Touax SCA Reports Revenue Decline Despite Strategic Milestones

Touax SCA, a leading provider of operational leasing solutions for sustainable transportation, reported a temporary slowdown in its first half of 2026 results, despite several strategic milestones. The company faced challenges in its container and freight railcar activities due to geopolitical tensions and weak European industrial activity. However, the river transport business remained resilient, driven by the desire of major industrial companies to diversify and decarbonize their supply chains.

According to the press release, the company's restated revenue from activities decreased by €10.8 million to €72.9 million in the first half of 2026, compared to the same period in 2025. This decline was attributed to persistent pressures in the European intermodal rail freight market, temporary overcapacity, and a slowdown in major African infrastructure projects involving modular buildings.

Despite the decrease in revenue, Touax SCA's financial position remains strong. The company has been working to strengthen its position in India, where growth remains robust. A significant milestone was the entry of Trinity Industries into the capital of Touax Rail India, with a 32% stake and an equity injection of more than €30 million. This transaction supports Indian growth and brings together industry leaders from the United States, India, and Europe.

Touax SCA also secured a committed amount of $115 million for a four-year term through the renewal of asset-backed financing facilities for its container activity. The company completed the refinancing of its corporate debt maturing in 2027 through a €39 million Green Bond issuance and a €44 million Green Loan, both with a five-year maturity. These transactions further strengthen relationships with long-standing financing partners and secure the company's investment plan.

The company's operating EBITDA decreased by €10.4 million to €20.1 million in the first half of 2026. The decline in revenue directly impacted the Group's profitability, with operating income amounting to €4.4 million, down from €14.4 million in the same period last year. The financial result was negative at -€10.5 million, compared to €2.5 million in 2025.

However, the company's total equity Group share increased by €0.8 million over the period, driven by the investment from Trinity in the Indian subsidiary TTRL. As of 30 June 2026, the consolidated cash position was substantial, with more than €66 million recorded on the balance sheet, and the Loan-to-Value ratio improved to 60.4% from 64.0% as of 31 December 2025.

Touax SCA's river transport business remained very resilient, with major industrial companies continuing to diversify and decarbonize their supply chains. The company's revenue from the river barges division increased by €0.5 million to €8.7 million, driven by higher charter rates on the Rhine basin and the sale of owned assets. The containers division saw a decrease in revenue of €5.8 million, with foreign exchange translation effects accounting for approximately one-third of the decline.

The company's overall operating EBITDA decreased by €10.4 million, with the Freight Railcars division reporting a decrease of €3.6 million to €11.4 million. The River Barges division reported an operating EBITDA of €3.0 million, up €0.2 million. The Containers division saw a decrease of €5.9 million to €5.1 million, primarily due to a decline in leasing and asset management activities. The Modular Buildings activity reported a decrease of €1.1 million to €0.3 million due to lower sales.

Despite the decrease in profitability, Touax SCA's financial structure remains balanced and strengthened. The company's total shareholders' equity increased to €161.5 million, supported by the investment from Trinity in the Indian subsidiary. The total equity Group share increased by €0.8 million, driven by positive currency translation adjustments and the accretion effect from Trinity's investment.