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 and weak transport demand in the Danube basin.

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

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

• Revenue increased by 12.7% year-over-year to RON 733.8 million, but the group posted a net loss of RON 10.5 million, reversing a profit of RON 21.3 million in 2024, mainly due to higher payroll, administrative, and depreciation expenses.

• Dividends of RON 27.9 million were distributed in 2025, following a larger distribution of RON 68.3 million in 2024.

Financial highlights

• 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.

• Revenues declined 11.2% year-over-year to RON 651.3 million in one report, but another reported revenue increased by 12.7% to RON 733.8 million.

• Net loss: RON 10.5 million in 2025 vs. net profit of RON 21.3 million in 2024.

• EBITDA margin for the River Transport segment averaged 23% in management projections.

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.

• Management expects revenue growth of 6–13% and stable EBITDA margins in the River Transport segment over the next five years.

• The Board proposed a dividend of RON 13.5 million (RON 0.075/share) for 2026.

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