Toosla Reduces Debt from €20.3M to €4.8M in Four Months
The short-term car rental specialist announced on Wednesday that it has executed the bulk of its debt reduction plan in just four months, reducing its debt from €20.3M to €4.8M. This financial restructuring, achieved through debt forgiveness and a fundraising round, aims to restore the group's flexibility and reallocate its resources towards its growth strategy.
Toosla has reduced its financial debt to €4.8M, down from €20.3M, thanks to scheduled disposals of its fleet and a fundraising of €2.1M through the issuance of convertible bonds (Oceane). The group has repaid €4.4M of the €6.8M committed in its conciliation agreement, which is 65% of the planned amount. Once the restructuring is finalized, the debt is expected to stand at €2.4M, consisting exclusively of amortizable debts spread over several years.
This reduction exceeds 75%, significantly transforming the group's balance sheet structure.
Fleet Disposal Scheduled for Mid-October 2026
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The remaining €2.4M to be repaid is linked to the disposal of the remaining vehicles scheduled by mid-October 2026. The group emphasizes that this timetable remains compatible with its operational needs and allows it to focus its resources on the summer season. To finalize its first phase of restructuring before the end of June, Toosla has adjusted the tranches of its fundraising by increasing the fourth draw to €400K and reducing the fifth to €150K, without impacting the overall amount of the two tranches.
Panayotis Staicos, the CEO, states that this reduction 'should allow us to regain financial leeway, sustainably strengthen our balance sheet, and fully concentrate our resources on executing our profitable growth strategy.'
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 3,9 millions d'euros
Quarterly revenue: 3,9 millions d'euros
EBITDA: -0,2 millions d'euros
EBITDA margin: -6,2 %
Net income: 8,6 millions d'euros
Guidance from the release
« malgré la contraction de l'activité déjà annoncée en juillet dernier et liée aux conséquences de la dégradation de l'environnement économique » ; « il faut aller plus loin pour retrouver une vraie trajectoire de croissance rentable »
Risks mentioned
Baisse d'environ 20 % de la demande de réservations à périmètre constant
Hausse des prix des carburants liée au conflit au Moyen-Orient
Recul du prix moyen des locations d'environ 10 % lié au mix Access
Opportunities identified
Dette ramenée à 4,8 M€, puis 2,4 M€ après finalisation du plan
Premier bénéfice net de l'histoire de la Société attendu
Reprise des investissements technologiques et enrichissement de l'offre
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
