Recently, Luka Koper has published its preliminary numbers for 2025, including the sales estimate and the maritime throughput. In general, sales grew by 15% YoY, while the total maritime throughput in tons remained roughly the same, although there was a change in the categories comprising it.

Luka Koper, one of the top performers on LJSE (+31% YTD in 2026), +109% compared to 16 January 2025, has recently published its maritime throughput and revenue numbers for 2025. While these numbers are preliminary, considering the publishing season for FY results starts in February/March for Slovenian companies, these numbers are probably close to the final result.

Overall, Luka Koper d.d. (no numbers provided for the Group level) has recorded sales revenue of EUR 376.5m during 2025, an increase of 15% YoY. The newest report did not include the numbers for EBITDA or net income, although the Company did publish its performance estimate for 2025, more of which you can read here. In that report, they estimated revenue of EUR 369.8m, meaning that the preliminary results are 2% higher than what was estimated there. Furthermore, they estimated an EBIT of EUR 83.1m, +24% YoY, and a net income of EUR 69.9m, +16% YoY. Given that the revenue numbers did end up higher, EBIT and net income could also end up higher than this number.

Luka Koper d.d. key financials (Preliminary 2025* vs. 2025 performance estimate vs. 2024 actuals, EURm)

Source: Luka Koper, InterCapital Research

*EBIT and net income for the preliminary 2025 results from the 2025 performance estimate, as no new numbers were provided

Besides the revenue numbers, the Company also published the numbers for the maritime throughput, which, in tons, remained roughly the same, at 23m tons. However, the composition of the throughput, by cargo groups, has changed.

Composition of maritime throughput by cargo group (Preliminary 2025 vs. 2024 actuals, tons)

Source: Luka Koper, InterCapital Research

Looking at this more closely, containers recorded a 7% increase YoY to app. 11m tons, and while the new report does not provide reasoning, several snippets can be taken from the previous reports. Firstly, of course, the war in Gaza has changed shipping networks, leading to a reconfiguration away from the Red Sea to the Cape of Good Hope around South Africa. While this initially harmed the Company’s results, once the new networks stabilised, the Company continued operations as usual, even growing. The 2nd reason is the fact that a lot of ports, especially in Northern Europe, were (and still are) booked to capacity, leading to some carriers switching to Luka Koper. Given their strong connection with Central Europe (something that should strengthen even further this year when the Divača railway finally becomes operational, expected sometime in Q3 2026), this choice was obvious.

Luka Koper also noted the entry of the Maersk-Hapag-Lloyd “Gemini Cooperation”, with regular Far-East to Koper weekly service, which started in February/March 2025. The strong investment cycle in Central Europe (think energy & military) also increased demand for equipment, which was transhipped through Luka Koper. Lastly, the Company also achieved higher productivity and a better service mix, as the Company’s management noted repeatedly that they are at or near maximum capacity.

Cars also recorded a solid increase, growing by 5% YoY to 1.6m, with the primary driver being a surge in Chinese vehicle imports, in line with the trend we have seen across the continent, especially when it comes to cheaper electric cars from companies like BYD. Luka Koper held a competitive advantage in this regard; they have a deep specialisation in automotive logistics, high storage capacity for vehicles and a rail connection to the rest of CEE. This is expected to grow even further, as the Company continues to invest in new car storage facilities. Exports of cars through Luka Koper to other Mediterranean markets also grew, meaning that the growth came both ways, although imports were again the primary growth driver.

There was a slight slowdown later in the year (for comparison, Cars’ throughput grew by 9% YoY in Q1, 10% in H1, and 7% during 9M, while the FY preliminary results show a 5% increase), mainly due to EU trade policy uncertainty related to tariffs and investigations of Chinese companies.

On the other hand, the 3 remaining categories recorded a decline. Dry bulk cargoes declined by 5% YoY to 4.96m tons, due to the European industrial slowdown. In particular, lower volumes of steel, coal, fertilisers, and energy inputs were recorded across Central Europe, leading to lower transhipment overall. Due to relatively high interest rates still present in 2025, construction was also subdued, leading to lower volumes of cement and various ores.

Meanwhile, liquid bulk cargoes also declined by 10% YoY to 4.36m tons, due to reduced fossil fuel throughput putting a structural pressure on liquid bulk cargoes, with no type of liquid bulk cargo offsetting this decline.

Lastly, general cargo throughput also declined, by 11% YoY to 1.07m tons, due to a larger switch to container throughput, which, at near maximum capacity, meant that a decline in other categories would be recorded. At the same time, Luka Koper’s new warehouse, which was still under construction in 2025, did not yet demand higher levels of steel coils, although this could change as the construction progresses, in line with the Company’s investment plans.

Overall, the results are positive, and similar or better EBIT/net income levels, as those described in the performance estimate, could be expected. At the same time, the majority of investments are expected to only finish in 2026 and especially the 2027 period, meaning that financials could change in 2026, depending on the ramp-up, and whether they affect max capacity or just improve efficiency of the existing capacity. To put things into perspective, EUR 53m was invested in 2024, app. EUR 131m in 2025, and almost EUR 200m is expected in 2026. In other words, financials could ramp up significantly in 2027 and onwards, as more capacity is added.

Luka Koper share price performance vs. the SBITOP index (2020 – 2026 YTD, %)

Source: Bloomberg, InterCapital Research