TOUP Touax

PRESS RELEASE        Paris, 12 May 2022 – 5.45 p.m.

YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORTATION

Growth in business in the first quarter of 2022 (+52.3%)

Touax confirmed the growth in its revenue that began in the second half of 2021.

Total restated revenue from activities at the end of the first quarter of 2022 amounted to €37.4 million (€36.0 million at constant scope and currency1), compared with €24.6 million in the same period of 2021, up by €12.9 million (+52.3%).

This strong increase stems from the sustained investment strategy begun at the end of 2020 in its three business lines consisting of the long-term leasing of environmentally friendly equipment for sustainable transportation.

ANALYSIS OF REVENUE FROM ACTIVITIES AT END-MARCH 2022

(*) Income restated for the Group’s activities is presented differently from the IFRS income statement, to enable a better understanding of its level of activity. As such, no distinction is made in third-party management, which is presented solely in agent form: the leasing revenue from equipment owned by passive investors is replaced by management fees, which correspond to the net contribution of the leasing management activity to the Group’s performance.

This presentation shows syndication fees, sales fees and management fees, grouped together under management activity, separate from owned activity.

This new presentation has no impact on EBITDA, operating income or net income. The accounting presentation of revenue from activities is presented in the appendix to the press release.

In a context where asset utilisation rates remain high, owned activity increased by €13.0 million (+56.6%) due to:

• the growth in recurring leasing revenue (+€2.3 million) and ancillary services (+€3.0 million).
• the increase in sales of owned equipment (+€7.8 million)

The management activity was down slightly by €0.2 million due to the drop in sales fees on investor equipment, with equipment leased and unavailable for sale.

ANALYSIS OF CONTRIBUTIONS BY DIVISION

The Freight Railcars division posted an increase of 9.9% to €13.0 million in the first quarter:

• Rental business increased by €1.4 million (+12.5%), driven by the investment policy carried out in 2021 and the increase in the fleet utilisation rate (to 88% on average in Q1 2022).

• Management fees remained stable, while sales of owned equipment recorded a slight decline of €0.2 million.

The River Barges division posted an increase in income restated from its activities of €1.0 million, to €3.4 million, due to the €1.1 million increase in ancillary services (chartering in the Rhine basin).

Leasing revenue from Group-owned equipment decreased slightly at the beginning of the year, due to a temporary drop in the utilisation rate in January and February, corrected in March (utilisation rate of 98.9% at end-March).

The Containers division confirmed the performance of its trading and investment policy in owned activity, posting a sharp increase in its revenue of €12.7 million, to €19.8 million.

Sales of Group-owned equipment related to the trading business posted a sharp increase of €9.7 million. Meanwhile, pick-up charges improved by €2.2 million. Rental revenue supported this trend, posting a significant increase of +40.2% over the quarter to €3.3 million.

The management activity was down slightly by €0.2 million due to the drop in sales fees on investor equipment, reflecting the persistent lack of available-for-sale containers.

The Modular Construction business in Africa, presented in the “miscellaneous” line, decreased by €1.7 million due to an unfavourable comparison basis (significant deliveries took place in Q1 2021).

OUTLOOK

From an economic viewpoint in the short term, the global macroeconomic environment is volatile and uncertain due to the current armed conflict in Ukraine. However, Touax is not directly exposed to this conflict or the economic sanctions on Russia, as it has no subsidiaries, customers or leased transport assets (with the possible exception of a few non-material containers in transit) in Ukraine or Russia. Indirectly, this conflict may have consequences that are difficult to ascertain in terms of rising inflation, impact on European economic growth, logistical disruptions, shortages of equipment, spare parts and raw materials in certain industrial sectors (including the rail sector) and rising interest rates. We note that our assets are gaining value during this inflationary period.

From a structural and medium/long-term perspective, the business outlook in the long-term leasing of equipment for sustainable transportation is positive. Our various asset classes are benefiting from the development of infrastructure, e-commerce and intermodal logistics, as well as the support of public authorities, consumers, lenders and investors for green transport.

UPCOMING EVENTS

• 22 June 2022: Annual General Meeting
• 28 September 2022: Publication of H1 results and videoconferencing presentation
• 29 September 2022: Video conference call to present the H1 results in English
• 14 November 2022: Q3 revenue from activities

TOUAX Group leases out tangible assets (freight railcars, river barges and containers) on a daily basis worldwide, both on its own account and for investors. With more than €1.2 billion of assets under management, TOUAX is one of the leading European players in the leasing of such equipment.

TOUAX is listed on the EURONEXT stock market in Paris – Euronext Paris Compartment C (ISIN: FR0000033003) – and is listed on the CAC® Small, CAC® Mid & Small and EnterNext©PEA-PME 150 indices.

For further information please visit: www.touax.com

Contacts:TOUAX        ACTIFINFabrice & Raphaël Walewski        Ghislaine Gasparettotouax@touax.com        ggasparetto@actifin.frwww.touax.com        Tel: +33 1 56 88 11 11Tel: +33 1 46 96 18 00        

APPENDIX

1- Accounting presentation of revenue from activities

2- Table showing the transition from summary accounting presentation to restated presentation

1 Based on a comparable structure and average exchange rates at end-March 2021

Attachment

• EN TOUAX Press Release 12 05 2022 Activity Q1 2022

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