TOUAX : Financial reports TOUAX 2025 Half-year report

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Your operational leasing solution for sustainable transportation Half-year report June 30, 2025 The present half-year financial report has been drawn up in accordance with Articles 4.2.1 and 4.2.3 of the Euronext Growth Market Rules. Sommaire Half-year progress report on the interim financial statements to June 30, 2025 3 Key figures 3 Reminder concerning the businesses 3 Restated revenue from activities 4 Variation in the Group's results 6 Other items of the consolidated results 7 Group consolidated balance sheet 7 Principal outstanding investments 7 Significant events in the first half of 2025 7 Significant post balance-sheet events 7 O UTLOOK 8 Risks and uncertainties regarding the second half-year 8 Main related party transactions 8 Condensed consolidated half-year financial statements 9 Statutory auditors' review report on the Condensed Half-year Consolidated Financial Statements 33 Half-year progress report on the interim financial statements to June 30, 2025 K EY FIGURES The tables below show extracts from the income statements, statements of financial position and cash flow statements from the condensed consolidated financial statements for the six-month periods to June 30, 2025 and June 30, 2024 and full-year 2024. The financial information given below must be understood in the light of the half-year condensed consolidated financial statements and the other information given in the half-year progress report given below. (in thousands of euros) 06.2025 06.2024 12.2024 Revenue from activities 97,731 97,291 198,533 Restated revenue on owned activity (1) 74,961 72,560 152,455 Restated revenue on management activity (1) 8,498 7,861 12,544 Capital gains or losses on disposals unrelated to recurring activities 211 5 14 Total restated revenue from activities (1) 83,670 80,426 165,013 Operating EBITDA 30,548 30,049 58,969 Operating income 14,425 14,582 26,581 Consolidated attributable income - Group's share 2,497 3,830 3,879 of which net income from retained activities 2,497 2,330 2,411 of which net income from discontinued activities - 1,500 1,468 Earnings per share (euro) 0.36 0.55 0.56 (1) The reconciliation between the published figures and these aggregates is presented in note 4.1 of the condensed consolidated half-year financial statements. (in thousands of euros) 06.2025 12.2024 06.2024 Total assets 576,987 611,438 573,734 Gross tangible fixed assets (1) 598,368 606,904 581,716 Total non-current assets 416,556 424,781 415,108 Shareholders' equity - Group's share 71,387 81,558 82,000 Consolidated shareholder's equity 138,448 153,288 152,977 Minority interests 67,061 71,730 70,977 Gross financial debt 362,045 355,855 340,063 Net financial debt (2) 329,346 304,687 297,080 (1) Gross property, plant and equipment excludes the value of internal capital gains. (2) Net indebtedness corresponds to gross indebtedness including cash and cash equivalents and derivative instruments. R EMINDER CONCERNING THE BUSINESSES With operations across five continents, TOUAX leases and sells freight railcars, river barges and containers throughout the world, on its own behalf and on behalf of investors. With managed assets worth €1.2 billion, TOUAX is one of the European leaders for leasing this type of equipment. TOUAX achieved restated revenue from activities of €83.7 million in the first half of 2025, of which 97% was achieved outside France. ı Freight Railcars division TOUAX, through its Irish subsidiary Touax Rail Ltd, manages 11,988 platforms (8,944 railcars) at the end of June 2025. The Group specializes in 45', 60', 90' and 106' intermodal flat wagons, and also markets car-carrier and hopper wagons. The currency of the Freight Railcars division is the euro in Europe and the Indian rupee in India. In Europe, the Group offers its leasing and maintenance services via a network of agencies and agents located in most of the European countries. TOUAX may also sell used and new railcars. TOUAX offers complete hedging to all its clients. The Group mainly operates railcars on its own behalf (71% of the managed fleet) and partly through third-party asset management (29% of the managed fleet in number of platforms). ı River Barges division The TOUAX Group is present in Europe and North and South America with a fleet of 112 barges at the end of June 2025 for its own and for third parties, representing a capacity of over 296,000 tons. TOUAX provides its services: in France on the Seine and Rhone, in Northern Europe on the Rhine (Meuse, Moselle, Main), in Central Europe on the Danube, in North America on the Mississippi, in South America on the Paraná-Paraguay. TOUAX offers its customers comprehensive expertise in the field of river transport, in particular with leasing and trade in river transport equipment. The currency of the River Barges division is the dollar in the United States and South America, and the euro in Europe. TOUAX's customers are river logistics operators and industrial companies. ı Containers division Through Touax Global Container Solutions, TOUAX managed a fleet of about 311,000 CEU at the end of June 2025, making it the leader in Continental Europe and the seventh largest container leasing company in the world. The Group specializes in standard dry containers (20 feet, 40 feet, and 40 feet high capacity) which can be leased to all shipping companies worldwide. The average age of its fleet is of 10 years. 64% of the containers are managed on behalf of third-party investors, and the remainder belongs to the Group (number of CEU). The Containers division deals in US dollars. TOUAX Global Container Solutions offers a very extensive range of contracts: Short-term operational leasing (annually renewable master lease or one way leasing), Long -term operational leasing (3 to 10 years) with or without an option to buy (these contracts account for 75% of the fleet managed), Occasionally financial leasing (sale and leaseback and lease-purchase program). TOUAX also sells new and used containers. The Group's utilization rate was of 95% on June 30, 2025. TOUAX Global Container Solutions works with various shipping companies, including the 25 largest shipping companies in the world, many of which have a history of leasing from us that dates back over 20 years. The company is established internationally through a network of 2 regional offices (Singapore for Asia, Middle East, Europe and Africa, and Miami for the Americas) and representations in the following locations: Philadelphia, Chicago, Austin, Sao Paulo, Aarhus and Shanghai. With about 200 warehouses located in the main port zones in the world, TOUAX Global Container Solutions thereby offer a global cover to all its customers. ı Modular Buildings division The Modular Buildings activity is not significant in relation to the Group's other transportation activities and is presented in segment information in the Miscellaneous category. R ESTATED REVENUE FROM ACTIVITIES In order to enable a more detailed and more accurate reading of its activities, revenues from activities are restated in order to present owned activities separately from management activities (see note 5 of the condensed consolidated half-year financial statements). For management activities, leasing revenue from investor-owned equipment (active or passive) is replaced by management fees, which correspond to the net contribution of the leasing management activity to the Group's performance. This presentation shows syndication fees, sales fees and management fees, grouped together under management activity, separate from owned activity. ı Variation in restated revenue from activities Total restated revenue from activities increased by €3.2 million (equal to +4%), from €80.4 million in June 2024 to €83.7 million in June 2025. At constant scope and currency, revenue from activities increased by +4.78%. The dollar depreciated between the two periods, from $1.0812 = €1 on the first semester of 2024 to $1.093 = €1 on the first semester of 2025. The Freight Railcars activity showed a decreased of €1.2 million. This decrease is due to the slowdown in the European rail transport market in the intermodal segment, which impacted the leasing activity, despite an increase in the management activity. The River Barges activity increased its turnover by €0.3 million. The increase in chartering activity and leasing revenue offset the decrease of syndication fees in the management activity. The Containers activity increased by €6.2 million. The decrease in leasing revenue is offset by the increase in ancillary services and the sale of owned equipment. Syndication fees and sales of investor-owned containers continue to grow. The Modular Buildings sales decreased by €2.3 million. Owned activity increased by €2.4 million. This increase is mainly due to higher sales in the Containers division. Management activity rose by €0.6 million. Syndication fees and sales fees contribute equally to this performance. Restated revenue from activities by geographical (in thousands of euros) 06.2025 Variation June 06.2024 2025/2024 12.2024 ı Analysis by geographical area International 40,312 34,073 6,239 18.3% 70,945 Europe 29,694 31,208 (1,514) -4.9% 61,151 Americas 1,846 1,405 441 31.4% 2,966 Africa 7,017 9,326 (2,309) -24.8% 21,120 Asia 4,801 4,414 387 8.8% 8,831 TOTAL Restated revenue from activities 83,670 80,426 3,244 4.0% 165,013 For the Freight Railcars and River Barges activities, the services, markets, and clients are in identical locations. The Containers division is present at the international level, since the containers travel on hundreds of global trade routes. Capital gains or losses on disposals unrelated to recurring activities 211 5 206 0.0% 14 Restated revenue from activities 06.2025 06.2024 Variation June 12.2024 (in thousands of euros) 2025/2024 ı Analysis by division Freight Railcars 27,973 29,148 (1,175) -4.0% 58,099 Owned activity 26,185 27,521 (1,336) -4.9% 55,383 Management activity 1,788 1,627 161 9.9% 2,716 River Barges 8,155 7,871 284 3.6% 14,836 Owned activity 7,419 6,165 1,254 20.3% 12,047 Management activity 736 1,706 (970) -56.9% 2,789 Containers 40,313 34,073 6,240 18.3% 70,943 Owned activity 34,339 29,545 4,794 16.2% 63,904 Management activity 5,974 4,528 1,446 31.9% 7,039 Modular Buildings 7,018 9,321 (2,303) -24.7% 21,106 Owned activity 7,018 9,321 (2,303) -24.7% 21,106 Others - 8 (8) -100.0% 15 Owned activity - 8 (8) -100.0% 15 Total Restated revenue 83,459 80,421 3,038 3.8% 164,999 Total Capital gains or losses on disposals unrelated to recurring activities 211 5 206 0.0% 14 Total Restated revenue from activities 83,670 80,426 3,244 4.0% 165,013 Freight Railcars division Restated revenue from activities in the Freight Railcar division decreased by -€1.2 million, from €29.1 million on 30 June 2024 to €28 million on 30 June 2025. Owned activity fell by -€1.3 million over the semester. Its revenue decreased from €27.5 million in June 2024 to €26.2 million in June 2025. This decrease is due to the slowdown in the European rail transport market, particularly in the intermodal segment. The management activity increased by €0.2 million. Its turnover increased from €1.6 million in June 2024 to €1.8 million in June 2025. Syndication fees explain this increase. River Barges division Restated revenue from activities in the River Barges division increased by €0.3 million, changing from €7.9 million to €8.2 million. The increase in chartering business (+€0.7 million) and the rise in leasing revenues (+€0.3 million) offset the decline in syndication margin within management activities. Containers division Restated revenue from activities in the Containers division increased by €6.2 million, changing from €34.1 million in June 2024 to €40.3 million in June 2025. Owned activity increased by €4.8 million. Its turnover changed from €29.5 million in June 2024 to €34.3 million in June 2025. Leasing revenues fell by €2.1 million, the invoicing of a bankrupt customer in 2024 represents most of this variation. Ancillary services and container trading sales rose significantly (+€6.9 million). Management activity increased by €1.4 million. Its revenue increased from €4.5 million in June 2024 to €6 million in June 2025. Syndication fees rose by +€1.1 million which is explained by an improvement in margin. Management fees are stable. The sale fees of investor-owned containers rose by €0.3 million. Miscellaneous The revenues in the Modular Buildings division are grouped together in the miscellaneous & eliminations sector. The activity of the division is centred on the sale of modular buildings. Revenue fell by €2.3 million. V ARIATION IN THE G ROUP ' S RESULTS Segment information is presented in accordance with IFRS 8 based on internal management reports. Result (in thousands of euros) 06.2025 06.2024 Variation June 2025/2024 12.2024 FREIGHT RAILCARS Operating EBITDA Segment-based current operating income 15,004 3,789 16,951 5,810 (1,947) (2,021) 32,117 9,477 RIVER BARGES Operating EBITDA Segment-based current operating income 2,823 1,077 3,934 2,221 (1,111) (1,144) 6,925 3,489 CONTAINERS Operating EBITDA Segment-based current operating income 11,034 8,363 7,103 4,530 3,931 3,833 14,472 8,702 TOTAL SEGMENTS (exluding Miscellaneous & eliminations) Operating EBITDA (excluding Miscellaneous & eliminations) Segment-based current operating income (excluding Miscellaneous & eliminations) 28,861 13,229 27,988 12,561 873 668 53,514 21,668 Miscellaneous & eliminations 1,196 1,604 (408) 4,496 Current operating income 14,425 14,165 260 26,164 Other operating revenues and expenses - 417 (417) 417 Operating income 14,425 14,582 (157) 26,581 Financial result (11,372) (10,829) (543) (21,914) Profit before tax 3,053 3,753 (700) 4,667 Corporate income tax (773) (649) (124) (1,587) Net income from retained activities Net income from discontinued activities 2,280 - 3,104 1,500 (824) (1,500) 3,080 1,468 CONSOLIDATED NET INCOME 2,280 4,604 (2,324) 4,548 Of which Minority interests (217) 774 (991) 669 Of which CONSOLIDATED NET ATTRIBUTABLE INCOME 2,497 3,830 (1,333) 3,879 Of which net income from retained activities Of which net income from discontinued activities 2,497 - 2,330 1,500 167 (1,500) 2,411 1,468 The Freight Railcars division reported a €2 million decrease in current operating income, due to leasing activity impacted by the slowdown in the European rail transport market in the intermodal segment. The River Barges division reported a €1.1 million decrease in current operating income, as a result of lower syndication during the first half-year. Leasing activity remained stable. At June 30, 2025, operating income for the Containers division was up €3.8 million, thanks to trading sales and syndications. The Modular Buildings division and miscellaneous items reported a decrease in operating income in the first half of 2025, reflecting lower activity. O THER ITEMS OF THE CONSOLIDATED RESULTS ı Financial result The financial result showed an expense of €11.4 million at June 30, 2025 compared with €10.8 million at June 30, 2024. The financial result is mainly composed of interest expenses. ı Net result - Group's share The consolidated net income (Group's share) is at €2.5 million at June 30, 2025 compared to €3.8 million at June 30, 2024. Net earnings per share amounted to €0.36 (€0.55 in June 2024). Diluted earnings per share were unchanged. In 2024, net income from discontinued activities corresponds to an earn-out on the disposal of the European modular business in 2017, closing this sale. G ROUP CONSOLIDATED BALANCE SHEET The consolidated balance sheet total amounted at €577 million at June 30, 2025, compared with €611.4 million at December 31, 2024. Total non-current assets amounted to €416.6 million (including €382.6 million in property, plant and equipment) at June 30, 2025, compared with €424.8 million (including €394.3 million in property, plant and equipment) at December 31, 2024. Long-term financial assets amounted at €1.8 million at June 30, 2025, compared with €1.5 million at December 31, 2024. Inventories amounted at €93.1 million at June 30, 2025, compared with €104.8 million at December 31, 2024. Shareholders' equity amounted at €138.4 million at June 30, 2025, compared with €153.3 million at December 31, 2024. Non-current liabilities amounted to €259.6 million at June 30, 2025, compared with €195.7 million at December 31, 2024. Consolidated net financial debt (after deducting cash and cash equivalents, marketable securities and derivative assets) amounted to €329.3 million (€304.7 million at December 2024). P RINCIPAL OUTSTANDING INVESTMENTS ı Firm investment commitments Firm orders and commitments amounted to €31.3 million at June 30, 2025, broken down into €21 million for freight railcars, €8.6 million for containers and €1.7 million for barges (see Note 24). S IGNIFICANT EVENTS IN THE FIRST HALF OF 2025 Non-recurring events: On August 13, 2025, TOUAX SCA (Ticker: TOUP, ISIN code: FR0000033003, the "Company") transfer the listing of its shares to the Euronext Growth Paris market. The application for admission of the Company's shares to the Euronext Growth Paris market was approved by the Euronext Admission Committee on August 7, 2025. The purpose of this transfer is to enable the Company to be listed on a market offering a regulatory framework better suited to its size. The transfer of listing is intended, in particular, to simplify the administrative obligations imposed on the Company and reduce management costs, while allowing it to continue to benefit from the attractiveness of the financial markets. Operational performance: Operating EBITDA rose by 2%, while consolidated net income decreased by 35%, but increased by 30% after restating for non-recurring events in 2024 (€1.9 million). The growth in container sales achieved in the first half of 2025 offset the market slowdowns in the other divisions. For reference, Operating EBITDA does not include non-recurring items such as other current operating income and expenses and the results of discontinued operations, unlike EBITDA as defined by ESMA. At June 30, 2025, EBITDA and Operating EBITDA were identical due to the absence of non-recurring items. Financing transaction: TOUAX has set up a €50 million green loan with the European Investment Bank (EIB) for its Freight Railcars activity. TOUAX Rail obtained this financing on April 30, 2025, with a maturity of 14 years. S IGNIFICANT POST BALANCE - SHEET EVENTS None. O UTLOOK From a structural point of view, freight transport markets continue to require the replacement of ageing fleets of equipment, and the growth in trade in goods calls for new equipment. Operators continue to outsource their assets and seek financial solutions through equipment leasing. From a cyclical point of view, the current geopolitical environment is creating temporary economic tensions, with a more or less moderate impact on consumption and goods trading. R ISKS AND UNCERTAINTIES REGARDING THE SECOND HALF - YEAR Risk management is described in the 2024 universal registration document filed with the AMF under number D.25-0135 on March 21, 2025. TOUAX does not anticipate any change in the risks described in the 2024 universal registration document. M AIN RELATED PARTY TRANSACTIONS The nature of transactions carried out by the Group with related parties is detailed in Note 34 to the 2024 consolidated financial statements included in the 2024 universal registration document. In the first half of 2025, no significant changes were observed in transactions carried out with related parties. Condensed consolidated half-year financial statements Consolidated income statement, presented by nature (in thousands of euros) note n° 06.2025 06.2024 12.2024 Revenue from activities 6 97,731 97,291 198,533 Purchases and other external expenses (48,482) (43,719) (92,831) Personnel expenses 7 (10,060) (9,556) (19,688) Other operating income and expenses (120) 435 1,614 Operating provisions (151) (2,448) (4,566) Net distributions to investors 8 (8,370) (11,954) (24,093) OPERATING EBITDA 30,548 30,049 58,969 Depreciation and impairments (16,123) (15,884) (32,805) CURRENT OPERATING INCOME 14,425 14,165 26,164 Other operating income and expenses 9 - 417 417 OPERATING INCOME 14,425 14,582 26,581 Income in cash and cash equivalent 288 152 555 Gross cost of financial debt (10,739) (10,859) (21,643) Net cost of financial debt (10,451) (10,707) (21,088) Other financial income and expenses (921) (122) (826) NET FINANCIAL EXPENSE 10 (11,372) (10,829) (21,914) CURRENT INCOME BEFORE TAXES 3,053 3,753 4,667 Income tax benefit (expense) 11 (773) (649) (1,587) Net income from retained activities 2,280 3,104 3,080 Net income from discontinued activities 12 - 1,500 1,468 GLOBAL CONSOLIDATED NET INCOME 2,280 4,604 4,548 Of which non-controlling interest (minority interests) (217) 774 669 Of which NET INCOME GROUP SHARE 2,497 3,830 3,879 Of which net income from retained activities 2,497 2,330 2,411 Of which net income from discontinued activities - 1,500 1,468 Net income per share (euro) 13 0.36 0.55 0.56 Of which net income from retained activities per share 13 0.36 0.33 0.35 Diluted net earnings per share (euro) 13 0.36 0.55 0.56 Statement of other comprehensive income (in thousands of euros) 06.2025 06.2024 12.2024 Global consolidated net income (I) 2,280 4,604 4,548 Differences on conversion (12,797) 3,365 6,058 Change in fair value of cash flow hedging instruments (effective portion) (885) (199) (2,977) Tax on comprehensive income items 109 4 363 Other elements of the comprehensive income that may be subsequently reclassified as net income (II) (13,573) 3,170 3,444 Pension liability (actuarial difference) - - (6) Other elements of the comprehensive income that cannot be subsequently reclassified as net income (III) - - (6) Total Other items of comprehensive income, net of taxes (IV) = (II) + (III) (13,573) 3,170 3,438 of which non-controlling interests (minority interests) (2,674) 285 (567) Global consolidated net income (I) 2,280 4,604 4,548 of which non-controlling interests (minority interests) (217) 774 669 GLOBAL PROFIT/LOSS (V) = (I) + (IV) (11,293) 7,774 7,986 of which non-controlling interests (minority interests) (2,891) 1,059 102 Provisions for retirement indemnities are not material to the Group. Consolidated balance sheet (in thousands of euros) note n° 06.2025 12.2024 06.2024 ASSETS Goodwill 14 5,101 5,101 5,101 Intangible assets 3,399 3,506 3,612 Tangible assets 15 382,585 394,300 381,717 Right of use 17 15,235 12,247 13,081 Long-term financial assets 16 1,795 1,540 1,497 Other non-current assets 16 8,441 8,087 10,100 Deferred tax assets - - - TOTAL non-current assets 416,556 424,781 415,108 Inventories and Work in Progress 18 93,117 104,804 78,207 Trade receivables 28,196 25,355 30,742 Other current assets 19 7,411 7,587 11,033 Cash and cash equivalents 20 31,707 48,911 38,644 TOTAL current assets 160,431 186,657 158,626 TOTAL ASSETS 576,987 611,438 573,734 LIABILITIES Share capital 56,092 56,092 56,092 Reserves and share premium 12,798 21,587 22,078 Profit (loss) for the fiscal year, Group's share 2,497 3,879 3,830 Equity attributable to owners of the parent company 71,387 81,558 82,000 Non-controlling interests (minority interests) 67,061 71,730 70,977 Consolidated shareholders' equity 22 138,448 153,288 152,977 Loans and borrowings 20 241,541 179,091 306,113 Long-term lease liabilities 21 10,277 8,170 8,980 Deferred tax liabilities 6,333 6,711 7,084 Pension and similar liabilities 627 627 562 Other long-term liabilities 819 1,066 1,189 TOTAL non-current liabilities 259,597 195,665 323,928 Short-term lease liabilities 21 1,987 1,868 2,011 Borrowings and current bank facilities 20 120,504 176,764 33,950 Trade payables 14,976 15,125 16,256 Other current liabilities 23 41,475 68,728 44,612 TOTAL current liabilities 178,942 262,485 96,829 TOTAL LIABILITIES 576,987 611,438 573,734 equity reserves hedge the period company interests) (Minority Shareholder's Consolidated reserves Share capital Premiums (in thousands of euros) TOTAL interests attributable to owners of parent Cash flow Income for Conversion Shareholders' equity Non controlling Change in consolidated shareholder's equity Other items of the comprehensive income that may be subsequently reclassified as net income Profit/loss for the period Global profit/loss Capital increases Appropriation of overall 2023 net income Statutory remuneration of general Dividends Miscellaneous Treasury shares - - - 2,781 104 - 2,885 285 3,170 - - - - - - - - - - - - - - - - - - - 3,607 (662) (859) (60) (40) 2,781 - - - - - - 104 - - - - - - 3,830 3,830 - (3,607) - - - - 3,830 6,715 - - (662) (859) (60) (40) 774 1,059 1,438 - - (2,226) - - 4,604 7,774 1,438 - (662) (3,085) (60) (40) Other items of the comprehensive income that may be subsequently reclassified as net income Other items of the comprehensive income that cannot be subsequently reclassified as net income Profit/loss for the period Global profit/loss Capital increases Dividends Operation with minority shareholders Miscellaneous Treasury shares - - - 2,578 (1,444) - 1,134 (860) 274 - - (14) - - - (14) 8 (6) - - - - - - - - - - - - - - - (14) - 15 (1,665) 60 (21) - 2,578 - - - - - - (1,444) - - - - - 49 49 - - - - - 49 1,169 - 15 (1,665) 60 (21) (105) (957) (13) 58 1,665 - - (56) 212 (13) 73 - 60 (21) Other items of the comprehensive income that may be subsequently reclassified as net income Profit/loss for the period Global profit/loss Appropriation of overall 2024 net income Dividends Statutory remuneration of general Miscellaneous Treasury shares - - - (10,339) (560) - (10,899) (2,674) (13,573) - - - - - - - - - - - - - - - - 3,879 (1,073) (706) 1 9 - (10,339) - - - - - - (560) - - - - - 2,497 2,497 (3,879) - - - - 2,497 (8,402) - (1,073) (706) 1 9 (217) (2,891) - (1,778) - - - 2,280 (11,293) - (2,851) (706) 1 9 Situation on 30 June 2025 56,092 5,758 1,648 7,013 (1,621) 2,497 71,387 67,061 138,448 Situation on 1 January 2025 56,092 5,758 (462) 17,352 (1,061) 3,879 81,558 71,730 153,288 Situation on 31 December 2024 56,092 5,758 (462) 17,352 (1,061) 3,879 81,558 71,730 153,288 Situation on 1 January 2024 56,092 5,758 (823) 11,993 279 3,607 76,906 70,706 147,612 Situation on 30 june 2024 56,092 5,758 1,163 14,774 383 3,830 82,000 70,977 152,977 Situation on 1 July 2024 56,092 5,758 1,163 14,774 383 3,830 82,000 70,977 152,977 Net income from retained activities 2,280 3,104 3,080 Net income from discontinued activities - 1,500 1,468 Amortisation and provisions 16,125 15,553 32,767 Change in deferred tax items 118 (36) (135) Capital gains and losses on disposal of fixed assets (1,610) (2,100) (4,144) Other non-cash income and expenses 168 152 (139) Self-financing capacity after cost of net financial indebtedness & tax payable 17,081 18,173 32,897 Financial interests 10,450 10,707 21,088 Interest paid on leases and assets financed through leaseback 167 179 341 Tax payable 655 685 1,722 Self-financing capacity before cost of net financial indebtedness & tax 28,353 29,744 56,048 Tax paid / received (1,069) (1,030) (1,675) Change in Working Capital Requirement related to activity excluding changes in inventories A (8,351) (145) 9,841 Stock variation B (7,589) (8,447) (40,861) Change in investment Working Capital Requirement C (21,470) (15,342) 7,587 Acquisition of assets for leasing (17,704) (9,030) (30,738) Proceeds from sale of owned equipment 6,700 9,271 16,379 Collection of finance leasing receivables (1,465) (1) - sub-total (41,528) (23,549) (47,633) CASH FLOW FROM OPERATING ACTIVITIES (I) (22,595) 5,020 16,581 Investment Operations Acquisition of intangible assets and fixed assets (252) (742) (1,001) Net change in loans and advances granted (3,167) (454) (692) Proceeds from disposal of assets other than those intended for leasing 240 5 20 CHANGE IN NET CASH POSITION (I) + (II) + (III) + (IV) (18,032) (1,040) 9,912 Analysis of cash flow Cash at beginning of financial year 48,911 38,999 38,999 Cash at end of financial year 30,879 37,959 48,911 CHANGE IN NET CASH POSITION (18,032) (1,040) 9,912 Consolidated cashflow statement (in thousands of euros) 06.2025 06.2024 12.2024 CASH FLOW FROM INVESTING ACTIVITIES (II) (3,179) (1,191) (1,673) Financing transactions Collections related to new loans 91,604 55,366 66,938 Contractual loan repayments (71,161) (47,140) (47,982) Net change in financial debts 20,443 8,226 18,956 Leasing liabilities 1,202 (1,052) (2,105) Increase in shareholders' equity - 1,432 1,414 Financial interest paid (10,929) (11,244) (19,647) Interest paid on leases and assets financed through leaseback (167) (179) (341) Distribution of dividends to TOUAX SCA shareholders (1,047) - (844) Distribution of dividends to minority shareholders (735) (2,226) (2,168) Statutory remuneration of general partners - - (661) Other 1 (60) - Net sale (purchase) of treasury shares 9 (40) (61) CASH FLOW FROM FINANCING TRANSACTIONS (III) 8,777 (5,143) (5,457) Effect of exchange rate fluctuations (1,035) 274 461 CASH FLOW FROM EXCHANGE RATE FLUCTUATIONS (IV) (1,035) 274 461 Net cash includes current bank facilities. (in thousands of euros) 06.2025 06.2024 12.2024 Change in the operational working capital Decrease / (Increase) in inventories and work in progress (7,589) (8,447) (40,861) Change in inventory (2) B (7,589) (8,447) (40,861) Decrease/(increase) in trade receivables (4,637) (5,733) (48) Decrease/(increase) in other current assets 260 (2,118) 1,341 (Decrease)/increase in trade payables 449 1,973 706 (Decrease)/increase in other liabilities (4,423) 5,733 7,842 Change in operating working capital excluding change in inventory (1) A (8,351) (145) 9,841 Change in the working capital (1)+(2) (15,940) (8,592) (31,020) Change in Working Capital for investment C Decrease / (increase) in receivables / fixed assets - - - Decrease / (increase) in liabilities / fixed assets (21,470) (15,342) 7,587 Change in Working Capital for investment (21,470) (15,342) 7,587 Notes to the condensed consolidated half-year financial statements Accounting rules and methods note 1.1. B ASIS FOR PREPARING AND PRESENTING THE CONDENSED CONSOLIDATED HALF - YEAR FINANCIAL STATEMENTS FOR THE PERIOD TO J UNE 30, 2025 The consolidated financial statements of TOUAX SCA are presented in accordance with international standards (IFRS - International Financial Reporting Standards) approved by the European Union. The condensed consolidated half-year financial statements have been drawn up in accordance with IAS 34 "Interim Financial Reporting". The condensed consolidated half-year accounts do not contain all of the information required for full annual financial statements and should be read in conjunction with the annual consolidated accounts for the year ended 31 December 2024 available in the Group's 2024 universal registration document. The accounting principles and methods of assessment have been applied consistently for the periods presented. The interim financial statements have been drawn up in accordance with the same rules and methods used to draw up the annual financial statements, except for the changes from new standards applicable at 1 January 2025 and for the calculation of the current and deferred income tax expense. The income tax expense has been calculated by applying the estimated annual average tax rate for the current fiscal year for each entity or tax group, to the accounting income for the period. The condensed consolidated half-year financial statements for the period to June 30, 2025 and the notes to these financial statements were approved on September 18, 2025 by the Managers. The condensed interim consolidated financial statements are presented in euros rounded up or down to the nearest thousand euros, unless otherwise stated. ı Standards, amendments and interpretations adopted by the European Union and which must be applied from 1 January 2025 The standards and interpretations that are mandatory from 1 January 2025 have no significant impact on the consolidated accounts of 30 June 2025. Amendment to IAS 21 - Lack of convertibility - The amendment introduces a consistent two-step approach to determine whether a currency is exchangeable into another currency, or otherwise which spot rate to use. These amendments have no impact on the condensed consolidated financial statements as of 30 June 2025. ı Standards, interpretations and guidelines adopted by the European Union but not yet applicable as at 30 June 2025 Amendments to IFRS 9 / IFRS 7: Classification and measurement of financial instruments: These amendments clarify how to classify financial assets with environmental characteristics, as well as the date of derecognition of a financial asset or liability paid electronically, while offering a choice of methods for derecognizing a financial liability before cash delivery on the settlement date, if certain criteria are met. Additional disclosures are required on investments in equity instruments measured at fair value through other comprehensive income and on financial instruments with features linked to contingent events. Effective date: 01/01/2026 A study of the impacts and practical consequences of applying these amendments to standards is currently underway. note 1.2. E STIMATES Drawing up financial statements in accordance with IFRS standards leads management to make estimates and assumptions affecting the carrying amount of certain assets and liabilities, income and expenses, as well as the information disclosed in certain notes to the financial statements. Since these assumptions are by nature uncertain, actual outcomes may differ from these estimates. The Group regularly reviews its estimates and assessments in order to take past experience into account and to include factors deemed relevant in light of economic conditions. The accounts and information subject to significant estimates mainly concern the valuation of goodwill (see note 14), the assessment of possible impairment losses on tangible assets (see note 15), financial assets (see note 16), derivative financial instruments (see note 16), inventories and work in progress (see note 18), provisions for risks and charges, deferred taxes (see note 11) and lease liabilities (see note 21). note 1.3. S EASONAL NATURE OF THE BUSINESS The Group's businesses do not show a marked seasonal activity. Specific risks These risks have been developed in the 2024 universal registration document in note 3.4 in the legal and regulatory risks section and note 22.2 of the RSE report. note 2.1. I NTEREST - RATE RISKS The Touax Group uses debt to carry out its investment policy. Part of the Group's debt is at variable rates. Interest-rate risk is therefore mainly associated with these variable-rate loans. In order to limit the negative impact of a rise in interest rates, the Group applies a non-speculative interest rate management policy, using standard derivatives and negotiating its new borrowings at fixed or variable rates, depending on whether it wishes to modify the fixed/floating rate split of its debt. The hedges put in place do not necessarily modify the split between fixed and floating rates: the debt remains at variable rates, but the exposure is hedged. At the end of June 2025, 81% of variable-rate debt was hedged. This means that a total of 86% of the Group's debt is at fixed or hedged floating rates. note 2.2. C LIMATE RISKS Climate risks are described in note 3.4.4 of the 2024 universal registration document. Transaction with related parties Transactions with related parties are detailed in the 2024 universal registration document, in note 34 to the consolidated financial statements. No transactions with related parties had a significant impact on the financial position or results during the period. No changes affecting the transactions with related parties mentioned in the previous report have occurred that are likely to have a significant impact on the issuer's financial position. Changes in the scope of consolidation None. Segment information In accordance with IFRS 8 Operating Segments, the information presented below for each operating segment comes from the internal management report submitted to the Group's management. To facilitate understanding of business performance, the key indicators in the Group's business report are presented differently from the IFRS income statement. For this purpose, no distinction is made in third-party account management, which is presented solely in the form of an agent: rental revenue from equipment owned by passive investors is replaced by management fees, which correspond to the net contribution of the leasing management activity to the Group's performance (see note 1.20 of the annual consolidated accounts appendix for the year ending 31 December 2024). This presentation therefore allows direct reading of syndication fees, sales fees and management fees, grouped together under management activity, distinct from owned activity. This presentation does not result in any differences in EBITDA, operating income or net income. note 5.1. T ABLE OF TRANSITIONS Table showing transition of published figures to restated figures as presented in note 5.2: Consolidated income statement, presented by function (in thousands of euros) 06.2025 06.2024 Published Restatements Freight Containers Railcars Restated Published Restatements Freight Containers Railcars Restated Leasing revenues on owned equipment 34,917 - - 34,917 37,489 - - 37,489 Ancillary services 10,735 (225) (1,718) 8,792 8,166 (174) (1,032) 6,960 Sales of owned equipment 31,252 - - 31,252 28,111 - - 28,111 Total of owned activity 76,904 (225) (1,718) 74,961 73,766 (174) (1,032) 72,560 Leasing revenues on managed equipment 13,173 (5,857) (7,316) - 16,905 (6,713) (10,192) - Syndication fees 5,444 - - 5,444 5,131 - - 5,131 Management fees 1,004 585 470 2,059 824 681 565 2,070 Sales fees 995 - - 995 660 - - 660 Total of management activity 20,616 (5,272) (6,846) 8,498 23,520 (6,032) (9,627) 7,861 Capital gains or losses on disposals unrelated to recurring activities 211 - - 211 5 - - 5 Revenue from activities 97,731 (5,497) (8,564) 83,670 97,291 (6,206) (10,659) 80,426 Cost of sales of equipment (26,427) - - (26,427) (23,638) - - (23,638) Operating expenses (17,485) 3,288 2,402 (11,794) (18,199) 3,019 1,892 (13,288) Sales, general and administrative expenses (14,901) - - (14,901) (13,451) - - (13,451) Net distributions to investors (8,370) 2,209 6,162 - (11,954) 3,187 8,767 - OPERATING EBITDA 30,548 - - 30,548 30,049 - - 30,049 OPERATING INCOME 14,425 - - 14,425 14,582 - - 14,582 CONSOLIDATED NET INCOME, GROUP SHARE 2,497 - - 2,497 3,830 - - 3,830 Consolidated income statement, presented by function (in thousands of euros) 12.2024 Published Restatements Freight Containers Railcars Restated Leasing revenues on owned equipment 73,437 - - 73,437 Ancillary services 17,040 (224) (2,931) 13,886 Sales of owned equipment 65,132 - - 65,132 Total of owned activity 155,609 (224) (2,931) 152,455 Leasing revenues on managed equipment 32,786 (13,673) (19,113) - Syndication fees 6,371 - - 6,371 Management fees 1,681 1,396 1,024 4,101 Sales fees 2,072 - - 2,072 Total of management activity 42,910 (12,276) (18,089) 12,544 Capital gains or losses on disposals unrelated to recurring activities 14 - - 14 Revenue from activities 198,533 (12,500) (21,020) 165,013 Cost of sales of equipment (53,349) - - (53,349) Operating expenses (34,357) 5,381 4,046 (24,930) Sales, general and administrative expenses (27,765) - - (27,765) Net distributions to investors (24,093) 7,119 16,974 - OPERATING EBITDA 58,969 - - 58,969 OPERATING INCOME 26,581 - - 26,581 CONSOLIDATED NET INCOME, GROUP SHARE 3,879 - - 3,879 note 5.2. I NCOME STATEMENT BY D IVISION 06.2025 (in thousands of euros) Freight Miscellaneaous & River Barges Containers Railcars eliminations Total Leasing revenues on owned equipment 23,554 3,956 7,407 - 34,917 Ancillary services 1,588 3,166 4,038 - 8,792 Sales of owned equipment 1,043 297 22,894 7,018 31,252 Total of owned activity 26,185 7,419 34,339 7,018 74,961 Syndication fees 761 583 4,100 - 5,444 Management fees 1,027 153 879 - 2,059 Sales fees - - 995 - 995 Total of management activity 1,788 736 5,974 - 8,498 Capital gains or losses on disposals unrelated to recurring activities - - (2) 213 211 RESTATED REVENUE FROM ACTIVITIES 27,973 8,155 40,311 7,231 83,670 Cost of sales of equipment (729) (230) (20,853) (4,615) (26,427) Operating expenses (5,063) (3,293) (3,098) (340) (11,794) Sales, general and administrative expenses (7,177) (1,809) (5,326) (589) (14,901) OPERATING EBITDA 15,004 2,823 11,034 1,687 30,548 Depreciation, amortization and impairments (11,215) (1,746) (2,671) (491) (16,123) CURRENT OPERATING INCOME 3,789 1,077 8,363 1,196 14,425 Other revenues (expenses), net - - - - - OPERATING INCOME 3,789 1,077 8,363 1,196 14,425 Net financial expense (11,372) PROFIT BEFORE TAX 3,053 Income tax benefit (expense) (773) Net income from retained activities Net income from discontinued activities 2,280 - NET INCOME OF CONSOLIDATED COMPANIES 2,280 Of which non-controlling interest (minority interests) (217) Of which CONSOLIDATED NET INCOME (LOSS), GROUP'S SHARE 2,497 Of which net income from retained activities Of which net income from discontinued activities 2,497 - 06.2024 Freight Miscellaneaous & River Barges Containers ( in thousands of euros) Railcars eliminations Total Leasing revenues on owned equipment 24,359 3,657 9,464 9 37,489 Ancillary services 2,692 2,507 1,761 - 6,960 Sales of owned equipment 470 1 18,320 9,320 28,111 Total of owned activity 27,521 6,165 29,545 9,329 72,560 Syndication fees 508 1,643 2,980 - 5,131 Management fees 1,119 63 888 - 2,070 Sales fees - - 660 - 660 Total of management activity 1,627 1,706 4,528 - 7,861 Capital gains or losses on disposals unrelated to recurring activities - - - 5 5 RESTATED REVENUE FROM ACTIVITIES 29,148 7,871 34,073 9,334 80,426 Cost of sales of equipment (62) - (16,850) (6,726) (23,638) Operating expenses (5,343) (2,438) (5,253) (254) (13,288) Sales, general and administrative expenses (6,792) (1,499) (4,867) (293) (13,451) OPERATING EBITDA 16,951 3,934 7,103 2,061 30,049 Depreciation, amortization and impairments (11,141) (1,713) (2,573) (457) (15,884) CURRENT OPERATING INCOME 5,810 2,221 4,530 1,604 14,165 Other revenues (expenses), net - 417 - - 417 OPERATING INCOME 5,810 2,638 4,530 1,604 14,582 Net financial expense (10,829) PROFIT BEFORE TAX 3,753 Income tax benefit (expense) (649) Net income from retained activities Net income from discontinued activities 3,104 1,500 NET INCOME OF CONSOLIDATED COMPANIES 4,604 Of which non-controlling interest (minority interests) 774 Of which CONSOLIDATED NET INCOME (LOSS), GROUP'S SHARE 3,830 Of which net income from retained activities Of which net income from discontinued activities 2,330 1,500 Leasing revenues on owned equipment 48,176 7,307 17,937 17 73,437 Ancillary services 5,789 4,739 3,358 - 13,886 Sales of owned equipment 1,418 1 42,609 21,104 65,132 Total of owned activity 55,383 12,047 63,904 21,121 152,455 Syndication fees 508 2,615 3,248 - 6,371 Management fees 2,208 174 1,719 - 4,101 Sales fees - - 2,072 - 2,072 Total of management activity 2,716 2,789 7,039 - 12,544 Capital gains or losses on disposals unrelated to recurring activities - - - 14 14 RESTATED REVENUE FROM ACTIVITIES 58,099 14,836 70,943 21,135 165,013 Cost of equipment sales (828) - (38,412) (14,109) (53,349) Operating expenses (11,361) (4,897) (8,190) (482) (24,930) General and administrative expenses (13,793) (3,014) (9,869) (1,089) (27,765) OPERATING EBITDA 32,117 6,925 14,472 5,455 58,969 Depreciation and impairments (22,640) (3,436) (5,770) (959) (32,805) CURRENT OPERATING INCOME 9,477 3,489 8,702 4,496 26,164 Other operating income and expenses - 417 - - 417 OPERATING INCOME 9,477 3,906 8,702 4,496 26,581 12.2024 (In thousands of euros) Railcars Barges Containers & Eliminations Freight River Miscellaneous Total FINANCIAL PROFIT OR LOSS (21,914) CURRENT INCOME BEFORE TAXES 4,667 Taxes on profit (1,587) Net income from continuing activities 3,080 Net income from discontinued operations 1,468 GLOBAL CONSOLIDATED NET INCOME 4,548 Of which non-controlling interests (minority interests) 669 Of which GROUP SHARE OF NET INCOME 3,879 Of which net income from continuing operations Of which net income from discontinued activities 2,411 1,468 note 5.3. B ALANCE SHEET BY DIVISION 06.2025 Miscellaneous (In thousands of euros) Freight Railcars River Barges Containers & Eliminations Total ASSETS Goodwill 5,101 - - - 5,101 Intangible assets 1,326 - 1,940 133 3,399 Tangible assets 272,579 33,005 74,881 2,120 382,585 Right of use 48 14,127 280 780 15,235 Long-term financial assets 1,201 11 89 494 1,795 Other non-current assets 8,158 - 270 13 8,441 Deferred tax assets - - TOTAL non-current assets 288,413 47,143 77,460 3,540 416,556 Inventories and Work in Progress 30,189 - 59,573 3,355 93,117 Trade receivables 5,970 2,120 16,162 3,944 28,196 Other current assets 3,787 869 332 2,423 7,411 Cash and cash equivalents 31,707 31,707 TOTAL current assets 39,946 2,989 76,067 41,429 160,431 TOTAL ASSETS 576,987 LIABILITIES Non controlling interests (minority interests) 67,061 - - - 67,061 Consolidated shareholders' equity 71,387 138,448 Loans and borrowings 241,541 241,541 Long-term lease liabilities 10,277 10,277 Deferred tax liabilities 6,333 6,333 Pension and similar liabilities 257 66 88 216 627 Other long-term liabilities 738 24 - 57 819 TOTAL non-current liabilities 995 90 88 258,424 259,597 Short-term lease liabilities 1,987 1,987 Borrowings and current bank facilities 120,504 120,504 Trade payables 9,769 1,638 2,536 1,033 14,976 Other current liabilities 10,033 1,930 25,955 3,557 41,475 TOTAL current liabilities 19,802 3,568 28,491 127,081 178,942 TOTAL LIABILITIES 576,987 Share capital Reserves and share premium Profit (loss) for the fiscal year, Group's share 56,092 56,092 12,798 12,798 2,497 2,497 Equity attributable to owners of the parent company 71,387 71,387 Intangible & tangible investments over the period 15,108 2,683 82 83 17,956 Workforce by business (FTE) 67 9 37 122 235 (in thousands of euros) ASSETS & Eliminations Goodwill 5,101 - - - 5,101 Intangible assets 1,355 - 1,982 169 3,506 Tangible assets 268,234 35,812 88,097 2,157 394,300 Right of use 69 10,923 151 1,104 12,247 Long-term financial assets 1,145 13 91 291 1,540 Other non-current financial assets 7,372 - 702 13 8,087 Deferred tax assets - - TOTAL non-current assets 283,276 46,748 91,023 3,734 424,781 Inventories and Work in Progress 38,680 - 62,156 3,968 104,804 Trade receivables 5,333 1,251 13,757 5,014 25,355 Other current financial assets 2,357 443 526 4,261 7,587 Cash and cash equivalents 48,911 48,911 Total current assets 46,370 1,694 76,439 62,154 186,657 TOTAL ASSETS 611,438 LIABILITIES 12.2024 Freight Railcars River Barges Containers Miscellaneous TOTAL Share capital Reserves and share premium Group share of net income 56,092 56,092 21,587 21,587 3,879 3,879 Shareholders' equity attributable to owners of the Group's parent company 81,558 81,558 Non-controlling interest (Minority interests) 71,730 - - - 71,730 Total shareholders' equity 81,558 153,288 Loans and Financial liabilities 179,091 179,091 Long-term lease liability 8,170 8,170 Deferred tax liabilities 6,711 6,711 Pension and similar liabilities 257 66 88 216 627 Other long-term liabilities 986 24 - 56 1,066 Total non-current liabilities 1,243 90 88 194,244 195,665 Short-term lease liability 1,868 1,868 Borrowings and current bank facilities 176,764 176,764 Trade payables 8,654 1,324 2,667 2,480 15,125 Other current liabilities 7,407 865 54,632 5,824 68,728 TOTAL current liabilities 16,061 2,189 57,299 186,936 262,485 TOTAL LIABILITIES 611,438 Intangible & tangible investments over the period 28,202 2,182 1,108 247 31,739 Workforce by business (FTE) 65 9 36 128 238 (In thousands of euros) ASSETS Eliminations Goodwill 5,101 - - - 5,101 Intangible assets 1,368 - 2,110 134 3,612 Tangible assets 262,312 34,843 82,470 2,092 381,717 Right of use 90 11,378 239 1,374 13,081 Long-term financial assets 1,103 13 103 278 1,497 Other non-current assets 9,009 - 1,078 13 10,100 Deferred tax assets - - TOTAL non-current assets 278,983 46,234 86,000 3,891 415,108 Inventories and Work in Progress 41,454 - 32,642 4,111 78,207 Trade receivables 6,889 3,610 15,758 4,485 30,742 Other current assets 3,386 1,226 235 6,186 11,033 Cash and cash equivalents 38,644 38,644 TOTAL current assets 51,729 4,836 48,635 53,426 158,626 TOTAL ASSETS 573,734 LIABILITIES Share capital Reserves and share premium Profit (loss) for the fiscal year, Group's share 56,092 56,092 22,078 22,078 3,830 3,830 Equity attributable to owners of the parent company 82,000 82,000 Non controlling interests (minority interests) 70,977 - - - 70,977 Consolidated shareholders' equity 82,000 152,977 Loans and borrowings 306,113 306,113 Long-term lease liabilities 8,980 8,980 Deferred tax liabilities 7,084 7,084 Pension and similar liabilities 246 61 73 182 562 Other long-term liabilities 992 141 - 56 1,189 TOTAL non-current liabilities 1,238 202 73 322,415 323,928 Short-term lease liabilities 2,011 2,011 Borrowings and current bank facilities 33,950 33,950 Trade payables 8,836 1,366 3,304 2,750 16,256 Other current liabilities 6,211 855 28,086 9,460 44,612 TOTAL current liabilities 15,047 2,221 31,390 48,171 96,829 TOTAL LIABILITIES 573,734 Intangible & tangible investments over the period 9,112 45 494 121 9,772 Workforce by business (FTE) 69 9 38 128 244 note 5.4. G EOGRAPHICAL SEGMENT REPORTING (in thousands of euros) International Europe Americas Other TOTAL 06.2025 Restated revenue from activities 40,311 29,694 1,846 11,819 83,670 Tangible & intangible investments 82 7,511 - 10,363 17,956 Sectoral non-current assets (without deferred tax assets) 77,460 250,534 18,427 70,135 416,556 06.2024 Restated revenue from activities 34,073 31,208 1,404 13,741 80,426 Tangible & intangible investments 494 9,243 - 35 9,772 Sectoral non-current assets (without deferred tax assets) 91,132 237,780 21,461 64,735 415,108 12.2024 Restated revenue from activities 70,945 61,151 2,966 29,951 165,013 Tangible & intangible investments 1,108 27,701 - 2,930 31,739 Sectoral non-current assets (without deferred tax assets) 91,023 245,599 21,446 66,713 424,781 06.2024 Freight Railcars River Barges Containers Miscellaneous & Total The geographical segments correspond to the location of Group companies, except for the Containers business which reflects the location of the assets, which is international by nature (international zone). Notes to the Income Statement Revenue from activities Breakdown by type (in thousands of euros) 06.2025 06.2024 Variation June 2025/2024 12.2024 Leasing revenues on owned equipment 34,917 37,489 -6.9% 73,437 Ancillary services 10,735 8,166 31.5% 17,040 Sales of owned equipment 31,252 28,111 11.2% 65,132 Total of owned activity 76,904 73,766 4.3% 155,609 Leasing revenues on managed equipment 13,173 16,905 -22.1% 32,786 Syndication fees 5,444 5,131 6.1% 6,371 Management fees 1,004 824 21.8% 1,681 Sales fees 995 660 50.8% 2,072 Total of management activity 20,616 23,520 -12.3% 42,910 Capital gains or losses on disposals unrelated to recurring activities 211 5 - 14 TOTAL Revenue from activities 97,731 97,291 0.5% 198,533 "Revenue from activities" combines gross figures for "leasing revenues on managed equipment" with net figures for "management fees", which does not provide a meaningful understanding of the business. Revenue from activities is therefore restated and presented in the preceding pages as "restated revenue from activities", presenting only net "management fees" figures and thus enabling clear explanations of business trends. Revenue from activities increased by €0.4 million, from €97.3 million in June 2024 to €97.7 million in June 2025. Owned activity rose by €3.1 million, mainly due to higher sales in the Containers division. Management activity, which combines gross figures for "leasing revenue on managed equipment" with net figures for "management fees", decreased by €2.9 million. Payroll expense (in thousands of euros) 06.2025 06.2024 12.2024 Salaries and social security charges (10,060) (9,556) (19,688) Workforce (FTE) 235 244 238 Net distributions to investors Net distributions to investors are broken down by division as follows: (in thousands of euros) 06.2025 06.2024 Variation June 2025/2024 Variation (%) 12.2024 Freight Railcars (2,208) (3,187) 979 -30.7% (7,119) Containers (6,162) (8,767) 2,605 -29.7% (16,974) TOTAL (8,370) (11,954) 3,584 -30.0% (24,093) They represent the payment of leasing revenues from equipment owned by passive investors, net of the management costs of this equipment (repairs, storage, maintenance, etc.). These amounts are variable, depending mainly on the rental of the equipment and the maintenance expenses incurred. Other operating revenues (expenses), net In 2025: None. In 2024: An expense of USD 1 million was recorded following the ruling in the United States relating to a former litigation of the modular construction subsidiary in the United States in the accounts as of 30 June 2023. Following Touax's appeals against this decision, the group recovered $450,000 net of legal fees. This amount was recorded in the accounts as of June 30, 2024. (in thousands of euros) 06.2025 Variation June 06.2024 2025/2024 12.2024 Net financial expense Income in cash and cash equivalents Interest charges on financing operations Gross cost of financial debt 288 (10,739) 152 (10,859) 136 120 555 (21,643) (10,739) (10,859) 120 (21,643) Net cost of financial debt (10,451) (10,707) 256 (21,088) Exchange differences (295) (10) (285) (109) Interest paid on leases and assets financed through leaseback (167) (179) 12 (341) Discounted financial income and expenses (147) (153) 6 (177) Financial income and expenses (312) 220 (532) (199) Other financial income (expenses), net (921) (122) (799) (826) NET FINANCIAL EXPENSE (11,372) (10,829) (543) (21,914) The decrease in cost of financial debt is mainly due to lower interest rates. Income tax expense 06.2025 Payable Deferred Total 06.2024 Payable Deferred Total 12.2024 Payable Deferred Total (in thousands of euros) The income tax expense included on the income statement is broken down as follows: Europe Other (192) (464) 338 (455) 146 (919) (18) (667) (69) 105 (87) (562) (237) (1,485) 348 (213) 111 (1,698) TOTAL (656) (117) (773) (685) 36 (649) (1,722) 135 (1,587) Income tax shows an expense of €0.8 million for a current profit before tax of €3.1 million. Net income from discontinued operations In 2025: None. Net income from discontinued operations of €1.5 million in the first half of 2024 corresponds to the payment of an earn-out on the disposal of the European modular construction business in 2017 following the closure of all litigation with uncertain outcomes at the time the sale was signed (see note 24.1). Net Earnings per share Basic earnings per share are calculated by dividing the company's net income by the weighted average number of outstanding shares during the period. Treasury shares are accounted in deduction. 06.2025 06.2024 12.2024 Diluted income per share is calculated by adjusting the weighted average number of outstanding shares, to take into account the conversion of all potentially dilutive equity instruments. Net earnings in euros 2,497,376 3,829,864 3,878,555 Of which net income from continuing activities 2,497,376 2,329,864 2,410,339 Outstanding shares 7,011,547 7,011,547 7,011,547 Weighted average number of oustanding ordinary shares 6,975,545 6,983,690 6,979,565 Weighted average number of shares for calculation of the diluted earning per share 6,975,545 6,983,690 6,979,565 NET EARNINGS PER SHARE - basic 0.36 0.55 0.56 - diluted 0.36 0.55 0.56 NET INCOME PER SHARE FROM CONTINUING ACTIVITIES - basic 0.36 0.33 0.35 - diluted 0.36 0.33 0.35 Notes to the Balance Sheet G OODWILL There is no variation in goodwill: (in thousands of euros) 06.2024 12.2024 Increase Decrease Conversion difference Change in the scope 06.2025 Freight Railcars 5,101 5,101 - - - - 5,101 At 30 June 2025, the Group has not identified any indication of impairment of goodwill. F IXED ASSETS Fixed assets mainly record leasing equipment ("equipment"). note 15.1. B REAKDOWN BY TYPE (in thousands of euros) Gross value 06.2025 Depreciation Net value 12.2024 Net value 06.2024 Net value Land and buildings 5,958 (4,105) 1,853 1,927 1,930 Equipment 587,329 (207,787) 379,542 386,806 378,349 Other tangible assets 4,240 (3,891) 349 332 316 Tangible assets in progress 841 - 841 5,235 1,122 TOTAL 598,368 (215,783) 382,585 394,300 381,717 note 15.2. C HANGES IN GROSS VALUE , BY TYPE (in thousands of euros) Opening Purchase Deprec. Disposals Variation in conversion Reclassification 06.2025 Land and buildings 6,094 2 - (103) (35) - 5,958 Equipment 591,127 17,685 - (11,489) (24,368) 14,374 587,329 Other tangible assets 4,448 99 - (260) (47) - 4,240 Tangible assets in progress 5,235 20 - - (158) (4,256) 841 TOTAL GROSS VALUES 606,904 17,806 - (11,852) (24,608) 10,118 598,368 Land and buildings (4,167) - (38) 76 24 - (4,105) Equipment (204,321) - (14,839) 6,187 5,186 - (207,787) Other tangible assets (4,116) - (73) 259 39 - (3,891) Tangible assets in progress - - - - - - - TOTAL AMORTIZATION (212,604) - (14,950) 6,522 5,249 - (215,783) Land and buildings 1,927 2 (38) (27) (11) - 1,853 Equipment 386,806 17,685 (14,839) (5,302) (19,182) 14,374 379,542 Other tangible assets 332 99 (73) (1) (8) - 349 Tangible assets in progress 5,235 20 - - (158) (4,256) 841 TOTAL NET VALUES 394,300 17,806 (14,950) (5,330) (19,359) 10,118 382,585 (in thousands of euros) Opening Purchase Deprec. Disposals Variation in conversion Reclassification 06.2024 Land and buildings 5,166 3 - - 143 695 6,007 Equipment 544,884 8,022 - (8,159) 5,766 19,311 569,824 Other tangible assets 4,619 47 - (67) 61 103 4,763 Tangible assets in progress 5,013 1,008 - - 65 (4,964) 1,122 TOTAL GROSS VALUES 559,682 9,080 - (8,226) 6,035 15,145 581,716 Land and buildings (3,248) - (40) - (94) (695) (4,077) Equipment (177,379) - (14,654) 983 (1,120) 695 (191,475) Other tangible assets (4,391) - (65) 66 (57) - (4,447) Tangible assets in progress - - - - - - - TOTAL AMORTIZATION (185,018) - (14,759) 1,049 (1,271) - (199,999) Land and buildings 1,918 3 (40) - 49 - 1,930 Equipment 367,505 8,022 (14,654) (7,176) 4,646 20,006 378,349 Other tangible assets 228 47 (65) (1) 4 103 316 Tangible assets in progress 5,013 1,008 - - 65 (4,964) 1,122 TOTAL NET VALUES 374,664 9,080 (14,759) (7,177) 4,764 15,145 381,717 (in thousands of euros) Opening Purchases Deprec. Disposals Variation in conversion Reclassification 12.2024 Land and buildings 5,166 17 - (10) 221 700 6,094 Equipment 544,884 25,550 - (16,828) 10,336 27,185 591,127 Other tangible assets 4,619 204 - (495) 95 25 4,448 Tangible assets in progress 5,013 5,189 - - 96 (5,063) 5,235 TOTAL GROSS VALUES 559,682 30,960 - (17,333) 10,748 22,847 606,904 Land and buildings (3,248) - (78) 5 (146) (700) (4,167) Equipment (177,379) - (30,199) 4,579 (2,241) 919 (204,321) Other tangible assets (4,391) - (132) 493 (86) - (4,116) Tangible assets in progress - - - - - - - TOTAL DEPRECIATION (185,018) - (30,409) 5,077 (2,473) 219 (212,604) Land and buildings 1,918 17 (78) (5) 75 - 1,927 Equipment 367,505 25,550 (30,199) (12,249) 8,095 28,104 386,806 Other tangible assets 228 204 (132) (2) 9 25 332 Tangible assets in progress 5,013 5,189 - - 96 (5,063) 5,235 TOTAL NET VALUES 374,664 30,960 (30,409) (12,256) 8,275 23,066 394,300 As at 30 June 2025, reclassifications mainly concern the Freight Railcars activity for €8.4 million and the Containers activity for €3.2 million (inventories to fixed assets). The Group has not identified any indication of impairment of tangible fixed assets. N ON - CURRENT FINANCIAL ASSETS Long-term financial assets at June 30, 2025 totalled €1.8 million compared to €1.5 million at December 31, 2024. Financial assets mainly consist of security deposits. Other non-current assets totalled €8.4 million at June 30, 2025 compared to €8.1 million at December 31, 2024. They include derivative instruments assets totalling €1.0 million and a VAT receivable totalling €7.4 million. Right of use Right of use (in thousands of euros) Real estate Operating assets (barges) Operating assets (equipment) Vehicles and copiers 06.2025 12.2024 06.2024 Leased assets have changed as follows: Amount at opening 840 10,844 48 515 12,247 13,845 13,845 Increases - 1,465 - - 1,465 241 147 Depreciation (366) (459) (2) (128) (955) (1,865) (927) Exchange rate fluctuations (25) - - (3) (28) 26 16 Miscellaneous 254 2,189 - 63 2,506 - - Amount at closing 703 14,039 46 447 15,235 12,247 13,081 The table below presents the right of use by sector and by type: Right of use (in thousands of euros) Gross value 06.2025 Depreciation Net value 12.2024 Net value 06.2024 Net value Freight Railcars Division 285 (237) 48 69 90 Real estate leases 187 (158) 29 42 55 Leases on vehicles 98 (79) 19 27 35 River Barges Division 22,548 (8,421) 14,127 10,923 11,378 Real estate leases 54 (27) 27 34 41 Leases on barges 22,344 (8,304) 14,040 10,845 11,280 Leases on vehicles 150 (90) 60 44 57 Containers Division 598 (318) 280 151 239 Real estate leases 544 (281) 263 124 217 Leases on vehicles and copier 54 (37) 17 27 22 Modular Buildings Division 410 (244) 166 212 235 Leases on materials 52 (6) 46 48 51 Leases on vehicles 358 (238) 120 164 184 Corporate Division 2,033 (1,419) 614 892 1,139 Real estate leases 1,537 (1,153) 384 640 896 Leases on vehicles and copiers 496 (266) 230 252 243 TOTAL 25,874 (10,639) 15,235 12,247 13,081 I NVENTORIES AND WORK IN PROGRESS Inventories and WIP include equipment to be sold as well as spare parts. (in thousands of euros) 06.2025 Gross value Depreciation Net value 12.2024 Net val. 06.2024 Net val. Equipment 69,230 (356) 68,874 81,922 54,758 Spare parts 22,194 (45) 22,149 20,663 21,265 Goods or work in progress 2,162 (68) 2,094 2,219 2,184 TOTAL 93,586 (469) 93,117 104,804 78,207 The Railcars division is decreasing its inventories by €8.5 million. The stock at the end of the period represents 136 railcars. The Containers division shows a variation of -€2.6 million. The stock at the end of the period represents 45,266 CEU. Modular building stocks are decreasing by €0.6 million. As at 30 June 2025, reclassifications mainly concern the Freight Railcars activity for €8.4 million and the Containers activity for €3.2 million (inventories to fixed assets), see note 15. O THER CURRENT ASSETS (in thousands of euros) 06.2025 12.2024 06.2024 Accrued expenses 1,348 1,513 1,569 Taxes & duties 5,469 4,871 5,901 Other 594 1,203 3,563 TOTAL 7,411 7,587 11,033 The "Other" line mainly corresponds to advance payments on orders and customs deposit fees of less than one year from the Modular Construction division. Financial liabilities ı Analysis of financial liabilities by category The table below shows the group's debt on 30 June 2025. (in thousands of euros) Non-current 06.2025 Current TOTAL Non-current 12.2024 Current TOTAL 06.2024 Non-current Current TOTAL Bond 44,665 5 44,670 38,664 - 38,664 38,665 15 38,681 Medium-term loans with recourse 50,652 1,413 52,065 52,302 1,738 54,040 51,372 1,881 53,253 Renowable credit without recourse 146,493 118,129 264,622 88,453 173,560 262,013 216,510 31,383 247,893 Current bank facilities with recourse - 424 424 - - - - 685 685 Current bank facilities without recourse - 404 404 - - - - - - Derivative liabilities without recourse - 376 376 - 374 374 - 193 193 TOTAL 241,810 120,751 362,561 179,419 175,672 355,091 306,547 34,158 340,705 Estimated financial costs (269) (247) (516) (328) 1,092 764 (434) (208) (642) TOTAL FINANCIAL LIABILITIES 241,541 120,504 362,045 179,091 176,764 355,855 306,113 33,950 340,063 Debts "without recourse" are not secured by TOUAX SCA the parent company of the Group. They concern financing of assets for which the debt must be serviced from income generated by the assets (both leasing revenue and proceeds from sale). Changes in financial debt are presented in the table below: June 30, 2025 (in thousands of euros) Opening Contractual net cash flow Exchange rate effects Variations "non cash" Fair value Other changes variations Total "Non cash" Closing Bond issue 39,428 4,617 - - 109 109 44,154 Medium/long-term loans with recourse 54,040 (1,333) (910) - 268 (642) 52,065 Debt without recourse 262,013 17,159 (13,088) - (1,462) (14,550) 264,622 Liabilities on derivatives with and without recourse 374 - (12) 72 (58) 2 376 Subtotal 355,855 20,443 (14,010) - (1,143) (15,081) 361,217 Bank overdrafts payable with and without recourse - 828 - - - - 828 TOTAL FINANCIAL LIABILITIES 355,855 21,271 (14,010) - (1,143) (15,081) 362,045 June 30, 2024 (in thousands of euros) Opening Contractual net cash flow Exchange rate effects Variations "non cash" Fair value Other changes variations Total "Non cash" Closing Bond issue 39,221 (1,285) - - 103 103 38,039 Medium/long-term loans with recourse 53,741 (909) 243 - 178 421 53,253 Debt without recourse 235,557 10,420 2,742 - (826) 1,916 247,893 Liabilities on derivatives with and without recourse 771 - 9 (425) (162) (578) 193 Subtotal 329,290 8,226 2,994 - (707) 1,862 339,378 Bank overdrafts payable with and without recourse - 685 - - - - 685 TOTAL FINANCIAL LIABILITIES 329,290 8,911 2,994 - (707) 1,862 340,063 December 31, 2024 Variations "non cash" Contractual Exchang Fair value Other Total (in thousands of euros) Opening net cash e rate changes variations "Non cash" Closing flow effects Bonds 39,221 - - - 207 207 39,428 Medium/long-term loans with recourse 53,741 (506) 450 - 355 805 54,040 Debts without recourse 235,557 19,407 5,117 - 1,932 7,049 262,013 Derivative instruments with and without recourse 771 55 11 (260) (203) (452) 374 Sub-total 329,290 18,956 5,578 (260) 2,291 7,609 355,855 Bank overdrafts payable with and without recourse - - - - - - - Total financial liabilities 329,290 18,956 5,578 (260) 2,291 7,609 355,855 The change in lease liabilities is presented in note 21. ı Change in indebtedness On 30 June 2025, consolidated net indebtedness is as follows: (in thousands of euros) 06.2025 12.2024 06.2024 Financial liabilities (gross financial debt) 362,045 355,855 340,063 Derivative asset instruments (992) (2,257) (4,339) Negotiable securities & other equipments (5,867) (3,562) (3,554) Cash (25,840) (45,349) (35,090) CONSOLIDATED NET FINANCIAL DEBT 329,346 304,687 297,080 Debt without recourse 265,402 260,130 232,275 FINANCIAL INDEBTEDNESS EXCLUDING DEBT WITHOUT RECOURSE 63,944 44,557 64,805 Net financial debt corresponds to gross financial debt including cash and cash equivalents and derivative assets. Net debt stood at €329.3 million at the end of June 2025, compared with €304.7 million at the end of December 2024. All existing contractual financial ratios on certain of the Group's medium-term borrowings were complied with at June 30, 2025. The main consolidated financial ratios at June 30, 2025 were as follows: 2.85 for the Interest Coverage Ratio over the last 12 months (= adjusted operating EBITDA of €59.5 million / net financial debt cost of €20.8 million) 63.7% for the Loan-to-Value (= gross financial debt of €362.0 million / total assets excluding goodwill and intangible assets of €568.5 million) Restated operating EBITDA correspond to the operating EBITDA plus the principal repayment of finance leasing. With regard to the €40 million bank loan, presented in Non-current financial liabilities, additional credit constraints also apply to the Touax SCA corporate entity: Touax SCA's corporate debt at June 30, 2025 amounted to €85.9 million, below the ceiling of €92.3 million authorized by the banking documentation. Operations on existing financing: On April 30, 2025, Touax Rail arranged for its Freight Railcar activity a new €50 million loan with the European Investment Bank (EIB) with a maturity of 14 years. At the same time, an equivalent amount of €50 million of Term Loan maturing in December 2025 was repaid to commercial banks. On May 28, 2025, Touax SCA issued a new €6 million TAP EuroPP, adding to the €38.7 million Sustainable Linked Bond originally issued in June 2022, and on June 17, 2025, Touax SCA made a partial repayment of €6 million on its original €40 million Club Deal bank loan. On June 24, 2025, Touax SCA entered into a new €5 million Green Loan with a maturity of 7 years. On June 30, 2025, Touax Leasing Corp took out a new USD 2.55 million loan over 7 years, secured by its barges located in the United States. A new financing for Touax Rail is currently being finalised after being approved by the lenders' credit committees in August 2025. At the date of this report, there are no difficulties in implementing this financing before December 2025 maturity date of the current liability of €103.3 million. Lease liabilities ı Lease liabilities by segment and by type The table below presents the lease liability by segment and by type: Lease liabilities (in thousands of euros) Non current 06.2025 Current Total Non current 12.2024 Current Total 06.2024 Non current Current Total Freight Railcars Division 5 47 52 29 46 75 52 46 98 Real estate leases 3 30 33 18 29 47 32 29 61 Equipment leases on vehicles 2 17 19 11 17 28 20 17 37 River Barges Division 9,898 1,265 11,163 7,767 933 8,700 8,221 1,036 9,257 Real estate leases 14 14 28 22 14 36 28 13 41 Equipment leases on barges 9,842 1,232 11,074 7,714 905 8,619 8,155 1,003 9,158 Equipment leases on vehicles 42 19 61 31 14 45 38 20 58 Containers Division 199 85 284 13 145 158 46 204 250 Real estate leases 190 76 266 - 131 131 39 188 227 Equipment leases on vehicles and copiers 9 9 18 13 14 27 7 16 23 Modular Constructions Division 50 77 127 81 105 186 112 107 219 Equipment leases on materials 14 17 31 23 17 40 31 16 47 Equipment leases on vehicles 36 60 96 58 88 146 81 91 172 Corporate Division 125 513 638 280 639 919 549 618 1,167 Real estate leases - 403 403 136 528 664 403 518 921 Equipment leases on vehicles copiers 125 110 235 144 111 255 146 100 246 TOTAL 10,277 1,987 12,264 8,170 1,868 10,038 8,980 2,011 10,991 ı Breakdown by due date of lease liabilities Future payments relating to lease debts are broken down by due date as follows: (in thousands of euros) 06.2025 12.2024 06.2024 Less than a year 1,987 1,868 2,011 From 1 to 5 years 7,133 6,327 6,029 More than 5 years 3,144 1,843 2,951 TOTAL 12,264 10,038 10,991 ı Variation in lease liabilities according to IAS 7 As per IAS 7, variations to lease liability are presented in the table below: "non-cash" variations June 30, 2025 Net cash Exchange rate Other Total Opening flow effects variations "non cash" Closing (in thousands of euros) Real estate leases 877 (376) (26) 254 228 729 Equipment leases for barges and other equipment 8,659 1,710 - 736 736 11,105 Equipment leases for vehicles and copiers 502 (132) (3) 63 60 430 Total lease liabilities 10,038 1,202 (29) 1,053 1,024 12,264 "non-cash" variations June 30, 2024 Net cash Exchange rate Other Total Opening flow effects variations "non cash" Closing (in thousands of euros) Real estate leases 1,610 (368) 9 - 9 1,251 Equipment leases for barges and other equipment 9,717 (563) 1 51 52 9,206 Equipment leases for vehicles and copiers 554 (121) 5 96 101 534 Total lease liabilities 11,881 (1,052) 15 147 162 10,991 Non cash "variations" December 31, 2024 Net cash Exchange rate Other Total Opening flow effects variations "Non cash" Closing (in thousands of euros) Real estate leases 1,610 (744) 11 - 11 877 Equipment leases for barges and other equipment 9,717 (1,110) 1 51 52 8,659 Equipment leases for vehicles and copiers 554 (251) 9 190 199 502 Total lease liabilities 11,881 (2,105) 21 241 262 10,038 S HAREHOLDERS ' EQUITY Shareholders' equity is detailed in the consolidated statement of changes in shareholders' equity. The Touax Group distributed a dividend of €1,073,122 to its shareholders, paid in June 2025. In June 2024, the Touax Group distributed a dividend of €858,498 to its shareholders, paid in July 2024. ı Management of capital The Group manages its borrowing structure by optimizing its debt/equity ratio in the light of changes in economic conditions, its own objectives, and management of its risks. It assesses its working capital requirements and its expected return on investment, in order to control its financing requirements. Depending on the growth of its market and expectations of managed assets' profitability, the Group decides whether to issue new equity or to sell assets to reduce its debt. O THER CURRENT LIABILITIES (in thousands of euros) 06.2025 12.2024 06.2024 Capital creditors 5,787 29,115 5,156 Tax and social security liabilities 10,219 8,811 7,753 Accounts payable 14,275 23,629 24,402 Other current liabilities 10,627 6,635 6,938 Deferred revenue 567 538 363 TOTAL 41,475 68,728 44,612 Accounts payable mainly constitute income due to investors from the Containers and Freight Railcars activities. Off-balance sheet commitments ı Bank guarantees issued on the Group's behalf 30 June 2025 (in thousands of euros) Amount Maturity date Bank guarantee 826 River Barges 40 2025 Modular Buildings 786 2026 31 December 2024 (in thousands of euros) Amount Maturity date Bank guarantee 2,519 River Barges 40 2025 Modular Buildings 2,479 2025 ı Firm orders for equipment Firm orders and investments at June 30, 2025 amounted to €31.3 million, broken down into €21 million for freight railcars, €8.6 million for containers and €1.7 million for barges. Firm orders and investments at June 30, 2024 amounted to €56.4 million, broken down into €12.1 million for freight railcars, €40.1 million for containers and €4.2 million for barges.

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