Touax: Increase of the activity level in 1st quarter 2025
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 revenue2 for the 1st quarter 2025 amounts to €39.0 million (€38.5 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
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
34,615Total of management activity
2,204
1,765Other capital gains on disposals
211
0
211
Total Others
211
0Total Restated Revenue from activities
39,010
36,380Revenue 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 incomes 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.
ANALYSIS OF THE CONTRIBUTION BY DIVISION
Restated Revenue from activities
Q1 2025
Q1 2024
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
13,507Total of management activity
520
746Total Freight Railcars
13,444
14,253Leasing 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
2,946Total of management activity
629
32Total River Barges
4,350
2,978Leasing 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
15,037Total of management activity
1,055
987Other capital gains on disposals
-2
0
-2
Total Others
-2
0Total Containers
17,031
16,024Leasing revenue on owned equipment
0
4
-4
Sales of owned equipment
3,972
3,121
851
Total of owned activity
3,972
3,125Other capital gains on disposals
213
0
213
Total Others
213
0Total Miscellaneous and eliminations
4,185
3,125
Total Restated Revenue from activities
39,010
36,380The 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). 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 end 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 ● ACTIFINFabrice & Raphaël WALEWSKI Ghislaine Gasparettotouax@touax.com ghislaine.gasparetto@seitosei-actifin.comwww.touax.com Tel : +33 1 56 88 11 22 +33 1 46 96 18 00
APPENDICES
1 – Analysis of revenue from activities
Revenue from activities
Q1 2025
Q1 2024Leasing 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
RestatedQ1 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
36,3801 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 presented 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 2024
Attachment
ENG TOUAX Press release - Q1 2025
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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: Contacts : TOUAX SEITOSEI ● ACTIFINFabrice & Raphaël WALEWSKI Ghislaine Gasparettotouax@ Tel : +33 1 56 88 11 22 +33 1 46 96 18 00 APPENDICES 1 – Analysis of revenue from activities Revenue from activities Q1 2025 Q1 2024Leasing 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 RestatedQ1 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 36,3801 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 presented 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 presentation allows for a direct reading of the management activity, including syndication fees, sales fees and management 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 2024 Attachment ENG TOUAX Press release - Q1 2025
