During Q1 2025, Luka Koper recorded revenue growth of 14% YoY, an EBITDA increase of 23%, and a net income of EUR 20m, a 30% increase YoY.
Luka Koper published its Q1 2025 report last week, and today we’re bringing you the highlights. According to the report, revenue grew by 14% YoY to EUR 90.8m and exceeded the Q1 2025 plan by 10%. Total maritime throughput amounted to 5.6m tons, at the level planned for Q1, and 7% above the Q1 2024 throughput. Throughput exceeded Q1 2024 levels across all commodity groups except liquid cargoes.
Luka Koper maritime throughput in tons per cargo group (Q1 2025 vs. Q1 2024, tons)
Source: Luka Koper, InterCapital Research
Breaking this down further, general cargoes recorded a throughput of 291.7k tons, an increase of 22% YoY, due to higher throughput of steel products and timber. Containers recorded 2.66m tons of throughput, a 14% increase YoY, or in TEUs (twenty-foot equivalent unit), 299.7k container units, a 17% increase YoY. Luka Koper also noted that it recorded a historic record in monthly container throughput in March at 110.8k container units. It further noted that the situation in the Red Sea still does not allow for the safe passage of ships through the Suez Canal, so most of the ships are still sailing around Africa. Also, new planned construction and equipping of new production facilities and plants in Slovenia’s hinterland markets, as well as the high occupancy rates of most European ports also contributed to the increase in the container throughput.
Moving on, cars recorded a throughput of 357.8k tons, a 6% increase YoY, or in units, 206.7k cars, a 9% increase YoY, but 2% below the business plan. Luka Koper noted that while the increase did occur, it was slightly below plan due to weak sales of cars for the Chinese market and an unpredictable and challenging global economic situation. Meanwhile, liquid cargoes recorded 1.06m tons of throughput, a 6% decline YoY, and 4% below plan, mainly due to lower throughput of petroleum products. Lastly, dry bulk and bulk cargoes recorded 1.25m tons of maritime throughput, a 3% increase YoY, but 3% below the plan, mainly due to lower throughput of road gritting salt as a result of the mild winter.
As a result, revenue from maritime throughput, stuffing and unstuffing of containers, and additional services on goods grew by 16% YoY to EUR 73.4m, while the revenue from storage fees amounted to EUR 17.4m, a 7% increase YoY.
Moving on, total OPEX amounted to EUR 67.7m, growing by 8% YoY. The largest absolute increase was recorded in the employee benefit expenses, which grew by 17%, or EUR 4.9m YoY, to EUR 33.1m, mainly due to a higher number of employees, as a result of increased recruitment of agency workers. Costs of material grew by 22% YoY to EUR 5.6m, as a result of higher energy and spare part costs. In particular, higher energy costs were recorded due to higher electricity prices and higher consumption, and the price of motor fuel. On the other hand, the cost of services declined by 5% YoY to EUR 18m, due to lower cost of port services as a result of the recruitment of agency workers, and maintenance costs also declined. This was partially offset by higher IT support and concessions fee costs, due to higher sales revenue & maritime throughout.
As a result of the faster revenue than OPEX growth, EBITDA grew by 23% YoY to EUR 31.8m, implying an EBITDA margin of 35.1%, a 2.5 p.p. increase YoY. In terms of the net financial result, it was positive at EUR 395k, but declined by 57% YoY, mainly as a result of lower financial income (-55% YoY), which was partially offset by lower financial expenses (-48% YoY). Due to all of these developments, net income grew by 30% YoY to EUR 20m, implying a net income margin of 22%, a 2.7 p.p. increase YoY.
Luka Koper key financials (Q1 2025 vs. Q1 2024, EURm)
Source: Luka Koper, InterCapital Research
In terms of investments, they amounted to EUR 22.4m in Q1 2025, a 101% increase YoY, but 11% decline compared to the Q1 2025 plan. Luka Koper noted that in Q1, they continued to implement the strategy of the major investment cycle set out in the Group, but the decline compared to the plan came mainly due to the changed timeline of major investments, such as the arrangement of the surface of the landfill 6A and the construction of the Cruise terminal.
Investments in Q1 2025 included:
- Continued construction of the multipurpose warehouse for general cargoes for the storage of steel coils
- Start of the seabed dredging for the extension of Pier 1
- Purchase of six terminal trailers for the needs of the Container terminal
- Continued shift of storage stacks at the container terminal
- Continued arrangement of the surface on the landfill area 6A for car storage
- Continued construction of Berth 12 at Pier II
- Continued construction of the Cruise terminal building
