Your operational leasing solution for sustainable transportation
Half-year reportJune 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.
SommaireHalf-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
OUTLOOK 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
-
KEY 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.
REMINDER 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.
RESTATED 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.
VARIATION IN THE GROUP'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.
OTHER 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.
GROUP 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).
PRINCIPAL 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).
SIGNIFICANT 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.
SIGNIFICANT POST BALANCE-SHEET EVENTS
None.
-
OUTLOOK
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.
RISKS 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.
MAIN 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.
-
KEY FIGURES
- 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 | |
Accounting rules and methods
note 1.1. BASIS FOR PREPARING AND PRESENTING THE CONDENSED CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS FOR THE PERIOD TO JUNE 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. ESTIMATES
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. SEASONAL 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. INTEREST-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. CLIMATE 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. TABLE 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. INCOME STATEMENT BY DIVISION
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. BALANCE 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. GEOGRAPHICAL 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
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.
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.
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).
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
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.
Fixed assets mainly record leasing equipment ("equipment").
note 15.1. BREAKDOWN 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. CHANGES 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.
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
(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 |
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.
(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.
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.
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 |
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.
(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.
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.