W.A.G. Payment Solutions plc (Eurowag)

What does Eurowag own?
Eurowag owns Sygic, a GPS navigation software company, along with a portfolio of B2B services including Eurowag Fuel Cards, Eurowag Toll, Eurowag Fleet, and Eurowag Vehicle Services. The company acquired Sygic in two stages: 70% in 2019 and the remaining 30% in 2024 for EUR 14.4 million. Sygic operates as a wholly-owned subsidiary within Eurowag's mobility solutions segment.

Is Eurowag publicly traded?
Yes, W.A.G. Payment Solutions plc is publicly traded on the London Stock Exchange under the ticker symbol EWG. The company is a constituent of the FTSE 250 index. It was listed in October 2021 in one of the largest Czech company listings on the LSE.

Who founded Eurowag?
Eurowag was founded in 1995 by Martin Vohanka in Prague, Czech Republic. Vohanka continues to serve as CEO and remains a significant shareholder. He identified a gap in payment infrastructure for trucking companies in the post-communist Czech Republic and built the company from a fuel card provider into an integrated payments and mobility platform.

Where is Eurowag headquartered?
Eurowag is headquartered in Prague, Czech Republic. The company's operating entity, W.A.G. payment solutions, a.s., is registered in the Commercial Register at the Municipal Court in Prague. Sygic, a wholly-owned subsidiary, is headquartered in Bratislava, Slovakia.

How many brands does Eurowag own?
Eurowag owns one consumer brand (Sygic) and several B2B service lines (Eurowag Fuel Cards, Eurowag Toll, Eurowag Fleet, Eurowag Vehicle Services). The company's portfolio is focused on the commercial road transport industry, with Sygic being the only consumer-facing brand.

Who owns Eurowag?
Eurowag is publicly traded on the London Stock Exchange. Founder and CEO Martin Vohanka remains a significant shareholder. The free float is available to institutional and retail investors. The exact ownership breakdown is disclosed in the company's annual report and investor relations materials.

What is Eurowag's revenue?
Eurowag reported total net revenue of EUR 330.1 million for fiscal year 2025, a 12.9% increase from EUR 292.5 million in 2024. Payment solutions net revenue was EUR 200.4 million, and mobility solutions net revenue was EUR 129.7 million. Total revenue including toll charges passed through to toll operators was EUR 2,308.3 million. Adjusted EBITDA was EUR 132.1 million with a 40.0% margin.

Eurowag was founded in 1995 by Martin Vohanka in Prague, Czech Republic. The company began as a fuel card provider for commercial transport operators in Central and Eastern Europe. At the time, the post-communist Czech Republic was developing its market economy, and commercial road transport was growing rapidly. Vohanka identified a gap in payment infrastructure for trucking companies that needed to pay for fuel across multiple countries and currencies.

In its early years, Eurowag focused on the Czech and Slovak markets, providing fuel cards that allowed trucking companies to pay for diesel at partner stations. The company expanded gradually into other Central European markets, including Poland, Hungary, and Slovakia.

The 2000s saw Eurowag expand its product range beyond fuel cards. The company added toll payment services, responding to the growing network of electronic toll systems across European highways. Eurowag also began offering vehicle maintenance and insurance products, building toward an integrated platform for commercial transport operators.

In the 2010s, Eurowag accelerated its expansion through acquisitions and geographic growth. The company expanded into Western European markets, including Germany, France, and Italy. Eurowag also invested in digital technology, developing a platform that combined its various services into a single interface for fleet managers.

In April 2019, Eurowag acquired a 70% equity interest in Sygic, a Slovak navigation software company, for an undisclosed sum. The acquisition included a predetermined put and call option mechanism on the remaining 30%. The deal was part of Eurowag's strategy to add navigation services and software to its integrated mobility platform. Sygic, founded in 2004 by Michal Stencl, had over 200 million downloads of its GPS navigation app and brought navigation technology expertise to the Eurowag group.

Eurowag went public on the London Stock Exchange in October 2021, listing under the ticker symbol EWG. The IPO was one of the largest Czech company listings on the LSE. The company became a constituent of the FTSE 250 index.

In April 2024, Eurowag completed the full acquisition of Sygic, purchasing the remaining 30% for EUR 14.4 million. The minority shareholders included QQ Capital SE (with investors including Michal Stencl, Sygic's founder) and Pasanote Capital (with investors including Jan Sameliak). Martin Strigac, former CEO of Sygic, joined Eurowag's executive team as Chief Product Officer. Stefan Janciga took over as General Manager of Sygic in 2025.

In 2025, Eurowag expanded its toll network to include Switzerland and Bulgaria, adding two newly licensed countries to its EETS (European Electronic Toll Service) solution, bringing the total to 13 EETS licensed countries and 23 countries of overall toll coverage. The company's EVA onboard unit, which also includes Fleet Management Solutions, grew 49.5% to approximately 108,000 units. Eurowag also piloted Flexi Pay, an innovative digital solution allowing customers to extend their payment terms, with rollout planned from 2026.

The most significant strategic milestone of 2025 was the launch of Eurowag Office, the company's end-to-end digital platform for the CRT industry. Eurowag Office integrates the majority of Eurowag's core services, including Fuel, Tax Refund, Fleet Management Solutions, Work Time Management, Navigation, and Financial Services. Most Toll solutions are already available within the platform, including EETS which represents approximately 70% of total transacted toll volumes. Customer migration began in 2025, and by March 2026, 35% of customers were actively using the platform. The company plans to migrate the majority of customers by year-end 2026.

For FY2025, Eurowag reported total net revenue of EUR 330.1 million, up 12.9% year over year. The company's leverage ratio was 1.9x, down from 2.3x in 2024. Cash generated from operations was EUR 173.7 million, up 5.8% year over year. Eurowag declared a second special dividend of 1.5 pence per share (worth approximately EUR 12 million), reduced from 3.0 pence per share (EUR 25 million) in the prior year. For 2026, Eurowag guides to low double-digit net revenue growth with an adjusted EBITDA margin of approximately 40% and adjusted cash EBITDA of EUR 105-115 million. CEO Martin Vohanka described 2026 as "a pivotal migration year" for the company.

Eurowag's sustainability strategy is focused on helping commercial transport operators transition to low-carbon energy. The company's stated purpose is to make commercial road transport "clean, fair, and efficient."

Eurowag does not have B Corp certification. Its sustainabilityFlags are empty because there are no independently verifiable certifications to report. The company has not made public net-zero or carbon neutrality commitments with specific target years.

The company's primary sustainability contribution is through its toll payment services, which support CO2-based toll charging systems that incentivize lower-emission vehicles. Eurowag's platform also helps fleet operators optimize routes and reduce fuel consumption through integrated navigation and fleet management tools.

Eurowag publishes sustainability information as part of its annual reporting, available through its investor relations website.

Eurowag has maintained a relatively clean public record. The company has not faced major regulatory fines, antitrust investigations, or significant public controversies.

As a financial services provider regulated by the Czech National Bank, Eurowag is subject to financial regulatory oversight. W.A.G. Issuing Services, a.s. is authorized and regulated by the Czech National Bank under identification number 050 21 910. The company has not been subject to notable regulatory enforcement actions.

The Sygic acquisition was reviewed by relevant competition authorities and approved without significant conditions. The related party transaction aspect of the remaining 30% acquisition was disclosed in accordance with UK listing rules (LR11.1.10R).