Touax: 2025 HALF-YEAR RESULTS Resilience of the business model and operational profitability

Core Insights - TOUAX demonstrates resilience and adaptability in a challenging global economic environment, marked by geopolitical tensions and slower European growth [2][3] - The business model's strength is reflected in increased operating profitability and revenue growth, particularly in the Containers division [3][4] Financial Performance - Restated revenue from activities reached €83.7 million as of June 30, 2025, an increase of €3.2 million (+4.0%) compared to June 2024 [4][11] - Operating EBITDA rose to €30.5 million, a €0.5 million increase (+1.7%), supported by strong performance in the Containers division [4][22] - Group share of net profit was €2.5 million, down from €3.8 million in June 2024 (-35% year-over-year), but increased by +31% on a comparable basis after adjusting for non-recurring income [5][8] Revenue Breakdown by Division - Freight Railcars division revenue decreased to €28.0 million, down €1.2 million (-4.0%) due to a slowdown in the European intermodal market [14][15] - River Barges division revenue slightly increased to €8.2 million, driven by chartering activity on the Rhine basin [17] - Containers division revenue surged to €40.3 million, an increase of €6.2 million (+18.3%), indicating resilience in trade despite tariff negotiations [18][19] Operating Profitability - Operating EBITDA in the Freight Railcars division fell by €1.9 million (-11.5%) to €15.0 million, primarily due to declining leasing activity [22] - The Containers division saw a significant operating EBITDA increase of €3.9 million (+55.3%), attributed to growth in new container trading [24] - Operating EBITDA for the River Barges division decreased by €1.1 million (-28.2%) due to reduced management activity [23] Financial Structure - As of June 30, 2025, total assets amounted to €577.0 million, down 6% from December 2024 [9] - The Loan to Value (LTV) ratio increased to 63.7% from 59.0% in December 2024, reflecting the impact of exchange rate fluctuations [30] - Total equity decreased to €71.4 million, primarily due to negative currency translation adjustments related to the US Dollar [31] Outlook - The short-term outlook is mixed, with potential challenges from weak growth in the rail freight market and geopolitical uncertainties, but medium to long-term trends remain positive due to infrastructure projects and sustainability requirements [33] - The company plans to continue investing in innovation and improving customer service to create sustainable value for partners [34]