PRESS RELEASE        Paris, 13 September 2023 - 5.45pm
          YOUR OPERATIONAL LEASING SOLUTION FOR SUSTAINABLE TRANSPORT
                             HALF-YEAR RESULTS 2023
                 Solid business model and operating performance
    * Stable business volumes (+0.9%)
    * Stable operating performance (EBITDA rate(1) of 36.6%)
    * Group net profit of EUR5.1 million

"Touax confirms the strength of its business model in a slowing economic environment. Timely investments in quality logistics assets on long-term leases and the mix of different segments in which we operate are boosting recurring revenues. Through two refinancing transactions, we have also extended the maturity of Touax SCA's debt to mid-2027, enabling us to develop our investment strategy in support of sustainable transport," say Fabrice and Raphaël Walewski,
Touax SCA's managing partners.

Restated  revenue  from  Group  activities  (at  EUR79.1  million, i.e. +0.9%) and
consolidated  EBITDA (at EUR28.9 million, i.e. -1.9%) were broadly stable compared

with the end of June 2022. This performance was achieved in a largely anticipated context of normalisation in the Containers business after exceptionally favourable years in 2021 and 2022 for the industry as a whole.

The  Group share of net  profit was EUR5.1 million  at 30 June 2023, compared with
EUR7.6  million at  end-June 2022 and  EUR7.5 million  for the  full year 2022. This
profit  includes net exceptional  income of EUR2.6  million (exceptional income of
EUR3.5  million on  the purchase  of the  minority stake  in the Modular Buildings

business; exceptional provision of EUR0.9 million due to a dispute).
Touax SCA has improved its debt profile by extending the maturity of its financing:
* In June, the Group repaid EUR10.0 million of the EUR15.0 million Euro-PP loan maturing in July 2023 in cash, and the balance by issuing EUR5.0 million new

    tranche on the 2022 sustainable-linked Euro-PP bond maturing in June 2027;
  * Refinancing in July of the disintermediated loan of EUR40.0 million from a
    debt fund maturing in June 2024 by a bank loan for the same amount maturing
    in May 2027, in the form of a club deal with a syndicate of five banks.

These transactions follow the redemption in full of the TSSDI hybrid capital on 01 August 2022, which had already simplified the financing structure and optimised the cost of long-term resources against a backdrop of rising interest rates in the eurozone.
SIGNIFICANT ITEMS IN THE FINANCIAL STATEMENTS
+------------------------------------------------------------------------------
|Key figures
| June 2023 June 2022 Dec. 2022
|(in EUR million)
+------------------------------------------------------------------------------
Restated Revenue (*) from
activities 79.1 78.3 161.5
-------------------------------------------------------------------------------

 Of which Freight Railcars                  27.9                 26.4      56.1
 Of which River barges                       7.5                  7.6      17.5
 Of which Containers                        35.1                 41.3      81.4

Of which Miscellaneous and
eliminations 8.6 3.0 6.4
-------------------------------------------------------------------------------
EBITDA 28.9 29.5 57.9
-------------------------------------------------------------------------------
Current operating income 14.7 16.6 31.1
Other financial income and

 expenses                                    2.6                  0.0       0.0
 Operating income                           17.3                 16.6      31.1
 Financial result                           -9.8                 -6.8     -15.4
 Profit before taxes                         7.6                  9.8      15.7
 Corporate tax                              -1.4                 -1.5      -6.3

-------------------------------------------------------------------------------
Consolidated net profit
(Group's share) 5.1 7.6 7.5
-------------------------------------------------------------------------------
Earnings per share (EUR) 0.72 1.08 1.07 -------------------------------------------------------------------------------

 Total non-current assets                  381.2                353.2     394.6
 Total assets                              564.3                585.0     571.7
 Total shareholders' equity                153.5                170.2     153.7
 Net financial debt (a)                    275.2                242.2     280.8
 Operating cash flow (b)                    17.4                 11.0      -1.5

-------------------------------------------------------------------------------
Loan to Value ratio (c) 57.4% 56.0% 59.5%
-------------------------------------------------------------------------------
(a) including EUR 226.7m non
recourse debt at 30 June 2023
(b) including EUR20.7m net equipment acquisitions
(vs EUR16.3m end of June 2022)
(c) LTV : Consolidated gross financial debt / Total assets less
goodwill and intangible fixed assets
(*) To provide a clearer understanding of business performance, the key indicators in the Group's activity report are presented differently from the IFRS income statement. For this reason, no distinction is made between management on behalf of third parties, which is presented exclusively as an agent.
This presentation has no impact on EBITDA, operating income or net income. The accounting presentation of revenue from activities is given in the appendix to this press release.
STABLE BUSINESS IN THE FIRST HALF OF 2023
For the first half of the 2023 financial year, restated revenues from activities
came to EUR79.1 million (EUR78.9 million on a like-for-like basis), a slight
increase of 0.9% compared with the same period of 2022 (+0.7% on a like-for-like
basis).
Owned activity totalled EUR73.9 million at 30 June 2023, up by EUR1.8 million
compared with the end of June 2022. It benefited from the favourable trend in leasing revenue (+EUR0.9 million). Utilisation rates for freight railcars (89%),
river barges (100%) and containers (95%) were high at 30 June 2023. Sales of owned equipment also increased by EUR0.8 million.
Management activity was down by EUR1.0 million in the first half, due to a EUR2.0
million reduction in syndication fees. However, sales fees rose by EUR0.9 million,
reflecting the higher level of second-hand containers available for sale in 2023 in a market that is normalising.
ANALYSIS OF CONTRIBUTION BY DIVISION
Restated revenues for the Freight Railcars division amounted to EUR27.9 million at
30 June 2023, an increase of EUR1.5 million.
This change is attributable to the EUR1.9 million increase in leasing activity
(+7.7%). The average utilisation rate of the owned wagon fleet was 88.5% in the first half of 2023, compared with 87% in the first half of 2022. The absence of syndication to investors in the first half of the year explains the EUR0.3 million
reduction in management activity.

Restated  revenues  for  the  River  Barges  division were down slightly by EUR0.1
million  at  the  end  of  June  2023. Leasing  revenue  rose  by  EUR0.4 million,

benefiting from a fleet utilisation rate of 100% throughout the half-year and the latest investments made. Ancillary services fell by EUR0.5 million: chartering
activity on the Rhine basin had been very buoyant over the same period in 2022.

Restated  revenues for the Containers division amounted to EUR35.1 million at end-
June  2023, down EUR6.2  million against  a backdrop  of normalisation  across the

industry in 2023, after exceptional years in 2021 and 2022.
Nevertheless, leasing revenue rose by 11.2% over the half year (+EUR0.8 million).
Ownership activity was slowed by a less buoyant market for new containers, resulting in a EUR4.6 million fall in sales of owned equipment and a EUR1.7 million
fall in ancillary services (pick-up charges).
With fewer transactions carried out, syndication fees also fell by EUR1.5 million.
However, given the higher volume of used containers available for sale, sales fees rose by EUR0.9 million.
Lastly, revenues from the Modular Buildings business, reported under "Other", rose sharply to EUR8.6 million (up EUR5.6 million over the first half). Touax
produced and delivered a large number of orders at the start of the year, after a low point in 2022 when the pandemic ended.
RECURRING PROFITABILITY
EBITDA for the first half was down slightly by EUR0.6 million (-1.9%) at EUR28.9
million.
EBITDA for the Freight Railcars division came to EUR14.9 million, down slightly by
EUR0.3 million, following a EUR1.6 million increase in operating expenses relating
to the maintenance and repair cycle.
The River Barges division recorded EBITDA of EUR2.5 million, up by EUR0.4 million
(+19%), due to lower chartering costs, while leasing revenues performed well over the half-year.

EBITDA  for the Containers division fell by  EUR3.7 million to EUR8.8 million at 30
June  2023, due to lower  half-year revenues (74%  of the EUR6.2  million fall was

attributable to the normalisation of container sales prices). Conversely, the cost of equipment sales improved by EUR2.7 million.
The Modular Buildings business, on the other hand, saw its EBITDA rise by EUR3.3
million, well above breakeven thanks to a significant increase in equipment deliveries.
The Group's depreciation, amortisation and provisions increased by EUR1.3 million,
due to the gradual increase in investments in Touax's balance sheet over the last three years. Current operating income therefore came to EUR14.7 million, EUR1.8
million lower than at end-June 2022.

Touax  recorded net  exceptional income  of EUR2.6  million in  the first  half of
2023, linked  on the  one hand  to accounting  income (non-cash) of EUR3.5 million

relating to the purchase in January of minority interests in the Modular Buildings business in Africa, and on the other hand to a provision of $1.0 million following the conviction in the United States of the former subsidiary of Modular Buildings in that country for an old dispute.

The  net financial expense was EUR9.8 million,  compared with EUR6.8 million at end-
June  2022. The EUR3.0 million increase in net  financial expense is mainly due to

the full effect on 2023 of the rise in interest rates, which accelerated from the end of the first quarter of 2022, impacting the Freight Railcars and Containers divisions.
Net profit attributable to the Group was EUR5.1 million (compared with EUR7.6
million at 30 June 2022), representing 6.4% of restated revenue from activities.
A BALANCED FINANCIAL STRUCTURE
Touax's balance sheet strength is reflected in a lower loan-to-value ratio of 57.4% at 30 June (compared with 59.5% at 31 December 2022 and 56.0% at 30 June 2022). The financial structure has been reinforced by the recent debt refinancing carried out by the parent company Touax SCA, providing greater certainty over the debt profile until mid-2027.
Shareholders' equity was stable at 153.5 million euros, compared with 153.7
million euros at the end of December 2022. The allocation of the half-year profit was offset by distributions (dividend 2022 and payment to general

partners)  totalling  EUR1.5  million,  by  a  negative change in reserves of EUR1.5
million  mainly due to translation adjustments,  and by a EUR2.3 million reduction

in minority interests in the Freight Railcars business.
Consolidated cash position fell by EUR10.8 million compared with the end of
December, with EUR10.0 million used in June to repay part of the Euro-PP debt. The
level of cash on the balance sheet at 30 June 2023 remains comfortable, at 45.2
million euros, and includes a temporary working capital surplus of 11 million euros on the container management business.
OUTLOOK
The Touax Group confirms its strategy of making recurring investments in quality
assets leased over a long period, while remaining cautious in the face of current market conditions.
Touax's activities should continue to benefit from the growing awareness of the need to decarbonise the economy and transport and the need to renew infrastructure.
Touax, which enjoys a unique position in sustainable transport, is increasingly committed to respecting the environment and good practices in terms of social responsibility and governance. Touax's extra-financial ESG rating (by EcoVadis) is among the best in its industry(2), and the Group is building on this strength
by working on a continuous improvement plan.
Touax's aim is to provide its customers with an ever-better service in the field
of sustainable transport. Our various asset classes benefit from the development
of infrastructure, e-commerce and intermodal logistics, corresponding to the expectations of consumers, manufacturers, public authorities, lenders and investors.
UPCOMING DATES

  * 13 September 2023: Videoconference presentation of half-year results in
    French
  * 14 September 2023: Videoconference presentation of half-year results in
    English
      * 14 November 2023: Revenue for the 3(rd) quarter 2023

The TOUAX Group leases tangible assets (freight railcars, river barges and containers) every day throughout the world, both for its own account and on behalf of investors. With EUR1.2 billion under management, TOUAX is one of
Europe's leading leasing companies for this type of equipment.
TOUAX is listed in Paris on EURONEXT - Compartment C (ISIN Code FR0000033003) and is included in the CAC® Small, CAC® Mid & Small and EnterNext©PEA-PME 150
indices.
For more information: www.touax.com (http://www.touax.com)
Your contacts :

TOUAX        ACTIFIN
Fabrice & Raphaël WALEWSKI        Ghislaine Gasparetto
touax@touax.com (mailto:touax@touax.com)         gasparetto@actifin.fr
Tel : +33 1 46 96 18 00        Tel: +33 1 56 88 11 11
                                   APPENDICES

1 - Analysis of restated revenue from activities
+------------------------------------------------------------------------------
|Restated Revenue
|from activities
| Q1 2023 Q2 2023 H1 2023 Q1 2022 Q2 2022 H1 2022 Variation
|(in EUR thousand)
+------------------------------------------------------------------------------
Leasing revenue on
owned equipment 17,139 17,510 34,649 15,509 16,909 32,418 2,231
----------------------
Ancillary services 5,030 4,271 9,301 5,732 4,884 10,616 -1,315
----------------------
Total
leasing activity 22,169 21,781 43,950 21,241 21,793 43,034 916
----------------------
Sales of owned
equipment 13,053 16,895 29,948 14,862 14,249 29,111 837
Total sales of
equipment 13,053 16,895 29,948 14,862 14,249 29,111 837
-------------------------------------------------------------------------------
Total of owned
activity 35,222 38,676 73,898 36,103 36,042 72,145 1,753
-------------------------------------------------------------------------------

 Syndication fees           0     544     544       0   2,522   2,522    -1,978
 Management fees        1,021   1,018   2,039     978     986   1,964        75
 Sales fees               861   1,710   2,571     336   1,349   1,685       886

-------------------------------------------------------------------------------
Total of management
activity 1,882 3,272 5,154 1,314 4,857 6,171 -1,017
-------------------------------------------------------------------------------
Other capital gains
on disposals 1 1 2 0 0 0 2
-------------------------------------------------------------------------------
Total Others 1 1 2 0 0 0 2
-------------------------------------------------------------------------------
Total Restated
Revenue from
activities 37,105 41,949 79,054 37,417 40,899 78,316 738
-------------------------------------------------------------------------------
2 - Reconciliation of accounting presentation to restated presentation
+---------------------
|Revenue from

|activities                               Restated                     Restated
|                     H1 2023 Retreatment          H1 2022 Retreatment

|(in EUR thousand) H1 2023 H1 2022 |
Leasing revenue on

 owned equipment       34,649               34,649  32,418               32,418
 Ancillary services    11,637      -2,336    9,301  15,211      -4,595   10,616

Total
leasing activity 46,286 -2,336 43,950 47,629 -4,595 43,034
Sales of owned
equipment 29,948 29,948 29,111 29,111
Total sales of
equipment 29,948 29,948 29,111 29,111
-------------------------------------------------------------------------------
Total of owned
activity 76,234 -2,336 73,898 76,740 -4,595 72,145
-------------------------------------------------------------------------------
Leasing revenue on

 managed equipment     18,903     -18,903        0  21,736     -21,736        0
 Syndication fees         544                  544   2,522                2,522
 Management fees          752       1,287    2,039     556       1,408    1,964
 Sales fees             2,571                2,571   1,685                1,685

-------------------------------------------------------------------------------
Total of management
activity 22,770 -17,616 5,154 26,499 -20,328 6,171
-------------------------------------------------------------------------------
Other capital gains
on disposals 2 2 0 0
-------------------------------------------------------------------------------
Total Others 2 0 2 0 0 0
-------------------------------------------------------------------------------
Total Revenue from
activities 99,006 -19,952 79,054 103,239 -24,923 78,316
+------------------------------------------------------------------------------
|Restated Revenue
|from activities
| Q1 2023 Q2 2023 H1 2023 Q1 2022 Q2 2022 H1 2022 Variation
|(in EUR thousand)
+------------------------------------------------------------------------------
Leasing revenue on
owned equipment 11,124 11,615 22,739 10,544 11,142 21,686 1,053
----------------------
Ancillary services 1,938 1,937 3,875 1,858 1,177 3,035 840
----------------------
Total
leasing activity 13,062 13,552 26,614 12,402 12,319 24,721 1,893
----------------------
Sales of owned
equipment 76 132 208 110 238 348 -140
Total sales of
equipment 76 132 208 110 238 348 -140
-------------------------------------------------------------------------------
Total of owned
activity 13,138 13,684 26,822 12,512 12,557 25,069 1,753
-------------------------------------------------------------------------------

 Syndication fees                           0             446     446      -446
 Management fees          538     553   1,091     466     451     917       174

-------------------------------------------------------------------------------
Total of management
activity 538 553 1 091 466 897 1 363 -272
-------------------------------------------------------------------------------
Total Freight
railcars 13,676 14,237 27,913 12,978 13,454 26,432 1,481
-------------------------------------------------------------------------------
Leasing revenue on
owned equipment 1,878 1,886 3,764 1,619 1,789 3,408 356
----------------------
Ancillary services 2,072 1,629 3,701 1,807 2,385 4,192 -491
----------------------
Total
leasing activity 3,950 3,515 7,465 3,426 4,174 7,600 -135
----------------------
Sales of owned
equipment 5 5 0 5
Total sales of
equipment 0 5 5 0 0 0 5
-------------------------------------------------------------------------------
Total of owned
activity 3,950 3,520 7,470 3,426 4,174 7,600 -130
-------------------------------------------------------------------------------
Management fees 11 14 25 14 5 19 6
-------------------------------------------------------------------------------
Total of management
activity 11 14 25 14 5 19 6
-------------------------------------------------------------------------------
Total River Barges 3,961 3,534 7,495 3,440 4,179 7,619 -124
-------------------------------------------------------------------------------
Leasing revenue on
owned equipment 4,133 4,004 8,137 3,342 3,973 7,315 822
----------------------
Ancillary services 1,020 705 1,725 2,070 1,325 3,395 -1,670
----------------------
Total leasing
activity 5,153 4,709 9,862 5,412 5,298 10,710 -848
----------------------
Sales of owned
equipment 10,211 10,949 21,160 13,205 12,575 25,780 -4,620
Total sales of
equipment 10,211 10,949 21,160 13,205 12,575 25,780 -4,620
-------------------------------------------------------------------------------
Total of owned
activity 15,364 15,658 31,022 18,617 17,873 36,490 -5,468
-------------------------------------------------------------------------------

 Syndication fees                 544     544           2,076   2,076    -1,532
 Management fees          472     451     923     498     530   1,028      -105
 Sales fees               861   1,710   2,571     336   1,349   1,685       886

-------------------------------------------------------------------------------
Total of management
activity 1,333 2,705 4,038 834 3,955 4,789 751
-------------------------------------------------------------------------------
Total Containers 16,697 18,363 35,060 19,451 21,828 41,279 -6,219
-------------------------------------------------------------------------------
Leasing revenue on

 owned equipment            4       5       9       4       5       9         0
 Ancillary services                         0      -3      -3      -6         6

Total leasing
activity 4 5 9 1 2 3 6
Sales of owned
equipment 2,766 5,809 8,575 1,547 1,436 2,983 5,592
Total sales of
equipment 2,766 5,809 8,575 1,547 1,436 2,983 5,592
-------------------------------------------------------------------------------
Total of owned
activity 2,770 5,814 8,584 1,548 1,438 2,986 5,598
-------------------------------------------------------------------------------
Other capital gains
on disposals 1 1 2 0 0 0 2
-------------------------------------------------------------------------------
Total Others 1 1 2 0 0 0 2
-------------------------------------------------------------------------------
Total Miscellaneous
and eliminations 2,771 5,815 8,586 1,548 1,438 2,986 5,600
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total Restated
Revenue from
activities 37,105 41,949 79,054 37,417 40,899 78,316 738
-------------------------------------------------------------------------------
3 - Breakdown of restated revenue from activities by division
--------------------------------------------------------------------------------
1 EBITDA / Restated revenue from activities
2 With an EcoVadis rating of 63/100 at the end of 2022, Touax is in the top 9%
of its industry.
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