TOUP Touax

PRESS RELEASE        Paris, 15 May 2024 – 17 h 45

YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORTATION

Stable activity in 1st quarter 2024

Total restated revenue for the 1st quarter 2024 amounts to €36.4 million (€36.6 million at constant currency and scope1), stable compared to €37.1 million of restated revenue at the same period in 2023.

(*) To ensure an understanding of the performance of the activities, the key indicators of the Group's activity report are presented differently from the IFRS income statement. For this reason, no distinction is made in the management of third-party accounts, which is presented exclusively as an agent.This presentation allows for a direct reading of syndication fees, sales fees and management fees.This presentation does not result in any difference in EBITDA, operating profit and net profit. The accounting presentation of the revenues of the activities is reported in the annex to the press release.

Leasing revenue on owned equipment continues to improve thanks to the growth of the owned fleet and the good utilisation rate of our equipment, with an increase of +13.1% (+€2.2 million).

Ancillary services decreased by -€2.0 million, mainly on the chartering activity for the River Barges division. Sale of owned equipment fell by -€0.8 million, particularly on the Containers activity.

Management activities remained stable (-€0.1 million), while the fall in sales fees on second-hand equipment owned by investors (-€0.5 million) was compensated by the increase of syndication fees (+€0.4 million).

ANALYSIS OF THE CONTRIBUTION BY DIVISION

The Freight Railcars business grew by 4.2% (+€0.6 million), driven by leasing revenues from owned equipment. This increase is explained by the regular investments generating additional revenues, and by maintaining an average utilisation rate of 87% in the 1st quarter of 2024. Management activities also performed well, rising by +€0.2 million with the resumption of syndication transactions.The River Barges activity decreased by -€1.0 million compared with the 1st quarter of 2023. This decrease is due to the slowdown of the ancillary chartering services (with a limited impact on earnings, as the chartering costs decreased at the same time), and to the average utilisation rate of 92.5% during the quarter (compared with 100% the previous year). However, the utilisation rate returned to 100% at the end of March 2024.

Revenues in the Containers division amounted to €16.0 million but decreased by -€0.7 million over the period. In the context of market normalisation since the beginning of 2023, sales of owned containers and ancillary services (pick-up charges) respectively decreased by -€1.3 million and -€0.3 million compared with the 1st quarter 2023. Contrary, leasing revenue on owned equipment rose by +€1.3 million driven by an average utilisation rate of 96.7% during the quarter (compared with 95.1% for the full year 2023). Management activities fell by -€0.3 million, due to a slight decline in sale fees on investor equipment.

The Modular Buildings, accounted in the "Miscellaneous" line, has been continuing to perform well since 2023, showing a net increase of +€0.4 million (+13%). The coming year looks good, with a high order backlog.

OUTLOOK

The normalisation of the container traffic ended early 2024, and the container trade expressed in TEU-miles is now expected to rise by +9.2% over the year (or +4.1% if the “Red Sea effect” is adjusted), according to Clarkson forecasts dated April 2024. This rebound should lead to an increase in leasing demand. The resilient growth in the USA should also boost sales.

The rail container traffic in Europe is down, reflecting a growth gap between the American and the European markets. However, the rail and river markets remain promising. With its expertise in the intermodal, rail and river transport sectors, TOUAX benefits from a unique position at the heart of sustainable transport infrastructure, and intends to increase its commitment to Corporate and Social Responsibility, for a low-carbon economy.

UPCOMING EVENTS

• June 12, 2024:         Annual General Meeting
  • September 18, 2024: Videoconference presentation of the half-year results, in French
  • September 19, 2024: Videoconference presentation of the half-year results, in English

TOUAX Group leases out tangible assets (freight railcars, river barges and containers) on a daily basis worldwide, both on its own account and for investors. With €1.2 billion of assets under management, TOUAX is one of the leading European players in the leasing of such equipment.

TOUAX is listed on the EURONEXT stock market in Paris - Euronext Paris Compartment C (ISIN code: FR0000033003) - and is listed on the CAC® Small, CAC® Mid & Small and EnterNext©PEA-PME 150 indices.

For further information please visit: www.touax.com

Contacts :

TOUAX        SEITOSEI ● ACTIFINFabrice & Raphaël WALEWSKI        Ghislaine Gasparettotouax@touax.com        ggasparetto@actifin.frwww.touax.com        Tel : +33 1 56 88 11 22 +33 1 46 96 18 00        

APPENDICES

1 – Analysis of revenue from activities

2 - Table showing the transition from summary accounting presentation to restated presentation

1 Based on a comparable structure and on average exchange rates at 31 March 2023

Attachment

• ENG TOUAX Press release - Q1 2024

Grafico Azioni Touax (EU:TOUP)
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