Good day, ladies and gentlemen, and welcome to W.A.G payment solutions plc 2025 full year results. The presentation will commence shortly. After the presentation, we'll 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 SparkLive 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 Vohánka, CEO, to open the presentation.
Good morning, everyone, and thank you for joining us today. 2025 was a defining year for Eurowag. As we celebrated 30 years of supporting commercial road transport industry, the company is now entering into a new phase of growth, one increasingly driven by digitization, data, and platform scalability. After several years of disciplined investment and focused execution, we launched our most ambitious strategic initiative to date, Eurowag Office, a fully integrated digital platform built to address the key operational challenges faced by small and medium-sized fleet operators. By bringing end-to-end solutions into a single ecosystem, the platforms delivers clear tangible value for our customers. Eurowag Office reduces daily administrative workload by up to 50%, lowers operational cost up to 10%, and improves working capital management and cash flow visibility.
It also provides real-time accurate cost pricing calculations, helping customers to avoid errors that could erode margins, ultimately increasing their profitability while saving time and improving operational efficiency. The platform is live and scaling with the majority of Eurowag products available, including core services for fuel, tax refund, fleet management solutions, work time management, navigation, and financial services. Some additional and new features of the products are still in progress. As illustrated in this slide, the core services associated with the products that represents the majority of our current net revenues are already integrated into the platform. Most toll solutions are also available within Eurowag Office, including the European Electronic Toll Service, EETS, which represents approximately 70% of total transacted toll volumes. The remaining toll services are expected to be migrated during the second quarter of 2026.
The final set of transport management related services are scheduled for integration by the end of 2026. We are also successfully progressing with the migration of our customers. We now have 35% of customers actively using the platform, and we expect the majority to be migrated to Eurowag Office by the end of this year. Importantly, while executing this major platform integration, we also delivered very strong set of financial results in 2025, which demonstrated the strength and resilience of our business model. Starting with Attract, the number of active trucks on our platform increased by 6% year-on-year to 321,500, demonstrating continued expansion of our customer base. Under Engage, we saw further improvement in customer satisfaction with net promoter score increasing by 3.8 points to 43.8.
This is particularly encouraging given that 2025 was a year of platform integration and initial customer migration. Yet customer sentiment continues to improve. Under Monetise, we continue to see deeper adoption of our products with an average number of products per truck increasing to 2.8. As Eurowag Office become embedded in our customer's daily workflows, we will increasingly unlock a significant cross-sell opportunities across the platform. Under Retain, subscription revenue increased to EUR 79.4 million, now representing 24% of total net revenues. This reflects our ongoing shift towards a more recurring revenue model. From a financial perspective, 2025 was a year of strong financial performance, fully aligned with our guidance and reflecting our continued commitment to disciplined growth.
Net revenue increased by 12.9%, and adjusted cash EBITDA grew 10.5%, supported by strong cash flow generation. This enabled us to further strengthen our balance sheet, reducing net leverage to 1.9, while also returning capital to shareholders through EUR 24.3 million special dividends paid in July. Overall, 2025 demonstrated three key achievements. Strong operational execution, the successful launch of Eurowag Office, and continued financial progress. Together, these milestones lay the foundations for next stage of scaling the Eurowag Office platform and delivering long-term value creation. With this overview, I will now hand over to Oskar, who will walk you through our full year 2025 financial results in more detail.
Thank you, Martin, and good morning to everyone. As Martin has already mentioned, we are pleased to share a robust set of results as we enter a phase of scalable growth. Before I move into the details of our financials, let me take you through some of the key highlights. Our net revenues increased by 12.9% to EUR 330.1 million, supported by impressive growth in payment solutions, primarily driven by significant 52.3% increase in toll. Adjusted EBITDA increased 8.5% to EUR 132.1 million and adjusted cash EBITDA grew 10.5% to EUR 98.0 million, with margins of 40% and 29.7% respectively.
Adjusted profit before tax increased 11% to EUR 51.4 million, which resulted in a 3.9% increase in adjusted basic EPS of EUR 0.048 per share. Looking at our investment in the business, we spent EUR 41.4 million on capitalized R&D, strengthening our Eurowag Office and tech and data capabilities, positioning the group to successfully migrate the majority of customers to Eurowag Office in 2026 and support scalable growth and monetization. Our continued strong cash generation enabled us to pay a EUR 24.3 million special dividend in July 2025, while further improving our net debt position with net leverage now standing at 1.9 x compared to 3 x just two years ago when I joined Eurowag.
On the slide, the chart on the left shows the evolution of our net revenue since 2021, which has a CAGR of 21%. In 2021, our revenue mix was highly concentrated in energy products, which represented around 60% of total revenues. Toll-related revenues represented only 14%, while the remaining 26% came from mobility solutions. Within mobility, just 9% was generated from subscription-based revenues. Today, our revenue structure is significantly more diversified. After years of investment in our toll business, toll revenues have increased substantially, growing from EUR 21 million to EUR 76 million, and now representing 23% of our total revenue mix. Mobility has also expanded strongly, rising from EUR 40 million to almost EUR 130 million and accounting for 39% of revenues. Importantly, subscription revenues within mobility have also been growing and now represent 24% of total net revenues.
Our payment solutions, which include energy and toll, remain a solid foundation of our business, currently representing 61% of total net revenues. During 2025, net revenues from payment solutions increased by 20% to over EUR 200 million. Toll services were the primary growth driver, growing by 52%. Our mobility solutions increased 5.5%, excluding non-CRT fleet management solutions. The growth was mainly driven by improvements in transport management, financial services, and core CRT fleet management solutions. Before moving to the next topic, let me briefly explain the characteristics of our revenues. A significant portion is recurring in nature, providing strong visibility and stability to our financial performance. While we generate transactional revenue through our energy services, the majority of our income is driven by recurring revenue streams across our toll and mobility solutions.
Our toll services generate recurring revenues as customers repeatedly use our network for road payments, while our mobility segment contributes through subscription-based products and other fee-based services. Together, toll and subscription-related revenues account for 47% of total revenue, highlighting the strength of our recurring business model and the long-term relationships we maintain with our customers. Finally, the graph on the right-hand side of the slide shows the evolution of adjusted cash EBITDA since 2021, defined as Adjusted EBITDA less capitalized R&D and adding back share-based payments. This has a CAGR of 24%. Margins also grew from 27.1% in 2021 to 29.7% in 2025, despite the heavy and increasing investment in capitalized R&D. Now, excluding the commercial settlement of EUR 2.2 million in 2024, adjusted cash EBITDA grew 13.3% during 2025 to EUR 98 million.
Credit losses, primarily affecting the credit risk provisioning, decreased by EUR 0.9 million or 6.6%, reflecting stronger portfolio performance in Poland and Romania, partially offset by macro-driven pressure in Turkey. Our credit loss ratio as a percentage of energy and toll revenues improved to 0.3% from 0.4% of gross revenues, reflecting robust credit risk management and cash collection processes in place. The EUR 12.5 million increase in employee expenses is mainly related to salary inflation of 5.4% during the year and investment in talent to support the scaling of the business. Technology expenses and other OpEx grew EUR 8.1 million, mainly related to newly introduced energy taxes, marketing professional fees, and other operating expenses.
Capitalized R&D grew EUR 6.4 million as we continue to invest in the development and integration of our products and technology in Eurowag Office. During 2025, capital expenditure increased by EUR 10.5 million to EUR 56.5 million. This was primarily driven by EUR 41.4 million invested in capitalized R&D, focused on the development of our new platform, as well as enhancements in technology and data capabilities. In addition, EUR 9.8 million was invested in On-Board Units, OBUs, which are a key driver of revenue growth and support the strong revenue streams in toll and FMS, and EUR 5.3 million was allocated to infrastructure, mainly related to investments in our truck parks and IT hardware. Despite this increase, capitalized expenditure remained disciplined, representing only 17.1% of the group's net revenues.
Capitalized R&D increased by EUR 6.4 million to EUR 41.4 million, representing 12.5% of net revenues. Of this total, EUR 28.3 million was invested in our products and Eurowag Office, while EUR 13.1 million was allocated to our back office, including the development of the technology and data systems that power our platform. These investments further strengthen the integration of Eurowag Office and support scalable growth and future monetization opportunities. As a result of our strong cash generation and disciplined capital allocation, net leverage improved further to 1.9 x, down from 2.3 x in FY 2024. This has been driven by EUR 178 million of free cash and helped by a positive working capital inflow of EUR 52 million.
Although movements in trade receivables and trade payables were broadly offset over the year, the inflow in working capital reflected higher year-end utilization of the group's recourse factoring program together with improved collection of tax refund receivables. In the appendix of this presentation, we've included an overview of our working capital movement as well as the total revenues and toll volumes which give you a better view of our payables and receivables. This robust cash generation allowed us to pay a special dividend of EUR 24.3 million, equivalent to GBP 0.03 in July 2025. Let me now turn to our capital allocation framework, which remains balanced and disciplined. First, organic growth remains our top priority. We continue investing in modern, scalable, and AI-enabled platform to support the development of Eurowag Office.
In FY 2025, we invested EUR 41.4 million capitalized R&D, and we expect this to remain below the cap level of EUR 50 million in FY 2026. These investments support top-line growth, expand cross-selling opportunities, and strengthen the foundations required to scale the platform. Second, we maintain a solid financial structure. We have continued to deleverage during the year, with the expectation to remain below 2x by the end of 2026. Third, our M&A strategy is focused on disciplined bolt-on opportunities that either add new products and services such as financial solutions or bring active trucks onto our platform, supporting further cross-selling across our customer base. Finally, turning to shareholder returns, in FY 2025, we paid a special dividend of GBP 0.03 per share, equivalent to GBP 24.3 million.
Given our strong cash generation, the board is recommending a second special dividend of GBP 0.15 per share, or around GBP 12 million, subject to approval at the AGM in May. The board also considered share buybacks and an ordinary dividend but concluded that a special dividend provides the best balance between rewarding shareholders while preserving share liquidity, flexibility for future growth, and M&A opportunities. Looking into 2026 guidance, this year will be a pivotal migration year for Eurowag. With 35% of our customers already actively using Eurowag Office, our strategic priority will focus on delivering seamless migration while continuing to strengthen the foundations of our integrated digital platform. While execution will remain focused on customer adoption, which should allow us to have the majority of our customers migrated onto the platform by the end of the year, we expect to maintain solid growth and strong profitability.
With this in mind, in FY 2026, we remain confident in delivering low double-digit net revenue growth and an Adjusted EBITDA margin of around 40%. We are now focusing on adjusted cash EBITDA as our key metric and expect this to be in the range of EUR 105 million-EUR 115 million. We expect capitalized R&D to remain below the cap level of EUR 50 million. Finally, as previously mentioned, we expect to maintain net leverage below 2 x and within our target range of 1.5x-2.5 x. Before handing over to Martin, who will walk you through our strategy in more detail, I would like to mention that we expect to host a Capital Markets Day towards the end of the year.
By then, we expect the majority of our customers to be onboarded onto Eurowag Office platform, marking an important milestone for Eurowag. It'll also be a good moment to discuss how we plan to monetize the investments made in recent years and scale the platform in the next phase of growth. With that, I'd like to hand over to Martin.
Thank you, Oskar. Let me step back and briefly explain the market opportunity Eurowag is addressing. Across Europe, there are approximately nine million freight trucks, representing a total addressable market of around EUR 10 billion for the services we currently provide. What makes this market particularly compelling is the high level of fragmentation. Around 90% of fleet operators are SMEs, many operating with limited digital infrastructure and complex operational workflows. These businesses often rely on multiple disconnected systems to manage their operations. At the same time, they operate in an environment of tight margins, increasing regulation, and significant working capital pressures. As a result, even small inefficiencies can have meaningful impact on profitability. This creates a clear opportunity for digital transformation, which is exactly where Eurowag position itself.
At the center of our strategy is Eurowag Office, a unified digital platform designed specifically around the pain points of fleet operators. The platform integrates a broad set of services into one ecosystem, including financial services, fuel and toll payments, fleet management, navigation, compliance, and working capital solutions. Instead of managing multiple suppliers and systems, fleet operators can run their entire business through a single platform. This is why Eurowag Office is well-placed to become the operating system for the trucking industry. There are three elements that underpins this. First, deep industry expertise. With more than 30 years in the commercial transport sector, we understand our customers' operational realities and regulatory requirements. This allows us to build the solutions that are purpose-built, intuitive, and embedded in mission-critical workflows. Second, a scalable technology platform.
Eurowag Office is built as modular cloud-based architecture with open APIs, enabling faster innovation, partner integration, and efficient scaling across the markets. Security and resilience sits at the core of our platform, ensuring reliability and trust for the mission-critical workflows of our customers. Third, proprietary data through millions of recurring transactions across more than 20 European markets, we generate large volumes of real-time operational data. At scale, this creates a unique data set that allows us to develop increasingly advanced solutions and insights. Building on this platform and data foundations, artificial intelligence multiplies the opportunities available to Eurowag. Because we sit at the center of our customers' operational workflows and generate a large volume of proprietary data, we are uniquely positioned to apply AI in ways that deliver measurable benefits for our clients and us.
As part of our strategy to embrace AI as a revenue driver and long-term value creator, we've been implementing several practical use cases that deliver both customer value and operational efficiencies. First, on the customer side, we are using AI to enhance our products and create tangible benefits. One example is our AI-powered cost calculator, which provides unmatched speed and accuracy in route cost calculations and minimizes the risk of calculation errors, which in many cases could otherwise erode our customer profits, ultimately increasing their profitability while saving time and improving operational efficiency. Another example is fraud prevention, where AI helps significantly reduce fraud risk for fleet operators. By combining vehicle data, transaction monitoring and intelligent validation of fueling events, our platform can verify that fuel purchases are legitimate and aligned with the vehicle being serviced.
This real-time verification dramatically reduce the fraud exposure, giving fleet operators greater control, transparency, and confidence in their fueling spending while protecting their operating margins. Beyond customer-facing tool, AI is also improving our internal operational efficiency. We are leveraging AI for document digitization, particularly in onboarding and tax refund processes, significantly reducing manual work and processing times. We are also deploying AI-powered agents to support sales and customer care teams, helping them to respond faster and more effectively while scaling our support capabilities. Finally, AI supporting dynamic pricing optimization, allowing us to adopt pricing strategies more intelligently based on data and market conditions. We now have more than 20 AI and automation initiatives in production, improving efficiency, customer engagement, and margins. This depth of our proprietary data enabled us to build AI solutions that solve real customer challenges while strengthening the competitive moat around the Eurowag Office platform.
Before moving into product highlights for 2025, it's worth it to briefly come back to the platform rollout and the first phase of customer migration, which was a key focus during 2025. As we mentioned earlier, 2025 marked the beginning of the rollout of Eurowag Office with the first wave of customers migrating onto the new platform environment. A key indicator we closely monitored during the transition is customer satisfaction, particularly as customers begin using the new platform in their day-to-day operations. Encouragingly, the early feedback from customers has been very positive. Our Eurowag mobile applications, navigation, and Eurowag Office continue to receive high ratings on both Apple and Google App Stores, reflecting strong user adoption and positive customer experience. At the same time, we have seen Net Promoter Score increasing across our core services.
As you can see on the slide, NPS score improved across fuel, toll, and fleet management solutions. This is particularly encouraging given that platform migrations are typically complex operation transitions, yet we are already seeing strong customer endorsement at this early stage of adoption. Let me now briefly walk you through some of the key features of Eurowag Office product achieved during 2025. In energy, we expanded our footprint to 25 countries, adding U.K. and Estonia. Our network grew to around 17,000 acceptance points, including approximately 2,200 alternative fuel stations. We doubled the volume of alternative fuels and launched BioLNG stations across Germany. In toll, we strengthen our fully interoperable EETS solution, adding Switzerland and Bulgaria, bringing licensed countries to 13 and expanding overall coverage to 23 countries.
Adoption of EVA On-Board Unit, which integrates toll and fleet management capabilities, grew almost 50% to around 108,000 units. Within mobility solution, we continued enhancing our fleet management capabilities of Eurowag Office, including AI-enabled route planning, improved telematics intelligence and Tacho Remote, enabling remote tachograph downloads and driver card data, reducing administrative workload for the fleets. In financial services, we piloted FlexiPay, a solution allowing customers to extend payment terms, which demonstrated strong demand and will begin expanding in 2026. Together, these products development strengthen the platform and enhances the value we deliver to customers across the ecosystem. From a commercial perspective, our strategy is built around a multichannel model, combining direct sales, strategic partnerships, and increasingly scalable digital channel. Starting with the direct channel, the majority of our growth continues to be driven by our own sales organization.
Over the past year, we have strengthened this capability by increasing the number of product specialists embedded in our frontline teams, which enhances our ability to sell the full Eurowag Office platform and accelerates cross-selling through value-driven solution bundles. We have also introduced AI-powered sales support tools and established a customer success function, both of which improve sales efficacy and help maximize long-term customer value within the platform. Our indirect channel is built on long-standing partnerships with leading truck manufacturers, including Iveco, Volvo Group, Daimler Truck, and Isuzu Motors, which together represents roughly half of the European truck market. We have made strong progress with these partners, and we see the period beyond 2027 as particularly important as these relationships are expected to become increasingly significant drivers of our future growth. Finally, we are placing increasing emphasis on our digital channel.
During 2025, we developed digital onboarding workflows and piloted them in selected markets with very encouraging results. Customers can now complete onboarding entirely online and start transacting immediately using a digital card embedded in our navigation mobile app, receiving their physical card within days rather than weeks. This capability significantly improves scalability across our commercial model and enables faster, more efficient customer acquisition. 2025 was also an important year for operations, focused on strengthening the foundations required to scale Eurowag as an integrated recurring revenue platform. As volumes continue to grow, we further enhance operational capabilities across the business. Service reliability remains strong, resolution time accelerated, and processes were streamlined. We continue harmonizing system and strengthening governance, ensuring the organization can support growth without proportional cost expansion.
This, we further strengthen risk management and resilience, evolving our cyber security governance into a unified threat-based operating model. We also advance our customer care capabilities, including the rollout of 24/7 technical support across the markets, alongside investments in next gen case management and AI-enabled workflows. Looking ahead, our operations teams will remain focused on efficiency, scalability, and security, ensuring organizations continue to support platform adoption while maintaining structural efficiency as the business grows. During the year, we also refreshed our sustainability strategy, bringing our priorities together under three pillars, transforming transportation sustainably, investing in our people and communities, and operating with integrity. In 2025, we continue expanding our alternative fuel ecosystem and e-mobility offerings, including launching a charging card for electric trucks and vans within Eurowag Office.
We also improve sustainability of our operations, including expanding renewable energy generation and introducing a more circular lifecycle model for our On-Board Units, with around 75% of devices refurbished and redeployed. At the same time, we continue investing in our people and communities, achieving our target of 40% women in leadership roles and supporting 265 nonprofit projects across 19 countries through our employee philanthropy program. Finally, we also announced several board changes during the year. I would like to thank Paul, Sharon, and Sophie for their valuable contributions to the board during their tenure and would like to welcome Steve Dryden, our new Chair since mid last year, and Wim Demeers as a Non-Executive Director who joined us last month. Let me briefly put everything we discussed today into context of our long-term growth journey.
During the last years, we focused on expanding our capabilities by acquiring and developing a broad suite of services. We then moved into the integration phase, bringing those capabilities together into a unified ecosystem, our digital platform, Eurowag Office. Today, we are entering next phase, rollout and migration. In 2026, the successful transition of our customers to Eurowag Office is our primary strategic objective as we focus on ensuring a smooth, high quality migration. While we focus on this, we expect to maintain sustained growth with strong profitability, supported by our resilient business model, increasing recurring revenues, and disciplined financial management. With this in mind, as Oskar already said, let me reiterate our guidance for this year.
We expect low double-digit net revenue growth for 2026, with adjusted cash EBITDA in the range of EUR 105 million-EUR 115 million and Adjusted EBITDA margins around 40%. We will also remain focused on disciplined capital allocation, investing strategically into the business and maintaining leverage below 2x. Finally, given the solid business performance, the board is recommending a second special dividend of 1.5p, equivalent to approximately GBP 12 million to be approved at the upcoming AGM in May. Looking ahead to 2027, this is when the next stage of value creation begins.
Once the platform is fully adopted, in 2027, we expect to complete our customer migrations, and we will increasingly focus on scaling and monetizing the platform through deeper cross-selling and upselling, subscription bundles, and new embedded financial services within customer workflows. Ultimately, our ambition is clear, to continue creating long-term value for shareholders while helping make commercial road transport industry clean, fair, and more efficient. None of this would be possible without dedication and talent of our employees across Europe, whom I would like to sincerely thank for their continued commitment and contribution to Eurowag's journey. I will now close with one final perspective. Eurowag has operated through multiple cycles of elevated fuel prices over the years, not only during the financial crisis in 2008, COVID, or the war in Ukraine, but repeatedly across the years.
During those periods, our business has been always well-positioned and delivered continuous strong growth. In such situations, our customers face pressure from rising fuel costs and working capital needs. Therefore, they require additional support from us to sustain their operations. They also seek for more reliable partners and more cost-effective solutions to navigate that pressure. This is where Eurowag plays a critical role. Through our ability to respond by adjusting pricing dynamically, securing fuel supply, and providing working capital solutions, we are able to support our customers when it matters most. In doing so, during these difficult times, we have always seen higher volumes, strong growth, and deeper, more durable customer relationships. This is exactly what the chart on this slide shows.
It is the evidence of how during the periods of high fuel prices and slower economic growth, Eurowag has demonstrated continued growth and business resilience in spite of economic cycles. With this, I would like to open the session to Q&A. Thank you.
Gentlemen. We'll now begin the question and answer session. Participants can submit questions in written format via the webcast page by clicking the Ask 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 nine and unmute yourself by pressing star six. We'll pause a moment to assemble the queue. Our first question comes from Gautam Pillai of Peel Hunt. Please go ahead.
Hi. Morning, Oskar and Martin. Congratulations on a great set of results. I have three questions, please. I want to just come back on the last slide you presented, Martin, just specifically on the macro and the current situation on the oil price. Eurowag, as a business, as you mentioned, has been resilient through similar shocks and more recently during COVID and the Ukraine war. Are there any learnings which apply to the current situation, and how do you see it manifesting if the situation lingers for longer? That's my first question. Second question is on the platform migration. Can you talk about the operational and sales force changes you have brought in to drive the migration? Are there any points of friction from customers in the migration process?
If there are, how do you address these? Lastly, a question on cash flow. It's another great cash flow performance from the company. Clearly, you continue to extract working capital efficiencies. While the working capital can swing based on when you close the books on December 31st, is there more optimization to come? Thank you.
Gautam, good morning. Thank you for questions. I will take first two and Oskar will co-cover the last. Of course, we knew that we were expecting that you will be interested, and generally our investors will be interested how we are managing through these situations. That's what I was trying to really emphasize, that these price spikes for various reasons might not be just very severe crisis like we see now in Iran, but might be other things. It's really almost bread and butter what Eurowag was experiencing only for over the 30 years. You and I would recall that fuel cards and trading diesel fuels is the roots of Eurowag in which we are engaged really for 30 years.
In practice, there is no real change, nothing really specifically new to this situation. What we see, as I was mentioning in the presentation, is that customers are seeking more safe places because sometimes they are working with local suppliers, with local fuel sites network. They run out of fuel. They do not have credit lines, you know, to provide them to sufficient increase. Therefore, they are seeking us. At the same time, they are looking how to compensate the increased cost. Therefore, again, they are more open to innovative solutions. This was always coming back, and that's why Eurowag was always stronger or rather net beneficiary of these situations.
Whether it will be sustained long, you know, in effectively, whenever the situation stabilize, and let's say the crude will stop at 120 or ±, you know, this is in fact something what is not a challenge for truckers because they will be over the few months be able to reflect the increased cost to their prices for transport. As well their working capital will stabilize because their receivables and payables will get on a similar level. What we are facing especially is these first two to three months because what they have to build their bills, I mean, transport this in two to three weeks time. Meanwhile, they are collecting cash only in three to four months time. That's why there is this working pressure. On cost side, they have so-called diesel clauses.
Whenever there are formulas, whenever diesel is going up, they are translating in their prices. Again, it reflects in a cash flow only with two to three months delay. Really the price spikes are critical for transporters only in initial period. Whenever price is normalized, it's business as usual. When it comes to migrations, Gautam, we have very elaborated approach to it because we have various group of customers migrated from a number of legacy systems having a number of combinations of products, et cetera. That's why we need to be really very scientific about migrations. I'm very happy that so far it was run very smoothly.
We are orchestrating it through project management office, and really all the functions are engaged in order to make sure that really there is a very low churn and friction into operations of our customers. Testimony of it is that our engagement score or our NPS score was increasing. To give a bit more detail into it. In some instances, we are really migrating customer fully. Customer is effectively leaving all the legacy systems and he's landing into the new environment completely. In some instances, especially when the product is complex in terms of user experience, we offer something what all of us were experiencing, for instance, when using new Outlook from Microsoft, for instance, you know.
You have the function to go back, in case that you are not happy. This way you can learn and avoid some frictions in operations. Of course, in the back, our teams are measuring through the specific software what customer is using from the old platforms, from the new solution. We are working on closing the functional gaps, if there are some, and stimulating customer through targeted marketing and advertising that there are better functions of the same kind in a new environment. We call this merge. This is kind of like a staged approach into before we fully migrate customers simply as soon as we are ready, the customer is really from functional, operational perspective safe, you know.
It's very scientific, and I have very good feeling in how my teams are managing that.
Answering the third question, Gautam. We're delighted where we ended up, of course, at year-end with 1.9 x leverage. Yes, it is hard work always. We, you know, to manage working capital with a ever-growing revenue, and I'm talking gross revenues now, which is, as you've seen in the appendices, it's over EUR 4 billion. That is a lot of working capital to manage. And to end up where we have what was a testament to a lot of hard work from my finance team. Is there more to go? We, you know, what made this year more challenging is the 50%, 52% increase in toll revenues. You saw that on slide nine with the diversified revenue mix that we have now.
Clearly, some of those receivables that are sitting behind those revenues have different standards, terms. That's always what we're trying to manage, as you know, trying to keep the payables, receivables balanced. Sometimes it's a challenge with an ever-growing revenue number. Is there more to come? We hope to maintain. Our goal has always been to try and remain working capital neutral. There are moments where that can be a bit more challenging. And Martin's just explained this little moment in time where we have to help our customers in that earlier stage when the prices rocket, that is the moment where the working capital squeeze comes in as well.
As things stabilize, we'll get back to what we've always done. I'm not saying it'll get much better, but I'm hoping to maintain, certainly from a working capital point, a neutral position. In terms of leverage, of course, as you can see, you know, in only two years, we've reduced leverage by a full multiple. That is again down to a lot of hard work. We've always said we are a very cash generative business, and hence the dividend announcements we made last year this time and the one we're making now.
Thank you both for those comments, and good luck for 2026.
Thank you.
Thank you.
As a reminder, if you would like to ask a question, you are dialed into the webinar. Please use the Raise Hand button at the bottom of your Zoom screen. Our next question comes from Julian Yates of Investec. Please go ahead.
Thanks very much and good morning. Just a couple of questions. The first one is really a follow-on from, again, the last chart you put on in a sense of in volatile times, customers may come to you at an accelerating pace. Do you have any insight in terms of the churn post those volatile times in the past? Do those customers come to you and then churn off quite quickly? And would Eurowag Office give you a tool maybe to increase retention after maybe volatile times go? Customers come to you, but then you can use that as a tool, as a platform to actually keep them and increase retention and then cross-sell, or am I being too optimistic in that sort of narrative? And the second question is, NPS looks good.
Could you give us any, I guess, further insights in terms of feedback that's helping your pricing views? I mean, this is looking, I guess, six months ahead in terms of the bundling, pricing levels, maybe discount you'll need to push in for the Eurowag Office platform subscription model. How is that facilitating those thoughts compared to a few months ago? Just any insights into that will be very useful. Thank you.
Thank you, Julian. You know, thank you. Great questions. Actually, when it comes to churn, there are two perspectives: customers and, let's say, volumes. As I mentioned, in those difficult times, we see that smaller local players, local fuel stations might be dying out, or might not be able simply to service customers because they are not able to extend the credit line. We see in these moments, you know, higher volumes coming from customers which were eventually using these services, and this might normalize after this, you know. You are absolutely right that we are benefiting and then the things might normalize. However, you will learn about friends in difficult moments, you know, and this is valid as well in a business.
Whenever we are helping customer in difficult moments, we are sorting their cost issues, we are sorting their urgent working capital issues, you know. Definitely, this brings in long-term loyalty. I remember vividly when I experienced for the first time very strongly that in 2008, where competitors at the time were running away from the trucking industry because they had other things to do, some exploration, upstream, etc. However, Eurowag stayed with the customers. At the same time, we priced it. We priced high risk because our pricing power is increasing in these moments.
The loyalty and the feedback which I was getting from customers lasted years, you know, when they remembered, you know, that Eurowag didn't let them to their destiny and bankrupt, but we helped them to go through this. This is definitely the long-term benefit which solidifying relations which we have with customers. This situation which we are experiencing now will not be different. You know, although we do not know the severity and how long it will take, but the effect will be directionally exactly the same. When it comes to bundles and subscription, Julian, one thing I would like to stress, really 2026 and end of 2035 was about migrations. So we are really focusing on migrations.
You know? We do it in a really stage phase, how we are pumping into the customer these novelties. Because we need to think that the way, what we are introducing to customers to procure all the products in one place, to redefine, simplify their workflow, but change their workflow. You know, simplification is at the same time change. You know? New pricing, it simply would be too much. You know? That's why we were fo- we are really brutally focused on migrations, those results which we are already commenting. Subscription and bundles will come only as soon as they are migrated. In other words, when we are taking customer from legacy to new, now it's we are just passing through the same pricing formulas which we are using with the customer.
We didn't want it to put in front of a customer two challenges, migration and at the same time new pricing. Wow, it would be too much. You know? However, what I can say that we were finalizing relatively recently the large quantitative research, which was very positive in terms of direction of travel, confirming our hypothesis. Now our teams are preparing that we'll be launching the bundles and subscription at the back of this year, on some markets, in order to ensure that in 2027, which I was stressing that 2027 is monetization and scaling year, that everything is prepared, you know, to be accelerated. You know? Really bundles and subscription.
That's why you've also seen relatively modest growth in subscription because that's not a thing for 2026. 2026 is migration. 2027 will be subscription bundles and of course scaling through the new channels.
That's great. Thanks very much.
Thank you. Thank you, Julian.
There are no further questions on the Zoom webinar. We'll now address the questions submitted via the webcast page. I'll now hand over to Carolina Orozco, Investor Relations Manager, to read out the written questions.
Thank you. We have one question from Tintin Stormont from Deutsche Bank. Can you share where you are in terms of price discovery on the Eurowag Office platform? For example, what charging models are appealing to your customers, and are they net beneficial to you on a like for like basis if they were taking the same products? Or is the upside going to come from upsell?
Yeah, Tintin, thank you. This is very much building on what Julian said. What I can say that what is very helpful is that our customers, as anybody now in Europe, is very much engaged in consuming other services through subscription, ordering digitally, et cetera. Although trucking industry was very much behind in this sense, customers somehow were educated in other contexts as consumers or simply in other business situations. We were very positively surprised that people are ready to embrace bundles because they see.
That's the way we led the qualitative and quantitative interviews, the way that we introduced to them this concept of integrated workflows, data in one place, simplicity, et cetera, so that they can visualize whatever they'll be paying for. Then, of course, they will say, "Of course, this will simplify my life. This will save me the cost. You know, so I'm ready, as I'm used to in telco and other places to pay for the subscription." We were very positively surprised by the willingness to adopt the subscription and bundles, which is very encouraging.
As said, we completed all these large tests, and now our teams are preparing everything to make sure that we can launch it in the back of this year on selected markets and then in 2027 to accelerate it.
We don't have any more questions at the moment. We're gonna give a few seconds in case someone wants to ask any further questions.
As a reminder, if you'd like to ask a question on the webinar, please use the Raise Hand button. I'll pause one moment, see if there's any further questions. All right. There are no further questions on the webinar. I'll now hand back to Martin Vohánka for closing remarks.
Thank you very much for your questions and for participating in this webinar. I hope that you are now understanding why we are excited with the phase where Eurowag is. Eurowag Office platform is live and migrations are on the way. We are in very good place and I'm looking forward to present you the results for 2026 and stepping into 2027 with fully deployed platform with majority of customers sitting there and ready for scaling and monetizing. Thank you very much.
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