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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.
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Q2 2025 earnings summary29 Aug, 2025

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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