W.A.G Payment Solutions

EWG · Main Market · Industrial Goods and Services · mcap £708m · 103.4p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 09 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £719.6m
Owner’s net cash: −£228.6m
Net cash / market cap: -32%
EV ex leases: £941.0m
Revenue: £2,193m
Operating profit: £46.8m
Free cash flow after leases: £16.9m
EV / EBIT: 20.1×
FCF yield: 2.3%
Price / tangible book: 3.39×
ROCE: 10%
Net income (owners): −£2.6m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies – figures the company reported in EUR are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 09 Sep 26 · read the results ↗

Source ↗

	2026 Adjusted €000	2026 Adjusting items* €000	2026 Total €000	2025 Adjusted €000	2025 Adjusting items* €000	2025 Total €000
Revenue	1,377,086	-	1,377,086	1,162,183	-	1,162,183
Cost of sales	(1,197,590)	-	(1,197,590)	(999,997)	-	(999,997)
Net Revenue	179,496	-	179,496	162,186	-	162,186
Operating expenses	(128,491)	(15,337)	(143,828)	(117,466)	(12,046)	(129,512)
Other operating income	1,111	-	1,111	986	-	986
Impairment losses of financial assets	(7,487)	-	(7,487)	(7,178)	-	(7,178)
Share of net profit/ ( loss) of associates accounted for using the equity method	116	-	116	(759)	-	(759)
Operating profit	44,745	(15,337)	29,408	37,769	(12,046)	25,723
Finance income	233	-	233	3,812	-	3,812
Finance costs	(21,275)	-	(21,275)	(13,811)	-	(13,811)
Profit before income tax	23,703	(15,337)	8,366	27,770	(12,046)	15,724
Income tax expense	(6,115)	3,048	(3,067)	(7,525)	2,401	(5,124)
Profit for the period	17,588	(12,289)	5,299	20,245	(9,645)	10,600
Profit attributable to
Owners of the parent	17,521	(12,289)	5,232	20,181	(9,645)	10,536
Non-controlling interests	67	-	67	64	-	64
Total profit attributable to	17,588	(12,289)	5,299	20,245	(9,645)	10,600
Earnings per share - basic and diluted	–	–	2026 cents	–	–	2025 cents
Basic earnings per share	–	–	0.76	–	–	1.53
Diluted earnings per share	–	–	0.74	–	–	1.52

Source ↗

	30 June 2026 (unaudited) €000	30 June 2026 (unaudited) €000	31 December 2025 €000
Assets
Non-current assets
Intangible assets	5	02,284	510,799
Property, plant and equipment	12	60,803	60,692
Right-of-use assets	18,329	17,069	–
Investments in associates	11	8,784	8,667
Deferred tax assets	1	4,012	13,635
Derivative assets	87	-	–
Other non-current assets	13	7,6 52	7,218
Total non-current assets	61	1,951	618,080
Current assets
Inventories	11,325	11,215	–
Trade and other receivables	13	504,274	372,850
Income tax receivables	1,340	1,667	–
Derivative assets	10	4,787	273
Cash and cash equivalents	92,032	116,524	–
Total current assets	613,758	502,529	–
Total assets	1,225,709	1,120,609	–
Liabilities
Current liabilities
Trade and other payables	14	561,163	472,176
Borrowings	1	17,581	99,885
Lease liabilities	5,477	5,395	–
Provisions	4,187	4,252	–
Income tax liabilities	11,366	11,602	–
Derivative liabilities	10	746	936
Total current liabilities	700,520	594,246	–
Net current liabilities	(86,762)	(91,717)	–
Non-current liabilities
Borrowings	15	227,759	232,792
Lease liabilities	13,655	12,647	–
Provisions	397	529	–
Deferred tax liabilities	2	7,647	28,842
Derivative liabilities	10	768	333
Other non-current liabilities	14	8,449	7,452
Total non-current liabilities	278,675	282,595	–
Total liabilities	9	79,195	876,841
Net assets	246,514	243,768	–
Equity
Share capital	8,1 86	8,148	–
Share premium	2,958	2,958	–
Merger reserve	(25,963)	(25,963)	–
Other reserves	1, 0 29	(2,338)	–
Put option reserve	(3,554)	(5,392)	–
Retained earnings	2	63,404	265,822
Equity attributable to equity holders of the Company	2	46,060	243,235
Non-controlling interests	454	533	–
Total equity	246,514	243,768	–

Source ↗

	2026 €000	2025 €000
Cash flows from operating activities
Profit before tax for the year	8,366	15,724
Non-cash adjustments
Depreciation and amortisation	34,639	34,687
Gain on disposal of non-current assets	(191)	(280)
Interest income	(197)	(362)
Interest expense	8,870	10,549
Movements in provisions	(197)	263
Impairment losses of financial assets	7,487	7,178
Movements in allowances inventories	44	61
Foreign currency exchange rate differences	208	(1,789)
Fair value revaluation of derivatives and securities	59	60
Share-based payments	6,123	3,192
Other non-cash items	(119)	762
Operating cash flows before movements in working capital	65,092	70,045
Changes in
Trade, contract and other receivables	(138,089)	(74,925)
Inventories	(151)	3,962
Trade, contract and other payables	83,847	71,887
Cash generated from operations	10,699	70,969
Interest received	197	362
Interest paid	(8,066)	(9,553)
Income tax paid	(5,150)	(6,276)
Net cash (used in)/ generated from operating activities	(2,320)	55,502
Consolidated statement of cash flows (continued)
For the period ended 30 June
Unaudited
Total unaudited	2026	2025
Note	€000	€000
Cash flows from investing activities
Proceeds from sale of property, plant and equipment	285	322
Purchase of property, plant and equipment	(7,470)	(6,118)
Purchase of intangible assets	(22,053)	(15,128)
Net cash used in investing activities	(29,238)	(20,924)
Cash flows from financing activities
Payment of principal elements of lease liabilities	(2,704)	(2,756)
Proceeds from borrowings	36,500	25,000
Repayment of borrowings	(24,616)	(33,456)
Acquisition of non-controlling interests	(1,785)	-
Proceeds from issued share capital (net of expenses)	38	28
Net cash generated from/(used in) financing activities	7,433	(11,184)
Effect of exchange rate changes on cash and cash equivalents	(368)	-
Net (decrease)/increase in cash and cash equivalents	(24,124)	23,394
Net cash and cash equivalents at the beginning of the period	116,524	107,428
Net cash and cash equivalents at the end of the period	92,032	130,822

Source ↗

	2025 Adjusted €000	2025 Adjusting items * €000	2025 Total €000	2024 Adjusted €000	2024 Adjusting items * €000	2024 Total €000
Revenue	2,308,340	-	2,308,340	2,236,573	-	2,236,573
Cost of sales	(1,978,238)	-	(1,978,238)	(1,944,035)	-	(1,944,035)
Net revenue	330,102	-	330,102	292,538	-	292,538
Operating expenses	(234,982)	(32,375)	(267,357)	(207,719)	(34,588)	(242,307)
Other operating income	2,416	-	2,416	4,777	-	4,777
Impairment losses of financial assets	(12,667)	-	(12,667)	(13,578)	-	(13,578)
Share of net loss of associates accounted for using the equity method	(2,306)	-	(2,306)	(746)	-	(746)
Operating profit	82,563	(32,375)	50,188	75,272	(34,588)	40,684
Finance income	758	-	758	2,679	-	2,679
Finance costs	(31,914)	-	(31,914)	(31,667)	-	(31,667)
Profit before income tax	51,407	(32,375)	19,032	46,284	(34,588)	11,696
Income tax expense	(17,883)	1,057	(16,826)	(14,036)	5,196	(8,840)
Profit for the financial year	33,524	(31,318)	2,206	32,248	(29,392)	2,856
Profit attributable to
Continuing operations
Owners of the parent	33,365	(31,314)	2,051	32,088	(29,392)	2,696
Non-controlling interests	159	(4)	155	160	-	160
Total continuing operations	33,524	(31,318)	2,206	32,248	(29,392)	2,856
Earnings per share - basic and diluted	–	–	2025 cents	–	–	2024 cents
Basic earnings per share	–	–	0.30	–	–	0.39
Diluted earnings per share	–	–	0.29	–	–	0.39

Source ↗

	2025 €000	2024 €000
Assets
Non-current assets
Intangible assets	510,799	517,507
Property, plant and equipment	60,692	56,125
Right-of-use assets	17,069	19,192
Investments in associates	8,667	10,973
Deferred tax assets	13,635	9,165
Other non-current assets	7,218	6,479
Total non-current assets	618,080	619,441
Current assets
Inventories	11,215	15,380
Trade and other receivables	372,850	370,967
Income tax receivables	1,667	3,308
Derivative assets	273	261
Cash and cash equivalents	116,524	107,430
Total current assets	502,529	497,346
Total assets	1,120,609	1,116,787
Liabilities
Current liabilities
Trade and other payables	472, 1 76	406,307
Borrowings	99,885	115,380
Lease liabilities	5,395	5,019
Provisions	4,252	2,126
Income tax liabilities	11,602	4,628
Derivative liabilities	936	1,183
Total current liabilities	594,246	534,643
Net current liabilities	(91,717)	(37,297)
Non-current liabilities
Borrowings	232,792	267,547
Lease liabilities	12,647	14,260
Provisions	529	794
Deferred tax liabilities	28,842	26,488
Derivative liabilities	333	1,464
Other non-current liabilities	7,452	9,275
Total non-current liabilities	282,595	319,828
Total liabilities	876,841	854,471
Net assets	243,768	262,316
Equity
Share capital	8,148	8,120
Share premium	2,958	2,958
Merger reserve	(25,963)	(25,963)
Other reserves	(2,338)	114
Put option reserve	(5,392)	(4,657)
Retained earnings	265,822	281,370
Equity attributable to equity holders of the Company	243,235	261,942
Non-controlling interests	533	374
Total equity	243,768	262,316

Source ↗

	2025 €000	2024 €000
Cash flows from operating activities
Profit before tax for the year	19,032	11,696
Non-cash adjustments
Depreciation and amortisation	64,816	65,471
Gain on disposal of non-current assets	(134)	(347)
Interest income	(745)	(720)
Interest expense	20,225	23,963
Movements in provisions	1,861	(933)
Impairment losses of financial assets	12,667	13,578
Movements in allowances inventories	106	203
Foreign currency exchange rate differences	(7,264)	(1,799)
Fair value revaluation of derivatives and securities	44	(24)
Share-based payments	7,247	4,354
Other non-cash items	3,687	2,748
Operating cash flows before movements in working capital	121,542	118,190
Changes in
Trade, contract and other receivables	(15,289)	10,764
Inventories	4,096	(681)
Trade, contract and other payables	63,387	35,941
Cash generated from operations	173,736	164,214
Interest received	745	720
Interest paid	(18,652)	(24,433)
Income tax paid	(10,261)	(11,549)
Net cash generated from operating activities	145,568	128,952
Cash flows from investing activities
Proceeds from sale of property, plant and equipment	685	460
Purchase of property, plant and equipment	(15,020)	(10,033)
Purchase of intangible assets	(39,660)	(36,140)
Payments for acquisition of subsidiaries, net of cash acquired	(2,000)	(9,828)
Net cash used in investing activities	(55,995)	(55,541)
Cash flows from financing activities
Payment of principal elements of lease liabilities	(5,250)	(5,181)
Proceeds from borrowings	25,000	55,000
Repayment of borrowings	(76,823)	(78,471)
Acquisition of non-controlling interests	-	(27,495)
Dividend payments	(24,260)	-
Proceeds from issued share capital (net of expenses)	28	7
Net cash used in financing activities	(81,305)	(56,140)
Effect of exchange rate changes on cash and cash equivalents	828	(185)
Net increase in cash and cash equivalents	8,268	17,271
Net cash and cash equivalents at the beginning of the financial year	107,428	90,342
Net cash and cash equivalents at the end of year	116,524	107,428

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	2,193.4	1,977.4	1,893.7
Adjusted EBITDA	120.6	113.2	103.0
EBITDA	–	100.5	90.5
Adjusted operating profit	77.7	70.7	63.7
Operating profit	46.8	43.0	34.4
Share-based payments	8.8	6.2	3.7
Operating profit to net income
Finance costs	(34.2)	(27.3)	(26.8)
Profit before tax	10.3	16.3	9.9
Tax	(12.8)	(14.4)	(7.5)
Net income (owners)	(2.6)	1.8	2.3
Per share
EPS basic	25.5p	26.2p	32.3p
EPS diluted	24.6p	25.3p	32.3p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	1,194.4	+22%	998.9	978.5
Adjusted EBITDA	61.2	+14%	59.4	53.8
Adjusted operating profit	38.8	+22%	38.9	31.8
Exceptional / adjusting items	(13.3)	+31%	–	(10.1)
Operating profit	25.5	+18%	21.3	21.7
Share-based payments	5.3	+98%	3.5	2.7
Operating profit to net income
Finance costs	(18.5)	+59%	(15.7)	(11.6)
Profit before tax	7.3	−45%	3.1	13.2
Tax	(2.7)	−38%	(10.1)	(4.3)
Net income (owners)	4.5	−49%	(7.1)	8.9
Per share
EPS basic	0.7p	–	24.9p	1.3p
EPS diluted	0.6p	–	24.0p	1.3p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	76.0	124.7	109.2
Interest paid	(14.9)	(16.0)	(20.7)
Tax paid	(8.0)	(8.8)	(9.8)
Investing activities
Capex (PP&E)	(14.2)	(12.9)	(8.5)
Capex (intangibles)	(40.4)	(34.0)	(30.6)
Financing activities
Lease principal paid	(4.5)	(4.5)	(4.4)
Dividends paid	–	(20.8)	0.0
Shares issued	0.0	0.0	0.0

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	(2.0)	n/m	78.0	46.7
Interest paid	(7.0)	−13%	(7.9)	(8.0)
Tax paid	(4.5)	−15%	(3.5)	(5.3)
Investing activities
Capex (PP&E)	(6.5)	+26%	(7.7)	(5.2)
Capex (intangibles)	(19.1)	+50%	(21.2)	(12.7)
Financing activities
Lease principal paid	(2.3)	+1%	(2.2)	(2.3)
Shares issued	0.0	n/m	0.0	0.0

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Other intangibles	–	445.5	429.1
Property, plant & equipment	52.4	52.9	46.5
Associates & JVs	7.6	7.6	9.1
Non-current assets	527.1	539.1	–
Current assets
Inventories	9.8	9.8	12.8
Trade receivables	434.4	325.2	307.6
Cash	79.3	101.6	89.1
Current assets	528.7	438.3	–
Total assets	1,055.8	977.4	926.0
Current liabilities
Trade payables	483.4	411.9	336.9
Borrowings, current	101.3	87.1	95.7
Lease liabilities, current	–	4.7	4.2
Current liabilities	603.4	518.3	–
Non-current liabilities
Borrowings, non-current	196.2	203.1	221.8
Lease liabilities, non-current	11.8	11.0	11.8
Non-current liabilities	240.0	246.5	–
Total liabilities	843.4	764.8	708.5
Equity
Non-controlling interests	0.4	0.5	0.3
Total equity	212.3	212.6	217.5
Net cash and other figures
Net cash / (debt) incl. leases	–	(188.6)	(228.4)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Other intangibles	–	445.5	429.1
Property, plant & equipment	52.4	52.9	46.5
Associates & JVs	7.6	7.6	9.1
Non-current assets	527.1	539.1	–
Current assets
Inventories	9.8	9.8	12.8
Trade receivables	434.4	325.2	307.6
Cash	79.3	101.6	89.1
Current assets	528.7	438.3	–
Total assets	1,055.8	977.4	926.0
Current liabilities
Trade payables	483.4	411.9	336.9
Borrowings, current	101.3	87.1	95.7
Lease liabilities, current	–	4.7	4.2
Current liabilities	603.4	518.3	–
Non-current liabilities
Borrowings, non-current	196.2	203.1	221.8
Lease liabilities, non-current	11.8	11.0	11.8
Non-current liabilities	240.0	246.5	–
Total liabilities	843.4	764.8	708.5
Equity
Non-controlling interests	0.4	0.5	0.3
Total equity	212.3	212.6	217.5
Net cash and other figures
Net cash / (debt) incl. leases	–	(188.6)	(228.4)

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