Touax (TOUP) H1 2025 earnings summary

Executive summary

• Focuses on leasing and managing real assets for sustainable transport, including shipping containers, river barges, and freight wagons, with a strong ESG commitment and long-term customer relationships.

• Turnover reached €83.7m for H1 2025, up €3.2m year-over-year, reflecting business model resilience and strong container division performance.

• Operating EBITDA increased to €30.5m (+€0.5m), with profitability supported by container and management activities.

• Net income Group share declined 35% to €2.5m, but rose 31% year-over-year when excluding non-recurring items.

• Achieved gold medals from EcoVadis and EthiFinance for ESG and financial performance, ranking in the top 2% of rated companies.

Financial highlights

• Restated revenue up 4% to €83.7m and operating EBITDA up 2% to €30.5m compared to H1 2024, mainly from container sales and management activities.

• Net income group share down by €1.3m to €2.5m, with EPS at €0.36 (-35%), but operational net income rose by 31% year-over-year excluding non-recurring items.

• Operating cash flow was -€22.6m, impacted by €41.5m in net equipment acquisitions.

• Total assets decreased 6% to €577.0m; net financial debt increased 8% to €329.3m.

• No exceptional income recorded in H1 2025, compared to €1.5m profit from discontinued operations and €0.4m non-recurring income in H1 2024.

Outlook and guidance

• Targeting growth in railcar fleet from 12,000 to over 16,000 wagons within five years, leveraging European and Indian market expansion.

• Plans to expand barge fleet to over 200 units, focusing on European demand for commodities linked to energy transition and organic growth.

• Container market expected to grow 2.7% in 2025; aims to double new containers traded annually and diversify container types.

• Group ambitions include ROE >10%, LTV <60%, and annual shareholder return around 10%.

• Medium- and long-term prospects are positive, driven by infrastructure projects, sustainability, and demand for flexible leasing.