During 2025, Luka Koper recorded revenue growth of 15% YoY, an EBITDA increase of 27%, and a net income of EUR 60.3m, growing by 35% YoY. For a detailed breakdown of the Company’s results, continue reading below.
Starting off with the revenue, it amounted to EUR 380m, growing by 15% YoY, and 13% compared to the 2025 business plan. The increase was driven by higher container transshipment, higher car transshipment, and higher revenues from storage fees.
Luka Koper maritime throughput breakdown by cargo groups (2025 vs. 2024, tons)
Source: Luka Koper, InterCapital Research
To better understand this, a look at the Company’s main operations, i.e. maritime throughput, is needed. In total, maritime throughput amounted to 23m, at the same level as in 2024; however, the composition of the maritime throughput did change. The largest category, containers, recorded throughput of 10.9m tons, an increase of 7% YoY, or in TEUs (containers), it amounted to 1.27m TEUs, an increase of 12% YoY, and 9% above the plan. The increase in the containers was primarily driven by a new business related to supplying production facilities in hinterland markets, as well as the restructuring of shipping services from the Far East and the Mediterranean. In other words, growth was supported by new logistic contracts, strengthening of hinterland connectivity (something that should continue this year as Divača railway finally comes online), and a structural re-routing of trade flows.
Car throughput also increased, both in tonnage (+5% YoY to 1.63m tons) and in the number of vehicles themselves (914.8k, +3% YoY), and this was mainly driven by increased imports of vehicles from Chinese manufacturers, and growing exports to Mediterranean countries.
Both of these categories are higher-value, driving the revenue up. On the other hand, other categories recorded decreases, with dry and dry bulk cargoes declining by 4.6% YoY to 4.96m tons. While the FY report does not specifically mention the reasons for this, the rest of the quarterly reports do. At the beginning of the year, the decline was driven by lower demand for road gritting salt due to a mild winter, while for the rest of the year, the decline was driven by lower iron ore demand.
Next up, liquid cargoes declined by 9.7% YoY to 4.36m tons, due to lower throughput of petroleum products in Q1, but also lower throughput of jet and diesel fuels for the rest of the year. Lastly, general cargoes recorded a decline of 10.6% YoY to 1.1m tons, with H1 data showing that an increase in timber throughput was recorded, although a slim one, while the rest of the year recorded a decline in the throughput of timber, rubber, iron and steel products.
Due to the shift to the higher-margin car and container throughput, EBITDA also improved, growing by 27% YoY to EUR 128m, and implying an EBITDA margin of 33.7%, +3.2 p.p. YoY. The released report does not include OPEX nor OPEX breakdown, but it could be summarized that OPEX grew at a rate slower than the revenue growth. Lastly, net income amounted to EUR 81.5m, an increase of 35% YoY, implying a net income margin of 21.4%, up 3.2 p.p. YoY.
Luka Koper key financials (2025 vs. 2024, EURm)
Source: Luka Koper, InterCapital Research
In terms of investments, Luka Koper invested EUR 132.9m during 2025, an increase of 240% YoY, as the Group completed the construction of the Cruise terminal building, a fire station, the first stage of development of the 6A landfill area for car storage, the first phase of the renovation of the cold storage facility for perishable goods, among other things.
In the future, these investments will allow for better efficiency (faster transport) but also higher capacity, both of which should positively influence revenue & profitability growth. The opening of the Divača railway (expected sometime in Q3 this year) will also allow for faster transportation, which, at current (limited) capacity, will inherently improve profitability as well.
Luka Koper investments (2022 – 2025, EURm)
Source: Luka Koper, InterCapital Research