RT&L (RTL) H2 2025 earnings summary

Executive summary

• FY25 was the first consolidated year following the September acquisition of P&A; reported results include P&A only from September 11, with no consolidated prior-year comparison.

• Reported production value was €5.28m, EBITDA €865k (16.39% margin), EBIT €531k and net income €295k; pro forma FY25 EBITDA margin was 25%.

• Operations handled over 480,000 TEUs at Genoa port and Rivalta Scrivia, up 25% YoY; stated national market share exceeded 4%.

Financial highlights

• FY25 reported sales were €5.255m and other revenue €25.5k; production value totaled €5.280m.

• Reported EBITDA was €865.5k; after €334.3k of depreciation, amortization and provisions, EBIT was €531.2k and EBT €510.3k.

• Net income was €295.4k after €214.8k income taxes; net profit margin was 5.60%.

• Pro forma FY25 production value was €10.628m vs €8.702m in FY24; EBITDA was €2.693m vs €1.370m, with margins of 25% vs 16%.

• Pro forma FY25 EBIT was €1.775m vs €618k in FY24, with margins of 17% vs 7%; net income was €1.020m vs €265k.

Outlook and guidance

• Management expects positive earnings and financial prospects, targeting growth in freight forwarding and a larger independent position in national customs brokerage.

• Project Cargo growth is planned organically, leveraging specialist capabilities for complex and oversized shipments; it is positioned as a medium-term growth and profitability driver.

• Customs Brokerage growth is planned through selective acquisitions, initially focused on the Tyrrhenian area and later the Adriatic; a new Livorno-based entity is planned to expand operations and sales.

• Italian GDP is forecast to strengthen to 0.7–0.8% annually in 2026–27; China GDP is forecast at 4.5–4.8% in 2026, supporting logistics demand and trade flows.