Transport Trade Services (TTS) Q1 2026 earnings summary

Executive summary

• Q1 2026 showed market stabilization and improved profitability, with aggregate rolling 12-month volumes between 10.24 and 10.42 million tonnes.

• Average tariffs increased by over 3.1% compared to Q2 2025, supporting profitability despite a slight decline in volumes.

• Mineral cargo flows surged by 27% year-over-year, while agricultural cargos dropped by 28.6% and chemical cargos declined by 9%.

• Cargo mix stabilized at 64%-65% industrial (minerals and chemicals) and 32%-33% agricultural over the rolling 12 months.

• The group’s core business remains transportation of goods on the Danube, with complementary services in forwarding, port operations, and other logistics.

Financial highlights

• Profitability indicators improved, with group-level net profit, operating profit, and EBITDA all returning to positive territory.

• Rolling 12-month consolidated cash from operations rose from RON 54.9 million in Q1 2025 to RON 86.5 million in Q1 2026; standalone cash flow moved from RON -24.9 million to RON 42.4 million.

• Revenues decreased by 0.4% year-over-year, mainly due to a 1.3% decline in volumes, partially offset by higher tariffs.

• Operational result reached RON 19.3 million and EBITDA RON 102.5 million for the rolling 12 months.

• TTS Group 12-month revenues were RON 648.8 million in Q1 2026; TTS standalone revenues were RON 397.3 million.

Key financial ratios and metrics

• Margins increased from 12.5% in Q2 2025 to 15.8% in Q1 2026 over the 12-month period.

• Group profit margin turned positive at 0.3% in Q1 2026, up from -1.6% in FY 2025.

• TTS standalone EBITDA margin: 10.6% in Q1 2026; profit margin: 7.4%.

• Cash value at the end of Q1 2026 was higher than in any of the previous four quarters.

• Basic and diluted loss per share: RON (0.0068) for Q1 2026, compared to RON (0.0752) in Q1 2025.