Your operational leasing solution for sustainable transportation
2025 Half-Year ResultsConference 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 chain24 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 ratingsA 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
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 RailcarsRiver BargesContainersOthers** 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%
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
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
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 activityStrong performance of the leasing activity
3.9
2.8
7.9 8.2
H1 2024
H1 2025
In millions of euros
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%
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
In millions of euros
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