Touax (TOUP) Q3 2024 TU earnings summary

Executive summary

• Business volume reached €121.5 million for the first nine months of 2024, up 4.3% year-over-year, driven by higher sales of owned equipment and growth in management activity.

• Owned activity contributed €112.0 million, with leasing revenue of €55.0 million (+€3.0 million) and sales of owned equipment at €46.9 million (+€3.9 million).

• Management activity rose to €9.5 million, supported by increased syndication fees in Containers, Freight Railcars, and River Barges.

Financial highlights

• Restated revenue from activities was €121.5 million for the nine months ended September 2024, compared to €116.5 million in the same period of 2023 (+€5.0 million).

• Sales of owned equipment increased by 9.2% year-over-year, while ancillary services declined, mainly in Freight Railcars and River Barges.

• Management activity grew by 39.3% (+€2.7 million) year-over-year.

Outlook and guidance

• Average utilisation rates for the first nine months of 2024: Freight Railcars 86.2%, River Barges 97.5%, Containers 96.8%.

• Overall activity expected to grow, except in Europe where manufacturing slowdown, especially in Germany, is impacting performance.

• Asset Management business for third-party investors continues to expand, driven by interest in transport infrastructure assets.