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Transport Trade Services (TTS) investor relations material
Transport Trade Services Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
H1 2025 was marked by a difficult economic climate, volatile trade flows, and significant tariff pressure, especially in transport and port operations, with unfavorable Danube navigation conditions.
Q2 2025 was the best quarter in the past twelve months, showing improved operating profitability and reduced losses, marking a visible inflection point.
Strategic focus on higher-margin activities, cost optimization, and targeted investments supported resilience and operational momentum.
Structural changes in goods flows, new contracts, and a more offensive commercial positioning led to growth in mineral and chemical product volumes compared to Q1 and Q2 2024.
The group maintained a robust balance sheet, low debt, and continued to invest in key capacities, positioning for recovery in H2 2025.
Financial highlights
H1 2025 revenue: RON 319.8m (-25.1% YoY); EBITDA: RON 37.5m (-62.0% YoY); net loss: RON 18.9m (vs. profit of RON 37.4m in H1 2024).
Q2 2025 EBITDA rose to RON 23.3m (+64.1% QoQ); operating loss reduced to RON 0.9m (-91.7% QoQ); net loss narrowed to RON 4.0m (-73.1% QoQ).
Group margin was maintained at 14.6% for Q2 and 11.7% for the half year.
Individual margins for Q2 were 8.8% and 9.1% for the half year, with profit margins at 5.8%.
Total assets at 30.06.2025: RON 1,311.5m (+2.8% vs. 31.12.2024); liabilities: RON 303.1m (+37.2%).
Outlook and guidance
Consolidated turnover for 2025 is estimated at $1,685 million to $1,725 million (RON 685–725m), representing 93% to 99% of 2024 revenues.
EBITDA is projected between $120 million and $140 million (RON 126–139m), or 88% to 99.6% of 2024 EBITDA.
The second semester is expected to outperform the first, but the annual result will be close to, but below, 2024.
H2 2025 activity is expected to be boosted by the agricultural export season, improved navigation, and continued growth in non-agricultural port operations.
Mineral product demand is expected to remain strong, chemical products will follow seasonal trends, and agricultural products may see a Q3 boost but face market blockages in Q4.
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