Touax: business volume down 13% in first half, net loss of €4.2M
Touax published its first-half accounts on September 16, 2026, marked by a decline in its transport asset leasing activities.
Business volume and earnings aggregates fell year-over-year, while the group highlighted financial and capital operations carried out during the period, including the entry of American Trinity Industries into its Indian freight wagon subsidiary.
Business volume down 13%, negative net result of €4.2M
As of June 30, 2026, Touax's restated operating revenues stood at €72.9M, down €10.8 million (-13%) compared to €83.7M in the first half of 2025. At constant exchange rates and scope, the decline was 9%.
Operating EBITDA reached €20.1M, down €10.4 million year-over-year. Operating income stood at €4.4M, compared to €14.4M on June 30, 2025. After a financial result of -€10.5M, the Group's net income was -€4.2M, compared to €2.5M a year earlier, or earnings per share of -€0.60 (€0.36 in the first half of 2025).
By division, Containers declined by €5.8 million to €34.5M, Freight Wagons by €3.4 million to €24.6M, while Inland Barges rose by €0.5 million to €8.7M.
Difficult environment, inland waterway activity holds up
According to management, the decline resulted from three cyclical factors: temporary overcapacity in European intermodal rail transport in a market where industrial demand slowed, a temporary halt in Container activity growth linked to geopolitical tensions in the Middle East and direct container purchases by shipping companies, as well as a slowdown in major African infrastructure projects in modular construction.
The Containers division was also affected by an unfavorable currency effect (the euro-dollar exchange rate moving from 1.093 to 1.167 on average), accounting for one-third of the variation. Average utilization rate stood at 92.3%, down 3.6 percentage points.
Inland waterway activity was an exception, driven by rising freight rates in the Rhine basin due to low water levels. Its operating EBITDA increased by €0.2 million to €3.0M.
Trinity Industries enters Indian capital, financing renewed
During the semester, Touax finalized Trinity Industries' entry into Touax Rail India's capital at 32%, via an injection of over €30 million. This transaction brought Group shareholders' equity to €70.6M, up €0.8 million compared to December 31, 2025.
The group also renewed financing lines for the Containers division for a €115M commitment over four years, and finalized the refinancing of its Corporate debt maturing in 2027 through a green bond issuance of €39M and a green loan of €44M, both with a five-year maturity. Net financial debt declined by €14.1 million to €295.9M, and the Loan to Value ratio improved to 60.4%, from 64.0% on December 31, 2025.
For the second half, Touax indicates it is banking on a stabilization of rail volumes and a gradual return of rental demand in Containers. In India, Touax Rail India plans to deploy the capital raised by increasing its fleet by 6,500 new wagons over three to five years.
