LONDON, July 17, 2026, 10:04 BST
- London markets were open, and Eurowag shares fell 7.4% to around 100p.
- TA Associates reduced its stake to 12.7% after selling 30 million shares.
- Since September, two placings have cut TA’s initial block by 50.7%.
Shares of W.A.G Payment Solutions Plc LON:EWG, which operates as Eurowag, dropped 7.4% on Friday after TA Associates sold £30 million worth of shares at 100p apiece. The share price hovered close to that mark during early London trading.
The decline came after a secondary share sale that did not raise new capital. Eurowag was not involved in the placing and will not receive any funds. As a result, share supply remains the key factor.
The sponsor overhang has significantly decreased. Since September, TA has offloaded 91 million Eurowag shares through two separate placings. According to regulatory filings, this represents 50.7% of its original block before the sales.
The two transactions generated £86.1 million before fees. TA retains 88.5 million shares. At 100p per share, that holding is valued at around £88.5 million.
The exit has advanced in two significant phases:
| Metric | September 2025 | July 2026 |
|---|---|---|
| Shares disposed | 61.0 million | 30.0 million |
| Share price | 92p | 100p |
| Total value | £56.1 million | £30.0 million |
| Percentage of share capital sold | 8.8% | 4.3% |
| TA ownership after transaction | 17.1% | 12.7% |
| Lock-up period on remaining shares | 90 days | 90 days |
The comparison is based on the two placing outcomes. June voting-rights data indicated there were 695.7 million shares in issue.
Eurowag began trading at 101p and briefly rose to 101.4p. Subsequent quotes were 99.5p for sellers and 100p for buyers. The share price had closed at 108p on Thursday. This 7.4% drop closely reflected the discount set during the placing.
Displayed volume totaled 30.27 million shares, just 268,579 higher than the placed block. The match indicates that Friday’s turnover was largely driven by the secondary sale.
Eurowag reported improved operating metrics. The company’s 2025 net revenue increased 12.9% to €330.1 million, while adjusted EBITDA rose 8.5% to €132.1 million.
The adjusted EBITDA margin slipped to 40.0% compared to 41.6%. Net leverage declined to 1.9 times.
Management is forecasting revenue growth in the low double digits for this year. The adjusted EBITDA margin is anticipated to be around 40%. In March, Chief Executive Martin Vohánka said Eurowag would move from building to scaling.
Eurowag’s next key test comes on September 9, when it unveils first-half results. Investors are watching for updates on customer migration and spending linked to Eurowag Office. The company targets migrating the majority of customers before the end of the year.
Risks persist. TA continues to hold 12.7%, meaning a further sale could follow the lock-up. Eurowag also needs to maintain margins as it manages a significant customer migration.
Currently, 100p serves as the market’s benchmark price. If prices remain above this level, it would indicate that institutions have taken on the block. A drop below 100p would raise fresh worries over unsold shares.
