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Touax: Stable activity in 1st quarter 2024


PRESS RELEASE        Paris, 15 May 2024 – 17 h 45


Stable activity in 1st quarter 2024

  • €36.4 million in revenues for the first three months of the year, stable compared with 1st quarter 2023 (-2%)
  • Leasing revenue on owned equipment up +13.1%

Total restated revenue for the 1st quarter 2024 amounts to €36.4 million (€36.6 million at constant currency and scope1), stable compared to €37.1 million of restated revenue at the same period in 2023.

Restated Revenue from activities (*)Q1 2024

Q1 2023


(in € thousand)
Leasing revenue on owned equipment19,38117,1392,242
Ancillary services3,0215,031-2,010
Total leasing activity22,40222,170232
Sales of owned equipment12,21313,053-840
Total sales of equipment12,21313,053-840
Total of owned activity34,61535,223-608
Syndication fees4240424
Management fees 1,0151,021-6
Sales fees326861-535
Total of management activity1,7651,882-117
Other capital gains on disposals01-1
Total Others01-1
Total Restated Revenue from activities36,38037,106-726

(*) To ensure an understanding of the performance of the activities, the key indicators of the Group's activity report are presented differently from the IFRS income statement. For this reason, no distinction is made in the management of third-party accounts, which is presented exclusively as an agent.
This presentation allows for a direct reading of syndication fees, sales fees and management fees.
This presentation does not result in any difference in EBITDA, operating profit and net profit. The accounting presentation of the revenues of the activities is reported in the annex to the press release.

Leasing revenue on owned equipment continues to improve thanks to the growth of the owned fleet and the good utilisation rate of our equipment, with an increase of +13.1% (+€2.2 million).

Ancillary services decreased by -€2.0 million, mainly on the chartering activity for the River Barges division. Sale of owned equipment fell by -€0.8 million, particularly on the Containers activity.

Management activities remained stable (-€0.1 million), while the fall in sales fees on second-hand equipment owned by investors (-€0.5 million) was compensated by the increase of syndication fees (+€0.4 million).


Restated Revenue from activitiesQ1 2024

Q1 2023


(in € thousand)
Leasing revenue on owned equipment12,23411,1241,110
Ancillary services1,1371,938-801
Total leasing activity13,37113,062309
Sales of owned equipment1367660
Total sales of equipment1367660
Total of owned activity13,50713,138369
Syndication fees1880188
Management fees55853820
Total of management activity746538208
Total Freight railcars14,25313,676577
Leasing revenue on owned equipment1,7491,878-129
Ancillary services1,1962,072-876
Total leasing activity2,9453,950-1,005
Sales of owned equipment101
Total sales of equipment101
Total of owned activity2,9463,950-1,004
Management fees321121
Total of management activity321121
Total River Barges2,9783,961-983
Leasing revenue on owned equipment5,3934,1331,260
Ancillary services6881,021-333
Total leasing activity6,0815,154927
Sales of owned equipment8,95510,211-1,256
Total sales of equipment8,95510,211-1,256
Total of owned activity15,03615,365-329
Syndication fees2360236
Management fees425472-47
Sales fees326861-535
Total of management activity9871,333-346
Total Containers16,02316,698-675
Leasing revenue on owned equipment541
Total leasing activity541
Sales of owned equipment3,1212,766355
Total sales of equipment3,1212,766355
Total of owned activity3,1262,770356
Other capital gains on disposals01-1
Total Others01-1
Total Miscellaneous and eliminations3,1262,771355
Total Restated Revenue from activities36,38037,106-726

The Freight Railcars business grew by 4.2% (+€0.6 million), driven by leasing revenues from owned equipment. This increase is explained by the regular investments generating additional revenues, and by maintaining an average utilisation rate of 87% in the 1st quarter of 2024. Management activities also performed well, rising by +€0.2 million with the resumption of syndication transactions.
The River Barges activity decreased by -€1.0 million compared with the 1st quarter of 2023. This decrease is due to the slowdown of the ancillary chartering services (with a limited impact on earnings, as the chartering costs decreased at the same time), and to the average utilisation rate of 92.5% during the quarter (compared with 100% the previous year). However, the utilisation rate returned to 100% at the end of March 2024.

Revenues in the Containers division amounted to €16.0 million but decreased by -€0.7 million over the period. In the context of market normalisation since the beginning of 2023, sales of owned containers and ancillary services (pick-up charges) respectively decreased by -€1.3 million and -€0.3 million compared with the 1st quarter 2023. Contrary, leasing revenue on owned equipment rose by +€1.3 million driven by an average utilisation rate of 96.7% during the quarter (compared with 95.1% for the full year 2023).
Management activities fell by -€0.3 million, due to a slight decline in sale fees on investor equipment.

The Modular Buildings, accounted in the "Miscellaneous" line, has been continuing to perform well since 2023, showing a net increase of +€0.4 million (+13%). The coming year looks good, with a high order backlog.


The normalisation of the container traffic ended early 2024, and the container trade expressed in TEU-miles is now expected to rise by +9.2% over the year (or +4.1% if the “Red Sea effect” is adjusted), according to Clarkson forecasts dated April 2024. This rebound should lead to an increase in leasing demand. The resilient growth in the USA should also boost sales.

The rail container traffic in Europe is down, reflecting a growth gap between the American and the European markets. However, the rail and river markets remain promising. With its expertise in the intermodal, rail and river transport sectors, TOUAX benefits from a unique position at the heart of sustainable transport infrastructure, and intends to increase its commitment to Corporate and Social Responsibility, for a low-carbon economy.


  • June 12, 2024:         Annual General Meeting
    • September 18, 2024: Videoconference presentation of the half-year results, in French
    • September 19, 2024: Videoconference presentation of the half-year results, in English

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 €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 code: FR0000033003) - and is listed on the CAC® Small, CAC® Mid & Small and EnterNext©PEA-PME 150 indices.

For further information please visit:

Contacts :

Fabrice & Raphaël WALEWSKI        Ghislaine Gasparetto        Tel : +33 1 56 88 11 22 +33 1 46 96 18 00        


1 – Analysis of revenue from activities

Revenue from activitiesQ1 2024

Q1 2023

(in € thousand)
Leasing revenue on owned equipment19,38117,139
Ancillary services3,6446,436
Total leasing activity23,02523,575
Sales of owned equipment12,21313,053
Total sales of equipment12,21313,053
Total of owned activity35,23836,628
Leasing revenue on managed equipment8,7169,485
Syndication fees4240
Management fees 421372
Sales fees326861
Total of management activity9,88710,718
Other capital gains on disposals 01
Total Others01
Total Revenue from activities45,12547,347

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

Revenue from activitiesQ1 2024


RetreatedQ1 2023


(in € thousand)Q1 2024Q1 2023
Leasing revenue on owned equipment19,38119,38117,13917,139
Ancillary services3,644-6233,0216,436-1,4055,031
Total leasing activity23,025-62322,40223,575-1,40522,170
Sales of owned equipment12,21312,21313,05313,053
Total sales of equipment12,21312,21313,05313,053
Total of owned activity35,238-62334,61536,628-1,40535,223
Leasing revenue on managed equipment8,716-8,71609,485-9,4850
Syndication fees42442400
Management fees 4215941,0153726491,021
Sales fees3263268610861
Total of management activity9,887-8,1221,76510,718-8,8361,882
Other capital gains on disposals 0011
Total Others00

Total Revenue from activities45,125-8,74536,38047,347-10,24137,106

1 Based on a comparable structure and on average exchange rates at 31 March 2023


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