Transport Trade Services (TTS) H1 2025 earnings summary

Executive summary

• The first half of 2025 was marked by a difficult economic climate, volatile trade flows, and unfavorable Danube navigation conditions, but Q2 showed improved operating profitability and reduced losses, signaling an inflection point.

• 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 aggressive commercial approach 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.

• Investments focused on strategic needs, particularly the Canopus terminal expansion and Decirom modernizations, with 2025 seen as a transitional year.

Financial highlights

• Q2 2025 delivered the best group results in the last 12 months, with EBITDA increasing sequentially despite a slightly lower turnover.

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

• Q2 2025 EBITDA rose to RON 23.3m (+64.1% QoQ); operating loss reduced to RON 0.9m (-91.7% QoQ); net loss narrowed to RON 4.0m (-73.1% QoQ).

• Group margin held at 14.6% for Q2 and 11.7% for H1; individual margins were 8.8% for Q2 and 9.1% for H1, with profit margins at 5.8%.

• Financial position remains solid, with a decrease in net assets due to dividend payouts and increased borrowings supporting investments.

Outlook and guidance

• 2025 consolidated turnover is estimated at 685–725 million RON, with EBITDA projected at 120–140 million RON, both slightly below 2024 levels but with improved business mix and cost base.

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

• The second half of 2025 is expected to outperform the first, with annual results close to but below 2024.

• H2 2025 is expected to see higher agricultural flows, stable chemical flows, and continued pressure on river transport rates due to excess capacity and navigation challenges.

• Mineral product demand is expected to remain high, with seasonal increases in agricultural products in Q3, but Q4 may see market blockages due to international pricing.