurement methodology and moved to a unified measurement under the Eurowag brand.

Speaker #2: The platform is becoming part of their regular operating routines, and we strongly believe this trend will continue to accelerate as we deploy more integrated workflows.

Martin Vohánka: The platform is becoming part of their regular operating routines, and we strongly believe this trend will continue to accelerate as we deploy more integrated workflows. With respect to NPS, we saw a decrease in the score during the H1 of the year to 29.6 points due to two core factors. First, up until 2025, we measured NPS based on a multi-branded approach. Clients from acquired businesses were being surveyed about the relevant legacy brands they were very familiar with. In 2026, following the completion of our rebranding program, we changed our NPS measurement methodology and moved to a unified measurement under the Eurowag brand. As a result, many respondents from acquired businesses moved from promoters to neutral, reflecting the fact that they are not yet as familiar with Eurowag.

Speaker #2: With respect to NPS, we saw a decrease in the score during the first half of the year to 29.6 points, due to two core factors.

Speaker #2: First, up until 2025, we measured NPS based on a multi-branded approach. Clients from acquired businesses were being surveyed about the relevant legacy brands they were very familiar with.

Speaker #2: In 2026, following the completion of our rebranding program, we changed our NPS measurement methodology and moved to a unified measurement under the EUROVAC brand.

Speaker #2: As a result, many respondents from acquired businesses moved from promoters to neutral, reflecting the fact that they are not yet as familiar with Eurovac.

Martin Vohánka: As a result, many respondents from acquired businesses moved from promoters to neutral, reflecting the fact that they are not yet as familiar with Eurowag. We anticipated some negative impact when we decided to change the methodology, but we believe it was the right commercial decision as we move towards a unified brand. Importantly, we expect this impact to be temporary, and the early data we are seeing is already reflecting this. Second, the H1 of the year was a period of elevated and volatile fuel prices. Fuel represents almost half of our customer base, and in the industry operating on tight margins, it's not unusual to see customer sentiment come under pressure during the periods of elevated fuel prices. Considering these two factors, we expect NPS to improve over the coming quarters, supported by encouraging customer response we are already seeing.

Speaker #2: We anticipated some negative impact when we decided to change the methodology, but we believe it was the right commercial decision as we moved towards a unified brand.

Martin Vohánka: We anticipated some negative impact when we decided to change the methodology, but we believe it was the right commercial decision as we move towards a unified brand. Importantly, we expect this impact to be temporary, and the early data we are seeing is already reflecting this. Second, the H1 of the year was a period of elevated and volatile fuel prices. Fuel represents almost half of our customer base, and in the industry operating on tight margins, it's not unusual to see customer sentiment come under pressure during the periods of elevated fuel prices. Considering these two factors, we expect NPS to improve over the coming quarters, supported by encouraging customer response we are already seeing. Before I hand over to Oskar, let me bring this together with a summary of our strategic KPIs, which complement the strong financial performance we delivered during the H1.

Speaker #2: Importantly, we expect this impact to be temporary, and the early data we are seeing already reflects this. Second, the first half of the year was a period of elevated and volatile fuel prices.

Speaker #2: Fuel represents almost half of our customer days, and in an industry operating on tight margins, it's not unusual to see customer sentiment come under pressure during periods of elevated fuel prices.

Speaker #2: Considering these two factors, we expect NPS to improve over the coming quarters, supported by the encouraging customer response we are already seeing. Before I hand over to Oscar, let me bring this together with a summary of our strategic KPIs, which complement the strong financial performance we delivered during the first half.

Martin Vohánka: Before I hand over to Oskar, let me bring this together with a summary of our strategic KPIs, which complement the strong financial performance we delivered during the H1. First, we continue to grow our customer base. Active trucks increased by 7% year-on-year to over 335,000 trucks, a higher growth compared to 5% increase during the H1 of last year. This is particularly encouraging given that we are delivering stronger growth while remaining focused on customer migration and through a volatile fuel price environment. Second, even though this year we focused on migration, average number of products per truck increased to 2.7. This is encouraging because it shows that we continue to deepen customer relationships even before we move into our next phase of scaling and monetization.

Speaker #2: First, we continue to grow our customer base. Active trucks increased by 7% year on year to over 335,000 trucks, which is a higher growth compared to a 5% increase during the first half of last year.

Martin Vohánka: First, we continue to grow our customer base. Active trucks increased by 7% year-on-year to over 335,000 trucks, a higher growth compared to 5% increase during the H1 of last year. This is particularly encouraging given that we are delivering stronger growth while remaining focused on customer migration and through a volatile fuel price environment. Second, even though this year we focused on migration, average number of products per truck increased to 2.7. This is encouraging because it shows that we continue to deepen customer relationships even before we move into our next phase of scaling and monetization. Third, as I have just mentioned, while NPS is lower, we expect this result to be temporary, this early data already showing this. Fourth, the recurring nature of our revenues. Subscription revenues reached EUR 41 million in the H1 and now represents approximately 23% of group net revenues.

Speaker #2: This is particularly encouraging given that we are delivering stronger growth while remaining focused on customer migration, and doing so through a volatile fuel price environment. Second, even—.

Speaker #2: Though this year we focused on migration, the average number of products per truck increased to 2.7. This is encouraging because it shows that we continue to deepen customer relationships, even before we move into our next phase of scaling and monetization.

Speaker #2: Third, as I have just mentioned, while NPS is lower, we expect this result to be temporary. This early data is already showing this. Fourth, and the recurring nature of our revenues.

Martin Vohánka: Third, as I have just mentioned, while NPS is lower, we expect this result to be temporary, this early data already showing this. Fourth, the recurring nature of our revenues. Subscription revenues reached EUR 41 million in the H1 and now represents approximately 23% of group net revenues. When combined with the highly recurring nature of our total revenues, almost half of the group net revenues is now recurring. Finally, I would like also to highlight the strong customer ratings across our digital applications. Eurowag Office mobile application is rated 4.7 on Android and 4.8 on iOS, while Eurowag Navigation is rated 4.4 and 4.5, respectively. With that, I will hand over to Oskar to take you through our financial performance in more detail.

Speaker #2: Subscription revenues reached $41 million in the first half, and now represent approximately 23% of group net revenues. When combined with the highly recurring nature of our total revenues, almost half of group net revenues is now recurring.

Martin Vohánka: When combined with the highly recurring nature of our total revenues, almost half of the group net revenues is now recurring. Finally, I would like also to highlight the strong customer ratings across our digital applications. Eurowag Office mobile application is rated 4.7 on Android and 4.8 on iOS, while Eurowag Navigation is rated 4.4 and 4.5, respectively. With that, I will hand over to Oskar to take you through our financial performance in more detail.

Speaker #2: And finally, I would also like to highlight the strong customer ratings across our digital applications. The EUROVAC Office mobile application is rated 4.7 on Android and 4.8 on iOS, while EUROVAC Navigation is rated 4.4 and 4.5, respectively.

Speaker #2: And with that, I will hand over to Oscar to take you through our financial performance in more detail.

Speaker #1: Thank you, Martin, and good morning to everyone. As Martin has already mentioned, we are reporting a strong set of results for the first six months of the year.

Oskar Zahn: Thank you, Martin, and good morning to everyone. As Martin has already mentioned, we are reporting a strong set of results for the first 6 months of the year. Let me start with the key financial highlights. Net revenue increased by 10.7% to EUR 179.5 million, while adjusted EBITDA increased 10.5% to EUR 70.6 million, with a robust margin of 39.3%. Adjusted cash EBITDA increased 13.2% to EUR 55.7 million, with a margin improving to 31%. Adjusted profit before tax declined 14.7% to EUR 23.7 million, primarily reflecting an unrealized non-cash foreign exchange impact during the period, resulting in an adjusted basic EPS of EUR 0.0253 per share. We continue to invest into the business with EUR 21 million of capitalized R&D focused on our Eurowag Office platform and its technology and data capabilities. Finally, net leverage continued to improve, now standing at 1.8 times from 1.9 times in December 2025.

Speaker #1: Let me start with key financial highlights. Net revenue increased by 10.7% to $179.5 million, while adjusted EBITDA increased 10.5% to $70.6 million, with a robust margin of 39.3%.

Speaker #1: Adjusted cash EBITDA increased 13.2% to $55.7 million, with the margin improving to 31%. Adjusted profit before tax declined 14.7% to $23.7 million, primarily reflecting an unrealized non-cash foreign exchange impact during the period, resulting in an adjusted basic EPS of 2.53 cents per share.

Speaker #1: We continue to invest in the business, with $21 million of capitalized R&D focused on our EUROVAC office platform and its technology and data capabilities.

Speaker #1: And finally, net leverage continued to improve, now standing at 1.8 times, down from 1.9 times in December 2025. We have continued to deliver strong top-line growth, with net revenue increasing by 10.7% to €179.5 million, despite high and volatile fuel prices.

Oskar Zahn: Finally, net leverage continued to improve, now standing at 1.8 times from 1.9 times in December 2025. We have continued to deliver strong top-line growth, with net revenue increasing by 10.7% to EUR 179.5 million, despite high and volatile fuel prices. This is further evidence of the resilience of our business model. Importantly, growth is broad-based across the services. Energy grew by 6% and toll by 26%, supported by continued expansion of our EETS offering. Mobility grew by 11%, excluding non-core, non-CRT revenues, and within mobility services, growth was led by fleet management solutions at 15% and navigation and tax refund both at 12%. I would also like to highlight again how our revenue mix has evolved over time.

Oskar Zahn: We have continued to deliver strong top-line growth, with net revenue increasing by 10.7% to EUR 179.5 million, despite high and volatile fuel prices. This is further evidence of the resilience of our business model. Importantly, growth is broad-based across the services. Energy grew by 6% and toll by 26%, supported by continued expansion of our EETS offering. Mobility grew by 11%, excluding non-core, non-CRT revenues, and within mobility services, growth was led by fleet management solutions at 15% and navigation and tax refund both at 12%. I would also like to highlight again how our revenue mix has evolved over time. As you can see on the slide, our revenues have become increasingly diversified, while at the same time we have continued to increase the proportion coming from highly recurring sources. During the H1, recurring revenues grew 14% year-on-year and currently represent 47% of the group's net revenue.

Speaker #1: This is further evidence of the resilience of our business model. Importantly, growth is broad-based across the services. Energy grew by 6%, and toll by 26%, supported by continued expansion of our EAT T offering.

Speaker #1: Mobility grew by 11%, excluding non-core and non-CRT revenues, and within mobility services, growth was led by fleet management solutions at 15%, and navigation and tax refund both at 12%.

Speaker #1: I'd also like to highlight again how our revenue mix has evolved over time. As you can see on the slide, our revenues have become increasingly diversified, while at the same time, we have continued to increase the proportion coming from highly recurring sources.

Oskar Zahn: As you can see on the slide, our revenues have become increasingly diversified, while at the same time we have continued to increase the proportion coming from highly recurring sources. During the H1, recurring revenues grew 14% year-on-year and currently represent 47% of the group's net revenue. These include toll, which is inherently highly recurring as customers continuously use our network for road payments and subscription revenues, which provide predictable recurring income across a growing range of our services. In H1, toll represented 24% of net revenue and subscription revenues 23%. We also delivered robust growth in both adjusted EBITDA and adjusted cash EBITDA during H1. Adjusted EBITDA increased by 10.5% to EUR 70.6 million, with good margins of 39.3% broadly stable year-on-year.

Speaker #1: During the first half, recurring revenues grew 14% year on year and currently represent 47% of the group's net revenue. These include toll, which is inherently highly recurring, as customers continuously use our network for road payments, and subscription revenues, which provide predictable, recurring income across a growing range of our services.

Oskar Zahn: These include toll, which is inherently highly recurring as customers continuously use our network for road payments and subscription revenues, which provide predictable recurring income across a growing range of our services. In H1, toll represented 24% of net revenue and subscription revenues 23%. We also delivered robust growth in both adjusted EBITDA and adjusted cash EBITDA during H1. Adjusted EBITDA increased by 10.5% to EUR 70.6 million, with good margins of 39.3% broadly stable year-on-year. Adjusted cash EBITDA increased even further by 13.2% to EUR 55.7 million, with the margin improving by 60 basis points to 31%. We are seeing strong EBITDA growth alongside improving cash EBITDA while continuing to invest in our business.

Speaker #1: In the first half, toll represented 24% of net revenue and subscription revenues, 23%. We also delivered robust growth in both adjusted EBITDA and adjusted cash EBITDA during the first half.

Speaker #1: Adjusted EBITDA increased by 10.5% to €70.6 million, with solid margins of 39.3%, which were broadly stable year-on-year. Adjusted cash EBITDA increased even further by 13.2% to €55.7 million, with the margin improving by 60 basis points to 31%.

Oskar Zahn: Adjusted cash EBITDA increased even further by 13.2% to EUR 55.7 million, with the margin improving by 60 basis points to 31%. We are seeing strong EBITDA growth alongside improving cash EBITDA while continuing to invest in our business. Taking a closer look into the key drivers of adjusted cash EBITDA performance, credit losses remain well controlled with an increase of only EUR 0.3 million or 4%, despite high levels of insolvencies across the transport sector and higher fuel prices. Our underlying credit performance and recoveries continue to be in line with expectations, with a credit loss ratio improving to 0.3% of total revenues and toll volumes from 0.4% in H1 2025 and stable versus the year end of 2025.

Speaker #1: So we're seeing strong EBITDA growth alongside improving cash EBITDA while continuing to invest in our business. Taking a closer look into the key drivers of adjusted cash EBITDA performance, credit losses remain well-controlled, with an increase of only $0.3 million, or 4%, despite high levels of insolvencies across the transport sector and higher fuel prices.

Oskar Zahn: Taking a closer look into the key drivers of adjusted cash EBITDA performance, credit losses remain well controlled with an increase of only EUR 0.3 million or 4%, despite high levels of insolvencies across the transport sector and higher fuel prices. Our underlying credit performance and recoveries continue to be in line with expectations, with a credit loss ratio improving to 0.3% of total revenues and toll volumes from 0.4% in H1 2025 and stable versus the year end of 2025. Employee expenses increased EUR 5.1 million or 10%, excluding non-cash share based payments, and was mainly driven by salary inflation and investment in the people we need for the next phase of the business. Technology and other operating expenses increased by EUR 2.3 million, of which EUR 0.3 million relates to technology and cloud transformation and the remaining EUR 2 million to other operating expenses, including marketing, travel, and professional fees.

Speaker #1: Our underlying credit performance and recoveries continue to be in line with expectations, with a credit loss ratio improving to 0.3% of total revenues and toll volumes from 0.4% in H1 2025 and stable versus the year-end of 2025.

Speaker #1: Employee expenses increased by $5.1 million, or 10%, excluding non-cash share-based payments, and were mainly driven by salary inflation and investment in the people we need for the next phase of the business.

Oskar Zahn: Employee expenses increased EUR 5.1 million or 10%, excluding non-cash share based payments, and was mainly driven by salary inflation and investment in the people we need for the next phase of the business. Technology and other operating expenses increased by EUR 2.3 million, of which EUR 0.3 million relates to technology and cloud transformation and the remaining EUR 2 million to other operating expenses, including marketing, travel, and professional fees. Finally, capitalized R&D increased EUR 3.1 million as we continued to invest in the platform and its technology and data capabilities. Net income decreased from EUR 10.5 million in H1 2025 to EUR 5.2 million in H1 2026, primarily reflecting foreign exchange movements.

Speaker #1: Technology and other operating expenses increased by $2.3 million, of which $0.3 million relates to technology and cloud transformation, and the remaining $2.0 million to other operating expenses, including marketing, travel, and professional fees.

Speaker #1: Finally, capitalized R&D increased by $3.1 million as we continue to invest in the platform and its technology and data capabilities. Net income decreased from $10.5 million in H1 2025 to $5.2 million in H1 2026, primarily reflecting foreign exchange movements.

Oskar Zahn: Finally, capitalized R&D increased EUR 3.1 million as we continued to invest in the platform and its technology and data capabilities. Net income decreased from EUR 10.5 million in H1 2025 to EUR 5.2 million in H1 2026, primarily reflecting foreign exchange movements. In H1 2025, we recognized an unrealized FX gain of EUR 3.5 million, compared with an EUR 8.3 million predominantly non-cash FX loss in H1 2026, largely related to the appreciation of the Hungarian forints. This movement impacted both basic and adjusted EPS, with EPS affected by a slightly higher weighted average number of shares following the exercise of employee share options during the period. Total capital expenditure increased by EUR 1.8 million to EUR 26.5 million, with capitalized R&D accounting for EUR 21 million.

Speaker #1: In H1 2025, we recognized an unrealized FX gain of $3.5 million, compared with an $8.3 million predominantly non-cash FX loss in H1 2026, largely related to the appreciation of the Hungarian forint.

Oskar Zahn: In H1 2025, we recognized an unrealized FX gain of EUR 3.5 million, compared with an EUR 8.3 million predominantly non-cash FX loss in H1 2026, largely related to the appreciation of the Hungarian forints. This movement impacted both basic and adjusted EPS, with EPS affected by a slightly higher weighted average number of shares following the exercise of employee share options during the period. Total capital expenditure increased by EUR 1.8 million to EUR 26.5 million, with capitalized R&D accounting for EUR 21 million. Of this, EUR 14.7 million was invested in the continued development of our products and services and EUR 6.3 million invested in technology and data capabilities that form the foundation of the integrated platform. We also invested EUR 4.3 million in onboard units, which support our toll and fleet management businesses and remain an important enabler of revenue growth.

Speaker #1: This movement impacted both basic and adjusted EPS, with EPS affected by a slightly higher weighted average number of shares following the exercise of employee share options during the period.

Speaker #1: Total capital expenditure increased by $1.8 million to $26.5 million, with capitalized R&D accounting for $21 million. Of this, $14.7 million was invested in the continued development of our products and services, and $6.3 million invested in technology and data capabilities that form the foundation of the integrated platform.

Oskar Zahn: Of this, EUR 14.7 million was invested in the continued development of our products and services and EUR 6.3 million invested in technology and data capabilities that form the foundation of the integrated platform. We also invested EUR 4.3 million in onboard units, which support our toll and fleet management businesses and remain an important enabler of revenue growth. Importantly, OBU investment remains efficient despite continued growth in toll. We are improving the economics of our hardware through greater standardization, supplier diversification, and the refurbishment and reuse of returned onboard units. The remaining EUR 1.2 million capital expenditure related mainly to infrastructure, including our truck parks and IT hardware. Overall, capital expenditure remained disciplined at 14.8% of net revenue. Moving on to net leverage, I am pleased to report a further improvement to 1.8x from 1.9x at the end of 2025.

Speaker #1: We also invested $4.3 million in onboard units, which support our toll and fleet management businesses and remain an important enabler of revenue growth. Importantly, OBU investment remains efficient despite continued growth in toll.

Oskar Zahn: Importantly, OBU investment remains efficient despite continued growth in toll. We are improving the economics of our hardware through greater standardization, supplier diversification, and the refurbishment and reuse of returned onboard units. The remaining EUR 1.2 million capital expenditure related mainly to infrastructure, including our truck parks and IT hardware. Overall, capital expenditure remained disciplined at 14.8% of net revenue. Moving on to net leverage, I am pleased to report a further improvement to 1.8x from 1.9x at the end of 2025. We generated EUR 17 million of free cash in the H1, impacted mainly by a EUR 54.4 million working capital outflow. As we have discussed previously, higher fuel prices increase the working capital requirements of our customers.

Speaker #1: We are improving the economics of our hardware through greater standardization, supplier diversification, and the refurbishment and reuse of returned onboard units. The remaining $1.2 million in capital expenditure related mainly to infrastructure, including our truck parks and IT hardware.

Speaker #1: Overall, capital expenditure remained disciplined at 14.8% of net revenue. Moving on to net leverage, I'm pleased to report a further improvement to 1.8 times, from 1.9 times at the end of 2025.

Speaker #1: We generated $17 million of free cash in the first half, impacted mainly by a $54.4 million working capital outflow. As we have discussed previously, higher fuel prices increased the working capital requirements of our customers.

Oskar Zahn: We generated EUR 17 million of free cash in the H1, impacted mainly by a EUR 54.4 million working capital outflow. As we have discussed previously, higher fuel prices increase the working capital requirements of our customers. The H1 outflow also reflects timing around the period end, as collections and payments can move the balance meaningfully from one day to another. Importantly, the movement remains within our expectations and within the range of working capital swings we have previously indicated can occur and does not reflect a structural change in our working capital requirements. When we look at working capital over a longer period, trade receivables and trade payables grow broadly in line with total revenues, including toll volumes, and on a 12-month basis, working capital remained broadly neutral. Despite the working capital outflow, our strong EBITDA growth enabled us to further improve net leverage to 1.8 times.

Speaker #1: The H1 outflow also reflects timing around the period end, as collections and payments can move the balance meaningfully from one day to another. Importantly, the movement remains within our expectations and within the range of working capital swings we have previously indicated can occur, and does not reflect a structural change in our working capital requirements.

Oskar Zahn: The H1 outflow also reflects timing around the period end, as collections and payments can move the balance meaningfully from one day to another. Importantly, the movement remains within our expectations and within the range of working capital swings we have previously indicated can occur and does not reflect a structural change in our working capital requirements. When we look at working capital over a longer period, trade receivables and trade payables grow broadly in line with total revenues, including toll volumes, and on a 12-month basis, working capital remained broadly neutral. Despite the working capital outflow, our strong EBITDA growth enabled us to further improve net leverage to 1.8 times.

Speaker #1: When we look at working capital over a longer period, trade receivables and trade payables grow broadly in line with total revenues, including toll volumes, and on a 12-month basis, working capital remained broadly neutral.

Speaker #1: Despite the working capital outflow, our strong EBITDA growth enabled us to further improve net leverage to 1.8 times. Let me now turn to capital allocation.

Oskar Zahn: Let me now turn to capital allocation. Our priorities remain unchanged and are focused on balancing investment in the business with maintaining a strong balance sheet while returning capital to shareholders when available. Firstly, organic growth remains our top priority. We are continuing to invest in a modern, scalable, and AI-enabled platform with capitalized R&D expected to remain below EUR 50 million for the full year. Secondly, we remain committed to maintaining a strong balance sheet with net leverage between 1.5 and 2.5 times, now sitting at 1.8 times. Thirdly, we will continue to pursue targeted bolt-on M&A opportunities, particularly associated with complementary products and services or bringing additional active trucks onto the platform to continue expanding our market penetration. Finally, we will continue to consider appropriate returns of capital to shareholders while preserving the financial flexibility of the business.

Speaker #1: Our priorities remain unchanged, and our focus is on balancing investment in the business with maintaining a strong balance sheet, while returning capital to shareholders when available.

Speaker #1: Firstly, organic growth remains our top priority, where we continue to invest in a modern, scalable, and AI-enabled platform, with capitalized R&D expected to remain below $50 million for the full year.

Speaker #1: Secondly, we remain committed to maintaining a strong balance sheet with net leverage between 1.5 and 2.5 times, now sitting at 1.8 times. Thirdly, we'll continue to pursue targeted bolt-on M&A opportunities, particularly those associated with complementary products and services, or by bringing additional active trucks onto the platform to continue expanding our market penetration.

Speaker #1: And finally, we will continue to consider appropriate returns of capital to shareholders while preserving the financial flexibility of the business. In July, we returned approximately $12 million to shareholders through a special dividend.

Oskar Zahn: Finally, we will continue to consider appropriate returns of capital to shareholders while preserving the financial flexibility of the business. In July, we returned approximately EUR 12 million to shareholders through a special dividend. Finally, based on our H1 performance, we are updating our adjusted cash EBITDA guidance for the year from a range of EUR 105 million to EUR 150 million to a range between EUR 110 million to EUR 150 million. We are reiterating all other FY 2026 guidance.

Oskar Zahn: In July, we returned approximately EUR 12 million to shareholders through a special dividend. Finally, based on our H1 performance, we are updating our adjusted cash EBITDA guidance for the year from a range of EUR 105 million to EUR 150 million to a range between EUR 110 million to EUR 150 million. We are reiterating all other FY 2026 guidance. We remain confident delivering low double-digit net revenue growth and an adjusted EBITDA margin of around 40%. Capitalized R&D is expected to remain below the EUR 50 million cap, and net leverage to remain below 2 times and within our target range of 1.5 to 2.5 times. With that, let me hand it back to Martin, who will take you through some of the progress we've made across the business and what we see ahead.

Speaker #1: Finally, based on our first half performance, we're updating our adjusted cash EBITDA guidance for the year from a range of $105 million to $150 million to a range between $110 million and $150 million.

Speaker #1: We are reiterating all other FY2026 guidance. We remain confident in delivering low double-digit net revenue growth and an adjusted EBITDA margin of around 40%.

Oskar Zahn: We remain confident delivering low double-digit net revenue growth and an adjusted EBITDA margin of around 40%. Capitalized R&D is expected to remain below the EUR 50 million cap, and net leverage to remain below 2 times and within our target range of 1.5 to 2.5 times. With that, let me hand it back to Martin, who will take you through some of the progress we've made across the business and what we see ahead.

Speaker #1: Capitalized R&D is expected to remain below the $50 million cap, and net leverage to remain below 2x and within our target range of 1.5x to 2.5x.

Speaker #1: And with that, let me hand it back to Martin, who will take you through some of the progress we've made across the business and what we see ahead.

Speaker #2: Thanks, Oskar. Now, let me briefly touch upon some of the product and service developments we have made during the first half, which further demonstrate how we continuously enhance our services.

Martin Vohánka: Thanks, Oskar. Now let me briefly touch upon some of the product and services developments we have made during the H1, which further demonstrate how we continuously enhance our services. In energy, we continue to expand our fuel network with over 17,800 stations, which includes 2,700 alternative fuel stations, while further developing our decarbonization-as-a-service offering with solutions such as biofuel swap and automated sustainability certificates. Sustainability is embedded in our strategy to help customers reduce emissions and meet increasingly complex sustainability requirements. In total, we expanded our e-charge coverage to 14 countries, now including Netherlands. We also grew our connected EV units to around 122,000 and successfully deployed our proprietary map-matching technology. This is particularly important because we are increasingly bringing critical technology in-house, reducing reliance on third parties while improving accuracy, scalability, and indeed economics of our solutions. We also continue to enhance our digital fleet solutions.

Speaker #2: In Energy, we continue to expand our fuel network with over 17,800 stations, which include 2,700 alternative fuel stations, while further developing our decarbonization-as-a-service offering.

Speaker #2: With solutions such as biofuel swap and automated sustainability certificates, sustainability is embedded in our strategy to help customers reduce emissions and meet increasingly complex sustainability requirements.

Speaker #2: In toll, we expanded our EETS coverage to 14 countries, now including the Netherlands. We also grew our connected EVA units to around 122,000 and successfully deployed our proprietary map-matching technology.

Speaker #2: This is particularly important because we are increasingly bringing critical technology in-house, reducing reliance on third parties, while improving the accuracy, scalability, and, indeed, the economics of our solutions.

Martin Vohánka: This is particularly important because we are increasingly bringing critical technology in-house, reducing reliance on third parties while improving accuracy, scalability, and indeed economics of our solutions. We also continue to enhance our digital fleet solutions. We strengthen communication in between dispatchers and drivers across Eurowag Office and our navigation app, improved our live map, and introduced the driver work module, helping automate reporting and reduce administrative work for customers. What ties all these developments together is combination of our technology, infrastructure, regulatory capabilities, and proprietary data. This is a key part of what differentiates Eurowag Office and strengthen our competitive position.

Speaker #2: We also continue to enhance our digital fleet solutions. We strengthened communication between dispatchers and drivers across the Eurobac office and our navigation app. We improved our live map and introduced the driver work module, helping to automate reporting and reduce administrative work for customers.

Martin Vohánka: We strengthen communication in between dispatchers and drivers across Eurowag Office and our navigation app, improved our live map, and introduced the driver work module, helping automate reporting and reduce administrative work for customers. What ties all these developments together is combination of our technology, infrastructure, regulatory capabilities, and proprietary data. This is a key part of what differentiates Eurowag Office and strengthen our competitive position. At the same time, we continue to evolve our operating model to support the platform at greater scale, while improving efficiency and maintaining high levels of service. We are investing in AI and automation, including our internally developed AI assistant for customer care, which is helping improve first contact resolution and reduce resolution times. We are also standardizing operational processes across fleet management and our hardware supply chain, while using supplier diversification and greater hardware use to support a more efficient cost base.

Speaker #2: What ties all these developments together is a combination of our technology, infrastructure, regulatory capabilities, and proprietary data. This is a key part of what differentiates us.

Speaker #2: Office and strengthen our competitive position. At the same time, we continue to evolve our operating model to support the platform and greater scale, while improving efficiency and maintaining high levels of service.

Martin Vohánka: At the same time, we continue to evolve our operating model to support the platform at greater scale, while improving efficiency and maintaining high levels of service. We are investing in AI and automation, including our internally developed AI assistant for customer care, which is helping improve first contact resolution and reduce resolution times. We are also standardizing operational processes across fleet management and our hardware supply chain, while using supplier diversification and greater hardware use to support a more efficient cost base. As the platform grows in scale and importance, we continue to strengthen cybersecurity, business continuity, and regulatory readiness. Looking ahead, our priority for the reminder of 2026 is clear. We will continue advancing our customers migration program while enhancing Eurowag Office.

Speaker #2: We are investing in AI and automation, including our internally developed AI assistant for customer care, which is helping improve first-contact resolution and reduce resolution times.

Speaker #2: We are also standardizing operational processes across fleet management and our hardware supply chain, while using supplier diversification and greater hardware use to support a more efficient cost base.

Speaker #2: And as the platform grows in scale and importance, we continue to strengthen cybersecurity, business continuity, and regulatory readiness. Looking ahead, our priority for the remainder of 2026 is clear.

Martin Vohánka: As the platform grows in scale and importance, we continue to strengthen cybersecurity, business continuity, and regulatory readiness. Looking ahead, our priority for the reminder of 2026 is clear. We will continue advancing our customers migration program while enhancing Eurowag Office. With the progress we are making, we are in a strong position to move into the next phase of our strategy in 2027. Our focus will increasingly shift from integration and migration towards scaling and monetizing Eurowag Office. We see significant opportunity to deepen customer relationships, increase product penetration, and cross-sell, while using our proprietary data and integrated workflows to create increasingly intelligent and personalized solution for our customers. Our commercial model will evolve alongside the platform.

Speaker #2: We will continue advancing our customers' migration program while enhancing the Eurobac office. With the progress we are making, we are in a strong position to move into the next phase of our strategy in 2027.

Martin Vohánka: With the progress we are making, we are in a strong position to move into the next phase of our strategy in 2027. Our focus will increasingly shift from integration and migration towards scaling and monetizing Eurowag Office. We see significant opportunity to deepen customer relationships, increase product penetration, and cross-sell, while using our proprietary data and integrated workflows to create increasingly intelligent and personalized solution for our customers. Our commercial model will evolve alongside the platform. The direct sell remain an important part of our model today, but we are increasingly moving towards a more consultative approach, using a broader understanding of each customer's operation to identify their needs and recommend the right combination of solutions.

Speaker #2: Our focus will increasingly shift from integration and migration towards scaling and monetizing the Eurobac office. We see significant opportunity to deepen customer relationships, increase product penetration, and cross-sell, while using our proprietary data and integrated workflows to create increasingly intelligent and personalized solutions for our customers.

Speaker #2: Our commercial model will evolve alongside the platform. Direct sales remain an important part of our model today, but we are increasingly moving towards a more consultative approach, using a broader understanding of each customer's operation to identify their needs and recommend the right combination of solutions.

Martin Vohánka: The direct sell remain an important part of our model today, but we are increasingly moving towards a more consultative approach, using a broader understanding of each customer's operation to identify their needs and recommend the right combination of solutions. At the same time, Eurowag Office is enabling us to scale a digital onboarding and self-service, allowing us to reach and onboard customers more efficiently. An important part of our commercial strategy is the relationships we've built with leading OEM partners, which provide us with an important enabler to accelerate new customer acquisition in an efficient and scalable way. We continue to develop these partnerships and see further potential as our integrated proposition evolves. We look forward to updating you on their progress at appropriate time.

Speaker #2: At the same time, Eurobac Office is enabling us to scale a digital onboarding and sales service, allowing us to reach and onboard customers more efficiently.

Martin Vohánka: At the same time, Eurowag Office is enabling us to scale a digital onboarding and self-service, allowing us to reach and onboard customers more efficiently. An important part of our commercial strategy is the relationships we've built with leading OEM partners, which provide us with an important enabler to accelerate new customer acquisition in an efficient and scalable way. We continue to develop these partnerships and see further potential as our integrated proposition evolves. We look forward to updating you on their progress at appropriate time. In summary, as we look beyond 2026, we have the platform, the customer base, the data, the technology, and the commercial capabilities to capture the next phase of the opportunity.

Speaker #2: An important part of our commercial strategy is the relationships we've built with leading OEM partners, which provide us with an important enabler to accelerate new customer acquisition in an efficient and scalable way.

Speaker #2: We continue to develop these partnerships and see further potential as our integrated proposition evolves. We look forward to updating you on their progress at the appropriate time.

Speaker #2: In summary, as we look beyond 2026, we have the platform, the customer base, the data, the technology, and the commercial capabilities to capture the next phase of the opportunity.

Martin Vohánka: In summary, as we look beyond 2026, we have the platform, the customer base, the data, the technology, and the commercial capabilities to capture the next phase of the opportunity. We will share much more detail on how we see that opportunity developing at our Capital Markets Day in London on 1 December, where we will set out our strategy for scaling and monetizing Eurowag Office and our medium-term growth opportunities. I very much look forward to seeing many of you there. With this, I would like to open the session to Q&A. Thank you.

Speaker #2: We will share much more detail on how we see that opportunity developing at our Capital Markets Day in London on the 1st of December, where we will set out our strategy for scaling and monetizing Eurobac Office and our medium-term growth opportunities.

Martin Vohánka: We will share much more detail on how we see that opportunity developing at our Capital Markets Day in London on 1 December, where we will set out our strategy for scaling and monetizing Eurowag Office and our medium-term growth opportunities. I very much look forward to seeing many of you there. With this, I would like to open the session to Q&A. Thank you.

Speaker #2: I very much look forward to seeing many of you there. With this, I would like to open the session to Q&A. Thank you.

Speaker #3: Ladies and gentlemen, we will now begin the question-and-answer session. Participants can submit questions in written format via the webcast page by clicking the "Ask a Question" button.

Operator: Ladies and gentlemen, we will now begin the question-and-answer session. Participants 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 wish to ask a question, please use the raise hand function at the bottom of your Zoom screen. If you are dialing in via phone, you can raise your hand using star 9 and unmute yourself by pressing star 6. We will pause for a moment to assemble the queue. Our first question comes from Gautam Pillai with Peel Hunt. Please go ahead.

Speaker #3: If you are dialed into the call and wish to ask a question, please use the Raise Hand function at the bottom of your Zoom screen.

Speaker #3: If you are dialing in via phone, you can raise your hand using star nine, and unmute yourself by pressing star six. We'll pause for a moment to assemble the queue.

Speaker #3: Our first question comes from Gautam Pillai with Peel Hunt. Please go ahead.

Speaker #4: Good morning, Martin and Oskar. Thanks for taking my questions. You’ve highlighted previously that 2026 is an integration and migration year, and we have proof that you’re probably running slightly ahead of plan as well, with 65% of the customers migrated onto the platform.

Gautam Pillai: Good morning, Martin and Oskar. Thanks for taking my questions. You have highlighted previously that 2026 is an integration and migration year. You have proved that. You are probably running slightly ahead of plan as well, with 65% of the customers migrated on the platform. Looking slightly ahead, 2027 shifts towards scaling and monetizing Eurowag Office. What specifically changes in the economic model once the migration is lastly complete? Should investors expect monetization to primarily come through higher product penetration, pricing power, new database services, or lower customer acquisition costs? That is my first question. Should I go on with my questions or do you want to take one by one?

Speaker #4: Now, looking slightly ahead, 2027 shifts towards scaling and monetizing the Eurobac office. What specifically changes in the economic model once the migrations are finally complete? Should investors expect monetization to primarily come through higher product penetration, pricing power, new database services, or lower customer acquisition costs?

Speaker #4: That's my first question. Should I go on with my questions, or do you want to take them one by one?

Speaker #2: I'm happy to take that one, Gautam. Thank you. Very good question. Good morning. What we expect from our platform are a number of things, and you've actually touched on all of them.

Oskar Zahn: I am happy to take that one, Gautam. Thank you. Very good question. Good morning. What we expect from our platform are a number of things, and you have actually touched on all of them. We expect accelerated growth as we progress with the migration in terms of active trucks. As customers get more familiar with the services via an integrated platform, they will see the opportunity of using multiple products rather than single products or combinations of products. What we expect is to see lower churn as customers get more locked in, start to use us as their operating model. With lower churn, you get increased growth in terms of revenue. So higher active trucks as people get more comfortable with the offering we make, lower churn, increased revenues going forward. The opportunity to cross sell upsell becomes immense because we have a complete offering for our customers.

Speaker #2: We expect accelerated growth as we progress with the migration, in terms of active trucks. As customers get more familiar with the services via an integrated platform, they will see the opportunity to use multiple products rather than single products or combinations of products.

Speaker #2: So what we expect to see is lower churn as customers get more locked in and start to use us as their operating model. And with lower churn, you get increased growth in terms of revenue.

Speaker #2: So, higher active trucks as people get more comfortable with the offering we make, lower churn, increased revenues going forward. And the opportunity to cross-sell and upsell becomes immense because we have a complete offering for our customers.

Speaker #2: At the same time, what this does for them is provide the ability to dramatically reduce the administrative tasks that they have in their back offices.

Oskar Zahn: At the same time, what this does for them is the ability to dramatically reduce the administration tasks that they have in their back offices. So there is a cost benefit for them as well as that, and we have indicated what that is in the past. So it is a mutual benefit for them and for us. What it does for us, though, is also as we move to more indirect sales and digital onboarding, for example, the cost of acquisition of every new customer is expected to fall. At the same time, as we mentioned at the full year results, we will have over 20 projects that we are running using AI and automatization in order to make our operating model, our total operating target model, internally more efficient.

Speaker #2: So there is a cost benefit for them as well as that. And we've indicated what that is in the past. So it's a mutual benefit for them and for us.

Speaker #2: What it does for us, though, is also, as we move to more indirect sales and digital onboarding, for example, the cost of acquisition of every new customer is expected to fall.

Speaker #2: At the same time, as we mentioned at the full year results, there will have over 20 projects that we're running using AI and automatization in order to make our operating model, our total operating target model, internally more efficient with that, as well as we get to, when we get to the stage of decommissioning some of the legacy systems, we currently have, such as Navision, there would be an expected saving of that as well.

Oskar Zahn: With that, as well as when we get to the stage of decommissioning some of the legacy systems we currently have, such as Navision, there would be an expected saving of that as well. The margins should also improve. In summary, higher growth rates and improved margins are the key attributes that investors can expect.

Speaker #2: So the margins should also improve. In summary, higher growth rates and improved margins are the key attributes that investors can expect.

Speaker #4: Great, thank you. Just one more question from me, and this is on the toll business. Toll has been doing really well for the last few half-years.

Gautam Pillai: Great. Thank you. Just one more question from me, and this is on the toll business. Toll has been doing really well for the last few H1s. We know that CO2-based tolling is expanding across Europe, and Eurowag is continuing to add countries. Also, onboard units, and you are obviously developing an in-house technology around that with Eurowag Office. How early are we in this transition? Could regulatory complexity actually accelerate market share gains for an integrated provider like you over the medium term?

Speaker #4: And we know that CO2-based tolling is expanding across Europe. And Eurobag is continuing to add countries, as well as onboard units, and is obviously developing in-house technology around that with the Eurobag office.

Speaker #4: How early are we in this transition? And could regulatory complexity actually accelerate market share gains for an integrated provider like you? Or would the medium term?

Speaker #2: Yeah, thank you, Gautam, for the question. Yes, of course, we are very pleased. This toll evolution, and just as a reminder, the drivers are actually having multiple reasons.

Martin Vohánka: Yeah. Thank you, Gautam, for the question. Yes, of course, we are very pleased with toll evolution. Just for reminder, the drivers are actually having multiple reasons behind the growth. The first is that we are adopting more countries, but not only that, there are new countries which are adopting tolls as such, like Netherlands, which had vignettes, which is time-based, where they could not really charge because there was regulatory cap in Europe on that. Whenever they introduced performance-based toll means driven by kilometers, they could charge much more, which is immediately a boost to our revenues. Next to it is what you mentioned, so CO2 tolling, which increased the unit price or tax, if you will, because at the end, toll is a tax, specific tax. The CO2 is increasing that. We are increasing the charge per kilometer, and therefore again, drives our revenues.

Speaker #2: I mean, behind the growth, the first is that we are adopting more countries, but not only that—they are new countries which are adopting tolls as such.

Speaker #2: Like the Netherlands, which had vignettes—these are time-based—where they could not really charge more because there was a regulatory cap in Europe on that. Whenever they introduced performance-based tolls, meaning charges based on kilometers driven, they could charge much more, which is an immediate boost to our revenues.

Speaker #2: The next to it is what you mentioned, yeah? So, CO2 tolling, which increased the unit price or tax, if you will, because at the end, a toll is a tax-specific tax.

Speaker #2: So, CO2 is increasing that, and we are increasing the charge per kilometer and therefore, again, driving our revenues. But what we increasingly see—and thank you for this observation, Gautam, because this is absolutely spot on—is that the number of countries and the complexity of the systems to run is immensely growing.

Martin Vohánka: What we increasingly see, and thank you for this observation, Gautam, because this is absolutely spot on, that this number of countries, the complexity of the systems to run is immensely growing. Just for the sake of example, if one country changed the requirements for onboard unit and back-office system, it means that we need to recertify in the rest of the countries. This means that there is a higher and higher barrier or moats towards new entrants. We see that especially the players which were in toll area, and solely in toll and providing only toll offerings, that they are not able to sustain their market position and economics because simply they are reliant only on toll revenues. Meanwhile, Eurowag is having benefit of cross-sell of all the other things. We see that simply the market of future-proof e-service providers is shrinking.

Speaker #2: Just for the sake of example, if one country changed the requirements for onboard units and the back office system, it means that we need to have them certified in the rest of the countries.

Speaker #2: So this means that there is a higher and higher barrier for modes towards like a new entrance. And we see that especially the players which were in toll area and solely in toll and providing only toll offerings, that they are not able to sustain their market position and economics because simply they are aligned only on toll revenues.

Speaker #2: Meanwhile, Eurobac is benefiting from cross-selling all the other things. So we see that, simply, the market of future-proofed providers is shrinking.

Speaker #2: Now it's only a handful. And we might speculate a bit about the future—that the number will further shrink. But if you look at M&A activity, the sales and disposals of these, this just confirms that this is the unavoidable trend.

Martin Vohánka: Now it is only a handful. We might speculate a bit about the future, that the number will further shrink, but if you look on M&A activity on the sales, on disposals of these, this just confirms that this is the unavoidable trend. Simply, we continue to be keen on tolls. We will be massively investing into that during 2027, 2028 to leverage all these opportunities which are lying there. Of course, while complementing it with the rest of our ecosystem, this is of course a fantastic differentiator and boost to our revenues.

Speaker #2: So, simply, we continue to be keen on tolls. We will be massively investing in that during 2027 and 2028 to leverage all these opportunities which are lying there.

Speaker #2: And of course, while complementing it with the rest of our ecosystem, this is, of course, a fantastic differentiator and a boost to our revenues.

Speaker #4: Great, thank you so much for that.

Gautam Pillai: Great. Thank you so much for that.

Speaker #1: Thank you. Our next question comes from Julian Yates with Investec. Please go ahead. Julian, please go ahead with your question. It looks like we're having some audio trouble from Julian, so we'll go back to them.

Operator: Thank you. Our next question comes from Julian Yates with Investec. Please go ahead. Julian, please go ahead with your question. Looks like we are having some audio trouble from Julian, so we will go back to them. Our next question will come from Hannes Leitner with Jefferies. Please go ahead with your question.

Speaker #1: Our next question will come from Hannes Leitner with Jefferies. Please go ahead with your question.

Speaker #3: I hope you can hear me. I thank you for letting me on. I've got a couple of questions. The first one is with the EV office transition.

Hannes Leitner: I hope you can hear me. Thank you for letting me on. I got a couple of questions. The first one is with the Eurowag Office transition, 65% is definitely a strong performance. You were talking that this is the basic function where now users have both versions. Can you maybe talk about that? How long will users be able to use the old functionality? Then also when you think really that the product features of the new Eurowag Office in all the different sub-products will be on par with the standalone product. That is maybe the first one. Then just looking at fuel crisis, the macro level, increasing freight prices, it feels like Eurowag has gained market share. Maybe you can talk there about the dynamic, how you see what really drives the underlying market share growth. Maybe just the last thing on toll roads.

Speaker #3: 65% is definitely a strong performance. You were saying that this is kind of the basic function, where now users have both versions. Can you maybe talk about that?

Speaker #3: How long will users be able to use the old functionality? And then also, when do you really think that the product features of the new EV Office—in all the different sub-products—will be on par with the standalone products?

Speaker #3: That's maybe the first one. And then just like looking at the fuel crisis, the macro level, increasing flight prices—it feels like Eurobag has gained market share.

Speaker #3: Maybe you can talk there about the dynamic—how you see what really drives the underlying market share growth. And maybe just the last thing on toll roads.

Speaker #3: Gautam, you spoke very rightly that this is a big driver for your growth lately. Maybe you can just square the pricing you have, because volume growth has not kept up with your revenue performance.

Hannes Leitner: Gautam spoke very rightly so that this is a big driver for your growth lately. Maybe you can just square the pricing you have because volume growth has not kept up with your revenue performance. Is there anything which you over-earned because of some changes and CO2 inclusion, et cetera? Or should we really think 500 basis points is the right way to think going forward and keep rising? Thank you.

Speaker #3: So, is there anything that you've kind of over-earned because of some changes, and CO2 inclusion, et cetera? Or should we really think 500 basis points is the right way to think going forward as it keeps rising?

Speaker #3: Thank you.

Speaker #2: Yeah, thank you, Hannes. I will take it piece by piece as you raise it. How long will it take before customers are eventually using the old platforms or legacy platforms?

Martin Vohánka: Yeah. Thank you, Hannes. I will try to take piece by piece as you raise it. How long it will take before customers will be eventually using the old platforms or legacy platforms? It depends, of course, on their decommissioning, but this will be happening during the next 15 months, largely. For instance, I was mentioning in the presentation that we are going back for invoicing documents. This is from the reason that simply the invoicing was not yet embedded into back office of Eurowag Office. As soon as this will be finished, customer will not have a reason to go back to invoice and therefore will stay with that. So there will be still time to achieve fully that, and we expect that largely it will be happening during next year. At least some functions and some cohorts reminder for 2028.

Speaker #2: It depends, of course, on their decommissioning, but this will be happening during the next 15 months, largely. So, for instance, I was mentioning in the presentation that they are going back for invoicing documents.

Speaker #2: This is from the reason that simply the invoicing was not yet embedded into the back office of Eurobac office. So as soon as this will be finished, the customer will not have a reason to go back to invoice and therefore will stay with that.

Speaker #2: So there will still be time to achieve that fully. And we expect that largely it will be happening during next year. There are some functions and some cohorts remaining for 2028.

Speaker #2: When it comes to functionalities being on par, actually, it's an interesting question because what we are delivering is not like for a light product base. And this is the listing which we need to do as well with our customers, because we are completely redefining the way how they are working.

Martin Vohánka: When it comes to functionalities being on par, actually it's an interesting question because what we are delivering is not like for like product base. This is the lifting which we need to do as well with our customers, because we are completely redefining the way how we are working. We are not anymore I didn't have a picture.

Speaker #2: We are not anymore. We are not anymore. I didn't have a picture.

Speaker #4: Even the last signals.

Operator: Even he lost signal. Yeah, I have lost signal.

Oskar Zahn: Even he lost signal.

Speaker #2: Yeah, I have lost it. Okay, perfect. Sorry for that, we had a small technical problem. So, when it comes to being on a par, customers were used to certain ways of working, certain verticals.

Martin Vohánka: Yeah, I have lost signal.

Operator: The microphone is here.

Martin Vohánka: Okay, perfect. Sorry for that. We had a small technical problem. When it comes to being on a par, customers were used to certain ways of working, certain verticals. Nowadays, as we introduce a horizontal workflow, many of things are not needed to be done. Many of things customer can simply avoid to be concerned because simply the platform, the data, AI, and analytics on that is solving on behalf of the customer. The short answer is we will never be on a par with old legacy systems, but it is by design, it is by purpose, because simply we are simplifying the jobs of customers. Oskar was mentioning earlier, we are aiming to save customers 50% of their administrative task. That is what I would say on that point. When it comes to-

Oskar Zahn: Okay, perfect.

Martin Vohánka: Sorry for that. We had a small technical problem. When it comes to being on a par, customers were used to certain ways of working, certain verticals. Nowadays, as we introduce a horizontal workflow, many of things are not needed to be done. Many of things customer can simply avoid to be concerned because simply the platform, the data, AI, and analytics on that is solving on behalf of the customer. The short answer is we will never be on a par with old legacy systems, but it is by design, it is by purpose, because simply we are simplifying the jobs of customers. Oskar was mentioning earlier, we are aiming to save customers 50% of their administrative task. That is what I would say on that point. When it comes to—

Speaker #2: Nowadays, as we introduce a horizontal workflow, many things are not needed to be done. Many things customers can simply avoid being concerned about, because the platform, the data, AI, and analytics on that are solving on behalf of the customer.

Speaker #2: So, to give a short answer: we will never be on par with old legacy systems, but that's by design, it's on purpose, because we are simply simplifying the jobs of customers, as Oscar was mentioning earlier.

Speaker #2: We are aiming to save customers 50% of their administrative tasks, so that's what I would say on that point. When it comes to pricing power, there are a few more things which I forgot to mention and which will hopefully answer your question.

Operator: Back to you.

Oskar Zahn: Back to you.

Operator: Toll, and pricing power, there are few more things which I forget to mention, and which will hopefully answer your question. For instance, if we are switching national toll to EETS like for instance in Poland, there is a different remuneration because each provider is having much broader, much bigger share on value adds on the number of services which are behind. Meanwhile, just pure payments and national tolls is a certain segment of all the services provided. Each provider is providing simply much more and therefore is more remunerated. It means that whenever we connect to Poland, not through national scheme but through EETS scheme, then we are having one off take of higher margin, which can be quite material. Maintaining the volumes or growing the volumes in line with our overall growth, but having immediately higher unit margin.

Martin Vohánka: —toll, and pricing power, there are few more things which I forget to mention, and which will hopefully answer your question. For instance, if we are switching national toll to EETS like for instance in Poland, there is a different remuneration because each provider is having much broader, much bigger share on value adds on the number of services which are behind. Meanwhile, just pure payments and national tolls is a certain segment of all the services provided. Each provider is providing simply much more and therefore is more remunerated. It means that whenever we connect to Poland, not through national scheme but through EETS scheme, then we are having one off take of higher margin, which can be quite material. Maintaining the volumes or growing the volumes in line with our overall growth, but having immediately higher unit margin.

Speaker #2: For instance, if we are switching national toll to EETS, like for instance in Poland, there is a different remuneration because the EETS provider is having a much broader, much bigger share on value. It adds on the number of services which are behind.

Speaker #2: Meanwhile, just pure payments and national tolls is a certain segment of all the services provided. EETS provider is providing simply much more, and therefore is more remunerated.

Speaker #2: So it means that whenever we connect to Poland, not through national scheme, but through EETS scheme, then we are having one-off kick of higher margin, which can be quite material maintaining the volumes or growing the volumes in line with our overall growth, but having immediately higher unit margin.

Speaker #2: So this is another reason which is boosting our revenues. And the last one is simply pricing power, Hannes, because having all these countries using the Eurobac office platform and offering this in one go really saves people money, saves time, and therefore the willingness to pay for the service is increasing. Therefore, our pricing power is increasing, and it's reflected in our revenues.

Martin Vohánka: This is another reason which is boosting our revenues. The last one is simply pricing power, Hannes. Because having all these countries, having the Eurowag Office platform and offering this in one go really saves people money, saves time, and therefore, the willingness to pay for the service is increasing, and therefore, our pricing power is increasing and it is reflected in our revenues. On a market share gains, you have seen that this charts, which was depicting our historical revenue growth, Brent prices, and GDP growth, that historically our growth was market share gain. This will always remain like that.

Speaker #2: And on market share gains, you've seen that this chart, which was depicting our historical revenue growth, brand prices, and GDP growth, shows that, historically, our growth was market share gain.

Speaker #2: And this will always remain like that. What we are doing here, and why we were investing the last five years in the Eurobac office, is to completely redefine the rules of the game.

Martin Vohánka: What we are doing here and why we were investing last 5 years in Eurowag Office is to completely redefine rule of the game, and redefine the way how customers are working, in order to increase the attractiveness of Eurowag Office offerings, and therefore to accelerate these market share gains. Simply, that is what we will be doing.

Speaker #2: And redefine the way customers are working in order to increase the attractiveness of Eurobac office, of Eurobac offerings, and therefore to accelerate these market share gains.

Speaker #2: And simply, that's what we'll be doing.

Speaker #3: Great. Just a last comment on toll roads. Do you think that this is sustainable—the current pricing you are asking—or do you think that competition at one point will dilute that?

Hannes Leitner: Great. Just a last comment on toll roads, do you think that this is sustainable, the current pricing you are asking? Do you think that competition at one point will dilute that? I am just thinking about the long-term trends and opportunity on tolls. Thank you so much.

Speaker #3: I'm just thinking about the long-term trends and opportunities on tolls. Thank you so much.

Speaker #2: Hannes, definitely there will be some components of this growth which will cease to exist. For instance, there are still a number of countries in Europe which do not have tolls.

Martin Vohánka: Hannes, definitely, there will be some components of this growth which will cease to exist. For instance, now there is a still number of countries in Europe which do not have tolls. There is a definite number of countries in Europe. For instance, this will dry out. As well as national countries which are having tolls and switching to EETS. But still, if you see there are 14 countries, and in Europe are altogether 28 countries or 27, with a majority of them being meaningful, in terms of geographic. Still we see for next few years this growth. But where we remain optimistic in the long term is, Hannes, that we see shrinking number of EETS providers.

Speaker #2: And there is a definite number of countries in Europe. So, for instance, this will dry out, as well as national countries which are having tolls and switching to EETS.

Speaker #2: But still, if you see, we have 14 countries in Europe—altogether 28 countries, or 27. It's the majority of them being meaningful in terms of, like, geography.

Speaker #2: So still we see for next few years this growth. But where we remain optimistic in long-term is, Hannes, that we see shrinking number of EETS providers.

Speaker #2: First, because of the growing complexity, and second—and this is the basic thesis of Eurobac Office—that single product providers will go out of the market.

Martin Vohánka: First, because of the growing complexity. Second, this is the basic thesis of Eurowag Office, that single product providers will go out of the market, be it toll provider, be it fleet management provider, be it taxi provider. Simply for customers make no economical sense to sustain single relations to various providers. Simply integrated workflows and data in one place enhanced by AI is much more economically powerful. If they will not adopt it, they will be out of the business. So the shrinking number of providers will get us into better and better position and complement this Eurowag Office. We believe that our pricing power will remain very high, even in long term.

Martin Vohánka: Second, this is the basic thesis of Eurowag Office, that single product providers will go out of the market, be it toll provider, be it fleet management provider, be it taxi provider. Simply for customers make no economical sense to sustain single relations to various providers. Simply integrated workflows and data in one place enhanced by AI is much more economically powerful. If they will not adopt it, they will be out of the business. So the shrinking number of providers will get us into better and better position and complement this Eurowag Office. We believe that our pricing power will remain very high, even in long term.

Speaker #2: Be it toll provider, be it fleet management provider, be it tax refund provider, because simply for customers, it makes no economic sense to sustain single relations to various providers. Because simply, integrated workflows and data in one place, enhanced by AI, is much more economically powerful.

Speaker #2: And if they will not adopt it, they will be out of the business. So the shrinking number of providers will get us into a better and better position.

Speaker #2: And, complemented by the Eurobac office, we believe that our pricing power will remain very high, even in the long term.

Speaker #3: Great. Thank you.

Hannes Leitner: Great. Thank you.

Speaker #1: Our next question will come from Julian Yates with Investec. Please unmute yourself to ask your question.

Operator: Our next question will come from Julian Yates with Investec. Please unmute yourself to ask your question.

Speaker #5: Hi, can you hear me this time?

Julian Yates: Hi there. Can you hear me this time?

Speaker #2: Yes.

Martin Vohánka: Yes.

Julian Yates: Excellent. Right. I have got a couple of questions. The first one is just talking a bit more about the subscription pricing bands and your thoughts around that and what you are looking into that for 2027. Also, how fuel will interact with that, because I assume fuel will still be based on transactional model. So what are you proposing to customers who are doing fuel on the transactional model and who may also be subscribed for the other parts? Just that dynamic and early thoughts around that would be really helpful. The second one is M&A. You put that on the pause for a year or so, understandably, with Eurowag Office focus. You mentioned about M&A now sort of coming back onto the radar of new capabilities potentially and new customer segments.

Speaker #5: Excellent. All right. I've got a couple of questions. The first one is just talking a bit more about the description, pricing bands, and your thoughts around that, and what you're looking into that for '27.

Speaker #5: And also, how fuel will interact with that—because I assume fuel will still be based on a transactional model. So, what are you proposing to customers who are doing fuel on the transactional model and who may also be subscribed for the other part?

Speaker #5: Just that dynamic, and early thoughts around that would be really helpful. And the second one is M&A. You put that on pause for a year or so, understandably, with your back office focus.

Julian Yates: The second one is M&A. You put that on the pause for a year or so, understandably, with Eurowag Office focus. You mentioned about M&A now sort of coming back onto the radar of new capabilities potentially and new customer segments. If you could talk a bit about that within either the tech or the financing solution space, what are your thoughts on that and timelines? Thanks.

Speaker #5: You mentioned M&A now sort of coming back onto the radar for new capabilities, potentially, or new customer segments. If you could talk a bit about that within either the tech or the financing solutions space, what are your thoughts on that and on timelines?

Julian Yates: If you could talk a bit about that within either the tech or the financing solution space, what are your thoughts on that and timelines? Thanks.

Speaker #5: Thank you.

Speaker #2: Julian, thank you for a question. Regarding the subscription, now we are in very exciting stage because you might remember that since IPO we were talking about subscription, but this is becoming reality.

Martin Vohánka: Julian, thank you for questions. Regarding the subscription, now we are in very exciting stage, because you might remember that since IPO we were talking about subscription. This is becoming reality. We are just now launching gradually in those weeks as we speak, the new pricing scheme for our customers, which are the kind of like a from outside world visualization of the platform, and manifestation of the advancement of Eurowag Office. Simply that we are not anymore offering single products, or we will continue, but there will be new offerings which will bundle a broad number of services and will be based on a subscription model. So we will continue with the pay-as-you-go model for the reasons that some customers might be trying just one product or two products.

Speaker #2: We are just now launching, gradually, in these weeks as we speak, the new pricing scheme for our customers, which is kind of like a visualization of the platform from the outside world.

Speaker #2: And the manifestation of the advancement of Eurobac Office is simply that we are not anymore offering single products—or we will continue, but there will be new offerings which will bundle a broad number of services and will be based on a subscription model.

Speaker #2: So, we will continue with the pay-as-you-go model for the reason that some customers might be trying just one product or two products.

Speaker #2: But we believe that there will be increasing adoption of a subscription-based model, which will be three groups, from basic to premium ones, and, as said, we will be introducing it throughout these weeks.

Martin Vohánka: But we believe that there will be increasing adoption of subscription-based model, which will be three groups, from basic to premium one. As said, we will be introducing it throughout these weeks. We are very optimistic when it comes to outlook to that because what we did in spring of this year is large quantitative and qualitative survey among customers, in order to gain confidence, in order to design the value proposition in the best possible way. We know that customers are ready for it. Customers are keen. The main reason is not necessarily own experience from the industry, because we will be very first with such a broad portfolio to put under one umbrella, one subscription, but because they are used to as well from other industries or from their own personal experience when consuming services like Netflix or whatever.

Speaker #2: We are very optimistic when it comes to the outlook for that, because what we did in the spring of this year is a large quantitative and qualitative survey among customers in order to gain confidence to design the value proposition in the best possible way.

Speaker #2: And we know that customers are ready for it. Customers are keen. And the main reason is not necessarily our own experience from the industry, because we'll be the very first with such a broad portfolio to put under one umbrella, one subscription.

Speaker #2: But that's because they are used to it as well, from other industries or from their own personal experience when consuming services like Netflix, or whatever. So that's what is fueling our optimism.

Martin Vohánka: That is what is fueling our optimism. When it comes to fuel, Julian, tolls, and any transactional services, you are right that so far we had transactional revenues. As we were indicating long time ago, those we are translating largely into subscription model simply per truck. We believe that this is the future of the industry, and that this will again propel customer loyalty and increase number of transactions for fuel compared to transactional revenues. Simply, whenever a customer will pay one lump sum per month per truck, then clearly he has motivation to maximize the transactions with Eurowag, be it fuel or eventually toll, but largely fuels. Simply, it makes no sense to use other fuel cards where he is paying the transactional fee on top. Meanwhile, with Eurowag, the transaction fee will be largely removed.

Speaker #2: And when it comes to fuel, and also, Julian, tolls and any transactional services, you’re right that so far we had a transactional avenue. But, as we were indicating a long time ago as well, those we are translating largely into a subscription model, simply per truck, and we believe that this is the future of the industry.

Speaker #2: And that this will again propel a customer loyalty and increase number of transaction for fuel compared to transactional revenues because simply whenever customer will pay one lump sum per month per truck then of course clearly he has motivation to maximize the transactions with Eurobac fuel or eventually toll but largely toll but largely fuels because simply make no sense to use other fuel cards where he's paying the transactional fee on top meanwhile with Eurobac the transactional fee will be largely removed.

Speaker #2: So that's what is all embedded in a subscription. And you can think about a premium subscription as an all-you-can-eat value proposition. So that's what I would say on a subscription.

Martin Vohánka: That is what is all embedded in a subscription. You can think about premium subscription as like all you can eat value proposition. That is what I would say on a subscription. In terms of M&A, and I will ask Oskar to eventually complement, there is nothing new in a sense that we were traditionally looking on both angles, how to add capabilities and add the volumes. We continue to do that. You might recall that we want to strengthen still the financing side of our value proposition, and that is the area where we are looking at when it comes to M&A. As well on the load side, sourcing of load on behalf of our customers. Again, there might be relevant ways and targets to look at. That is what our teams are working now. At the same time, volume matters, scale matters.

Speaker #5: Understood.

Speaker #2: In terms of M&A—and I will ask Oscar to eventually complement—there is nothing new, in a sense, that we were traditionally looking on both angles: how to add capabilities and add volumes. We will, and we are, and we continue to do that.

Speaker #2: You might recall that we want to further strengthen the financing side of our value proposition, and that's the area where we are looking when it comes to M&A as well.

Speaker #2: And as well, on the load side, sourcing of load on behalf of our customers. And again, there might be relevant ways and targets to look at, and that's what our teams are working on now.

Speaker #2: At the same time, volume matters—scale matters. So we see, and this links to the answers to previous questions, we see that more and more companies are struggling to defend their market share while having only one product.

Martin Vohánka: We see, and this links to the previous answer to previous questions, we see that more and more companies are struggling to defend their market share while having only one product. We are scanning the market and looking on what economical options we might have in terms of acquisition and therefore accelerate number of trucks and then in a second step to cross-sell them and achieve our objectives faster. Both of these areas are relevant. I do not know, Oskar, whether you want.

Speaker #2: So we are scanning the market and looking at what economical options we might have in terms of acquisition, and therefore accelerate the number of trucks, and then of course, in a second step, to cross-sell them and achieve our objectives faster.

Speaker #2: So both these areas are relevant. I don't know, Oscar, whether you want to.

Oskar Zahn: We are looking at software businesses where the revenue output per truck is low in order for us to upsell, cross-sell. Also what that means is multiples will be lower. Essentially for us, it is the ability to upsell, cross-sell quickly, immediately migrate their customers onto our platform would be the ideal situation rather than acquire a business and then manage it for a period of time. We continue to look at M&A. We never stop, so it is a continuous process. Our M&A department are always busy and we continue to look through the markets. What we wanted to get to in terms of status was get the platform to a state where we are able to migrate customers quickly onto the platform, and we are soon going to get to that stage. You are right to ask that question.

Speaker #3: Yeah, yeah. We're looking at businesses—software businesses—where the revenue output per truck is low. In order for us to upsell and cross-sell, also what that means is multiples will be lower.

Speaker #3: But essentially, for us, it's the ability to upsell and cross-sell quickly, and immediately migrate those customers onto our platform. That would be the ideal situation, rather than acquire a business and then manage it for a period of time.

Speaker #3: So we continue to look at M&A. We never stop, so it's a continuous process. Our M&A department is always busy, and we continue to look through the markets.

Speaker #3: What we wanted to achieve in terms of status was to get the platform to a state where we are able to migrate customers quickly onto the platform.

Speaker #3: And we're soon going to get to that stage, so you're right to ask that question.

Speaker #5: Great. Thank you. Thanks very much.

Julian Yates: Great. Thank you. Thanks very much.

Speaker #1: All right, next question comes from Bram Buring with Wood. Please unmute to ask your question.

Operator: My next question comes from Bram Buring with Wood. Please unmute to ask your question.

Speaker #5: Yes. Hello. Hear me?

Bram Buring: Yes. Hello. You hear me?

Speaker #3: Yes, Bram. Yes, Bram.

Oskar Zahn: Yes, Brian.

Speaker #5: Excellent. Honestly, most of my questions have been answered. But I have two: employee expenses on an adjusted basis are still growing faster than the top line.

Bram Buring: Excellent. Honestly, most of my questions have been answered. I have two employee expenses, on an adjusted basis, are still growing faster than the top line. I am wondering when or if that is going to continue in H2 and in 2027, or if that is going to change? That would be the first question.

Speaker #5: And I'm wondering when or if that's going to continue in the second half and in 2027, or if that's going to change. That would be the first question.

Speaker #3: Sorry. On the side, we show that it's gone up about 10%, of which the majority of that increase is inflation. So, inflation increases were about 5% and above.

Oskar Zahn: Well, on the side, we show that it has gone up about 10%, of which a majority of that increase is inflation. Inflation increases were about 5% and above. What we have to do, though, Bram Buring, is also continue to invest in more people. You will see overall employee numbers have also gone up versus a year ago, and that is very important. We are now investing in different qualities and capabilities. We are far stricter in terms of where we want to look at resource requirements. As we start to use more data and AI, there is a clear change from where we were even 12 months ago. That is quite significant.

Speaker #3: What we have to do, though, Bram, is also continue to invest in more people. So you'll see overall employee numbers have also gone up versus a year ago.

Speaker #3: And that is very important. We are now investing in different qualities and capabilities. We are far stricter in terms of where we want to look at resource requirements as we start to use more data and AI.

Speaker #3: There's a clear change from where we were even 12 months ago, so that's quite significant. But as we also move into the subscription-based model, we know we need to invest more in marketing, etc.

Oskar Zahn: As we also move into a subscription-based model, we know we need to invest more in marketing, et cetera, but also commercially, we have to change the way we are selling, and that has also changed some of the employee structure. In terms of where we go from here, we do expect employee numbers to stabilize, because we believe we have done that investment, but there are always going to be changes. For us, at the moment, we are quite happy where we find ourselves with our resource team.

Speaker #3: But also, commercially, we have to change the way we are selling, and that has also changed some of the employee structure. So, in terms of where we go from here, we do expect employee numbers to stabilize.

Speaker #3: Because we believe we've made that investment, but there are always going to be changes. For us, at the moment, we're quite happy with where we find ourselves with our resource team.

Bram Buring: Which I assume implies that it is the size you wanted right now.

Speaker #5: Which I assume implies that it's the size you wanted right now.

Speaker #3: At the moment, for the size of the business we contemplate going forward, for 2027 we feel we are at the right level. That clearly can be changed.

Oskar Zahn: At the moment, for the size of the business we contemplate going forward, for 2027, we feel we are at the right level. There clearly can be changes, but we have always had to invest ahead of the revenue growth. We expect, as I said earlier, the key driver for the platform is accelerated growth. Hence, we have had to invest in people ahead of that growth.

Speaker #3: But this is what we've always had to do—invest ahead of the revenue growth—and we expect, as I said earlier, the key driver for the platform is accelerated growth.

Speaker #3: And hence, we've had to invest in people ahead of that growth.

Speaker #5: Clear. The second question was about the connected trucks. The number grew well ahead of what I was expecting. I'm wondering—let's see. So we grew connected trucks by 4% in the first half.

Bram Buring: Clear. The second question, what was that? Yes, connected trucks. The number grew well ahead of what I was expecting. I am wondering, let us see. So we grew connected trucks by 4% in the H1. Is this a kind of a pace that we can expect to continue or accelerate or decelerate?

Speaker #5: Is this a kind of pace that we can expect to continue, or will it accelerate or decelerate?

Martin Vohánka: Bram, actually rather accelerate. Yes. So that is why we are introducing digital channel, indirect channel. These are all initiatives which shall increase the absorption or the capability to acquire. At the same time, by locking in customer, by providing more services, being more useful to minimize churn. So yes, definitely acceleration. Otherwise, it would be disappointing.

Speaker #3: Bram, actually, rather accelerate, yeah. So that's why we are introducing digital channel, indirect channel—these are all initiatives which shall increase the absorption or the capability to acquire.

Speaker #3: And at the same time, by locking in customers by providing more services and being more useful to minimize churn. So yes, definitely acceleration—otherwise, it would be disappointing.

Speaker #5: Okay. Bad question, but the answer is quite clear. Thank you. That's all.

Bram Buring: Okay. Bad question, but the answer is quite clear. Thank you. That is all.

Speaker #1: Thank you. And the next question comes from Avi Bell with UBS. Please unmute to ask your question.

Operator: Thank you.

Martin Vohánka: Thank you, Bram.

Oskar Zahn: Thank you, Bram.

Operator: Our next question comes from Abi Bell with UBS. Please unmute to ask your question.

Speaker #2: Morning, both. I hope you can hear me.

Abi Bell: Morning, both. I hope you can hear me.

Speaker #3: Hi Avi. Yes, we can.

Martin Vohánka: Hi, Abi. Yes, we can.

Speaker #2: Brilliant. Most of my questions have been asked, but just one left. Just looking at the NPS drop, could you unpack how much of this is sort of methodology and the temporary fuel price volatility relation, and/or if you have actually observed any underlying customer friction from the EuroRAG office migration, and sort of any initial feedback on niggly bits that you guys are seeing?

Abi Bell: Brilliant. Most of my questions have been asked, but just one left. Just looking at the NPS drop, could you unpack how much of this is methodology and the temporary fuel price volatility relation? Or if you have actually observed any underlying customer friction from the Eurowag Office migration and any initial feedback on niggly bits that you guys are seeing? Thank you.

Speaker #2: Thank you.

Speaker #3: What we did was, because we knew there was going to be a drop when we switched from multi-brand to single brand, we had to do it now rather than at the end of the year.

Oskar Zahn: What we did was, because we knew there was going to be a drop when we switched from multi-brand to single brand, we had to do it now rather than do it at the end of the year. Excuse me. What we did is we used a similar cohort just to have it as a baseline. The change in methodology was about 8 points. If you look at where we ended up, just under 30, and you are adding out 8 or 9 points, you can see that the volatility in the energy markets was the difference. We feel very comfortable where we are. You can just imagine, if you are an Inelo customer previously, and you have only been using Inelo, and suddenly you are asked. The survey is a single question, and you are asked to talk about the Eurowag Office brand.

Speaker #3: The excuse is we used a similar cohort just to have it as a baseline, and the change in methodology was about 8 points. So, if you look at where we ended up—just under 30—and you're adding an 8, you can see that the 8 or 9 points, you can see that the volatility in the energy markets was the difference.

Speaker #3: So we feel very comfortable where we are. You could just imagine if you're an Enelo customer previously, and you've only been using Enelo — and suddenly you are asked, the surveys are single question.

Speaker #3: And you're asked to talk about the Eurowag brand, the Eurowag office brand. As Martin said earlier, you're going from a promoter previously to neutral, and hence that is the biggest fall.

Martin Vohánka: As Martin said earlier, you are going from a promoter previously to neutral, and hence, that is the biggest fall. We feel comfortable that as we continue to communicate directly with customers and follow up on some of their concerns, and as Martin mentioned, we are using software to actually monitor how they switch between old and new. I think that was one of the first questions we had. That gives us a segue into the customer, and we are able to answer a lot of their questions. Our team feel confident that will improve as we migrate more customers onto the platform.

Oskar Zahn: As Martin said earlier, you are going from a promoter previously to neutral, and hence, that is the biggest fall. We feel comfortable that as we continue to communicate directly with customers and follow up on some of their concerns, and as Martin mentioned, we are using software to actually monitor how they switch between old and new. I think that was one of the first questions we had. That gives us a segue into the customer, and we are able to answer a lot of their questions. Our team feel confident that will improve as we migrate more customers onto the platform.

Speaker #3: So, we feel comfortable that as we continue to communicate directly with customers and follow up on some of their concerns—and as Martin mentioned, we're using software to actually monitor how they switch between old and new.

Speaker #3: I think that was one of the first questions we had. That gives us a segue into the customer, and we're able to answer a lot of their questions. Our team feels confident that will improve as we migrate more customers onto the platform.

Speaker #2: That's super clear. Thank you so much.

Abi Bell: That is super clear. Thank you so much.

Speaker #1: There are now no further questions on the Zoom webinar. We will now address the questions submitted via the webcast page. I'll now hand over to Carolina Roscoe, VP of Investor Relations and Communications, to read out the written questions.

Operator: There are no further questions on the Zoom webinar. We will now address the questions submitted via the webcast page. I will now hand over to Carolina Orozco, VP Investor Relations and Communications, to read out the written questions.

Speaker #4: Thank you. The first question is from Martin Novak. Congratulations on the positive results. Can you please comment on the development of the acquisition costs and RP per truck?

Carolina Orozco: Thank you. The first question is from Martin Novak. Congratulations on the positive results. Can you please comment on the development of the acquisition costs and ARPU per truck?

Martin Vohánka: Hi, Martin. Good question. These are the exact KPIs that we will be demonstrating at the Capital Markets Day. Excuse me. We are not reporting them now. We said all along that at Capital Markets Day we will be showing the typical platform software type of KPIs such as these. ARPU, you can calculate the overall number, but that has got no value. We will be looking at more cohort information. And through that, of course, cost of acquisition, lifetime value become essential KPIs, which we are working towards. What we said in the previous Capital Markets Day, now 3 years ago, was that roughly the cost of acquisition was around €500 at the time. And we expect through the digital and indirect channels, as well as the platform uptake, that should improve by about 40%, was what we indicated 3 years ago.

Oskar Zahn: Hi, Martin. Good question. These are the exact KPIs that we will be demonstrating at the Capital Markets Day. Excuse me. We are not reporting them now. We said all along that at Capital Markets Day we will be showing the typical platform software type of KPIs such as these. ARPU, you can calculate the overall number, but that has got no value. We will be looking at more cohort information. And through that, of course, cost of acquisition, lifetime value become essential KPIs, which we are working towards. What we said in the previous Capital Markets Day, now 3 years ago, was that roughly the cost of acquisition was around €500 at the time.

Speaker #3: Hi Martin, good question. These are exact KPIs that we will be demonstrating at the Capital Markets Day. Excuse me, we're not reporting them now.

Speaker #3: We said all along that at Capital Markets Day, we'll be showing the typical platform software type of KPIs such as these. So, RP, you can calculate the overall number, but as I've got no value, we'll be looking at more cohort information.

Speaker #3: And through that, of course, cost of acquisition and lifetime value become essential KPIs which we are working towards. So what we said in the previous Capital Markets Day, now three years ago, was that roughly the cost of acquisition was around €500 at the time.

Speaker #3: And we expect, through the digital and indirect channels, that as well as the platform uptake, that should improve to about 40%, which was what we indicated three years ago.

Oskar Zahn: And we expect through the digital and indirect channels, as well as the platform uptake, that should improve by about 40%, was what we indicated 3 years ago. It gives you at least a flavor of where we are going in terms of cost of acquisition. In terms of ARPU, those are the sort of KPIs we will be reporting on 1 December.

Speaker #3: So it gives you at least a flavor of where we're going in terms of cost of acquisition. In terms of RP, those are the sorts of KPIs we will be reporting on the 1st of December.

Martin Vohánka: It gives you at least a flavor of where we are going in terms of cost of acquisition. In terms of ARPU, those are the sort of KPIs we will be reporting on 1 December.

Speaker #4: Thank you, Oscar. We have one final question from Hannah Crowe. Net leverage improved to 1.8 times, but net debt in absolute terms rose by £30 million, and you paid a £12.1 million special dividend after the period.

Carolina Orozco: Thank you, Oskar. We have one final question from Hannah Crow. Net leverage improved to 1.8 times, but net debt in absolute terms rose by EUR 30 million, and you paid a EUR 12.1 special dividend after the period. How should we think about capital allocation priorities? Further special returns versus debt paydown, versus M&A for H2 and into fiscal year 2027?

Speaker #4: How should we think about capital allocation priorities? Are there special returns versus debt paydown versus M&A, or 'have-to' into fiscal year 2027?

Speaker #3: That's a good question, Hannah. So on slide 9.19, we did show what our capital allocation is at the moment, and we've also indicated that we will be giving a formal policy on capital allocation at the Capital Markets Day in December, because we understand many investors and analysts are concerned about this area.

Oskar Zahn: That is a good question, Hannah. On slide 19, we did show what our capital allocation is at the moment, and we have also indicated that we will be giving a formal policy on capital allocation also at the Capital Markets Day in December, because we understand many investors and analysts are concerned about this area. Of course, number one is organic growth. We need to continue investing in our current business, growing the organic business, making it scalable, AI-enabled, as we have always said. So number one, organic growth, absolutely. Two, our strong balance sheet. I want to have a strong balance sheet now, particularly as we look into the future in 2027, 2028, 2029, in terms of these M&A opportunities Martin mentioned.

Speaker #3: So, of course, number one is organic growth. We need to continue investing in our current business, maybe growing the organic business, making it scalable, AI-enabled, as we've always said.

Oskar Zahn: Of course, number one is organic growth. We need to continue investing in our current business, growing the organic business, making it scalable, AI-enabled, as we have always said. So number one, organic growth, absolutely. Two, our strong balance sheet. I want to have a strong balance sheet now, particularly as we look into the future in 2027, 2028, 2029, in terms of these M&A opportunities Martin mentioned. So I need to have a strong balance sheet as we go into that period, and hence I am always looking at the net leverage element. I accept your question in terms of the net debt has increased, but that was of no surprise to us in the period as working capital outflow was EUR 54 million. This is expected.

Speaker #3: So, number one, organic growth, absolutely. Two, our strong balance sheet. So I want to have a strong balance sheet now, particularly as we look into the future in 2027, 2028, 2029, in terms of these M&A opportunities Martin mentioned.

Speaker #3: So I need to have a strong balance sheet as we go into that period, and hence I'm always looking at the net leverage element.

Oskar Zahn: So I need to have a strong balance sheet as we go into that period, and hence I am always looking at the net leverage element. I accept your question in terms of the net debt has increased, but that was of no surprise to us in the period as working capital outflow was EUR 54 million. This is expected. Yes, the dividend came in subsequently, but we have given the guidance that for the full year, it will remain below 2x. If you look at the debt profile in the appendix of the presentation, you can see the expected reduction in our loan structure. The third focus is on M&A before anything else, and Martin has now talked about the opportunities that we face. So adding complementary product services, active trucks, in order to have the ability to cross-sell, up-sell on our platform.

Speaker #3: I accept your question in terms of the net debt has increased, but that was of no surprise to us in the period, as working capital outflow was £54 million.

Speaker #3: So, this is expected. Yes, the dividend came in subsequently, but we have given the guidance that for the full year it will remain below two times.

Oskar Zahn: Yes, the dividend came in subsequently, but we have given the guidance that for the full year, it will remain below 2x. If you look at the debt profile in the appendix of the presentation, you can see the expected reduction in our loan structure. The third focus is on M&A before anything else, and Martin has now talked about the opportunities that we face. So adding complementary product services, active trucks, in order to have the ability to cross-sell, up-sell on our platform. There are, of course, also transformational opportunities out there. Finally, we look at returning excess capital if we are able to preserve flexibility for the business. That is what we have done currently. This is the second special dividend we have, and we accept that has been a concern for many people, and we will come up with a formal policy end of the year.

Speaker #3: So, if you look at the debt profile in the appendix of the presentation, you can see the expected reduction in our loan structure. The third focus is on M&A.

Speaker #3: Before anything else, and Martin's now talked about the opportunities that we face. So, adding complementary products and services, active trucks, in order to have the ability to cross-sell and upsell on our platform. But there are, of course, also transformational opportunities out there.

Oskar Zahn: There are, of course, also transformational opportunities out there. Finally, we look at returning excess capital if we are able to preserve flexibility for the business. That is what we have done currently. This is the second special dividend we have, and we accept that has been a concern for many people, and we will come up with a formal policy end of the year.

Speaker #3: And finally, we look at returning excess capital if we're able to preserve flexibility for the business. That's what we've done currently. This is the second special dividend we have, and we accept that that has been a concern for many people.

Speaker #3: And we'll come up with a formal policy at the end of the year.

Speaker #4: Thank you, Oscar. We just received another question from Martin Nicholas. Please comment on negative working capital in the first half of 2026. Is it driven primarily by elevated oil prices, or also by worsened customer payment discipline? Potentially, what is the approximate impact of it?

Carolina Orozco: Thank you, Oskar. We just received another question from Martin Nicholas. This relates to negative working capital in H1 2026. Is it driven primarily by elevated oil prices or also by worsened customers' payment discipline? Potentially, what is the approximate impact of it?

Speaker #3: Thank you, Martin, for the question—and a good one. So simply, when the fuel price went up by about 20% from April to June, automatically, even if your volumes are flat, your receivable—your cost for the customer—goes up by 20%, as does the receivable.

Oskar Zahn: Thank you, Martin, for the question, and a good one. Simply, when the fuel price went up by about 20% from April to June, automatically, even if your volumes are flat, your cost for the customer goes up by 20%, as does the receivable. We recognized that that was going to be a major concern for our customers. Because they get paid 60 to 90 days after delivery, they were expected to absorb that cost whilst only going to be paid for that significantly later. There was an immediate request. Not only did we see receivables go up, but of course, correspondingly, the payables go up as we have to pay for that fuel.

Speaker #3: We recognize that that was going to be a major concern for our customers, because they get paid 60 to 90 days after delivery. They were expected to absorb that cost, whilst only going to be paid for that significantly later.

Speaker #3: And there was an immediate request—not only do we see receivables go up, but of course, correspondingly, the payables go up as we have to pay for that fuel.

Speaker #3: However, there was an increase in requests for extended terms, and we did that on a customer-to-customer basis. So it wasn't poor payment; it was a deliberate increase in terms.

Oskar Zahn: However, there was an increase in requests for extended terms, and we did that on a customer-by-customer basis, so that it was not poor payment, it was deliberate increase in payment terms so that they could get through the difficult period. This is what we have done throughout the 30 years that we have been operating, and that first slide that Martin showed, where we see the resilience of the business, that is why we continue to gain customers through difficult times. They have nowhere else to turn to when it comes to this working capital crisis or challenge in their position. We do this deliberately, and the results were there to be seen in terms of revenue growth and active trucks. Not sure I answered everything.

Speaker #3: In payment terms, so that they could get through the difficult period. This is what we've done throughout the 30 years that we've been operating, and that first slide that Martin showed, where we see the resilience of the business—that is why we continue to gain customers through difficult times.

Speaker #3: They have nowhere else to turn. Two, when it comes to this working capital crisis or challenge in their position. So we do this deliberately, and the results were there to be seen in terms of revenue growth and active trucks.

Speaker #3: Not sure I answered everything.

Speaker #4: Yes.

Carolina Orozco: Yes.

Speaker #3: Okay. Any other questions?

Oskar Zahn: Okay. Any other questions?

Speaker #4: There are no further written questions. I'll now hand back to Martin Vohanka for closing remarks.

Carolina Orozco: There are no further written questions. I will now hand back to Martin Vohánka for closing remarks.

Speaker #3: So thank you. Thank you for all your questions. Thank you for joining this session. As you heard we are in truly exciting times. This Eurobac office up and running and encouraging customer migrations right behavior what we expected now launching new value proposition and preparing for capital markets day where we will be introducing new set of KPIs and speaking a lot about future what we expect in terms of acceleration.

Martin Vohánka: Thank you. Thank you for all your questions. Thank you for joining this session. As you heard, we are in truly exciting times with Eurowag Office up and running and encouraging customer migrations, right behavior, what we expected, now launching new value proposition and preparing for Capital Markets Day, where we will be introducing new set of KPIs and speaking a lot about future, what we expect in terms of acceleration. I am very much looking forward to see many of you there. Thank you very much. Bye-bye.

Speaker #3: So I'm very much looking forward to seeing many of you there. Thank you very much. Bye-bye.

Carolina Orozco: Thank you for joining today's call. We are no longer live. Have a nice day.

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