Good afternoon and welcome to the presentation of Touax Group Alpha Results. Our today's speakers are Fabrice Walewski, Managing Partner, and Thierry Schmidt de la Brele, Managing Director, Administration and Finance. Now, I'll let the speech to Fabrice Walewski.
Thank you, Vincent. Welcome to everyone. We will start the presentation with the first part, which is to remind you, in fact, the activities of the group. Here on the first slide, you see a nice summary. In fact, we are really a company investing in real assets related to sustainable transport. Our activity is to rent those assets to a multiple number of customers. We deploy our strategy in three categories, three types of assets. The first one is shipping containers. It's a very large market, in fact. There are 58.4 million containers today worldwide, and they do transport more than half of all the freight by value in the world. Very standardized assets, which are highly used everywhere in the world for transportation of goods. It's a €100 billion market. We invest also in ships, but for the river transport.
Most of those barges are, in fact, standardized barges. It's a market with €30 billion of assets, 6,000 barges in Europe and 25,000 in the Americas, where we also operate. You have a third market. We also invest and rent freight wagons. You have 700,000 wagons in Europe, 335,000 wagons in India. It's a €75 billion market. To manage all those assets, we are 241 employees in this first half of 2025. As you know, it's a company which was created more than 170 years ago around the infrastructure project because it was river transportation in France. On the next page, here we explain why we are involved in low-carbon transport and why we help our customers, our industrial customers, to every day reduce their CO2 emissions. You have here the comparison of the CO2 emissions per mode.
When you use truck transportation, you have an average of 137 grams of CO2 per ton kilometer. When you do it by rail, it's only 25, 24 grams. When you do it using river transport, it's 33 grams. When you use international transport using containers, it's so efficient that you only issue 7 grams of CO2 per ton. On the next page, you see indeed our achievements in the first part of this year. We were very pleased to have for a second year in a row a gold medal from EcoVadis. As you know, it is an extra financing rating to rate our ESG initiatives and commitments. EcoVadis is very used for our customers. We are very often chosen as a supplier because we have a good rating from EcoVadis. We could increase our rating by 7 points.
We are now part of the 2% best rated companies among 150,000 which are rated. We have a second rating, which is more used for our financial partners, AT Finance. We also could increase our rating by 5 points. We are also a gold medal, so very happy to be that. Also very happy to learn that this year we were number one in the transport subsector. On the next page, you see, in fact, how those €1.2 billion are invested per segment. In fact, Touax can be summarized with, you know, we have three platforms, three leading platforms. The first one is named Touax Rail. By the way, I remind everyone here that this platform is 51% owned by Touax and 49% owned by a long-term partner, CVCDIF, which is an infrastructure fund.
This activity is number two in Europe for the leasing of intermodal wagons and number two also in India. You have €635 million of assets under management, including 70% owned. We have Touax River Barge, number one in Europe and South America, for around €100 million of assets. We started to do management on behalf of third parties. Very happy to start that because it started very well last year and this year. Also for the container activity, we are number one in Europe, number seven worldwide. We manage approximately €500 million of assets, including 31% owned. Here, we try to summarize, you know, what kind of revenues we generate with those assets. When we own the assets, you have two revenues. One is leasing, so it's really coming from the rental contract we sign with our end users, with our customers. We do that for the three activities.
You have also sell revenues, which is normal. It's normal for a lessor; we buy assets, we rent assets, but we also sell them at the end of the economic life or at the end of the rental contract. We also developed for the container activity a more active trading activity where we only rent containers on a one-way lease, so on a short period of time, like six months, and then we sell almost brand new containers. That trading activity was also developed quite a lot over the past years. When we don't own the assets, but we manage the assets, we receive a management fee. For approximately half of the assets we manage today, and this is €8.5 million of fees, which are a net additional contribution to EBITDA. It's very interesting for the company without using debt or its balance sheet to do more volume.
It's also very good for our customers because they know that we have more, you know, we have the size to answer sometimes to very large tenders. That fee is split in three parts, syndication fees when we source productions, and then a standard management fee when we manage the assets, and of course a sale fee when we sell the assets. Here you have a few names of customers renting those assets on a worldwide basis. We only indicated here the customers where we have either 20 years or more than 30 years of experience doing business with them. They are very long-term partners. In the freight railcar business, you will of course find the usual state-owned railways like Deutsche Bahn, so it's German Railways, but also the French Railways, and their subsidiaries, also the Swiss Railways, SBB, or Rail Cargo Austria, the Austrian Railways.
We also work with private rail operators. As you know, that market has been liberalized in 2007 in Europe. Here we will work with people like Hupac or Lineas or Freightliner in the UK or DB Rail Freight in the UK. We also work with a lot of industrial customers like Volkswagen, Tata Steel, and many others. For river barges, you will find mostly operating companies, people operating transport, logistics groups, which are very often involved in truck transportation, but also river transportation or shipping transportation. They do everything. Those people are like Imperial Logistics or P&O. Then you have also specialized river operators like Friedrich de Jong, which is a very large operator on the Rhine or Imperial Logistics.
You have, of course, also the end users, those industrial customers who are connected to the river and want to transport aggregates or biomass or iron or sand, gravel, whatever on barges. It's like Cemex or ArcelorMittal. In the container activity, you will have really those very large multinationals involved in international logistics and shipping. Here we name a few like Hapag-Lloyd in Germany, CMA CGM in France, MSC, number one in the world today in Switzerland, or Maersk Line in Denmark. To summarize our business model, it's in fact very recurrent. That's what we like because we invest only in hard assets, very standardized assets. They are long-life assets. They can be rented to many customers. They are extremely low risk of obsolescence on those assets. They normally maintain a quite high residual value.
Of course, we can deploy our long-term leasing strategy with contracts between three to ten years. What we use also as levers to increase profitability is we do not do it only for our own. As I explained, we also manage assets on behalf of third parties. Diversification in our financing. We are also diversified geographically. As you will see, for example, in the rail business, it was very important to be not only in Europe, but also in Asia. We have a strong competitive position. As you saw, we are always number one or two in Europe. Of course, because of the long-term nature of our contract, we have recurrent leasing revenues. You see on the right, by the way, that 76% of our leasing revenues are recurrent. It means that on January 1, 2025, already 76% of our leasing revenue was committed.
You know, then we work only in the year to renew some leases or, of course, to expand the business. Our commitments are not only to create financial value, but also for the society. We are really dedicated to solve the problem of our customers today, which is, you know, reduce their carbon emissions with a more sustainable transport. As you know, transport is at the origin of 30% of carbon emissions worldwide. Of course, as a shareholder, to bring long-term performance to our shareholders. Thierry, I let you now. The presentation of our financial statements for this year.
Thank you, Fabrice. If we look at the first half of 2025, in terms of results, we can see what was just explained by Fabrice: recurrence and diversification. The first half of our present very good growth or good growth in the operating profitability. We can see here the restated revenue from activities which has been up by $3.2 million. The operating EBITDA by $0.5 million. The net income group share is down by $1.3 million. If we look a little bit in detail, restated revenue activities. Restated, why? Because in fact, we do present management activities as commission for a better understanding. We will see later that in fact, the diversification has well played there. Operating EBITDA is the same as we were calculating before. EBITDA, we had to change the name because of the norms and the European norms.
We do not account in operating EBITDA exceptional items such as discontinued operation. We just present what is operational. That's why we say operating EBITDA. In the net income group share, we see that it's coming down by $1.3 million. On a comparable basis and on an operating basis, if we exclude the non-recurring items, it's up by about a third. I propose we go through the income statement in detail and you will see what was exceptional last year and what is operating this year. If we look at this condensed restated income statement, you can see the revenues detailed by leasing, sales, and management. The leasing activity has been down by 2%. This comes mainly from the freight railcars activity and the intermodal sector in Europe that has been down since a year. For the sales activity, you can see a good sales activity grows by 11%.
Especially in the maritime containers activity, containers division, management activity has been well also this year with an increase by 11%. That increase is reflected in the operating EBITDA. We have a small increase in depreciation, no impairment, just a depreciation because we do purchase new assets from time to time. The current operating income is up by 2%. We can see this operational activity, which is growing. We can see here another income last year, 0.4%. Nothing this year. This is quite exceptional. This was a litigation we won last year on an old item, $450,000. Really not operational. Financial result, small increase in the charges of financial charges. If we look at interest, in fact, charge, interest rates have set the volume effect on the debt. We had some effect from the exchange rate, currency. You will see U.S.
dollar has some or had very high volatility first half. There is some impact here in the P&L. You will see in the balance sheet also some impact of the U.S. dollar. The net income from discontinued operation, we benefited last year from a price supplement for the sales of the European modular building activities. The sale of this activity was done in 2017, just to remember. We benefited a complement, a supplemental price of 1.5%. This is also quite exceptional. The consolidated net income is $2.3 million. It was $4.6 million, down by 50%. If you look at the group share and the minority interest, you can see that the group share is down only by 35%. Why?
Because in fact, the activities that have the most suffered, which were the freight railcar activity due to this intermodal sector in Europe, is only owned by 51%, where the one that has well performed is the container activity. It is owned by 100%. The net income group share is down from 3.8% to 2.5%. This net income was benefited last year with this $1.9 million of exceptional items. We do not benefit this year. Operationally, it's better. If we dive in the contribution of the division now, you can see the diversification. You will see after the diversification in each division that has well played, where the freight railcars' EBITDA contribution is down by $1.9 million from $17 million to $15 million, coming mostly from the leasing activity, again, an intermodal sector.
The river barges activity is down by $1.1 million in EBITDA from 3.9% to 2.8%, mostly from management syndication. We have done the syndication last year, first half, not this year. Containers, very good activity, well performed this year, especially on the sales trading activity, plus 3.9%. We have other activities, which you remember, there is a modular building activity, small modular building activity here, which is down by 0.4%. In fact, the comparison basis is not favorable because we had a very, very good year in 2024. If we look now at the diversification in each activity, for the freight railcars, we have a recent fleet, which is on long-term assets, 12,000 railcars platform, mostly owned by the group. 69% is owned by the group. A very young age, the weighted average age of the fleet is 11 years, where railcars last a minimum of 30 years.
It's more than usually up to 50 years. The utilization rate is down about 5% from 86% to 81%. This comes from this intermodal activity with a lot of competition in Europe. India is very well performing, but we suffer a little bit in Europe in that sector, intermodal sector. The average this term is four years, so we do still have a good visibility. I don't say that we are at the bottom, but I think we are nearly at the bottom in that activity. We hope it will be better. If we look at the numbers, what happened in the accounts? We've seen that, in fact, it decreased from 29.1% to 28%. By $1.2 million in activities in revenues and by 1.9% in EBITDA. In fact, this comes from the leasing. This comes from the leasing in intermodal activity in Europe.
The leasing margin, if we speak in terms of margin, has decreased by about $1.7 million. You see it's almost a decrease in the EBITDA. If we look now at the river barges activities, river barges activities, we do own more than 100 barges, almost a well-balanced portfolio between Europe and America, 64% in Europe and the rest in North and South America. Very long economic useful life, 30 to 50 years, usually 50 years, sometimes more, with a very, very young fleet, only 15 years for the weighted average age for our own fleet. The average utilization rate is difficult to be higher, 99.1%. Very, very high utilization rate with an average this term of three years. Again, a good visibility in that activity.
If we look at the numbers in the P&L now, we can see an increase, a small increase in the revenues, 0.3%, but a decrease in operating EBITDA. This is again the diversification and the difference of margin of activities inside the division. In river barges, we do lease assets, but we do also chartering of barges and management syndication, where the syndication margin or the management is very high. As I said, we had a management program. We syndicate first half 2024. We haven't done any syndication first half. This is why, in fact, we can see this decrease in EBITDA. However, the operating activity, as you have seen, is very high with this high utilization rate and leasing term. In a containers activity, also very dynamic fleet management. We do also manage 330,000, 20 equivalent units. One third is owned.
We do a lot of management for third parties. However, we continue to invest on our balance sheet. The useful life is very long. We do look at 15 years in maritime life, but there is also 20 years after in the land, inland storage usually. The book depreciation is only 13 years with a residual value of $1,000 because we do use the containers only on the maritime life after we sell them for the inland storage. The weighted average age is also very, very young, 5.4 years only. Interesting also, we have a very competitive average price of owned containers, $1,400 per, so it's a cost equivalent unit here. Per 20 foot, about. Very, very good price. The price today is about $1,700 something. It has been up to $3,800 during the COVID. Normal, I would say, an average price in the market is $2,000.
We have a very good price here. We are quite competitive. Average utilization rate is very good, 95.9% with an average lease term of 6.1 years. The proportion of the lease from 3 to 10 years is 72%. Very long term, very good visibility on the leasing activity of that division. If we look at the numbers, and we will see here also another activity, it's not only the leasing activity, but it's also the trading activity or the sales of assets. I do remind you that because we are a lessor, we do purchase, lease, and sell the assets. We have developed an activity in this division, containers division, which is a trading where we also purchase, lease, and sell the asset. Instead of purchasing, leasing the assets during 15 years, and then selling the assets, we purchase them at least for six months and sell the assets.
Very quick, very quick cycle time. We can see that this has very well performed, an increase in revenues by 6.2%, an increase in the EBITDA by 3.9%. This comes mainly from the sales margin, $2.7 million margin higher in sales margin, benefiting also with the pickup charges. We have management activities that have performed and leasing activities that have also performed. You can see that this diversification helps us in a kind of volatile environment. This diversification comes also with management. The management, either I can say, like the fourth activity of the group, or it's a cross-functional activity. It provides additional contribution to revenues, to growth for the company. There is a growing demand of investors for real assets, and especially in infrastructures, linked to infrastructure. We are considered linked to infrastructures, a lessor of transport equipment. They look for diversification to the financial market.
They want to invest in real assets and not only paper. That provides recurring returns, low volatility, which is in the sustainable transport, as Fabrice said. We help to reduce CO2 emissions from our customers, very important in terms of performance. When we say we have a good visibility with long-term contract, we have a longer contract even in management because they contract for 12 to 15 years. We do not guarantee minimum return. The investors take the risk of the ownership, but also all the benefits of the ownership. In terms of type of investors, we have, and we are working today with about 35 investors, different types, insurance companies, pension funds, family offices, etc. They invest through funds.
There are two funds they can invest, a real asset income fund that owns about €180 million of assets, and a new fund, the setup fund, which is one backed by the European Investment Bank. They can also invest directly. We do have direct investors, managed accounts, about 10 investors spread over 20 investment pools. Good first half, as we have seen, €23 million syndication completing so far in 2025. We do manage today €500 million, a little bit more than half a billion, I would say, of assets under management. There are several opportunities that have been identified through all the business lines because we do management in the barging activity. This will come by the end of the year.
If we look now at the aspect of the assets and the balance sheet and the cash flow statement, more than half a billion of assets, non-current assets in inventories. Here, we do present an economical balance sheet. Easier to understand than, I would say, an accounting one. In assets, we just present the non-current assets in inventories. Mostly here, you have all tangible assets, containers, freight railcars, river barges. There is only €8.5 million of intangible and goodwill. We do own assets. We do own intangible assets. This is financed by liabilities. We do have the equity, shareholders' equity, and net debt. The working capital is negative. It's a resource. It's not a need. The debt is not financing any working capital. It's just financing tangible assets.
If we look at the change from last year, we can see a decrease in assets, where I said that we continue to invest in assets. In fact, there is an impact from the U.S. dollar. The volatility of the U.S. dollar, the U.S. dollar went from 1.03 by the end of last year to 1.17 by the end of June. A nearly 15% decrease. That has an impact of about €26 million in our assets. Quite a big impact in the valuation in euro because we value them in euro in our assets. It has also a big impact in the shareholders' equity. We can see a decrease in the shareholders' equity. If we look at the net group share of the shareholders' equity, this impact is €10 million negative currency translation adjustment, €10 million in the group share. Just a word on that and on the change.
We do not hedge the currency in the balance sheet, but we do not cross the currency. We do not take any risk in terms of currency when we do operate assets. When we operate containers, we purchase the containers in a dollar. We lease them in dollars. We sell them in dollars. We finance them in U.S. dollars. There is no, I would say, currency risk here. However, when we say that we have invested in U.S. dollars, the money we have put in the table, the shareholders have put at the table, they input it in euro, but this is not covered. Now there is a fluctuation during the fluctuation of this kind of currency. Working capital, net debt. Here, something to say about the change also. We can see a decrease of the assets, but an increase in the debt.
In fact, this comes from a cutoff from the end of the year. You can see the working capital has decreased a lot. In fact, in the working capital in December 2024, there were some asset suppliers. We purchased assets by the end of the year. They were delivered. In asset suppliers, it was already in debt, but in asset suppliers, we paid them at the beginning of this year. That's this kind of cutoff that made this change in the net debt. If we look at this debt profile, something interesting also is that, as I said, it's financing only assets, very good. We will see our standard loan-to-value. €329 million of net debt. It comes from €361 million gross debt with cash about €30 million, a little bit more than €30 million. Out of which, in that gross debt, we do have non-recourse debt and recourse debt.
The recourse debt is guaranteed by the mother company, Touax SCA, the listed company. The non-recourse debt is almost secured only by the assets, more than the assets, but they are not guaranteed by Touax SCA. 73% of the financing are non-recourse debt secured by assets. We do also have debt in the capital market, 12%, and corporate debt and other debts, 15%. If you look at the interest rate, the average, I would say, in interest rate as of the end of June, 5.25%. This is an overall weighted interest rate. If we compare to December 2024, we can see a small decrease of 5.43%, where the U.S. dollar is still high, 6.65%. We think the Fed has decreased by $0.20 U.S. dollar. We will benefit of a decrease of the interest rate. They continue to benefit from a decrease of interest rate. We are hedged.
We do use hedging, but we use cap and floor option so that provides us some benefit when the interest rates are decreasing. We will benefit from this in the future. In terms of a credit profile, as you know, we have very long assets. I said for 30 to 50 years, but we do finance them on a shorter term. We do have to refinance them. In 2025, refinancing of the rail car division. We have done part of this refinancing at the beginning of the year with a $50 million loan with the European Investment Bank. Very good term. Very interesting to have the support of the European Investment Bank, the Green Bank of Europe. It's a very long term, 14 years term, with a better margin, I would say. Very, very good deal. We are working on the second part of this refinancing.
We already have the credit approval from our lenders and are working on the documentation. This would be very soon closed. For 2026, $60 million to refinance. In fact, in that there is $61 million for the containers division. We will refinance the containers division and discuss with all our lenders about this refinancing. What is important here to see is the loan-to-value, good loan-to-value, and a well-performing activity. We don't expect any problem for this refinancing as we've done in the past. The corporate debt, corporate debt that will arrive in 2027. We have a good program for the next years. $79 million of corporate debt, which is composed of a club deed loan and a European PPP bond. The financial ratios, we comply with our ratios. Interest coverage ratio increased. Better profitability. We see the loan-to-value increasing. This loan-to-value is increasing because the debt is increasing.
We've seen that it comes from the assets we purchased by the end of last year. Nothing very important to say in the debt. To finish, let's have a look on the cash flow statement. Again, a reminder, we are a lessor. As a lessor, we do classify the purchase of assets in operating flows. There is no investment flows. You can see investment flows, there are some numbers, but it's very low. Everything is in operating flows. That's why we break down these operating flows to see the details. We have the operating flows, excluding operating working capital and the purchase of assets. Very stable, as we said, very recurrent, non-volatile activity, long-term contract. You can see the stability. Change in operating working capital, this comes with some cutoff by the end of the year, but it should be quite zero normally.
The net purchase of equipment, here net purchase of equipment is a cash view. Again, there has been a cutoff by the end of last year. We paid some assets delivered last year in the beginning of this year. That's why the number is quite high of assets. What is interesting here is that if we want to keep our cash or we want to generate more cash, it's easy for us to stop to purchase assets. If we stop to purchase assets or if we decrease the level of investment, then after we'll have a net operating flows, which is growing, and will provide some cash. Normal position, I would say, of operating flows. In conclusion, for this first half, you can see that the diversification of the group has really well played in the current environment, very volatile or difficult environment to understand.
You can see that we still have a strong balance sheet with very long useful life, tangible assets, green assets, good loan-to-value, which confirm, in fact, the models of recurring revenues and this small increase or increase in the operating profitability. I let now Fabrice present you the outlook and targets.
Thank you, Thierry. Business outlook, let's start with the rail car leasing activity. Our target is to reach 16,000 wagons. We have 12,000 wagons today within five years. In fact, when you look at the markets, short term, definitely you see here negative points concerning the growth in Europe. Germany, industrial activities in Germany and Central Europe are still impacted by the Ukrainian war, the cost of energy, etc., etc. In fact, when you look at the statistics of tons, kilometers using rail, we are back to the levels of 2017, 2018. Especially also, we see that the intermodal sector is impacted. For the same activity, this is a reverse. In India, we see a very strong growth, very strong GDP. Again, interest to be diversified. However, for Europe, when I look to Europe, I never saw such an acceleration of the UIC network.
It means the rail network in Europe, which is today, in the 27 countries of Europe, will get bigger. If it's getting bigger, you will need more wagons. Here we indicate a few projects like the Lyon-Torino project, also the new rail track crossing the Baltic countries, that new tunnel linking Denmark and Germany. In fact, it connects Finland to the European rail network. Spain now will be completely connected to the UIC network soon. You will be able to do long-distance traffic from Algeciras south of Spain to the border of Ukraine. Of course, talking about Ukraine, if finally that war ends, all the routes coming from China, crossing Russia, going to Europe will reopen, creating a surge of demand. Also, Ukraine will definitely turn its back and connect its rail network to the European network. It's unique. It's happening.
I hope it will be, of course, very good news in the mid and long term. We have also that privatization of the market, which was done in 2007 in Europe. In fact, today, 75% of any new projects in freight wagons is financed by the private companies. It's also good news. Of course, the green agenda of all our customers trying to transfer cargo to rail. What we are trying to do here is summarized on this market. We have five actions. The first action here is to support our customers by offering a diversified range of rail cars. This is key. In fact, we are very well diversified today. Reinforce innovation. We already installed on all our wagons IoT devices to, you know, to locate our wagons, you know, easily, to do predictive maintenance.
We also, as you know, apply Lean Six Sigma methodologies for customer service to improve customer experience with us. The third action is to increase our fleets, as I said, using our balance sheet, but also with the support of our partners, financial partners, which are most of them infrastructure funds. Sales opportunities, there are opportunities on the market at the moment for sell and lease back. Interesting. We have a look on all those transactions and also continue our growth in Asia. Now the outlook for the barge activity. Here we have 113 barges. We want to go to 200 barges. It's possible. It's a niche market. It was very quiet for a few years, but now we see clearly an expansion in Europe. Again, you see a good summary of the four positive points.
First, you know, you have more and more, you know, commodities to transport, you know, and which are related to the energy transition, like biomass, like scrap steel, and others. You have, of course, also grain to transport. You have iron ore, sand, gravel. So, and definitely to transport, you know, use our rivers, a low cost and very efficient long-distance transport. We help our customers to decarbonize their transport again when they use river. We definitely see, therefore, a strong demand from the European basins at the moment. We hope that it will be also the same in North and South America. We did not invest a lot on both segments, but we are there. We believe it will come back. Our five actions we currently take are to summarize them. To increase our fleet under management through organic growth, again with the support of infrastructure funds.
We do develop asset rotations. We do develop also the trading of barges, but also the management of barges on behalf of third parties. This is not something we were doing before, but we do it now to keep a young fleet and, you know, of course, offer our services also to other financial investors. We do want to focus our investments for this year in Europe because of the demand, as I said, for biomass, or steel, grain. Of course, we'll also have a look at the United States and South America and definitely try to take advantage of the European Green Deal, which is clearly a support for low carbon emission transport.
For the third activity, the outlook is, and was, by the way, last year, very difficult to predict when you have such negotiations on tariffs, when you have a war in Ukraine, a war in Gaza, when you have the Suez Canal still completely blocked for 95% of the volume they used to do in the past, etc. It's not easy. However, I can confirm that, in fact, and as you saw, by the way, in our results, it has been quite resilient. Clarkson estimates that, in fact, the market will grow by approximately 2.7% in 2025. This is in million-through-miles. It does take into account not only the containers transported, but also the distance done. Quite positive. Again, this business is very recurrent anyway. It's long-term leasing. 96% of our fleet is used today.
The long-term lease contracts offer very good visibility on cash flows, and our assets are highly standardized. We are taking six actions in that business. We continue to expand our portfolio of customers, not only for leasing, but also for trading. We have more than 2,000 active customers buying our second-hand containers every day, but also our almost new containers. We want to increase the volume of new containers traded, as I said. Here we give a target from 12,000 containers to 25,000 per year. We can really easily do it with all the experience we have in the business. We will try also, definitely in 2025 because of the uncertainty of the market. In fact, the steel price went down, and therefore the container price is quite attractive when you buy a new container today on the market.
It is for us a sign that we might accelerate some investments for us and for investors also to take advantage of the current level of prices. We will continue reinvesting our free cash flow. This is what we try to do. When we have free cash flows, we buy assets to continue increasing the size of our fleet and therefore our revenues. We continue to manage assets on behalf of third parties. We will try to continue diversifying the type of containers we offer to the market. Today we are strong in dry containers. We started the reefer containers, and we might go to other specialized containers soon. That's the outlook conclusion for the group. In fact, quite positive again. Mid-long term, you still have a lot of expansion on the infrastructure and e-commerce promoting logistics, and therefore the demand of those kinds of assets.
You know, green transport again supports completely our business. Long-term leasing is definitely a resilient business model. We see more and more customers, especially the state-owned railways or state-owned companies, they try to rely more and more on private companies like us to finance their assets. Also, we have the support of our financial investors to deploy our investment strategy. Everything is built, of course, to try to create, I will explain it later, but annual shareholders' performance around 10% per year. That 10% per year is, in fact, the sum of the dividend we distribute plus the growth in the net book value per share. It's simple KPIs, but that's what we try to do on a yearly basis. Okay, that's a good transition to the last part of the presentation, which is shareholders' performance. On the next page, the number of shares did not increase.
In fact, we favor completely organic growth. You see that the number of shares traded every day increased. That's good in the first half of the year. Also, the price per share increased. However, as you know, there's still a very significant discount, around 60% discount on the book price per share. We did also successfully transfer our shares to Euronext Growth Paris. This is a Nasdaq in France, I would say. The reason we did it again, and we try to summarize it here, but it's the size of the company was more aligned with this Euronext Growth market. We have also three main advantages. There is less regulatory framework. It's better suited for a company of our size. We will simplify a lot of administrative obligations, and we will reduce our cost. Definitely, it's interesting, and we are very happy to have done it.
Here you have our five years, five and a half track record in terms of shareholders' performance. Here we track the net book value per share. Very simple. It went from €6.79 to €10.18 end of June 2025. In yellow, we track the dividend. We've started to pay a dividend, and we want to continue paying a dividend. If you look at that, in five years and a half, the annual performance was in average 8.5% per year. We are a little bit below target, which is 10%. Why? Because as you see here, even though we did a net profit, positive net profit in the first half of 2025, there was a drop on the net book value per share. The reason was explained to you by Thierry. This is because of the impact of the dollar.
We are, in fact, very happy as a shareholder to have half of our revenues in dollars and half of our revenues in euros. Very happy also to have that split on our balance sheet for our assets. As we are consolidated in euros, of course, when there's a 13% reduction in the value of the dollar compared to the euro, there's an impact on the valuation. It is temporary because for us, those assets, we keep them for a very long term. It is really only an image of the balance sheet at a certain point of time. We will continue maintaining that diversification. Thank you again for your participation in this presentation. Very happy to have you. Do not hesitate to ask questions now or after the call, as you often do.
No questions, Fabrice, in the chat. It's okay, it seems, for the time being.
Okay, thank you. I know most of the people like to send us emails, so you know, don't hesitate to do it as you do. Thank you again for participating to this presentation. Have a nice evening.
Thank you. Have a good weekend, bye.