W.A.G payment solutions plc (EWG) Earnings Call Transcript & Summary

Good day, ladies and gentlemen, and welcome to the W.A.G payment solutions plc 1H 2026 results. The presentation will commence shortly. [Operator Instructions] Please note that this call is being recorded. I would now like to hand over to Martin Vohanka, CEO, to open the presentation.

Good morning, everyone, and thank you for joining us today for Eurowag'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 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. And the first half of 2026 provides further evidence of that resilience 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 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. 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. So we are seeing interesting structural trends that are particularly relevant to the markets in which we have strong presence. And 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'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 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. 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. And on the right-hand side, we are showing a specific example on how customers who will still use one of our legacy systems are increasingly shifting their activity towards Eurowag Office. 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 customers to become gradually familiar with a new better system. When we look at merged 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 a 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. 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 first half of the year to 29.6 points due to 2 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. 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 first half 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 2 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 first half. 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 first half 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 focus 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 with early data already showing this. Fourth, and recurring nature of our revenues. Subscription revenues reached EUR 41 million in the first half 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. And 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. And with that, I will hand over to Oskar to take you through our financial performance in more detail.

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 noncash 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. And finally, net leverage continued to improve, now standing at 1.8x from 1.9x 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 noncore 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'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. 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. 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. 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%. 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 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 noncash 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 continue 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 noncash FX loss in H1 2026, largely related to the appreciation of the Hungarian forint. 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. 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'm 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 first half, impacted mainly by a EUR 54.4 million working capital outflow. As we have discussed previously, higher fuel prices increased 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 grew 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 1.8x. 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 will continue 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 2.5x now sitting at 1.8x. Thirdly, we'll 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. 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 EUR 12 million to shareholders through a special dividend. Finally, based on our first half performance, we are updating our adjusted cash EBITDA guidance for the year from a range of EUR 105 million to EUR 150 million to range between EUR 110 million to EUR 150 million. We are reiterating all other FY 2026 guidance. We remain confident in 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 2x and within our target range of 1.5 to 2.5x. 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.

Thanks, Oskar. Now let me briefly touch upon some of the product and services developments we have made during the first half, which further demonstrate how we continuously enhance our services. 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 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 toll, we expanded our EETS coverage to 14 countries, now including Netherlands. We also grew our connected EVA 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. We strengthened 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 a combination of our technology, infrastructure, regulatory capabilities and proprietary data. This is a key part of what differentiates Eurowag Office and strengthens our competitive position. At the same time, we continue to evolve our operating model to support the platform at a 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. 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. 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. 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. And 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. 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 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.

[Operator Instructions] Our first question comes from Gautam Pillai with Peel Hunt.

You've highlighted previously that 2026 is an integration and migration year, and you've proved that you're probably running slightly ahead of plan as well with 65% of the customers migrated on the platform. Now looking slightly ahead, 2027 shifts towards scaling and monetizing Eurowag Office. What specifically changes in the economic model once the migration is largely complete. Should investors expect monetization to primarily come through higher product penetration, pricing power, new database services or lower customer acquisition costs. That's my first question. Shall I go on with my questions? Or do you want to take one by one?

I'm happy to take that one, Gautam. Thank you, very good question. What we expect from our platform are a number of things, and you've 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. So what we see -- expect is to see lower churn as customers get more locked in, start to use us as their operating model. And 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. And the opportunity to cross-sell upsell becomes immense because we have a complete offering for our customers. 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 the 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. What it does for us, though, is also with -- 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, there are -- we have over 20 projects that we're running using AI and automization 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. So the margins should also improve. So in summary, higher growth rates and improved margins are the key attributes that investors can expect.

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

Yes. Thank you, Gautam, for the question. Yes, of course, we are very pleased with toll evolution. And just for a reminder, the drivers are actually having multiple reasons, I mean, 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 is -- it was a regulatory cap in Europe on that. Whenever they introduce performance-based toll means driven by kilometers, they could charge much more, which is immediately boost to our revenues. The 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. So CO2 is increasing that. And what we -- increasing the charge per kilometer and therefore, again, drives our revenues. But 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. So this means that there is a higher and higher buyer or moat towards like a new entrants. And we see that especially the players which were in toll area, and solely 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. So we see that simply the market of future-proof EETS providers is shrinking. 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 on M&A activity on the sales -- on disposals of these, this just confirms that this is the unavoidable trend. So simply, we continue to be keen on tolls. We will be massively investing into that during '27, '28 to leverage all these opportunities which are lying there. And of course, while complementing it with the rest of our ecosystem, this is, of course, a fantastic differentiator and boost to our revenues.

Our next question comes from Julian Yates with Investec. It looks like we're having some audio trouble from Julian. So we'll go back to them. Our next question will come from Hannes Leitner with Jefferies.

I hope you can hear me. I got a couple of questions. Like the first one is with the EV office transition, 65% is definitely a strong performance. You were talking that this is kind of 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? And then also when you think really that the product features of the new EV office in all the different subproducts will be on par with the stand-alone products? That's maybe the first one. And then just like looking at fuel prices, 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? And maybe just the last thing on toll roads. 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. So is there anything which you kind of over-earned because of some changes in CO2 inclusion, et cetera? Or should we really think 500 basis points is the right way to think going forward and keep rising.

Yes. Thank you, Hannes. I will try to take piece by piece as you raise it. How long it will take before the 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. So -- for instance, I was mentioning in the presentation that they 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. So as soon as this will be finished, customers will not have a reason to go back to invoice and therefore, we 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 with some functions and some cohorts remainder for '28. 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. And this is the lifting which we need to do as well with our customers because we are completely redefining the way how they are working. We are not any more -- I don't have that picture, given lost signal , the loss -- sorry for that. We had a small technical problem. So when it comes to being on a par, the 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 customers can simply avoid to be concerned because simply the platform, the data, AI and analytics on that is solving on behalf of the customer. So short answer is we will never be on a par with old legacy systems, but it's by design, it's by purpose because simply, we are simplifying the jobs of customers. And Oskar was mentioning earlier, we are aiming to save customers 50% of their administrative task. So that's what I would say on that point. When it comes to toll and pricing power. There are a 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 EETS provider is having much broader, much bigger share on value added 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. 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. So this is another reason which is boosting our revenues. And the last one is simply pricing power, Hannes, because having all these countries, having the your back office platform and offering this in one go really save people money, save time. And therefore, the willingness to pay for the service is increasing, and therefore, our pricing power is increasing and it's reflected in our revenues. And on market share gains, you've seen that this chart, which was depicting our historical revenue growth, Brent prices and GDP growth that historically, our growth was market share gain. And this will always remain like that. 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 and therefore, to accelerate these market share gains. And simply, that's what we'll be doing.

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? I'm just like thinking about the long-term trends and the opportunity on tolls?

Hannes, definitely, there will be some components of this growth, which will cease to exist. For instance, now there is still a number of countries in Europe, which do not have tolls. 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. But still, if you see we have 14 countries and in Europe are altogether 28 countries or 27, with a majority of them being meaningful in terms of like a geography. So still we see for the next few years this growth. But where we remain optimistic in the long term is, Hannes, that we see shrinking number of EETS providers. First, because of the growing complexity; and second, -- and 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 tax refund provider because simply for customers make no economical 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. And 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 complemented with Eurowag Office, we believe that our pricing power will remain very high even in the long term.

Your next question will come from Julian Yates with Investec.

Can you hear me this time?

Yes. .

Excellent. All right. I've 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're looking into that for '27? 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? Just that dynamic and early thoughts around that would be really helpful. And the second one is M&A. You put that on a pause for a year or so understandably with Eurowag Office focus. You mentioned about M&A now sort of coming back on to the radar of new capabilities potentially on 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 time lines?

Julian, thank you for your questions. Regarding the subscription, now we are in a very exciting stage because you might remember that since IPO, we were talking about subscription, but this is becoming reality. We are just now launching in -- gradually in those weeks as we speak, the new pricing scheme for our customers, which are the kind of like 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 they'll be based on a subscription model. So we will continue with pay-as-you-go model for the reasons that some customers might be trying just one product or 2 products. But we believe that there will be increasing adoption of subscription-based model, which will be 3 groups from basic to premium one. And as I 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 a large quantitative and qualitative survey among customers in order to gain confidence in order to design the value proposition in the best possible way. And we know that customers are ready for it. Customers are keen. And 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. So that's what is fueling our optimism. And when it comes to fuel and only -- and as well, Julian, tolls and any transactional services, you are right that so far, we had a transactional revenues. But as we were indicating a long time ago, as well those we are translating largely into subscription model simply per truck. And 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 because simply whenever a customer will pay one lump sum per month per truck, then of course, clearly, he has motivation to maximize the transactions with Eurowag, be it fuel or eventually toll, but largely toll -- but largely fuels because it simply makes no sense to use other fuel cards where he is paying the transactional fee on top. Meanwhile, with Eurowag, the transactional fee will be largely removed. So that's what is all embedded in a subscription. And you can think about premium subscription as like an all-you-can-eat value proposition. So that's 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 volumes, and we will -- and we are -- we continue to do that. You might recall that we want to strengthen still the financing side of our value proposition, and that's the area where we're looking at when it comes to M&A as well and as well on the load side, sourcing of load for -- 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 now. At the same time, volume matters, scale matters. So 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. So we are scanning the market and looking on what economical options we might have in terms of like acquisition and therefore, accelerate number of trucks and then, of course, in a second step to cross-sell them and achieve our objectives faster. So both of these areas are relevant. I don't know, Oskar, whether you want to...

Yes, we're looking at businesses, software businesses where the revenue ARPU per truck is low in order for us to upsell, cross-sell also. So what that means is multiples will be lower. But essentially, for us, it's the ability to upsell, cross-sell quickly, immediately migrate those -- their customers onto our platform would be the ideal situation rather than acquire a business and then manage it for a period of time. So 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're soon going to get to that stage. So you're right to ask that question.