Transport Trade Services (TTS) H1 2025 earnings summary

Executive summary

• H1 2025 marked a turning point, with Q2 showing improved operating profitability and reduced losses despite a difficult economic climate, volatile trade flows, and unfavorable Danube navigation conditions.

• Strategic focus on higher-margin activities, cost discipline, and targeted investments supported resilience and operational momentum.

• Structural changes in goods flows, new contracts, and a more offensive commercial positioning led to growth in mineral and chemical product volumes compared to Q1 and Q2 2024.

• The group maintained a robust balance sheet, low debt, and continued to invest in key capacities, positioning for recovery in H2 2025.

Financial highlights

• Q2 2025 delivered the best group results in the last 12 months, with EBITDA rising to RON 23.3m (+64.1% QoQ) and operational loss reduced to under 1 million lei.

• H1 2025 revenue was RON 319.8m (-25.1% YoY), EBITDA RON 37.5m (-62.0% YoY), and net loss RON 18.9m (vs. profit of RON 37.4m in H1 2024).

• Group margin was 14.6% for Q2 and 11.7% for H1; individual margins were 8.8% for Q2 and 9.1% for H1.

• Financial position remains solid, with a decrease in net assets due to dividend payouts.

• Total assets at 30.06.2025: RON 1,311.5m (+2.8% vs. 31.12.2024); liabilities: RON 303.1m (+37.2%).

Outlook and guidance

• 2025 consolidated turnover is estimated at 685–725 million RON, and EBITDA at 120–140 million RON, both slightly below 2024 levels.

• Individual turnover is projected at 430–460 million RON, and EBITDA at 56–62 million RON.

• H2 2025 is expected to benefit from the agricultural export season, improved navigation, and continued growth in non-agricultural port operations.

• Mineral product demand is expected to remain high, with possible increases in Q4; agricultural product volumes may rise in Q3 but face market blockages in Q4 due to international pricing.

• River transport rates may remain under pressure due to excess capacity and navigation challenges.