TOUAX : Investor presentation TOUAX 2025 Half Year Results

About this update from Touax Sa

Your operational leasing solution for sustainable transportation 2025 Half-Year Results Conference call September 19, 2025 Warning This presentation does not constitute an offer to sell or a solicitation of an offer to buy TOUAX SCA (the "Company") shares. It may contain forward-looking statements. These statements are not forecasts of the Company's results or any other performance indicator, but represent trends or objectives, as the case may be. By its very nature, the Company is exposed to risks and uncertainties as described in the universal registration documents filed with the Autorité des Marchés Financiers (AMF). This document contains only summary information and should be read in conjunction with (i) the Company's Universal Registration Document and the consolidated financial statements and management report for the year ended December 31, 2024, and (ii) semi-annual financial statements 2025. Further information about TOUAX SCA can be found on the Group's website ( https://www.touax.com ), in the Investor Relations section. 2 Presentation of half-year results 19 September 2025 Contents Recurring and solid business model Profitability and fleet development Business outlook Shareholder performance Presentation of half-year results 3 19 September 2025 TOUAX 3 Main Markets Global player in the leasing of sustainable transport equipment €75bn 700,000 wagons in Europe and 335,000 in India A global presence A unique business in infrastructure transport in operation since 1853 €30bn 6,000 barges in Europe and 25,000 in the Americas ~ 241 Employees (**) 3 standardised assets €100bn (*) > 58.4 million containers worldwide transporting 53% of freight by value €1.2bn Assets under management An operating lessor of sustainable transport assets (*) Estimated replacement value, based on an average market price of $2,000/Ceus, with €/$ FX rate as of 30 June 2025 (source: Touax) (**) including 97 employees in the Modular Buildings division A sustainable value chain 24 G CO2 / TONNE-KM* 33 G CO2 / TONNE- KM* 7 G CO2 / TONNE - KM* *vs. 137g CO2 / tonne-km for road transportation Source: Environmental European Agency, 2020 A structured CSR organisation, valued in extra-financial ratings A second consecutive EcoVadis golden medal: 79/100 (+7 points) TOUAX's score is higher than 98% of the 150,000 companies assessed by Ecovadis accross all sectors First Ethifinance Ratings golden medal: 75/100 (+5 points), continuous improvement over the last 2 years, Touax ranks first in the Industry sector / Transport sub-sector (among 1,868 listed companies evaluated) Governance, Strategy and CSR policy Supervision by the Supervisory Board and bi-monthly streering committee. Membership of the UN Global Compact and Diversity Charter. Update of the 2025 Environmental Policy with a "net zero pathway". Ethics guidelines revised in 2024, Sustainable Procurement Policy 2024, … ESG strategy focused on value creation and identification of opportunities related to the ecological transition Pursue of Structured Actions Double materiality analysis 2025, Carbon footprint assessment 2024, Purchasing of voluntary carbon credits 2025 (forest project), Strengthening of HR procedures, Regular employee trainings (ethics, anti-corruption, cybersecurity, environment, HR), QWL workshops, … 3 Sustainable Finance Strategy CSR criteria into the investment decision-making process, Green Finance Framework with an Asset Allocation and Impact report, Financing from EIB (the European "climate bank") for the Freight Railcars activity, Green Loan with BPI France 76% of sustainable financings in the Group EcoVadis : evaluation of the main CSR impacts according to four themes: Environment, Social & Human Rights, Ethics and Responsible Purchasing Ethifinance Ratings: Evaluation of companies listed on the stock exchange on the basis of a reference framework of around 140 criteria, including: Environmental, Social, Governance and External Stakeholders. Freight railcars River barges Containers Assets under management* €1,208m No. 2 in Europe (intermodal wagons) & India Assets €635m No. 1 in Europe & South America Assets €89m No. 1 in Europe #3 worldwide in management for third-party investors Assets €485m Owned* assets € 680m €446m 70% €82m 93% €151m 31% Management on behalf of third parties €529m €189m 30% €7m 7% €333m 69% Geographical presence % of revenue Europe 83% India 17% Europe 77% Americas 23% Global activity 100 % * The Freight Railcars division, 51% owned by the Group, is fully consolidated Leasing including chartering + Sales (new & used) Leasing (€43.7m*) and Sales revenues (€31.3m*) Leasing including maintenance + Sales (new & used) Freight wagons Owned assets River barges Sale of equipment Leasing + Sales (new & used) Containers Management fees (€8.5m*): net additional contribution to the operating EBITDA Initial syndication Asset management Managed Assets Syndication fees Management and performance fees Sales commissions * Figures as of 30 June 2025 Freight railcars River barges Containers > 20 years > 20 years > 30 years ACTVITIES LEVERS CREATED VALUE + + + + Shareholder Stable financial performance that creates value over time* Societal Sustainable transport in a low- carbon economy Economic 76% of leasing revenue is recurrent Balanced risk management (owned vs. managed activities) Geographically diversified markets Strong competitive position Recurrent revenue and cash-flow Standardised and mobile equipment Long-life assets (30-50 years) Low obsolescence generating high residual value Multi-year leasing contracts (3-10 years) * Target of shareholder performance maximisation, measured by the book value per share and dividend payouts Contents Recurring and solid business model Profitability and fleet development o Income Statement & Business Performance o Balance Sheet and Cash Flow statement Business outlook Shareholder performance Presentation of half-year results 11 19 September 2025 Restated revenue from activities* Operating EBITDA** Net income Group share 83.7 30.0 30.5 +0.5 80.4 +3.2 In millions of euros 3.8 2.5 -1.3 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 Net income Group share down by €1.3m (-35%). On a comparable basis, when retreating H1 2024 non-recurring items (€1.9m), the net income Group share increases by +31%. (*) Restated presentation for a better understanding of owned and managed activities (**) Operating EBITDA corresponds to recurring operating income adjusted for depreciation, amortisation and impairment. in millions of euros H1 2025 H1 2024 Variation Owned equipment leasing activity 43.7 44.4 -2% Owned equipment sales activity 31.3 28.1 11% Management and other activities 8.7 7.9 11% RESTATED REVENUE FROM ACTIVITIES 83.7 80.4 4% OPERATING EBITDA 30.5 30.0 2% Depreciation and impairments -16.1 -15.9 2% CURRENT OPERATING INCOME 14.4 14.2 2% Other operating income and expenses 0.0 0.4 - OPERATING INCOME 14.4 14.6 -1% FINANCIAL RESULT -11.4 -10.8 5% Net income from discontinued operations 0.0 1.5 - CONSOLIDATED NET INCOME 2.3 4.6 -50% Of which Group share 2.5 3.8 -35% Of which minority interests -0.2 0.8 - Earnings per share (€) 0.36 0.55 -35% Operating EBITDA: +€0.5m, mainly due the performance of owned equipment sales activity and management activities Current operating income: €14.4m (+€0.3m), with higher depreciation and impairments (€0.2m) Net financial result: -€11.4m. The decrease in interest rates offsets the volume effect on debt (net positive impact of €0.3m), but the Group recorded an increase of €0.5m in other financial expenses and negative exchange rate difference of €0.3m. Net income Group share: €2.5m In millions of euros 17.0 15.0 -1.9 11.0 +3.9 7.1 3.9 -1.1 2.8 1.7 -0.4 2.1 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 Freight Railcars River Barges Containers Others* * Modular Buildings and Corporate The performance of the Containers business in the first half of 2025 offsets the decline in other businesses Growth of the fleet under operational management Number of freight railcars managed (platforms): 12,288 28% 2% Owned On behalf of third-parties Technical management 69% Fleet mapping - 30 June 2025 Economic life span: 30 to 50 years Book depreciation: 36 years Weighted average age* of the global fleet: 12.2 years Weighted average age* of owned fleet : 11.2 years Average utilisation rate: 80.8% Average lease term: 4.1 years * Net book value weighting Freight railcars Resilience of the activity in a challenging market Decline in operating performance 15.0 17.0 29.1 28.0 In millions of euros H1 2024 H1 2025 Operating EBITDA Restated revenue from activities Restated revenue from activities: -€1.2m (-4%) Lower operating EBITDA: -€1.9m (-11%) Decrease in leasing activity (-€0.8m), and ancillary services (-€1.1m) due to the slowdown of the European intermodal market Management activities: +€0.2m A balanced portfolio between Europe and the Americas A leading position in Europe Number of river barges: 112* 10 38 64 * Including 13 managed on behalf of third-parties Europe South America North America Fleet mapping - 30 June 2025 Economic life span: 30 to 50 years Book depreciation: 30 years Weighted average age of the global fleet: 16.5 years Weighted average age** of owned fleet: 14.9 years Average utilisation rate: 99.1% Average lease term: 3.1 years ** Net book value weighting Global growth of the activity Strong performance of the leasing activity 3.9 2.8 7.9 8.2 H1 2024 H1 2025 Operating EBITDA In millions of euros Restated revenue from activities Higher restated revenue from activities: +€0.3m (+4%) Operating EBITDA: -€1.1m (-28%) Management activities: -€1.0m compared with the strong 2024 first semester (unfavourable comparison effect) Increase in the chartering activity on the Rhine basin (+€0.7m) and increase in the leasing activity in North & South America (+€0.3m), but with higher related operating expenses (+€0.9m) Containers A long-term leased fleet Dynamic fleet management Number of managed containers (TEU): 330,324 34% 66% Owned For third-parties Fleet mapping - 30 June 2025 Economic life span: 15 years (maritime), 20 years (land) Book depreciation: 13 years with RV between $1,000 and $1,400 Weighted average age* of owned fleet : 5.4 years Competitive average price of owned containers, thanks to dynamic fleet management: $1,400/CEU ** Average utilisation rate: 95.9% Average lease term: 6.1 years Proportion of leases of 3 to 10 years: 72.4% * Net book value weighting ** Net book value of owned containers, excluding leasing with purchase option Containers Performance of sales and management activities Higher revenue and profitability 11.0 40.3 7.1 34.1 H1 2024 H1 2025 Operating EBITDA In millions of euros Restated revenue from activities Restated revenue from activities: +€6.2m (+18%) Increase of the operating EBITDA: +€3.9m (+55%) Management activity: +€1.4m Higher ancillary services (pick-up charges): +€2.3m Decrease of €2.2m in operating expenses (including a reversal of customers risks provisions) Asset management for third-parties Additional contribution to revenues and growth Growing investor demand for real assets linked to infrastructure Investor criteria for selecting our assets : Diversification strategy in relation to financial markets Investment in real assets as a natural hedge against inflation Recurring returns, with low volatility Real assets in the heart of the sustainable transport Assets supporting sustainable development and reducing CO2 emissions Long-term management contracts (12-15 years) TOUAX does not guarantee investors a minimum return Assets owned and managed pooled to align interests Asset management favourable to TOUAX's business : additional income and growth, fully scalable activity without the need to invest on TOUAX's balance sheet Asset management for third-parties A unique expertise within transport infrastructures A specialised management platform for Funds and direct Investors TYPES OF INVESTORS 35 investors : insurance companies, pension funds, family offices, finance companies and infrastructure funds Investments through two funds, for which TOUAX is an operating partner : the Real Asset Income Fund S.C.A. (€180m invested or available assets), the SETEF fund, backed by the EIB (€240m to be invested over 4 years) Direct investors (managed accounts) : 10 investors spread over more than 20 investments pools H1 2025 HIGHLIGHTS AND OUTLOOK 2025/2026 Syndications completed in 2025: €23m globally in Freight Railcars, River Barges and Containers activities Assets under management : €529m Several opportunities identified in our three business lines, with transactions already underway for the end of 2025 Contents Recurring and solid business model Profitability and fleet development o Income Statement & Business Performance o Balance Sheet and Cash Flow statement Business outlook Shareholder performance Presentation of half-year results 23 19 September 2025 In millions of Assets * Liabilities euros Non-current assets and inventories 529.6 509.7 529.6 509.7 Total shareholders' equity Net debt 12/31/2024 06/30/2025 * Of which goodwill and intangible assets: €8.5m 71.6 41.9 329.3 304.7 138.4 153.3 12/31/2024 06/30/2025 Working capital (resource) Change in total shareholders' equity: -€14.8m, mainly from negative currency translation adjustments (-€10.4m) Net debt increased by €24.7m: the gross debt increases by €6.2m related to new investments while cash position decreases by €17.2m From €361m gross debt to €329m net debt Breakdown of financing sources In millions of euros 361.1 264.4 96.6 31.7 329.3 Gross debt * Cash and equivalents Net debt * Including debt derivative instruments Non-recourse debt Recourse debt 15% 12% 73% Debt Capital Markets Financings secured by Assets Corporate & other financings Overall weighted interest rate, as of 30 June 2025 : 5.25% (compared with 5.43% in December 2024) €: 4.24% ; $: 6.65% ; £: 4.12% Maturity schedule Financial ratios: LTV & ICR Corporate Debt Asset financing without recourse 91 Other (loan with recourse) 67 69 8 9 Renewal of asset-backed financings: inherent to TOUAX's business (€105m for the Freight railcars division in 2025 vs. €157m as of 31 December 2024 following the €50m refinancing with EIB in April, and €61m for the Containers division in 2026) Corporate debt: mid-2027 maturity for the club-deal loan (€34m) and the EuroPP bond (€44.7m) > 5 years 2029 2028 2027 2026 2025 6 6 65 65 79 6 6 116 In millions of euros 117 Loan to Value * Interest Coverage Ratio 2.85 2.67 2.80 63.7% 60.2% 59.0% H1 2024 2024 H1 2025 Loan-To-Value contained at 63.7% (< 70%) Interest Coverage Ratio: improved over 1 year , well above contractual covenants (>2.0) * Ratio of Consolidated gross financial debt to Total assets less goodwill and intangible assets Operating flows excluding operating WCR 28.7 -8.4 -41.5 27.3 H1 2025 H1 2024 In millions of euros Net operating flows -22.6 5.0 Change in operating WCR (excluding inventories) Net purchases of equipment and changes in inventories -0.1 -23.5 Investment flows -3.2 -1.2 Financing flows 8.8 -5.1 Exchange rates variations -1.0 0.3 CHANGE IN NET CASH -18.0 -1.0 Good level of operating cash flows (excluding operating WCR) reaching €27.3m , in line with the operating EBITDA level Growth in net investment in equipment (- €41.5m) Financing flows including +€20.4m of net increase of financial debt, -€11.1m of interests paid and -€1.8m of dividend paid Finally, the net cash position decreases by €18m , reaching €30.9m as of 30 June 2025 Contents Recurring and solid business model Profitability and fleet development Business outlook Shareholder performance Presentation of half-year results 28 19 September 2025 Market + Lessors: at the heart 75% of purchases of new wagons in Europe + Green agenda: ecological transition with modal shift + Major infrastructure projects in Europe, to expand the UIC network (International Union of Railways) : Lyon - Torino Rail Baltica Project Fehmarnbelt Tunnel (linking Denmark and Germany) Connecting Spain to the UIC network Project to connect Ukraine to the UIC network Europe : medium and long-term freight growth (in metric tonne/km) & temporary economic slowdown that would create opportunities for external growth (sale & lease back ; fleet acquisition) + India: strong development of railway infrastructure & traffic growth correlated with projected GDP growth (+6.5% in 2025 - Source: IMF ) - European intermodal traffic down to pre-Covid levels Touax Rail's ambitions Support our customers by offering a diversified range of railcars , in line with the market Reinforce innovation (IOT, predictive maintenance) and constantly improving the customer experience (operational excellence) Increase fleet under management through organic growth , with the support of infrastructure funds Seize opportunities to buy out existing fleets to stimulate growth Pursue growth in India and launch of new-designed wagons Market + Global market buoyant for cereals and energy-related raw materials + + + Favourable European trend with decarbonisation Sustained demand on the European basins Buoyant market in the Americas = Climate impact in South America (low water) and Danube River (drought impacting cereal culture) Touax River Barges' ambitions Increase fleet under management through organic growth , with the support of infrastructure funds Develop asset rotation (trading and syndication) to renew the fleet and generate recurring sales and management margins Focus investments in Europe: Seine (aggregates), Rhine (biomass, ore and steel), Danube (cereals) Take advantage of the European Green Deal by offering innovative electric and autonomous river boats Take advantage of our presence in the United States and South America to seize opportunities arising from current world trade tariff negotiations

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