RT&L (RTL) Company presentation summary

Business model and operations

• Asset-light international freight forwarder with no transport assets; services span sea, air and land, with focus on sea routes from China.

• Three business lines: General Cargo, Project Cargo and Chartering, and Custom Brokerage.

• Acquired customs broker P&A Spedizioni in 2025, adding operations at Genoa, Genoa-Prà and Rivalta Scrivia.

• Management cites 30+ years of freight-forwarding experience and an established international commercial network.

Business line economics

• General Cargo handles containerisable goods across global routes and diverse sectors; 1H25 gross margin ~32%.

• Custom Brokerage covers customs documentation, duties and VAT, and inspection support; 1H25 gross margin ~54%, with recurring revenues.

• Project Cargo and Chartering serve complex industrial and offshore assignments, including oversized cargo and vessel charters; 1H25 gross margin ~43%.

Market position

• Global logistics market valued at $3,932bn in 2024; freight forwarding market was €667.1bn and is forecast to reach €996.4bn by 2030, with 6.92% CAGR.

• Italian ports handled 8.5m TEU of import/export containers annually; Genoa handled 2.4m TEU and accounts for over 30% of national volumes.

• Customs brokerage share: 15.4% at Genoa and ~4.5% across Italy; targeted Italian share ~8%.