RT&L (RTL) H2 2024 earnings summary

Executive summary

• 2024 was the first full year of operations after formation in August 2023; revenue reached €3.139m and net income was €67,196, versus a €150,021 loss in the partial prior year.

• The asset-light freight-forwarding model combines recurring General Cargo volumes with higher-margin Project Cargo work; Project Cargo generated most 2024 revenue.

Financial highlights

• Revenue was €3,138,837 and production value €3,139,695 in 2024, versus €459,073 in 2023; the comparison is affected by the prior year being a partial operating period.

• EBITDA was €52,914 and EBIT €51,312, compared with losses of €151,192 and €152,146, respectively, in 2023.

• Net income was €67,196, versus a €150,021 loss; pre-tax income was €78,373 and current income taxes were €11,177.

• Cash increased by €408,441 to €424,933; operating cash flow was €420,953, investing cash flow was -€6,982 and financing cash flow was -€5,529.

Outlook and guidance

• Italian GDP growth is forecast at 1.2%–1.5% annually for 2025–2027, supported by infrastructure, energy-transition and digitalization investment.

• A customs-process platform using AI, semantic search and document recognition is planned for development from 2025, targeting lower processing time, costs and errors, with integration to ADM and port systems.

• Management cited no significant going-concern uncertainties over the next 12 months, despite inflation, and assessed input-cost increases as not currently threatening business performance.