PRESS RELEASE        Paris, 15 May 2024 - 17 h 45
        YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORTATION
                     Stable activity in 1(st) quarter 2024
   * EUR36.4 million in revenues for the first three months of the year, stable
     compared with 1(st) quarter 2023 (-2%)
   * Leasing revenue on owned equipment up +13.1%
Total  restated  revenue  for  the  1(st) quarter  2024 amounts to EUR36.4 million
(EUR36.6  million at  constant currency  and scope(1)),  stable compared  to EUR37.1

million of restated revenue at the same period in 2023.
+------------------------------------------------------------------------
| Restated Revenue from activities (*)
| Q1 2024 Q1 2023 Variation
| (in EUR thousand)
+------------------------------------------------------------------------
Leasing revenue on owned equipment 19,381 17,139 2,242
------------------------------------------
Ancillary services 3,021 5,031 -2,010
------------------------------------------
Total leasing activity 22,402 22,170 232
------------------------------------------

  Sales of owned equipment                 12,213    13,053      -840
  Total sales of equipment                 12,213    13,053      -840

-------------------------------------------------------------------------
Total of owned activity 34,615 35,223 -608
-------------------------------------------------------------------------

  Syndication fees                           424        0         424
  Management fees                           1,015     1,021       -6
  Sales fees                                 326       861       -535

-------------------------------------------------------------------------
Total of management activity 1,765 1,882 -117
-------------------------------------------------------------------------
Other capital gains on disposals 0 1 -1
-------------------------------------------------------------------------
Total Others 0 1 -1
-------------------------------------------------------------------------
Total Restated Revenue from activities 36,380 37,106 -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% (+EUR2.2 million).
Ancillary services decreased by -EUR2.0 million, mainly on the chartering activity
for the River Barges division. Sale of owned equipment fell by -EUR0.8 million,
particularly on the Containers activity.
Management activities remained stable (-EUR0.1 million), while the fall in sales
fees on second-hand equipment owned by investors (-EUR0.5 million) was compensated
by the increase of syndication fees (+EUR0.4 million).
ANALYSIS OF THE CONTRIBUTION BY DIVISION
+------------------------------------------------------------------------
| Restated Revenue from activities
| Q1 2024 Q1 2023 Variation
| (in EUR thousand)
+------------------------------------------------------------------------
Leasing revenue on owned equipment 12,234 11,124 1,110
------------------------------------------
Ancillary services 1,137 1,938 -801
------------------------------------------
Total leasing activity 13,371 13,062 309
------------------------------------------

  Sales of owned equipment                   136       76         60
  Total sales of equipment                   136       76         60

-------------------------------------------------------------------------
Total of owned activity 13,507 13,138 369
-------------------------------------------------------------------------
Syndication fees 188 0 188
------------------------------------------
Management fees 558 538 20
-------------------------------------------------------------------------
Total of management activity 746 538 208
-------------------------------------------------------------------------
Total Freight railcars 14,253 13,676 577
-------------------------------------------------------------------------
Leasing revenue on owned equipment 1,749 1,878 -129
------------------------------------------
Ancillary services 1,196 2,072 -876
------------------------------------------
Total leasing activity 2,945 3,950 -1,005
------------------------------------------

  Sales of owned equipment                    1         0          1
  Total sales of equipment                    1         0          1

-------------------------------------------------------------------------
Total of owned activity 2,946 3,950 -1,004
-------------------------------------------------------------------------
Management fees 32 11 21
-------------------------------------------------------------------------
Total of management activity 32 11 21
-------------------------------------------------------------------------
Total River Barges 2,978 3,961 -983
-------------------------------------------------------------------------
Leasing revenue on owned equipment 5,393 4,133 1,260
------------------------------------------
Ancillary services 688 1,021 -333
------------------------------------------
Total leasing activity 6,081 5,154 927
------------------------------------------

  Sales of owned equipment                  8,955    10,211     -1,256
  Total sales of equipment                  8,955    10,211     -1,256

-------------------------------------------------------------------------
Total of owned activity 15,036 15,365 -329
-------------------------------------------------------------------------

  Syndication fees                           236        0         236
  Management fees                            425       472        -47
  Sales fees                                 326       861       -535

-------------------------------------------------------------------------
Total of management activity 987 1,333 -346
-------------------------------------------------------------------------
Total Containers 16,023 16,698 -675
-------------------------------------------------------------------------
Leasing revenue on owned equipment 5 4 1
------------------------------------------
Total leasing activity 5 4 1
------------------------------------------

  Sales of owned equipment                  3,121     2,766       355
  Total sales of equipment                  3,121     2,766       355

-------------------------------------------------------------------------
Total of owned activity 3,126 2,770 356
-------------------------------------------------------------------------
Other capital gains on disposals 0 1 -1
-------------------------------------------------------------------------
Total Others 0 1 -1
-------------------------------------------------------------------------
Total Miscellaneous and eliminations 3,126 2,771 355
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total Restated Revenue from activities 36,380 37,106 -726
-------------------------------------------------------------------------
The Freight Railcars business grew by 4.2% (+EUR0.6 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 1(st) quarter of 2024. Management activities also
performed well, rising by +EUR0.2 million with the resumption of syndication
transactions.
The River Barges activity decreased by -EUR1.0 million compared with the 1(st) 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 EUR16.0 million but decreased by
-EUR0.7  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 -EUR1.3 million and -EUR0.3 million compared with
the 1(st) quarter 2023. Contrary, leasing revenue on owned equipment rose by +EUR1.3 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 -EUR0.3 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 +EUR0.4 million
(+13%). The coming year looks good, with a high order backlog.
OUTLOOK
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.
UPCOMING EVENTS

  * 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 EUR1.2 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: www.touax.com
Contacts :

TOUAX        SEITOSEI ? ACTIFIN
Fabrice & Raphaël WALEWSKI        Ghislaine Gasparetto
touax@touax.com        ggasparetto@actifin.fr
www.touax.com        Tel : +33 1 56 88 11 22 +33 1 46 96 18 00
                                   APPENDICES

1 - Analysis of revenue from activities
+----------------------------------------------------------
| Revenue from activities
| Q1 2024 Q1 2023
| (in EUR thousand)
+----------------------------------------------------------
Leasing revenue on owned equipment 19,381 17,139
----------------------------------------
Ancillary services 3,644 6,436
----------------------------------------
Total leasing activity 23,025 23,575
----------------------------------------

  Sales of owned equipment               12,213    13,053
  Total sales of equipment               12,213    13,053

-----------------------------------------------------------
Total of owned activity 35,238 36,628
-----------------------------------------------------------

  Leasing revenue on managed equipment    8,716     9,485
  Syndication fees                         424        0
  Management fees                          421       372
  Sales fees                               326       861

-----------------------------------------------------------
Total of management activity 9,887 10,718
-----------------------------------------------------------
Other capital gains on disposals 0 1
-----------------------------------------------------------
Total Others 0 1
-----------------------------------------------------------
Total Revenue from activities 45,125 47,347
-----------------------------------------------------------
2 - Table showing the transition from summary accounting presentation to restated presentation
+-------------------
|Revenue from

|activities                             Retreated                     Retreated
|                   Q1 2024 Retreatment           Q1 2023 Retreatment

|(in EUR thousand) Q1 2024 Q1 2023 +-------------------
Leasing revenue on
owned equipment 19,381 19,381 17,139 17,139
--------------------
Ancillary services 3,644 -623 3,021 6,436 -1,405 5,031
--------------------
Total
leasing activity 23,025 -623 22,402 23,575 -1,405 22,170
--------------------
Sales of owned
equipment 12,213 12,213 13,053 13,053
Total sales of
equipment 12,213 12,213 13,053 13,053
-------------------------------------------------------------------------------
Total of owned
activity 35,238 -623 34,615 36,628 -1,405 35,223
-------------------------------------------------------------------------------
Leasing revenue on

 managed equipment   8,716    -8,716        0      9,485    -9,485        0
 Syndication fees     424                  424       0                    0
 Management fees      421       594       1,015     372       649       1,021
 Sales fees           326                  326      861        0         861

-------------------------------------------------------------------------------
Total of
management
activity 9,887 -8,122 1,765 10,718 -8,836 1,882
-------------------------------------------------------------------------------
Other capital
gains on disposals 0 0 1 1
-------------------------------------------------------------------------------

 Total Others                               0
                       0                             1                    1

-------------------------------------------------------------------------------
Total Revenue from
activities 45,125 -8,745 36,380 47,347 -10,241 37,106
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1 Based on a comparable structure and on average exchange rates at 31 March 2023
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