Freight logistics company Touax reported a net loss of EUR 4.2 million for the first half of 2026, a swing of EUR 6.7 million from a EUR 2.5 million profit a year earlier, as revenue declined and investor sentiment weakened.
Revenue from activities dropped by EUR 10.8 million year-over-year, driven by weaker performance across its three core segments. Leasing revenue fell EUR 4.7 million to EUR 39 million, sales revenue declined EUR 3.7 million to EUR 27.6 million, and management fees slipped EUR 2.5 million to EUR 6.2 million. Operating EBITDA contracted by EUR 10.4 million, while gross profit margin held at 45.5%.
Shares fell 6.49% to USD 3.60 on the day, erasing USD 0.25 from the previous close of USD 3.85. The stock, which trades at EUR 4.22 / 3.52 depending on the market, lost roughly a sixth of its value from the 52-week high of USD 5.04. Market capitalization stood at approximately USD 28.82 million, with a price-to-book ratio of just 0.38. Analysts had projected EPS of USD 0.87 for full-year 2026.
Net debt rose to EUR 296.4 million, supported by EUR 66.6 million in cash against gross debt of EUR 363 million. The weighted average interest rate sat at 5.38%, with an interest coverage ratio slightly above 2.0x and a loan-to-value ratio of 60% against a 70% maximum limit. Equipment purchases totaled EUR 24.5 million in the period, nearly double the EUR 12+ million spent in H1 2025.
Assets under management amounted to EUR 1.2 billion, comprising EUR 700 million on Touax's balance sheet and EUR 500 million managed for third parties. The freight railcar segment accounted for roughly EUR 700 million, container activity EUR 438 million, and river barges approximately EUR 100 million.
In India, Touax completed a EUR 31 million capital increase through Trinity, strengthening its position in a market where railcar utilization remains at 100%. The company manages more than 13,000 freight railcars globally, of which 64% are owned, 27% managed for third parties, and 9% provided through technical management. Touax aims to expand its railcar fleet from 13,000 to 20,000 wagons over the coming years, including a target of 6,500 cars and roughly 100 trains via its India operations, with ambitions to reach 140 trains.
Europe's railcar utilization rate declined to 78.4% from 80% at the end of 2025. The average age of Touax's owned railcar fleet stands at 11.2 years, compared with 12.2 years globally.
The river barge division operated 115 vessels — 67 in Europe, 38 in South America, and 10 in North America — with utilization near 100%. Each barge costs between EUR 1 million and EUR 1.5 million to acquire. Touax plans to grow its barge fleet from 115 to 200 over three to five years. The owned barge fleet averages 15.3 years in age, while the global average sits at 16.9 years.
In containers, Touax managed approximately 300,000 units, with 36% owned and 64% third-party. It sold or traded around 35,000 TEU in H1, 75% second-hand and 25% new. Utilization improved to 95% from 92.3% at the start of the year. The company targets raising annual trading volume from 16,000 containers to 28,000 by year-end, with syndication activity expected to exceed EUR 50 million in the second half.
Financing activity was active: Touax renewed USD 115 million in container financing over four years, issued a green bond worth EUR 38.7 million, and signed a green loan for EUR 44 million. Corporate borrowing maturities were extended to 2031.
Touax earned an EcoVadis Gold Medal rating of 81 out of 100, placing it in the top 3% of 150,000 rated companies, along with an EthiFinance Gold Medal.
Fabrice Walewski, managing partner, said the company expects a strong rebound if the war in Ukraine ends and China-Europe corridors reopen. He noted that transport accounts for 30% of global CO2 emissions, driving demand for less polluting alternatives such as rail and river barges.
Thierry Schmidt de la Brelie, managing director of administration and finance, said investors continue to seek diversification away from financial markets, valuing recurring returns with low volatility.
