Earnings release
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PRESS RELEASE Paris, 15 May 2025 – 5:45 pm YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORTATION Increase of the activity level in 1st quarter 2025 • Business volume of €39.0 million (+7.2%)1 • Growth in owned activity (+€2.0 million; +5.7%) Total restated revenue 2 for the 1 st quarter 202 5 amounts to € 39.0 million (€3 8.5 million at constant currency and scope3), compared to €36.4 million of restated revenue at the same period in 2024. Restated Revenue from activities Q1 2025 Q1 2024 Variation (in € thousand) Leasing revenue on owned equipment 17,136 19,381 -2,245 Ancillary services 4,728 3,021 1,707 Sales of owned equipment 14,731 12,213 2,518 Total of owned activity 36,595 34,615 1,980 Total of management activity 2,204 1,765 439 Other capital gains on disposals 211 0 211 Total Others 211 0 211 Total Restated Revenue from activities 39,010 36,380 2,630 Revenue from Owned activity amounts to €36.6 million in the first three months of the year, including: • €17.1 million for leasing revenue of owned equipment , a -€2.2 million decrease mainly from the Freight Railcars activity. • €4.7 million for ancillary services, up by +€1.7 million, mainly on Containers activity. • €14.7 million for sales of owned equipment (+€2.5 million), up across all business lines. Revenue from Management activity amounts to €2.2 million (+24.9% over the first quarter), with joint increases in syndication fees for the River Barges activity and in sales fees on second-hand equipment owned by investors for the Containers activity. The slowdown in the Freight Railcars activity was offset by income s from other activities (River Barges, Containers and Modular Buildings), confirming the strength of TOUAX's business model, characterised by a diversified product offering and a strong global presence in various complementary business segments. 1 Business volume is equivalent to the restated revenue from activities 2 To ensure an understanding of the performance of the activities, the key indicators of the Group's activity report are presen ted differently from the IFRS income statement. For this reason, no distinction is made in the management of third-party accounts, which is presented exclusively as an agent. This presentation allows for a direct reading of the management activity, including syndication fees, sales fees and management fees. This presentation does not result in any difference in operating EBITDA, operating profit and net profit. The accounting presentation of the revenues of the activities is reported in the annex to the press release. 3 Based on a comparable structure and on average exchange rates at 31 March 202 4
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ANALYSIS OF THE CONTRIBUTION BY DIVISION Restated Revenue from activities Q1 2025 Q1 2024 Variation (in € thousand) Leasing revenue on owned equipment 11,410 12,234 -824 Ancillary services 863 1,137 -274 Sales of owned equipment 651 136 515 Total of owned activity 12,924 13,507 -583 Total of management activity 520 746 -226 Total Freight Railcars 13,444 14,253 -809 Leasing revenue on owned equipment 1,904 1,749 155 Ancillary services 1,520 1,196 324 Sales of owned equipment 297 1 296 Total of owned activity 3,721 2,946 775 Total of management activity 629 32 597 Total River Barges 4,350 2,978 1,372 Leasing revenue on owned equipment 3,822 5,394 -1,572 Ancillary services 2,345 688 1,657 Sales of owned equipment 9,811 8,955 856 Total of owned activity 15,978 15,037 941 Total of management activity 1,055 987 68 Other capital gains on disposals -2 0 -2 Total Others -2 0 -2 Total Containers 17,031 16,024 1,007 Leasing revenue on owned equipment 0 4 -4 Sales of owned equipment 3,972 3,121 851 Total of owned activity 3,972 3,125 847 Other capital gains on disposals 213 0 213 Total Others 213 0 213 Total Miscellaneous and eliminations 4,185 3,125 1,060 Total Restated Revenue from activities 39,010 36,380 2,630 The Freight Railcars activity is down by -€0.8 million (-5.7%) during the first quarter , impacted by the decrease in leasing revenue on owned equipment and ancillary services due to lower volumes on maintenance contracts. With the slowdown in the European intermodal rail transport market, we see a decline in the average utilisation rate to 80.8% over the quarter, partly offset by the good performance of the business in India where Touax Rail has been present since 2011. Management activity also decreased by -€0.2 million, with lower syndication volumes. The River Barges activity increased by +€1.4 million compared with the 1st quarter of 2024. This increase of +46.1% reflects the good performance of the owned activity (+€0.8 million) and the management activity (+€0.6 million). The division’s performance is illustrated by its average utilisation rate of 98.2% for the quarter (against 92.5% the previous year). Revenues in the Containers activity amounted to €17.0 million , +€1.0 million over the period , with a satisfactory average utilisation rate of 96.4%. In 2024, leasing revenue on owned equipment incorporated the invoicing of the full leasing contract to Kalypso, which went bankrupt . This invoicing, which was fully depreciated, artificially inflated leasing revenue. By eliminating this effect, leasing revenue rose by +€0.4 million (+11.7%) in the first quarter. Ancillary services increased by +€1.7 million with the resumption of invoicing of pick-up charges. Sales of owned equipment also increased by +€0.9 million over the period (mainly related to the trading of new containers).
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Management activity remains stable (+€0.1 million), driven by sales fees on investor equipment. The Modular Buildings activity, accounted in the "Miscellaneous" line, increase by +€1.1 million (+34%) during the first quarter 2025. OUTLOOK The short term outlook is mixed. Geopolitical issues, announcements on US tariffs and the low European economic growth (impacting intermodal rail transport) are generating uncertainties about world trade growth. On the other hand, possible trade agreements and the e nd of the war in Ukraine could reverse the trend and have positive effects at the end of the year. Over the medium and long term, the underlying trend remains positive for all the Group’s activities. The growing demand for environmentally friendly transport solutions (intermodal, rail and river) is a strong support for our activities. Asset management on behalf of third parties continues to perform well, driven by investor interest in leasing investment strategies for real assets linked to infrastructure and sustainable transport. UPCOMING EVENTS - June 12, 2025: Annual General Meeting - September 18, 2025: Videoconference presentation of the half-year results, in French - September 19, 2025: Videoconference presentation of the half-year results, in English TOUAX Group leases out tangible assets (freight railcars, river barges and containers) on a daily basis worldwide, both on its own account and for investors. With €1. 3 billion of assets under management, TOUAX is one of the leading European players in the leasing of such equipment. TOUAX is listed on the EURONEXT stock market in Paris - Euronext Paris Compartment C (ISIN code: FR0000033003) - and is listed on the CAC® Small, CAC® Mid & Small and EnterNext©PEA-PME 150 indices. For further information please visit: www.touax.com Contacts : TOUAX SEITOSEI ● ACTIFIN Fabrice & Raphaël WALEWSKI Ghislaine Gasparetto touax@touax.com ghislaine.gasparetto@seitosei-actifin.com www.touax.com Tel : +33 1 56 88 11 22 +33 1 46 96 18 00 SEITOSEI•ACTIFIN
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APPENDICES 1 – Analysis of revenue from activities Revenue from activities Q1 2025 Q1 2024 (in € thousand) Leasing revenue on owned equipment 17,136 19,381 Ancillary services 5,880 3,644 Sales of owned equipment 14,731 12,213 Total of owned activity 37,747 35,238 Total of management activity 8,672 9,888 Other capital gains on disposals 211 0 Total Others 211 0 Total Revenue from activities 46,630 45,126 2 - Table showing the transition from summary accounting presentation to restated presentation Revenue from activities Q1 2025 Retreatment Restated Q1 2024 Retreatment Restated (in € thousand) Q1 2025 Q1 2024 Leasing revenue on owned equipment 17,136 17,136 19,381 19,381 Ancillary services 5,880 -1,152 4,728 3,644 -623 3,021 Sales of owned equipment 14,731 14,731 12,213 12,213 Total of owned activity 37,747 -1,152 36,595 35,238 -623 34,615 Total of management activity 8,672 -6,468 2,204 9,888 -8,123 1,765 Other capital gains on disposals 211 211 0 0 Total Others 211 0 211 0 0 0 Total Revenue from activities 46,630 -7,620 39,010 45,126 -8,746 36,380