Touax (TOUP) H1 2025 earnings summary

Executive summary

• Restated revenue from activities rose 4% year-over-year to €83.7 million, with operating EBITDA up 2% to €30.5 million, driven by strong container division performance and 97% of revenue generated outside France.

• Net income (Group share) declined 35% to €2.5 million, but increased 31% when excluding non-recurring items from 2024.

• The business model is highly recurrent and diversified across geographies and asset types, with a strong ESG commitment and long-term customer relationships.

• Achieved gold medals from EcoVadis, EthiFinance, and AT Finance for ESG and financial ratings, ranking in the top 2% of rated companies and first in the transport subsector.

• Transfer of share listing to Euronext Growth Paris aimed at reducing administrative costs and aligning with company size.

Financial highlights

• Restated revenue from activities increased by €3.2 million (+4%) to €83.7 million in H1 2025; operating EBITDA up by €0.5 million (+2%) to €30.5 million.

• Net income (Group share) declined 35% to €2.5 million, with EPS at €0.36; net financial debt increased to €329.3 million.

• Earnings per share fell 35% to €0.36; net income from discontinued operations was €0.0 million, down from €1.5 million in H1 2024.

• Operating cash flow was -€22.6 million, impacted by €41.5 million in net equipment acquisitions.

• Total assets decreased 6% to €577.0 million.

Outlook and guidance

• Plans to increase the freight railcar fleet to over 16,000 wagons in five years, leveraging growth in Europe and India.

• River barge fleet targeted to exceed 200 units, focusing on organic growth and asset rotation.

• Container business aims to expand leasing and trading, with continued high utilisation rates and new customer acquisition; container market expected to grow 2.7% in 2025.

• Group ambitions include ROE >10%, LTV <60%, and annual shareholder return around 10%.

• Medium- and long-term prospects are positive, driven by infrastructure projects, sustainability, and demand for flexible leasing.