Touax (TOUP) H1 2026 earnings summary

Executive summary

• Revenue declined 13% year-over-year to €72.9m in H1 2026, reflecting a temporary slowdown amid geopolitical and economic headwinds, with net income swinging to a €4.2m loss from a €2.5m profit in H1 2025.

• The business faced headwinds from low container leasing demand, weak European rail activity, and a low order backlog in modular buildings, partially offset by growth in river transport.

• Strategic expansion in India included Trinity/TrinityRail Global acquiring a 32% stake in the Indian railcar subsidiary, injecting over €31m in equity and supporting fleet expansion by 6,500 railcars over 3–5 years.

• Financial structure was strengthened through Trinity's investment, new long-term financings, and no major debt maturities before 2030.

• Achieved a top 3% EcoVadis sustainability rating and continued focus on decarbonizing transport.

Financial highlights

• H1 2026 revenues declined by €10.8m (-13%) year-over-year to €72.9m, with operating EBITDA down 34% to €20.1m and operating income down 70% to €4.4m.

• Net income group share dropped to -€4.2m (vs. €2.5m in H1 2025); EPS: -€0.60 (vs. €0.36 in H1 2025).

• Consolidated cash position exceeded €66m as of June 30, 2026, with net cash position improved by €19.0m.

• Loan-to-value ratio at 60.4%, well below the 70% covenant.

• Net financial debt decreased by €14.1m to €295.9m.

Outlook and guidance

• Anticipates recovery in container leasing and railcar demand in H2 2026, with strong growth expected in India and positive momentum in river barges.

• Targets increased railcar fleet to 20,000 wagons and river barge fleet to 200 units within 3–5 years, with Indian fleet expansion by 6,500 railcars.

• Container activity expected to benefit from 3.7% global market growth in 2026.

• Modular Buildings activity to grow in Africa with turnkey solutions.

• Group remains confident in medium- and long-term growth drivers, including green logistics and infrastructure projects.