During H1 2025, Luka Koper recorded revenue growth of 15% YoY, an EBITDA increase of 26%, and a net income to majority of EUR 43.5m, an increase of 33% YoY. In today’s blog, we bring you the entire overview of the Company’s H1 2025 results.
Starting off with the revenue, it amounted to EUR 187.7m, growing by 15% YoY, and by 11% as compared to the H1 2025 plan. As a port infrastructure Company, the growth in revenue is mostly tied to maritime throughput, but not just the volume, but the type of products/goods being transported, and the fees charged for such transportation.
Taking a quick look at the maritime throughput, it amounted to 11.4m tons in H1 2025, up 1% YoY, and at the level of the H1 2025 plan.
Luka Koper maritime throughput breakdown by cargo groups (tons, H1 2025 vs. H1 2024)
Source: Luka Koper, InterCapital Research
Starting off with the largest growth, containers recorded a throughput of 5.49m tons, an increase of 10% YoY, and 2% above what was planned. In terms of container units (TEUs), the containers recorded a 14% growth YoY, and 8% above the plan. The growth in the container throughput was driven by new businesses related to the planned construction and equipping of new production facilities and plants in the Company’s hinterland markets, high occupancy rates at most European ports, and the restructuring of shipping services from the Far East to the Northern Adriatic ports.
Cars throughput also recorded a noteworthy increase, recording a throughput of 805k tons, a 13% increase YoY, and 8% above the plan, while in terms of units, 452k cars were handled, a 10% increase YoY and a 6% increase over what was planned. The higher throughput was also driven by new businesses, primarily imports of vehicles from China, while the export volumes also grew, mainly to Mediterranean countries. Moving on, general cargoes recorded a throughput of 565.3k tons, at the H1 2025 level and 1% above the 2025 plan, with the Company noting a particular increase in timber throughput.
On the other hand, the remaining categories recorded a decline. Liquid cargoes recorded 2.14m tons of throughput, a 9% decline YoY and 3% below the plan, with a lower amount of jet and diesel fuel being transported. Lastly, Dry bulk and bulk cargoes recorded a throughput of 2.4m tons, an 8% decline YoY and 7% below the plan, with the throughput of iron ore decreasing.
Moving on to operating expenses, they amounted to EUR 136.9m in H1 2025, an increase of 7% YoY, mainly as a result of higher labour costs, which grew by 16% YoY, but also supported by a material costs increase of 13% YoY, and other expenses’ increase of 18% YoY. On the other hand, the cost of services decreased by 3% YoY. Breaking this down further, material costs grew as a result of higher costs of auxiliary materials and spare parts, as well as energy costs. Labour costs grew as a result of a higher number of employees, especially recruitment agency workers, but also additional employment due to business growth. Lastly, the cost of services declined as a result of lower cost of port services, which was slightly offset by higher cost of maintenance, insurance, IT support, and concession fees.
As a result of these developments, EBITDA amounted to EUR 68.2m, implying an EBITDA margin of 36.3%, a 3.3 p.p. increase YoY. In terms of the net financial result, it amounted to EUR 837.4k, a 57% decline YoY, mainly as a result of lower fin. income (EUR 1.29m, -52% YoY), as a result of lower interest income, while fin. expenses also declined (EUR 455.7k, -41% YoY), also a result of lower interest expenses. Taken together, this led to a net income to majority of EUR 43.5m, a 33% increase YoY, implying a net income margin of 23.2%, a 3.07 p.p. increase YoY.
Luka Koper key financials (H1 2025 vs. H1 2024, EURm)
Source: Luka Koper, InterCapital Research
In terms of investments, Luka Koper allocated EUR 54m into them, a 161% increase YoY, and 4% below the 2025 plan. The most significant investments in H1 include:
- Continuation of the construction of a multi-purpose warehouse for steel coils,
- Continuation of the construction of the extension of the northern part of Pier I
- Continuation of the storage blocks relocation at the container terminal
- Continuation of the construction of berth 12 at Pier II
- Completion of the first phase of the arrangement of the landfill area 6A arrangement for car storage
- Continuation of the construction of the Cruise terminal building