TOUAX Maintains Dividend Despite a 56% Drop in Net Profit
The European rental provider of containers, freight wagons, and river barges has published its 2025 results: despite a 5.4% drop in activity and a decrease in net results, the group confirms its operational resilience and will pay 0.10 euro per share to its shareholders. This shareholder stability, however, masks short-term tensions affecting its outlook.
Revenue Decline in Freight Wagon Division
TOUAX's adjusted revenue from operations stands at 156.1 million euros in 2025, down by 8.9 million euros compared to 2024. This 5.4% decrease reflects challenges particularly in the Freight Wagon division, affected by the slowdown in European intermodal rail freight since mid-2024. The Container division shows better resilience with an increase of 1.0 million euros, while the activity of management for third-party investors progresses by 1.3 million euros, reflecting partners' confidence in the group's model. At constant currency and scope, the decline would only be 3.0%, highlighting the significant impact of exchange rate fluctuations, notably the weakness of the dollar.
Operational EBITDA Declines
The operational EBITDA amounts to 52.7 million euros, down by 6.3 million euros. Contractions recorded by the Freight Wagons division (-1.7 million) and Modular Constructions division (-3.8 million) were partially offset by an improvement in the Container division (+1.4 million). The current operating result declines to 21.1 million euros, while the net result attributable to the group stands at 1.7 million euros compared to 3.9 million in 2024. This 56% drop in net profit, however, masks a contained operational performance: the group recorded a tax income of 2.5 million euros thanks to the resolution of a tax dispute. Structurally, TOUAX remains profitable amidst strong geopolitical and economic tensions.
Dividend Proposal Amid Uncertainty
Despite the context of uncertainty, the managers will propose a dividend of 0.10 euro per share at the general meeting on June 10, 2026, confirming the group's commitment to rewarding its shareholders. Over six years, the shareholder performance shows a compound annual growth of 6.77%. However, the net book value per share stands at 9.96 euros, down by 14% at the end of December 2025, a contraction attributable to 11.0 million euros of negative conversion differences related to the weakness of the dollar and the Indian rupee. Structurally, TOUAX approaches 2026 with caution, aware of the risks associated with American trade tensions, global conflicts, and weak European growth. The group will continue a balanced investment policy and enhanced risk management, while relying on favorable underlying trends: the rise of e-commerce, increasing demand for logistics, and transition towards sustainable transport solutions. The consolidated cash position remains comfortable at 47.6 million euros, and the Loan to Value ratio stabilizes at 64%.
