Transport Trade Services (TTS) H2 2025 earnings summary

Executive summary

• 2025 marked a normalization year after exceptional activity from 2020–2024, with lower demand and pressure on volumes and tariffs, especially due to the end of Ukrainian exports via Constanta.

• Revenues were at the midpoint of guidance, but EBITDA fell below projections due to Q4 cost pressures and FX impacts.

• The company adapted its goods mix, focusing more on minerals and chemicals to reduce exposure to agricultural volatility.

• Standalone operational performance exceeded anticipated EBITDA, confirming resilience from integrated logistics and operational flexibility.

• Operational recalibration included cost optimization, resizing assets, internalizing activities, and strict investment discipline.

Financial highlights

• Consolidated preliminary revenues reached RON 651.3 million, up 11.2% year-over-year, but EBITDA fell 33.1% to RON 93.4 million.

• Minerals and chemicals accounted for 55.6% of turnover, up from 45.8% in 2024, while agricultural goods dropped to 22.6% from 35%.

• Mineral volumes rose 14.8% and turnover 7.8%; agricultural volumes fell 39% year-over-year.

• Net result was negative at RON -10.5 million, mainly due to lower EBITDA and foreign exchange effects.

• Aggregated volume decreased in 2025, but the decline was less severe than in 2024, showing stabilization.

Outlook and guidance

• 2026 is expected to start in line with 2025, with potential agricultural recovery in the second half and continued mineral growth.

• Budget anticipates a 14% revenue increase and 5% expense growth, with operational profit of RON 54 million and EBITDA of RON 158 million.

• Revenues met the midpoint of the forecast range, but EBITDA missed the lower end due to Q4 cost increases in fuel, subcontractor expenses, and FX impacts.

• Standalone EBITDA exceeded the maximum projected value for the year.

• Risks include diesel price volatility, navigation conditions, and potential market disruptions from geopolitical conflicts.