Transport Trade Services (TTS) H2 2025 earnings summary

Executive summary

• 2025 marked a normalization in the market after the Ukrainian post-supercycle, with revenues at the midpoint of guidance but EBITDA below projections due to Q4 cost pressures.

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

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.

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

• Standalone revenues were RON 410.7 million (down 15.2% year-over-year), with EBITDA at RON 41.9 million (down 40%).

• Standalone net profit was RON 28.9 million, down 53.4% from 2024.

Outlook and guidance

• 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.