Touax (TOUP) H2 2025 earnings summary

Executive summary

• Achieved positive net income of €1.7m in 2025 despite challenging geopolitical and economic conditions, down from €3.9m in 2024.

• Revenue declined 5% year-over-year to €156.1m, mainly due to lower volumes in the European rail freight market and a decrease in modular building sales.

• Maintained recurring revenue through diversified offerings, long-term leasing contracts, and strong management activity for third parties.

• Strong ESG credentials: EcoVadis gold medal (81/100), EthiFinance rating (9/100 or 79/100), top 3% in sector.

• Managed €1.2 billion in assets with 243 employees.

Financial highlights

• 2025 revenues decreased by 5% to €156.1m, with operating EBITDA down 11% to €52.7m and net income at €1.7m.

• Own equipment leasing down 4%, mainly due to weaker freight railcar activity in Europe.

• Container segment saw increased revenues and EBITDA, driven by strong sales and ancillary services.

• Positive operating cash flow maintained, with net equipment purchases reduced from €47m to €34.8m.

• Earnings per share: €0.25, down from €0.56 in 2024.

Outlook and guidance

• 2026 expected to remain volatile due to geopolitical uncertainties and weak European growth, but strong growth anticipated in India (6.5%-7%).

• Plans to increase the freight railcar fleet to over 16,000 wagons and river barge fleet to over 200 units within five years.

• Focus on organic growth, innovation, and expanding third-party management across all segments.

• Group aims for steady growth, recurring cash flows, and annual shareholder returns around 10%.

• Prudent investment policy and focus on sustainability for 2026.