PRESS RELEASE Paris, 18 March 2026 – 5:45pm YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORTATION 2025 RESULTS Positive net income in an unstable geopolitical and economic environment Turnover1 of €156.1m, down -5.4%Operating EBITDA2 : €52.7mGroup share of net profit: €1.7m, vs. €3.9m in 2024 “Despite significant economic and geopolitical tensions in 2025, the TOUAX Group confirmed the resilience of its business model and its adaptability. Outside Europe, demand for mobile assets linked to tran ...

Core Viewpoint - Karat Packaging reported a sales growth of nearly 14% in Q4, leading to a significant increase in share price by 17.9% [1][3] Group 1: Financial Performance - Q4 sales increased by 13.7% year over year, with management projecting a revenue increase of up to 10% in Q1 compared to the same quarter last year [3] - The company achieved double-digit volume growth and positive pricing for the first time since Q1 2023 [3] Group 2: Strategic Initiatives - Karat is diversifying its sourcing beyond Asia, including regions like South America and the U.S., to navigate the evolving tariff situation [3] - The company is known for its eco-friendly packaging and continues to innovate with a steady stream of new products [4] Group 3: Dividend and Legal Developments - Karat offers a dividend yield of almost 7%, even after the recent stock price increase [4] - A recent court ruling on tariffs may lead to a refund for the company, potentially providing a future financial benefit [4]

Group 1 - TOUAX Group is a leader in operational leasing of tangible assets such as freight railcars, river barges, and containers, managing €1.3 billion in assets [4] - The company is listed on Euronext Growth Paris under the ticker ALTOU and is part of various Euronext Growth All-Share Indices [5] - As of January 31, 2026, TOUAX has a total of 7,011,547 shares outstanding and 8,256,224 total voting rights, with 8,222,140 exercisable voting rights [2]

Group 1 - The core focus of TOUAX Group is the operational leasing of tangible assets such as freight railcars, river barges, and containers, managing €1.3 billion in assets, positioning itself as a European leader in this sector [4]. - TOUAX SCA is listed on Euronext Growth Paris under the ticker ALTOU and is included in various indices such as CAC® Small and CAC® Mid & Small, indicating its market presence and accessibility to investors [5]. - As of December 31, 2025, TOUAX has a total of 7,011,547 shares outstanding, with total voting rights amounting to 8,252,515, and 8,216,618 exercisable rights, excluding treasury shares [2].

Summary of CIMC Corporate Day Conference Call Company Overview - **Company**: China International Marine Containers Group Co Ltd (CIMC) - **Stock Codes**: 000039.SS / 2039.HK - **Industry**: Offshore engineering and logistics equipment Key Points Offshore Engineering Equipment - CIMC has secured a **US$7 billion** order book over the past three years and expects to achieve **US$2-3 billion** in new orders annually from **2026 to 2029**. The management noted that competition is limited, with fewer than **10 key contractors** in the market [1][4] - The company anticipates that annual revenue will reach **Rmb 22-23 billion** once capacity is fully ramped up, with an expected gross margin of **20-25%**. There is potential for revenue to increase to **Rmb 30 billion** by **2030** with the introduction of a new production line [1][4] Logistics Equipment and Services - Management projects stable profits in **2026** compared to **2025** for logistics equipment and services. This is attributed to a **10% YoY decline** in container manufacturing profits and a **10-20% YoY growth** in semi-trailer profits [1][4] - For container manufacturing, a weaker demand is expected in **2026** due to potentially slower trade growth, with further downside risk if the Red Sea reopens, which could increase effective container capacity [1][4] - The semi-trailer market in the US is expected to recover in **2026** after a muted performance in **2025** [1][4] Shareholder Returns - CIMC has returned **Rmb 1.95 billion** to shareholders for **FY2025**, which includes **HK$500 million** for share repurchase and **cash dividends**. This represents a return of over **4%** [1][5] - The company aims for a **4% regular dividend yield** with a payout ratio exceeding **30%** [1][5] Additional Insights - The management's confidence in achieving new orders and maintaining stable profits indicates a positive outlook for CIMC's future performance in the offshore engineering and logistics sectors [1][4] - The focus on shareholder returns through dividends and buybacks reflects a commitment to enhancing shareholder value amidst fluctuating market conditions [1][5]

Group 1 - TOUAX Group is a leader in operational leasing of tangible assets such as freight railcars, river barges, and containers, managing €1.3 billion in assets [4] - The company is listed on Euronext Growth Paris under the ticker ALTOU and is included in various indices including CAC® Small and CAC® Mid & Small [5] - As of November 30, 2025, TOUAX has a total of 7,011,547 shares outstanding and 8,252,943 total voting rights [2]

Group 1 - TOUAX Group is a leader in operational leasing of tangible assets such as freight railcars, river barges, and containers, managing €1.3 billion in assets [4] - The company is listed on Euronext Growth Paris under the ticker ALTOU and is included in various indices including CAC® Small and CAC® Mid & Small [5] - As of October 31, 2025, TOUAX has a total of 7,011,547 shares outstanding and 8,252,943 total voting rights, with 8,216,039 exercisable rights [2]

Summary of China Shipping and Shipbuilding Conference Call Industry Overview - **Industry**: Shipping and Shipbuilding - **Key Companies**: Hengli Heavy Industry, Yangzijiang Shipbuilding, COSCO Shipping Holdings, COSCO Shipping Energy, SITC Holdings Key Takeaways 1. New Shipbuilding Entrant and Impact - Hengli Heavy Industry (HHI) is a new entrant in the shipbuilding industry with a target of 2.3 million tons steel processing volume, potentially translating to 1.5-2x capacity compared to Yangzijiang, which holds 4-5% of global market share. This could imply a 3-4% upside to supply growth forecasts [5][9] - HHI's effective capacity will depend on production efficiency and recruitment of additional employees. The impact on newbuild ship prices is expected to be limited due to the time required for ramping up capacity and disciplined capacity expansion among other Chinese shipyards [5][6] 2. Pricing and Costs Outlook for Chinese Shipyards - Yangzijiang has observed limited further impact from USTR's port fees on China-built vessels, with a pricing gap between Korean and Chinese shipyards widening to 10%. They have regained market share for new ship orders since July and August [10][34] - Both Hengli and Yangzijiang expect stable steel prices in the medium term, which constitutes a significant portion of their operating costs [10][34] 3. Shipping Sub-segments and New Ship Orders Outlook - Positive outlook for tankers, with COSCO Energy expecting elevated freight rates driven by trade rerouting and low supply growth. The management sees improving supply-demand dynamics for crude tankers over the next two years [10][43] - Conservative outlook for container shipping, product tankers, and LNG carriers due to massive new ship deliveries. However, COSCO Shipping Holdings has fully booked slots for upcoming months on major routes, which may support spot rate hikes [10][39] - Rising new ship orders are anticipated for tankers and large-size bulkers, while container and LNGC new ship orders are expected to face pressure in the medium term [10][39] 4. Financial Performance and Projections - HHI reported a gross margin of 21% in 1H25, up from 10% in 1H24, with a net profit guidance of Rmb1.1 billion, Rmb1.6 billion, and Rmb2.1 billion for 2025-2027 [18] - Yangzijiang's management confirmed that most ships under construction are based on contracts signed in 2023, with no new builds from 2024 yet, indicating a favorable product mix [10][34] 5. Strategic Developments - HHI plans to ramp up its workforce from 40-50k to 60k to achieve its capacity target of delivering 80 ships annually [12] - Yangzijiang is set to increase its capacity by 20% with the opening of the Hongyuan Shipyard in 2H2026 [34] 6. Market Dynamics and Competitive Landscape - The merger of China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation aims to enhance order bidding coordination among subsidiaries [38] - The management of CSSC noted that the longer orderbook backlog is affecting new ship order shares, with a focus on environmental requirements driving future orders [38] 7. Risks and Challenges - Key risks include higher-than-expected steel prices, stricter USTR regulations, and potential declines in average selling prices [51][52] - The management expressed concerns about the sustainability of elevated freight rates in the container shipping sector due to massive new ship deliveries [46] Conclusion The shipping and shipbuilding industry in China is experiencing significant changes with new entrants like Hengli Heavy Industry, stable pricing outlooks, and varying projections across different shipping sub-segments. The competitive landscape is evolving with strategic mergers and capacity expansions, while risks related to pricing and regulatory challenges remain pertinent.

Core Viewpoint - Amcor plc is a significant player in the packaging solutions industry, with a focus on flexible and rigid packaging for various sectors, including food and healthcare [1]. Company Overview - Amcor is headquartered in Zurich, Switzerland, and operates globally in the packaging sector [1]. - The company has a market capitalization of $11.9 billion, categorizing it as a large-cap company [2]. - Amcor primarily targets customers through a direct sales network, which has bolstered its market presence [2]. Stock Performance - Amcor's shares are currently trading approximately 28.1% below their 52-week high of $11.48 [3]. - Over the past three months, the stock has decreased nearly 8%, underperforming compared to the Materials Select Sector SPDR Fund (XLB), which gained 4.6% [3]. - In the last 52 weeks, AMCR stock has declined by 24.3%, and year-to-date, it is down 12.3% [4]. - The stock has been in a prolonged downtrend, falling below its 200-day moving average since March and remaining under its 50-day moving average since mid-August [4]. Recent Financial Results - On August 14, Amcor reported its Q4 fiscal 2025 results, revealing a revenue increase of 43.8% year-over-year to $5.08 billion, although it fell short of the $5.17 billion expected by analysts [5]. - The adjusted EPS was $0.20, down 5.2% from the previous year and below the $0.21 forecasted by analysts [5]. - Despite the disappointing results, management reaffirmed confidence in achieving total pre-tax synergy benefits of $650 million by the end of fiscal 2028 from the acquisition of Berry Global [5]. - The company is on track to deliver $260 million of pre-tax synergy benefits in fiscal 2026, resulting in a 12% accretion from the integration [5]. Future Outlook - Amcor anticipates adjusted EPS of approximately $0.80 to $0.83 for fiscal 2026 [6]. - The company projects free cash flow to be between $1.8 billion and $1.9 billion, after accounting for nearly $220 million in net cash integration and transaction costs related to the Berry Global acquisition [6].

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]