Touax (TOUP) Q1 2025 TU earnings summary

Executive summary

• Business volume for Q1 2025 reached €39.0 million, up 7.2% year-over-year, with growth in owned activity (+€2.0 million, +5.7%).

• Diversified product offering and global presence offset slowdown in Freight Railcars with gains in River Barges, Containers, and Modular Buildings.

Financial highlights

• Restated revenue for Q1 2025 was €39.0 million, compared to €36.4 million in Q1 2024.

• Owned activity revenue: €36.6 million, including €17.1 million leasing revenue (down €2.2 million), €4.7 million ancillary services (up €1.7 million), and €14.7 million sales of owned equipment (up €2.5 million).

• Management activity revenue: €2.2 million, up 24.9% year-over-year.

• Modular Buildings (Miscellaneous) revenue increased by €1.1 million (+34%).

Outlook and guidance

• Short-term outlook is mixed due to geopolitical issues, US tariffs, and low European growth impacting rail transport.

• Medium- and long-term trends remain positive, supported by demand for sustainable transport and strong asset management performance.