olivLaw · European equity research
Ease2pay N.V. EAS2P.AS
Netherlands · Euronext Amsterdam · ISIN NL0000345627 · Vertical: Listed companies from Netherlands
Ease2pay N.V. is a Dutch payments platform for unattended services such as parking, refuelling, water and electricity at campsites and marinas. It improved its results in 2025 but loses a major partner, Miele appWash, from 2026, which makes its growth strategy through acquisitions relevant.
At the close of 05 Nov 2026, Ease2pay N.V. (EAS2P.AS) stock was 0.58 EUR (+0.00% on the day), with market capitalisation 15.5 m EUR, P/E 58.0 on diluted EPS of 0.01 EUR over the last 12 months, beta 0.16, 52-week range 0.36–0.61 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 55.4
- strong (55–70)
- Bollinger (20, 2)
- 0.51 – 0.60
- in the upper half of the band · %B 0.77 · band width 17.3%
- SMA 50 / 200
- 0.54 / 0.44
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.01 / 0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.1% | +0.4% | +4.7 pp | — |
| 3 months | +45.0% | −3.3% | +48.3 pp | — |
| 6 months | +54.3% | +4.0% | +50.3 pp | — |
| Year to date | +27.5% | +8.1% | +19.4 pp | — |
| 1 year | +16.0% | +10.7% | +5.3 pp | −0.2% |
| 3 years | −4.6% | +50.1% | −54.7 pp | +5.3% |
| 5 years | −80.3% | +43.6% | −123.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 45.5, median 45.5, max 45.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.7 m | 2.9 m | 3.9 m |
| Revenue YoY | unavailable | +7.2% | +35.0% |
| Net income | -1.5 m | -803.0 k | 288.0 k |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.06 | -0.03 | 0.01 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -54.9% | -27.8% | 7.4% |
| Free cash flow | -709.0 k | 129.0 k | 1.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 6.8 m EUR
- Total assets
- 10.0 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.13x
- ROE
- 4.3%
- ROA
- 3.2%
- FCF margin
- 27.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.7 m | 2.9 m | 3.9 m | esef· 12 May 2026verified |
| Cost of revenue | 1.5 m | 1.1 m | 1.3 m | esef· 12 May 2026verified |
| Gross profit | 1.2 m | 1.8 m | 2.6 m | esef· 12 May 2026verified |
| Operating income | -1.5 m | -908.0 k | -87.0 k | esef· 12 May 2026verified |
| Depreciation & amortisation | 899.0 k | 954.0 k | 1.1 m | esef· 12 May 2026verified |
| EBITDA | -620.0 k ≈ | 46.0 k ≈ | 993.0 k ≈ | esef· 12 May 2026derived |
| Pre-tax income | -1.5 m | -803.0 k | -34.0 k | esef· 12 May 2026verified |
| Income tax | 0 | 0 | -322.0 k | esef· 12 May 2026verified |
| Net income | -1.5 m | -803.0 k | 288.0 k | esef· 12 May 2026verified |
| Diluted EPS | -0.06 | -0.03 | 0.01 | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.7 m | 2.7 m | 3.7 m | esef· 12 May 2026verified |
| Receivables | 1.3 m | 279.0 k | 445.0 k | esef· 12 May 2026verified |
| Current assets | 5.0 m | 4.3 m | 6.8 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 245.0 k | 132.0 k | 60.0 k | esef· 12 May 2026verified |
| Goodwill | 1.2 m | 1.2 m | 1.2 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 3.2 m | 2.5 m | 1.6 m | esef· 12 May 2026verified |
| Total assets | 9.7 m | 8.1 m | 10.0 m | esef· 12 May 2026verified |
| Current liabilities | 2.3 m | 1.6 m | 3.2 m | esef· 12 May 2026verified |
| Equity | 7.3 m | 6.5 m | 6.8 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 24.6 m | 26.8 m | — | esef· 12 May 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -698.0 k | 134.0 k | 1.1 m | esef· 12 May 2026verified |
| Capex | 11.0 k | 5.0 k | 5.0 k | esef· 12 May 2026verified |
| Free cash flow | -709.0 k ≈ | 129.0 k ≈ | 1.1 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -11.0 k | -131.0 k | -53.0 k | esef· 12 May 2026verified |
| Financing cash flow | 0 | 0 | 0 | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 15.5 m EUR
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.10 – 0.25 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E0.10 – 0.25 (Mid 0.14)17 companies used · median multiple 13.9x · quartiles 9.7x – 25.4xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.4% | 78 (vs peers) | 18% |
| FCF conversion · Quality | 371.9% | 100 (on a fixed band) | 18% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 58.0x | 19 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.9% | 86 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality89/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation49/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Ease2pay N.V. (EAS2P.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.9 m EUR in 2025; YoY growth 35.0%; net margin 7.4%; ROE 4.3%.
The estimated value range is 0.10–0.25 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.14 EUR, the price of 0.58 EUR leaves a potential of -76.1% (value / price − 1) and a margin of safety of -318.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 7.4%
- FCF conversion: 371.9%
- Current ratio: 2.1x
- FCF yield: 6.9%
What contradicts it
- P/E (TTM): 58.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.6 | 10.2% | 6.5% | +1.7% | +26% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for EAS2P.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.41 Total return -30% · Per year -30% | 0.72 Total return 24% · Per year 24% | 1.08 Total return 86% · Per year 86% |
| 3 years | 0.48 Total return -17% · Per year -6% | 0.95 Total return 64% · Per year 18% | 1.55 Total return 167% · Per year 39% |
| 5 years | 0.57 Total return -1% · Per year -0% | 1.26 Total return 116% · Per year 17% | 2.23 Total return 285% · Per year 31% |
- Exit P/E± 0.24
- Net margin± 0.17
- Annual revenue growth± 0.12
- Annual dilution± 0.01
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Ease2pay N.V. is a Dutch payments platform for unattended services such as parking, refuelling, water and electricity at campsites and marinas. It improved its results in 2025 but loses a major partner, Miele appWash, from 2026, which makes its growth strategy through acquisitions relevant 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Loss of the Miele partnerhigh
The termination of the Miele appWash cooperation in 2026 could reduce revenue and operating cash flows from 2027, and the company depends on growth to offset it 1.
- Continuity and liquiditymedium
The company has a history of operating losses and future profitability cannot be assured, which makes liquidity monitoring relevant 1.
- Dependence on external payment systemsmedium
Disruptions to external payment systems or mobile networks could affect operations and cause service delays 1.
- Cyber and operational riskmedium
Service disruptions or cyber attacks could lead to loss of critical data, although mitigation measures and insurance reduce exposure 1.
- Regulatory and listing risklow
Regulatory changes for payment institutions and Euronext Amsterdam listing requirements could create additional costs 1.
Investment thesis
What would need to be true (bull case)
- If transactions on the platform keep growing, the company could gradually offset the loss of Miele appWash through new partnerships and acquisitions 1.
- The return to profit in 2025 and the rise in EBITDA suggest the operating model could become more efficient with higher volumes 1.
- ISO 27001 certification and cybersecurity insurance could help the company win the confidence of partners in payments and mobility 1.
What would break the thesis
- If growth does not offset the loss of Miele appWash, revenue from 2027 could stay below current levels, and the associated goodwill will be impaired 1.
- Dependence on a few strategic partners and a history of losses leave little margin for error if the growth plan is delayed 1.
- Macroeconomic uncertainty and higher energy prices could reduce mobility consumption and weigh on demand for the company's services 1.
What to watch
- Financial results for the first half of 2026 and the effect of the loss of Miele appWash2026
- Timing of the impairment of goodwill associated with Miele appWash in the results2026
- New partnerships or acquisitions announced to increase transaction volumes2027
- Revenue development after the Miele contract ends, in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Ease2pay promotes its platform as the 'Book, Stay, Use & Park' solution for self-service parking, fuel, water and electricity locations, bundled under recognisable labels with a uniform logo. Revenue was EUR 3,896 thousand in fiscal 2025, against EUR 2,886 thousand in 2024 1. The company is listed on Euronext Amsterdam and has a small number of employees 1.
An important business line is the Ease2pay On the Go label for parking and refuelling, which benefited from changes in market parking fees and presented itself as a cheaper alternative, with a significant rise in parking transactions 1. A substantial part of revenue comes from a limited number of strategic partners 1.
Segments
Parking and fuel payment platform
The Ease2pay On the Go label and self-service parking and fuel services grew in transaction count, particularly after changes in market parking fees 1.
Utilities at campsites and marinas
Water and electricity services at campsites, marinas, harbours and public marketplaces are part of the same platform and presented under the same uniform logo 1.
Market context
The company operates in payments for self-service mobility and utility services in Europe, with its seat in Rotterdam in the Netherlands 1. The source does not allow an estimate of total market size, but it points to pricing competition and pressure on parking fees 1.
The macroeconomic environment has been more uncertain since February 2026 because of tensions in the Middle East and energy prices, which could affect mobility consumption and inflation 1.
Trends
- Growth in platform transactionstailwind
The number of transactions on the Ease2pay platform kept rising in 2025, and the company aims to grow volumes through partnerships and acquisitions 1.
- Changes in parking feesmixed
Market changes in parking fees helped the On the Go label, which presents itself as a cheaper option, but the same changes could shift customer behaviour over time 1.
- Energy price and inflation uncertaintyheadwind
Higher energy prices and inflation could reduce consumer mobility and indirectly affect fuel costs over a longer period 1.
- Cybersecurity and compliancetailwind
ISO 27001 certification and cybersecurity insurance help the company position itself on security and compliance, which could become an advantage against competitors 1.
Competitive position
The analysed source does not explicitly name Ease2pay's competitors, so the list below reflects only the general service categories. The company differentiates itself through a single booking and payment platform for self-service locations 1.
Competition comes from parking operators, fuel payment providers and other utility payment processors, where price and user experience are key criteria 1.
- Digital parking operators
Direct competition for the On the Go parking label, mainly on tariffs and payment experience 1.
- Fuel payment providers
Competition for self-service refuelling services integrated into the company's platform 1.
- Payment platforms for campsites and marinas
Competition for water and electricity services at campsite and harbour locations 1.
- Mobility payment processors
General competition for mobility transactions, where the company aims to grow volumes 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Ease2pay N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.