During H1 2026, Luka Koper recorded revenue growth of 10% YoY, an EBITDA increase of 7%, and a net income to majority of EUR 48.1m, an increase of 11% YoY. In today’s blog, we bring you the entire overview of the Company’s H1 2026 results.
Starting off with the revenue, it amounted to EUR 206.1m, growing by 10% YoY, and by 8% as compared to the H1 2026 plan, primarily due to higher container throughput and increased revenue from storage fees. 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 11.5m tons in H1 2026, up 1% YoY, and at the level of the H1 2026 plan. However, the composition continued to shift, with containers accounting for 48.3% of the total maritime throughput (+0.2 p.p. YoY), and liquid cargoes gaining 1 p.p.
Luka Koper Maritime Throughput Breakdown by Cargo Groups (H1 2026 vs. H1 2025, tons)
Source: Luka Koper, InterCapital Research
Starting off with the largest category, containers recorded a throughput of 5.56m tons, an increase of 1% YoY, and 4% above what was planned. In terms of container units (TEUs), the growth was more pronounced, as 656.2k TEUs were handled, a 5% increase YoY, and 6% above the plan. The growth was primarily driven by new businesses related to increased investment in production facilities in the hinterland markets, particularly for the needs of the automotive industry and the logistics sector, as well as the reorganisation of shipping services arriving from the Far East to the Northern Adriatic ports. Furthermore, the Company added a fourth regular container service to the Far East during the period, further consolidating its position as a key gateway for Central and Eastern Europe.
Liquid cargoes also recorded solid growth, with a throughput of 2.28m tons, up 6% YoY and 2% above the plan, as a larger volume of petroleum products was handled. Dry bulk and bulk cargoes recorded a throughput of 2.42m tons, up 1% YoY on the back of increased iron ore transshipment, but 6% below the plan, due to lower capacity on the rail network.
On the other hand, cars, one of the main growth drivers of the past two years, recorded a throughput of 728.7k tons, a 9% decline YoY and 5% below the plan, while in terms of units, 409.5k cars were handled, a 9% decrease YoY and 6% below the plan. The decline came primarily on the back of lower export volumes of European manufacturers to Turkey, Israel, and the wider Middle East, where demand is affected by additional tariffs, the increased presence of Chinese manufacturers, and the geopolitical situation in the region, while the growing vehicle imports from China were not enough to fully offset the decline. Lastly, general cargoes recorded a throughput of 512.1k tons, a 9% decrease YoY and 8% below the plan, with lower throughput of timber, as well as iron ore and steel products.
Moving on to operating expenses, they amounted to EUR 151.3m in H1 2026, an increase of 10% YoY, mainly as a result of higher labour costs, which grew by 17% YoY, but also supported by other expenses’ increase of 19% YoY, D&A growth of 5% YoY, and the cost of services increase of 3% YoY. Material costs remained at the H1 2025 level, as electricity costs decreased. Breaking this down further, labour costs grew due to a higher number of employees, as the Company is replacing agency workers with its own hires and adding headcount due to business growth, but also due to the accrued winter bonus costs and higher supplements linked to the increased minimum salary. Other expenses grew due to higher fees for the use of building land, while the cost of services increased due to higher concession fees, which are tied to net sales revenue.
As a result of these developments, EBITDA amounted to EUR 73.3m, up 7% YoY and 30% above the plan, implying an EBITDA margin of 35.6%, a 0.8 p.p. decrease YoY, as OPEX growth slightly outpaced that of revenue. The net financial result amounted to EUR 1.3m, a 52% increase YoY, mainly due to significantly lower fin. expenses (EUR 10.8k vs. EUR 455.7k in H1 2025) on the back of lower interest rates, while fin. income remained stable at EUR 1.29m. Taken together, this led to a net income to majority of EUR 48.1m, an 11% increase YoY and 42% above the plan, implying a net income margin of 23.3%, up 0.2 p.p. YoY. We would remind you that the 2026 business plan was set conservatively due to the railway capacity constraints, and with H1 EBIT of EUR 57.1m already representing app. 79% of the full-year EBIT plan (EUR 72.2m), the Company is well on track to exceed its 2026 targets.
Luka Koper Key Financials (FY 2022 – H1 2026, EURm)
Source: Luka Koper, InterCapital Research
In terms of investments, Luka Koper allocated EUR 91.6m to them during H1 2026, a 70% increase YoY, as part of a major investment cycle, albeit 15% below the plan, as the equipment for the multipurpose steel coils warehouse was already purchased at the end of 2025, while the procurement of piles for the Pier I extension was delayed.
Despite the elevated CAPEX, the balance sheet remains strong, with a net financial debt/EBITDA of 0.5x at the end of H1 2026, EUR 37.5m in cash and EUR 30m in short-term deposits, as well as EUR 232m of contracted, but yet undrawn, long-term loans to finance the investment cycle. Lastly, we would note that the gross dividend of EUR 2.3 per share (EUR 32.2m in total), approved in May, will be paid out on 31 August 2026.
Luka Koper Investments (H1 2026 vs. H1 2025, EURm)
Source: Luka Koper, InterCapital Research