Luka Koper Publishes 9M 2025 Results, 2025 Performance Estimate, and Business Plan for 2026

During 9M 2025, Luka Koper recorded revenue growth of 16% YoY, EBITDA increase of 25%, and net income of EUR 62.3m, +26% YoY. Furthermore, Luka Koper also published its 2025 performance estimate and 2026 business plan. For 2025, they are expecting EUR 369.8m in sales, up 12% YoY, op. profit (EBIT) of EUR 83.1m, up 24%, and a net income of EUR 69.9m, up 16% YoY. For 2026, they plan on generating EUR 384m in sales, up 4% YoY, an EBIT of EUR 72.2m, down 13% YoY (vs. 2025 estimate), and a net income of EUR 65.1m, also down 7% YoY.

Luka Koper, one of the largest regional ports, published a plethora of documents last week, including its 9M 2025 results, 2025 performance estimate, and the 2026 business plan. In this detailed overview, we present the key points from these documents.

Starting off with the 9M 2025 results, Luka Koper recorded revenue of EUR 282.9m, growing by 16% YoY, and 12% above the plan. The growth was driven by higher container throughput, higher car throughput, and higher storage revenues. Breaking this down further, maritime throughput amounted to 17.1m tons during 9M 2025, 1% below the plan, and at the level of 9M 2024. Even though the overall tonnage was flat, the composition did switch in favour of higher-value segments. Containers gained a 3.8 p.p. share in the total maritime throughput, while cars gained a 0.5 p.p. share. On the other hand, declines were recorded in general cargo, liquid cargo, and dry bulk.

Luka Koper maritime throughput breakdown by cargo groups (9M 2025 vs. 9M 2024, tons)

Source: Luka Koper, InterCapital Research

Looking at the groups themselves, the container terminal handled 950.6k container units, 9% higher than planned, and 14% more than during 9M 2024. The increase in the containers was driven by new businesses related to planned construction and equipping of new production facilities and plants in the Group’s hinterland markets, and production start-up in some of the plants that have already been built. High occupancy rates in other European ports, as well as restructuring shipping services from the Far East to the Northern Adriatic ports, also increased throughput.

In terms of cars, the Group handled 684.3k vehicles, 7% above both planned volumes and YoY. The increase came from higher imports of vehicles from China, while export volumes also grew, mainly to Mediterranean countries. Moving on to general cargo, 0.8m tons were handled, 9% below the plan and down 8% YoY. A decrease in the throughput of timber, rubber, iron and steel products was the primary driver. Liquid cargo, meanwhile, recorded 3.2m tons of throughput, 4% below the plan and down 8% YoY, due to lesser quantities of jet and diesel fuels. Lastly, dry bulk and bulk cargoes recorded 3.7m tons of cargo, 5% less than what was planned and at the level of last year, with the throughput of iron ore decreasing.

Moving on to OPEX, they amounted to EUR 212m during 9M 2025, growing by 10% YoY, driven by three primary drivers. Firstly, labour costs, which grew by 21% YoY to EUR 108m, due to hiring of former agency workers, additional hires due to business growth, performance-related payments, and higher employer contributions and benefits. Secondly, material expenses, which grew by 11% YoY to EUR 16.5m, were due to higher energy costs, especially of electricity and fuel, as well as higher maintenance-related materials and spare parts. Lastly, other expenses also grew, by 14% YoY to EUR 8.7m, due to higher compensation costs and land-use related levies.

As a result, EBITDA improved markedly, growing by 25% YoY and 43% compared to the plan, amounting to EUR 97.9m. This would also imply a strong improvement in the EBITDA margin, of app. 2.3 p.p. YoY to 34.6%. The growth was supported by good revenue expansion, OPEX growing more slowly than revenue, and the fact that revenue shifted towards higher-margin cargo groups. Net fin. result declined by 8% YoY to EUR 5.2m, due to both lower fin. income (-17% YoY to EUR 5.6m), and lower fin. expenses (EUR 426k, -63% YoY).

Due to all of these developments, net income grew by 26% YoY to EUR 62.3m, and 56% above the plan for the period. This would imply a net income margin of 22.1%, up 1.8 p.p. YoY.

Luka Koper key financials (9M 2025 vs. 9M 2024, EURm)

Source: Luka Koper, InterCapital Research

Moving on to the 2025 performance estimate, the Group expects revenue of EUR 369.8m, up 12% YoY and 9% compared to the 2025 plan. Revenue growth is primarily based on higher container and car throughput and car throughput volumes, as well as higher storage revenues. Op. profit is expected to reach EUR 83.1m, up 24% YoY and 50% above what was planned. Lastly, net income is expected to amount to EUR 69.9m, up 16% YoY, and 42% compared to the plan.

They also expect container throughput to reach 1,238k TEUs in 2025, up 9% YoY and 7% compared to the 2025 plan. Car throughput should amount to app. 907k vehicles, up 3% compared to 2024 and the 2025 plan. Total maritime throughput should reach 22.7m tons, 1% lower than in 2024 and 2% below the 2025 plan, due to slightly lower throughput of general and dry bulk and bulk cargoes.

Luka Koper key financials (2024 actuals, 2025 performance estimate, 2026 business plan, EURm)

Source: Luka Koper, InterCapital Research

The Group also provided a forecast of its business performance for 2026. They noted that the global situation remains uncertain, as the international institutions have lowered their economic growth forecasts due to new customs policies, changes in trade connections and geopolitical risks. The situation on the Slovenian railway network remains challenging as capacity restrictions will continue into 2026 until the completion of the northern side of Pier I at the end of 2027. No additional capacity will be available to increase container throughput, while existing capacity within the port is already at maximum utilisation. Due to this, the Group has been quite conservative in its 2026 estimates.

For the year, they plan to increase the throughput by 1% YoY to 1,252k in the container group, while decreasing the vehicles in the car group by 1% to app. 899k vehicles. They are expecting an increase in other commodity groups, and as such, the maritime throughput should grow by 3% YoY in 2026. In terms of the financials, the Group is planning net sales of EUR 384m, up 4% YoY, and within this growth, they estimate the increase in throughput and sales prices. Operating profit, EBIT, should reach EUR 72.2m, down 13% YoY, mainly due to higher labour costs due to additional employment in 2025 and 2026. As a result, net income should also be lower, by 7% YoY to EUR 65.1m.

Lastly, taking a look at investments, the Group plans on investing EUR 202m during 2026, in line with the strategic plans. This will be directed towards increasing the capacity of the container terminal by constructing a quay and stacking areas on the northern side of Pier I. Furthermore, in 2026, the Group plans on starting the construction of a new garage for storing cars and completing the construction of the Berth 12 storage facility for steel coils. Lastly, the Group plans on allocating EUR 35.8m to sustainable development and social responsibility projects in 2026, representing 18% of all planned investments.

Luka Koper investments (2024 actuals, 2025 plan*, 9M 2025 achieved investments, 2026 estimate, EURm)