Transport Trade Services (TTS) investor relations material

Executive summary

• The first nine months were marked by a challenging market, volatile flows, tariff pressure, and unfavorable hydrological conditions, including a 10-day navigation halt on the Danube in July.

• Revenue for the nine months ended September 30, 2025, was RON 489.7 million, down from RON 588.6 million year-over-year.

• The period ended with a net loss of RON 4.6 million, compared to a net profit of RON 29.5 million in the prior year.

• Q3 was the best quarter in 18 months, with moderate revenue growth and a significant reduction in operating expenses, leading to a strong recovery from H1 losses.

• Minerals and chemical goods volumes surpassed agricultural goods by nearly 10% in the first nine months.

Financial highlights

• Q3 consolidated OPEX dropped to RON 147.4 million, supporting the highest profitability in 18 months.

• Q3 EBITDA reached RON 37.9 million, operational profit RON 19.1 million, and net profit RON 14.3 million, with an EBITDA margin of 22.8%.

• For the first nine months, EBITDA margin was 15.5%, and profit margin in Q3 was 6.4%, above the nine-month average of 6.1%.

• Operating result dropped to RON 7.7 million from RON 40.4 million year-over-year.

• Basic and diluted EPS was a loss of RON 0.0347, compared to a profit of RON 0.4615 per share last year.

Outlook and guidance

• Financial projections for 2025 were revised downward due to lower agricultural volumes, with consolidated turnover estimated at RON 640–660 million and EBITDA at RON 96–100 million.

• No explicit forward-looking guidance provided, but the company continues to operate on a going concern basis.