Luka Koper

Quarterly Report • May 23, 2025

2025

NON-AUDITED REPORT ON PERFORMANCE JANUARY – MARCH 2025 LUKA KOPER GROUP AND LUKA KOPER, D. D.

Introductory note

Compliant with the Market and Financial Instrument Act, Ljubljana Stock Exchange Rules as well as Guidelines and Disclosure for Listed Companies, Luka Koper, d. d., Vojkovo nabrežje 38, 6501 Koper discloses this Non-Audited Report on the performance of Luka Koper Group and Luka Koper, d. d., January – March 2025.

Non-Audited Report on the performance of Luka Koper Group and Luka Koper, d. d., in January – March 2025, can be examined at Luka Koper, d. d., Vojkovo nabrežje 38, 6501 Koper, and shall be accessible via the company's website www.luka-kp.si, from 22 May 2025 onwards.

The company promptly publishes any pertinent changes to information contained in the prospectus for stock exchange listing on SEOnet, the electronic information system.

This Non-Audited Report on the performance of Luka Koper Group and Luka Koper, d. d., in January – March 2025 was addressed by the company's Supervisory Board at its regular session on 22 May 2025.

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Performance highlights of the Luka Koper in January - March 2025 5 1 Significant events, news and achievements in January – March 2025 13 2 3 Relevant post-balance events 14 Presentation of the Luka Koper Group 15 4 4.1 Profile of the company Luka Koper, d. d., as of May 12, 2025 15 4.2 Organisation of the Luka Koper Group and associates 16 4.3 Corporate Management and Governance 16 5 Business development strategy 18 Performance of the Luka Koper Group in January - March 2025 20 6 Investments in non-financial assets 26 7 Risk management and opportunities 27 8 9 LKPG share 28 SUSTAINABLE DEVELOPMENT 31 Highlights of January - March 2025 31 10 11 Care for employees 31 Occupational health and safety 32 12 13 Natural environment 33 Social environment 35 14 FINANCIAL STATEMENT 36 Financial statements of Luka Koper, d. d. and Luka Koper Group 36 15 15.1 Income statement 36 15.2 Statement of other comprehensive income37 15.3 Statements of financial position 38 15.4 Statement of Cash Flows 39 15.5 Statement of Owner`s Equity40 15.6 Statement of Group Equity 41 Notes to Financial Statements 42 16 17 Additional notes to the Income Statement 44 Additional notes to the Statement of Financial position 49 18	BUSINESS REPORT 5

BUSINESS REPORT

1 Performance highlights of the Luka Koper in January - March 2025

The year 2025 has begun very successfully for the Luka Koper Group. In the first quarter, net sales in the amount of EUR 90.8 million exceeded planned net sales by 10 percent or EUR 8.1 million and net sales in the first quarter of 2024 by 14 percent or by EUR 11.4 million. Compared to the plan, the revenue from maritime throughput, stuffing und unstuffing of containers and other ancillary services on goods was higher by EUR 6.8 million, while revenue from storage fees was higher by EUR 2.2 million. In 2025, compared to 2024, there was an increase of EUR 10.2, in revenue from maritime throughput, volume of stuffing and unstuffing of containers and volume of ancillary services on goods, while the revenue from storage fees increased by EUR 1.2 million.

Earnings before interest and tax (EBIT) amounted to EUR 24.1 million and was 57 percent or EUR 8.7 million ahead of plan, while in comparison with the first quarter of 2024, it was higher by 36 percent or EUR 6.4 million. The better than planned earnings before interest and tax (EBIT) was positively impacted by net sales and other revenue which was higher by 46 percent or EUR 0.3 million than planned. The operating costs were at the planned level. The better than planned earnings before interest and tax (EBIT) compared to 2024 was positively impacted by higher revenue from sales, while the operating cost amounted to EUR 67.7 million and in comparison, with 2024 increased by 8 percent or EUR 5.1 million. Labour costs, cost of material and other expenses increased.

The Luka Koper Group's net profit for the first quarter of 2025 amounted to EUR 20 million and was by 54 percent or EUR 7.1 million higher than planned or 30 percent or EUR 4.6 million higher than in the first quarter of 2024.

In the first quarter of 2025, we handled 299,712 containers (in TEU), which was 7 percent more than planned and 17 percent more than in the first quarter of 2024. In March 2025, the Port of Koper set a new historic record for monthly container throughput with 110,810 container units (TEUs) handled. In 2025, we berthed the first ship of the new alliance, launched in February by Danish Maersk Line and Hapag-Lloyd. The mentioned alliance offers regular weekly ship service between the Far East and the Port of Koper. In the first months of this year, we have also recorded an increased number of container ships providing connections between Koper and various Mediterranean ports.

Car throughput (in units) reached 206,704 cars, 2 percent below the planned volume and 9 percent more than in the first quarter of 2024.

Total maritime throughput in the first quarter of 2025 amounted to EUR 5.6 million tons of goods, which stood at the planned level and 7 percent more than in 2024. Planned quantities, measured in tons, were exceeded in all commodity groups except in liquid cargoes and dry bulk and bulk cargoes. In comparison with 2024, the maritime throughput rose in all commodity groups, except liquid cargoes.

In the first quarter of 2025, the Luka Koper Group continued the investment activity set. Of the major investments, we continued the construction of the multi-purpose warehouse for general cargoes, construction of Berth 12, construction of Cruise terminal, construction of Cruise terminal building, shift of stacking blocks at the container terminal, arrangement of the surface on the landfill 6A. We started the dredging of the seabed for the extension of the Pier I.

NET REVENUE FROM SALE 90.8 million EUR

+10 % 2025/PLAN ²⁰²⁵

+14 % 2025/2024

MARITIME THROUGHPUT 5.6 million TONS

+/-0 % 2025/PLAN ²⁰²⁵

+7 % 2025/2024

CONTAINERS THROUGHPUT 299.7 THOUSAND TEU

+7 % 2025/PLAN ²⁰²⁵

+17 % 2025/2024

TRANSSHIPMENT OF CARS 206.7 THOUSAND UNITS

• -2 % 2025/PLAN ²⁰²⁵
• +9 % 2025/2024

EARNINGS BEFORE INTEREST AND TAXES (EBIT)

24.1 million EUR

+57 % 2025/PLAN ²⁰²⁵ +36 % 2025/2024

RETURN ON SALES (ROS) 26.6 %

+42 % 2025/PLAN ²⁰²⁵

+19 % 2025/2024

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTISATION (EBITDA) 31.8 million EUR

+37 % 2025/PLAN ²⁰²⁵ +23 % 2025/2024

EBITDA margin

35.1 % +24 % 2025/PLAN ²⁰²⁵ +8 % 2025/2024

NET PROFIT OR LOSS 20 million EUR

+54 % 2025/PLAN ²⁰²⁵ +30 % 2025/2024

RETURN ON EQUITY (ROE) 13.3 %

+48 % 2025/PLAN ²⁰²⁵

+20 % 2025/2024

INVESTMENTS 22.4 million EUR

-11 % 2025/PLAN ²⁰²⁵ +101 % 2025/2024

-0.67 2025/PLAN ²⁰²⁵

-0.27 2025/2024

Key performance indicators

The key performance indicators of Luka Koper, d. d., and the Luka Koper Group in January - March 2025, in comparison with 2024

		Luka Koper, d. d.		Luka Koper Group
Items	1 – 3 2025	1 – 3 2024	Index 2025/ 2024	1 – 3 2025	1 – 3 2024	Index 2025/ 2024
Net revenue from sale (in EUR)	89,834,640	78,653,199	114	90,784,239	79,383,705	114
Earnings before interest (EBIT) (in EUR))	23,695,600	17,337,602	137	24,149,581	17,768,130	136
Earnings before interest, taxes, depreciation and amortization (EBITDA) (in EUR)	31,205,751	25,263,026	124	31,837,147	25,885,005	123
Net profit or loss (in EUR)	18,950,889	15,021,584	126	20,012,105	15,366,929	130
Added value (in EUR)	62,184,601	51,385,070	121	64,981,065	54,163,404	120
Investment expenditure (in EUR)	21,521,478	11,100,724	194	22,383,497	11,128,963	201
Maritime throughput (in tons)	5,625,137	5,251,817	107	5,625,137	5,251,817	107
Number of employees1	2,178	1,798	121	2,341	1,964	119

Indicators	1 – 3 2025	1 – 3 2024	Index 2025/ 2024	1 – 3 2025	1 – 3 2024	Index 2025/ 2024
Return on sales (ROS)	26.4%	22.0%	120	26.6%	22.4%	119
Return on equity (ROE)2	13.5%	11.6%	116	13.3%	11.1%	120
Return on assets (ROA)3	9.4%	8.0%	118	9.6%	7.8%	123
EBITDA margin	34.7%	32.1%	108	35.1%	32.6%	108
EBITDA margin from market activity	35.5%	33.0%	108	35.9%	33.5%	107
Financial liabilities/equity	19.2%	23.1%	83	14.7%	18.9%	78
Net financial debt /EBITDA4	0.3	0.6	50	0.03	0.3	10
Return on net assets (RONA)5	12.6%	10.0%	126	12.5%	9.8%	128

Items	31.3.2025	31.12.2024	Index 2025/ 2024	31.3.2025	31.12.2024	Index 2025/ 2024
Assets (in EUR)	832,801,707	788,460,750	106	853,201,290	814,367,538	105
Equity (in EUR)	577,722,823	547,601,545	106	615,986,810	584,803,573	105
Financial liabilities (in EUR)	110,725,418	109,613,159	101	90,656,775	94,543,377	96

¹ Balance on the last day of the reporting period.

² Indicator is calculated on the basis of annualised data. 3

Indicator is calculated on the basis of annualised data. 4 Indicator is calculated on the basis of annualised data.

⁵ Indicator is calculated on the basis of annualised data.

The key performance indicators of Luka Koper, d. d., and Luka Koper Group in January – March 2025 compared to the plan 2025

	Luka Koper, d. d. Luka Koper Group
Items	1 – 3 2025	Plan 1 – 3 2025	Index 2025/ plan 2025	1 – 3 2025	Plan 1 – 3 2025	Index 2025/ plan 2025
Net revenue from sale (in EUR)	89,834,640	81,901,044	110	90,784,239	82,642,809	110
Earnings before interest (EBIT) (in EUR))	23,695,600	15,255,359	155	24,149,581	15,413,013	157
Earnings before interest, taxes, depreciation and amortization (EBITDA) (in EUR)	31,205,751	22,884,181	136	31,837,147	23,279,927	137
Net profit or loss (in EUR)	18,950,889	12,422,521	153	20,012,105	12,957,850	154
Added value (in EUR)	62,184,601	54,290,244	115	64,981,065	56,988,597	114
Investment expenditure (in EUR)	21,521,478	24,267,292	89	22,383,497	25,165,892	89
Maritime throughput (in tons)	5,625,137	5,646,532	100	5,625,137	5,646,532	100
Number of employees6	2,178	2,284	95	2,341	2,453	95

Indicators	1 – 3 2025	Plan 1 – 3 2025	Index 2025/ plan 2025	1 – 3 2025	Plan 1 – 3 2025	Index 2025/ plan 2025
Return on sales (ROS)	26.4%	18.6%	142	26.6%	18.7%	142
Return on equity (ROE)7	13.5%	9.2%	147	13.3%	9.0%	148
Return on assets (ROA)8	9.4%	6.2%	152	9.6%	6.3%	152
EBITDA margin	34.7%	27.9%	124	35.1%	28.2%	124
EBITDA margin from market activity	35.5%	28.7%	124	35.9%	28.9%	124
Financial liabilities/equity	19.2%	20.2%	95	14.7%	15.6%	94
Net financial debt /EBITDA9	0.3	1.0	30	0.03	0.7	4
Return on net assets (RONA)10	12.6%	8.4%	150	12.5%	8.3%	151

Items	31.3.2025	Plan 31.3.2025	Index 2025/ plan 2025	31.3.2025	Plan 31.3.2025	Index 2025/ plan 2025
Assets (in EUR)	832,801,707	796,090,429	105	853,201,290	815,833,230	105
Equity (in EUR)	577,722,823	547,765,060	105	615,986,810	585,414,542	105
Financial liabilities (in EUR)	110,725,418	110,762,724	100	90,656,775	91,230,503	99

Indicator is calculated on the basis of annualised data. 9

⁶ Balance on the last day of the reporting period.

⁷ Indicator is calculated on the basis of annualised data. 8

Indicator is calculated on the basis of annualised data. ¹⁰ Indicator is calculated on the basis of annualised data.

Alternative performance measures

Alternative measures	Calculations	Explanation of the selection
Earnings before interest and taxes (EBIT)	Earnings before interest and taxes (EBIT) = difference between operating income and costs.	It shows the performance (profitability) of the company's operations from the core business.
Earnings before interest and taxes, depreciation and amortisation (EBITDA)	Earnings before interest and taxes, depreciation and amortisation (EBITDA) = Earnings before interest and taxes (EBIT) + amortisation.	A measure of the company's financial performance and an approximation of the cash flow from operations. Shows the ability to cover write-downs and other non-operating expenses.
Added value	Added value = net revenue from sale + capitalised own products and own services + other revenue – costs of goods, material, services – other operating expenses excluding revaluation operating expenses.	Shows the operational efficiency of the company.
Return on sales (ROS)	Return on sales (ROS) = Earnings before interest and taxes (EBIT) / net revenue from sale.	Shows the operational efficiency of the company.
Return on equity (ROE)	Return on equity (ROE) = net income/ shareholder equity	Shows the management success in increasing the value of the company for the owners or shareholders.
Return on assets (ROA)	Return on assets (ROA) = net income / average total assets	Shows how a company manages its assets.
EBITDA margin	EBITDA margin = Earnings before interest, taxes, depreciation and amortisation (EBITDA) / net revenue from sale.	Shows the business performance and profitability of market activity in percent. It is used to compare the company performance with other companies.
EBITDA margin from market activity	EBITDA margin from market activity = Earnings before interest and taxes, depreciation and amortisation (EBITDA) / net revenue from sale from market activity.	Shows the business performance and profitability of market activity un percent.
Net financial debt/EBITDA	Net financial debt/EBITDA = (Financial liabilities – cash and cash equivalents) / EBITDA.	Shows indebtedness and profitability of a company in order to assess the company's ability to settle its financial debts in the future if the company maintains the same volume of business and profit.
Return on net assets (RONA)	Return on net assets (RONA) = operating profit (EBIT) / (average assets in the period - average short-term operating liabilities in the period - average short-term accrued expenses in the period).	Shows how efficiently a company uses its net assets to generate profit. It is useful for assessing a company's performance, as it shows the company's profitability relative to its net assets invested.
Ratio between the market price and earnings per share (P/E)	Ratio between the market price and earnings per share (P/E) = closing share per price / earnings per share (EPS).	It shows how many euros investors in the market are willing to pay at a certain, moment for each euro of the company's profit. It is used to estimate the value of the company and its shares on the market.

The Luka Koper Group also used alternative measures (APMs11 Guidelines), defined by ESMA12 .

¹¹ APMs – Alternative Performance Measures

¹² ESMA - European Securities and Markets Authority – Evropski organ za vrednostne papirje in trge

Book value of share per	Book value of share = equity / number	It shows the value of a share based on the value
day (in EUR)	shares.	of the company's equity on a given day.
Ratio between market	Ratio between market price and book value	It shows a comparison of a market value of the
price and book value of	of share (P/B) = closing share price / book	company's equity on the stock exchange with its
share (P/B)	value of share.	accounting value on a given day.
Earnings per share (EPS)	Earnings per share (EPS) = net earnings / number of shares.	Expresses a ratio that represents the amount of the company's net profit that it generates on each individual share. A measure of a company's performance (profitability).
Market capitalisation	Market capitalisation = closing price * number of shares.	Market value of all shares on the market.

2 Significant events, news and achievements in January – March 2025

JANUARY

• On January 7, the first cruise ship of the new season was moored at Luka Koper Cruise Terminal. 900 passengers and 700 crew members arrived in Koper on board of the 228-metre Viking Saturn, owned by Viking Cruises.
• On January 15, we published the Living with the Port Fund call for proposals. The Port of good ideas has once again opened its doors to all associations and organisations preparing interesting events and activities in different fields in 2025. Once again, we will support a wide range of innovative events in the fields of ecology and environmental protection, art, sports, education, humanitarian activities and tourism.
• On January 24, 2025, the Municipality of Koper published a call for tenders for homeowners in the city centre of Koper, which will distribute grants from Luka Koper to reduce impacts from port activities.

FEBRUARY

• On February 12, 2025 the Workers'Committee of Luka Koper, d. d., reelected Mladen Jovičič as the employees' representative on the Luka Koper, d. d., Supervisory Board. The new four-year term of office of the elected representative started on December 8, 2025.

MARCH

• On March 3, representatives of European Commission, hosted by the Office the Republic of Slovenia for Recovery and Resilience, visited Luka Koper, d. d. They were briefed on the projects implemented and cofinanced under the Recovery and Resilience Plan, including the Luka.DT – digital transformation of processes at the Port of Koper.
• On March 4, as part of the Slovenian Maritime Day events, we organised an expert panel discussion on ''Maritime logistics in the light of climate change''. The panellists focused on the challenges and opportunities for maritime logistics in working towards a more sustainable future.
• On March 12, the President of the Republic, Nataša Pirc Musar, Ph.d. attended the departure of two containers of collected humanitarian aid for Madagascar. The project, in which the Slovenian Caritas, the Nataša Pirc Musar – Alma Foundation, Ministry of Foreign Affairs and a number of donors joined forces, was also supported by Luka Koper.
• On March 22, we held a traditional reception for Polish business partners in Warsaw. The event was attended by around 200 business partners, including many representatives of the Koper Port Community.

3 Relevant post-balance events

APRIL

• Seatrade Cruise Global, the largest annual cruise tourism trade fair, took place in Miami from 7 to 10 April. This year, it brought together more than 600 exhibitors from 120 countries. Slovenia and the Port of Koper had been represented for many years, as Koper and its Cruise terminal are becoming an increasingly attractive destination for cruise tourism in the northern Adriatic.
• On 10 April 2025, the vessel Al Nasriyah from the German shipping company Hapag-Lloyd made its first call at the Container terminal. The vessel operates as a part of the 'Gemini Cooperation' alliance, launched by Danish Maersk Line and Hapag-Lloyd. The first vessel of a new business relationship, Maersk Campbell, a regular visitor to Koper, called at the Container terminal at the end of March.
• After a break of a few years, we again organised a business event in Istanbul at the end of April, where we presented our strengths to around 30 Turkish businessmen from logistics and transport sector, and also addressed the current challenges of logistics industry activities.

4 Presentation of the Luka Koper Group

4.1 Profile of the company Luka Koper, d. d., as of May 12, 2025

Company name	LUKA KOPER, pristaniški in logistični sistem, delniška družba
Short company name	LUKA KOPER, d. d., Vojkovo nabrežje 38, 6000 Koper – Capodistria
Registered office	Koper
Business address	Koper, Vojkovo nabrežje 38, 6000 Koper/Capodistria
Company's legal form	Public limited company
	Phone: 05 66 56 100
	Fax: 05 63 95 020
	Email: portkoper@luka-kp.si
	Website: www.luka-kp.si
	Sustainable development: http://www.zivetispristaniscem.si
Company's registration	District court in Koper, application No 066/10032200
Company's registration number	5144353000
Tax number	SI 89190033
Issued share capital	EUR 58.420.964,78
Number shares	14.000.000 of ordinary no par value shares
Share listing	First listing of the Ljubljana Stock Exchange
Share ticker	LKPG
President of the Management Board	Nevenka Kržan
Member of the Management Board	Gregor Belič
Member of the Management Board	Gorazd Jamnik
Member of the Management Board - Labour Director	Vojko Rotar
President of the Supervisory Board	Mirko Bandelj
Luka Koper, d. d., core activity	Seaport and logistic system and service provider
Luka Koper Group activities	Various support and ancillary services in relation to core activity
Quality certificates	ISO 9001:2015, ISO 14001:2015, ISO 22000:2018, ISO 50001:2018, ISO 45001:2018, ISO 37001:2016, Business excellence (EFQM), EMAS, NON GMO, ISCC EU Certificate, Organic (EKO) Certificate, AEO Certificate, GMP+

4.2 Organisation of the Luka Koper Group and associates

The Luka Koper Group includes related parties that contribute to the comprehensive range of services provided by the port. The Luka Koper Group includes five companies, i.e., the controlling company and four subsidiaries:

Luka Koper Group as at 31 March 2025

• Controlling company Luka Koper, d. d.
• Subsidiaries
  • o Luka Koper INPO, d. o. o., 100 %
  • o Adria Terminali, d. o. o., 100 %
  • o Logis-Nova, d. o. o., 100 %
  • o TOC, d. o. o., 68.13 %

Associates

• o Adria Transport, d. o. o., 50 %
  • o Adria Transport Croatia, d. o. o., v 100 %-owned by Adrie Transport, d. o. o.
• o Adria-Tow, d. o. o., 50 %
• o Adriafin, d. o. o., 50 %
  • o Vinakoper, d. o. o., v 78.81-%-owned by Adriafin, d. o. o.
• o Avtoservis, d. o. o., 49 %

4.3 Corporate Management and Governance

Luka Koper, d. d., Management Board

As at 31 March 2025, the Management Board of Luka Koper, d. d., comprised the following members:

• Nevenka Kržan, appointed the Member of the Management Board on July 1, 2022, she took office of the President of the Management Board on July 1, 2023.
• Gregor Belič, Member of the Management Board, appointed on November 30, 2023 for a five-year term, he took office on January 1, 2024.
• Gorazd Jamnik, Member of the Management Board, appointed on November 30, 2023 for a five-year term, he took office on January 1, 2024.
• Vojko Rotar, Labour Director, appointed on December 15, 2022 for a five-year term, he took office on February 16, 2023.

A presentation of Luka Koper, d. d., Management Board is available on the Comany's website https://lukakp.si/slo/vodstvo-druzbe-193.

Luka Koper, d. d., Supervisory Board

Luka Koper, d. d., Supervisory Board consists of nine members, six of whom are elected by the General Shareholders Meeting, and three from among employees by the Work Council. The Supervisory Board Members' term of office is four years.

As at 31 March 2025, the Supervisory Board comprised:

Representatives of Shareholders: Mirko Bandelj, President of the Supervisory Board Commencement of a four-year term: 7 February 2023 (36 Shareholders' Meeting)

Tomaž Benčina, Deputy President of the Supervisory Board Commencement of a four-year term: 7 June 2022 (35 Shareholders' Meeting)

Boštjan Rader, Member of the Supervisory Board Commencement of a four-year term: 7 February 2023 (36 Shareholders' Meeting)

Jožef Petrovič, Member of the Supervisory Board

Commencement of a four-year term: 7 February 2023 (36 Shareholders' Meeting)

Barbara Nose, Member of the Supervisory Board Commencement of a four-year term 7 February 2023 (36 Shareholders' Meeting)

Borut Škabar, Member of the Supervisory Board Commencement of a four-year term: 7 February 2023 (36 Shareholders' Meeting)

Representatives of the Employees:

Mehrudin Vukovič, Member of the Supervisory Board Commencement of a four-year term: 19 January 2020 (33 Shareholders' Meeting – informing of shareholders)

Rok Parovel, Member of the Supervisory Board Commencement of a four-year term: 13 September 2024 (38 Shareholders' Meeting – informing of shareholders)

Mladen Jovičić, Member of the Supervisory Board Commencement of a four-year term: 8 April 2021 (34 Shareholders' Meeting – informing of shareholders) According to the decision of workers' council of the company Luka Koper, d. d., of 12 February 2025: Commencement of a four-year term: 8 April 2025

External Member of the Audit Committee of the Supervisory Board:

Mateja Treven, external Member of the Audit Committee of the Supervisory Board Appointed for the period from 23 February 2023 until revoked.

5 Business development strategy

In 2023, a new Strategic Business Plan 2024-2028 was adopted. The document takes into account trend in the logistic industry competition analysis, development expectations and the awareness that only logistic companies with clearly set out sustainable development strategy can expect stable growth in the long term. In the next fiveyear period, the mission of Luke Koper, d. d., will continue to be based on the provision of quality services, in line with the guidelines of sustainable development – with the aim of becoming the first choice among ports on the European Southern transport route. The planned development is based on four starting points, which envisage the increase of infrastructural capacities and facilities, accelerated introduction of the smart port conception and adequate human resources structure as well as taking care of sustainability and reducing the negative impact on the environment and society. The multi-purpose port model, which is one of the company's key competitive advantages, continues to be maintained.

MISSION

To provide reliable and high quality port services, in line with sustainable development guidelines.

LUKA KOPER EUROPEAN GREEN WINDOW

VISION

To become the first choice among ports on the southern European transport route by creating added value for our customers.

VALUES

We create value for our customers

We focus on our customers by adapting to their needs and creating added value.

We appreciate each other

We work together as a team, learning and being there for each other while solving problems on the way towards our goals.

We take responsibility

We are accountable for our actions and results, and we meet our commitments to our stakeholders with integrity.

We strive for change and continuous improvement

We learn, improve and prepare for changes, because flexibility is our competitive advantage. We strive to improve every day – our services, our company, our community, ourselves.

We act sustainably

We respond boldly to climate change.

The Company has set the following goals until 2028:

To increase our total throughput to 26 million tons by 2028 (3.5% average annual growth from 2023 to 2028) while focusing on our customers' needs in a comprehensive and qualitative manner.	To achieve a throughput of 1.4 million TEUs at the Container Terminal in 2028 (5.5% average annual growth 2023-2028).
To achieve a throughput of 1.1 million vehicles at the Car Terminal in 2028 (4.8% average annual growth 2023- 2028).	To increase total operating revenue to €413 million in 2028 (6.6% average annual growth 2023-2028) by gaining new commodity groups and customers in strategic/new markets, and by focusing the revenue structure on higher value-added commodity groups,
To ensure long-term profitability and to achieve an EBITDA margin of 29% and an ROE of 9% for Luka Koper d.d. in 2028.	To invest €785 million over 5 years until 2028 to increase the port's capacity and fluidity in order to be ready for the second railway line opening.
To obtain co-financing for investment projects, with a focus on the project to build an onshore electricity supply system for ships.	To develop land outside the port area through a strategic partnership model.
To implement a digital transformation of key processes using new technologies, with the objectives of automation and optimization - Smart port (raising digital maturity by at least 1	To maintain environmental sustainability standards (EMAS) and meet sustainability reporting commitments, as well as to reduce the company's carbon footprint
level). This will enable us to achieve connectivity between all internal and external stakeholders in the logistics chain and increase cost-efficiency.	through measures aimed at improving energy efficiency and increasing the use of renewable energy sources.

6 Performance of the Luka Koper Group in January - March 2025

Maritime throughput

In the first quarter of 2025, total maritime throughput amounted to 5.6 million tons, which was on par with the planned quantities and 7 percent more than in the first quarter of 2024. The planned volumes, measured in tons, were exceeded in all commodity groups, except liquid cargoes and dry bulk and bulk cargoes, while compared to 2024, the maritime throughput was higher in all commodity groups except liquid cargoes.

Maritime throughput (in million tons)

Maritime throughput in tons per cargo groups in January – March 2025 compared to the 2025 plan and 2024

Cargo groups (in tons)	1 – 3 2025	Plan 1 – 3 2025	1 – 3 2024	Index 2025/plan 2025	Index 2025/2024
General cargoes	291,672	288,830	238,279	101	122
Containers	2,657,967	2,593,421	2,338,421	102	114
Cars	367,789	367,519	336,874	100	109
Liquid cargoes	1,061,514	1,108,015	1,126,039	96	94
Dry bulk and bulk cargoes	1,246,194	1,288,747	1,212,203	97	103
Total	5,625,137	5,646,532	5,251,817	100	107

Structure of the maritime throughput by cargo groups (in tons)

Containers dominate the overall structure of the maritime throughput, measured in tons, with a share 47.3 percent in the first quarter of 2025, up by 2.8 percentage point compared to 2024. The share of the general cargo group increased by 0.7 percentage point, while the share of cars increased by 0.1 percentage point. The share of dry bulk and bulk cargoes decreased by 0.9 percentage point and that of liquid cargoes by 2.5 percentage point.

Throughput of containers (in thousand TEU) and cars (in thousand pieces)

Containers (TEU) and cars (in units) in January – March 2025 compared to the 2025 plan and 2024

Cargo groups	1 – 3 2025	Plan 1 – 3 2025	1 – 3 2024	Index 2025/plan 2025	Index 2025/2024
Containers – TEU	299,712	281,000	255,829	107	117
Cars – units	206,704	210,445	189,855	98	109

The Container terminal handled 299,712 container units (TEUs) in the first quarter of 2025, 7 percent more than planned and 17 percent more than in the first quarter of 2024. In March 2025, a historic record in monthly container throughput was achieved with 110,810 container units (TEUs) transhipped. The security situation in the Red Sea still does not allow safe passage of ships through the Suez Canal, therefore most ships are still sailing around Africa. Nevertheless, the shipping situation is relatively stable. New business related to the planned construction and equipping of new production facilities or plants in our hinterland markets and the high occupancy of most European ports have contributed to the increase of container throughput.

The car terminal handled 206,704 cars, which was 2 percent below the plan and 9 percent more than in the first quarter of 2024. The slightly lower throughput was mainly due to weak sales of cars for Chinese market and unpredictable and challenging global economic situation.

In the general cargoes group, we handled 0.3 million tons of goods in 2025, 1 percent above the plan and 22 percent higher than in 2024, mainly due to higher throughput of steel products and timber. In the first quarter of 2024, we handled 1.1 million tons of goods in the commodity group liquid cargoes, 4 percent below the plan and 6 percent below 2024 volumes, mainly due to a lower throughput of petroleum products. In the first quarter of 2025, 1.2 million tons of dry bulk and bulk cargoes were handled, which was 3 percent below plan and 3 percent above 2024 levels. Road gritting salt was down due to mild winter.

Financial analysis of the Luka Koper Group performance

In the first quarter of 2025, the growth of the maritime throughput had a positive impact on net sales and, consequently, on earnings before interest and tax (EBIT). In the first quarter of 2025, net sales amounted to EUR 90.8 million and were 14 percent or EUR 11.4 million higher than net sales achieved in the comparable period in 2024. The revenue from maritime throughput, stuffing and unstuffing of containers and additional services on goods increased by EUR 10.2 million, while the storage revenue increased by EUR 1.2 million.

Net sales of the Luka Koper Group

Earnings before interest and tax (EBIT) in the first quarter of 2025 amounted to EUR 24.1 million, an increase of 36 percent or EUR 6.4 million compared to the comparable period in 2024.

Earnings before interest and taxes (EBIT) of the Luka Koper Group

Operating costs in the first quarter of 2025 amounted to EUR 67.7 million, an increase of 8 percent or EUR 5.1 million compared to the comparable quarter of 2024. Labour costs increased by 17 percent or EUR 4.9 million, the cost of material by 22 percent or EUR 1 million and other expenses by 22 percent or EUR 0.6 million, while the cost of services decreased by 5 percent or by EUR 0.9 million and cost of amortisation and depreciation by 5 percent or by EUR 0.4 million.

Within the cost of material, energy and spare part costs increased. The increase in energy costs is due to higher electricity prices and higher consumption and price of motor fuel. Under the cost of services, the cost of port services decreased due to the recruitment of agency workers, also maintenance costs decreased, the IT support, concession fee costs due to higher net sales revenue and fee costs due to higher maritime throughput. Labour costs increased due to a higher number of employees, mainly as a result of increased recruitment of agency workers. Depreciation and amortisation costs, while other expenses were higher due to higher compensation costs and compensation for the use of the construction land.

The share of operating expense within net revenue from sale in the first quarter of 2025 amounted to 74.6 percent, a decrease of 4.3 percentage point compared to the comparable period in 2024. Compared to 2024, the share of labour costs and other expenses, share of cost of services and amortization and depreciation costs decreased, the share of cost of material remained stable.

Net profit or loss of the Luka Koper Group

The net profit for the first quarter of 2025 amounted to EUR 20 million, an increase of 30 percent or EUR 4.6 million compared to the net profit for the comparable period in 2024. In addition to the operating result, the net result was positively impacted by the result of associated companies which were 30 percent or EUR 0.1 million higher than in 2024.

As at 31 March 2025, the balance sheet amounted to EUR 853.2 million, which was 5 percent or EUR 38.8 million ahead of 31 December 2024.

Assets structure of the Luka Koper Group

Non-current assets as at 31 March 2025, were 6 percent or by EUR 34.8 million higher than at the end of 2024. The value of property, plant and equipment increased by EUR 14.8 million, advances for the acquisition of property, plant and equipment by EUR 5.2 million and value of shares and interests in companies within other non-current financial investments by EUR 15 million.

As at 31 March 2025, the current assets balance was 2 percent or EUR 4 million higher than at 31 December 2024. The increase is a net effect of the increase of current financial investments in the amount of EUR 9.7 million and operating and other receivables in the amount of EUR 14.3 million one the one hand, and the decrease in cash and cash equivalents of EUR 20 million on the other.

Structure of liabilities of the Luka Koper Group

As at 31 March 2025, the equity amounted to EUR 616 million and compared to the end of 2024, rose by 5 percent or by EUR 31.2 million, the net effect of the equity increase due to the input of the net operating result in the amount of EUR 20 million and positive change of surplus from revaluation of financial investments in the amount of EUR

11.2 million. As at 31 March 2025, non-current liabilities with long-term provisions and long-term accrued costs and deferred revenue were by 1 percent or EUR 0.8 million lower than as at 31 December 2024, since non-current financial liabilities decreased by percent or by EUR 3.8 million due to the regular transfer of principals from contractually agreed amortisations schedules to non-current liabilities. Simoultaneously, deferred income tax liabilities increased by 58 percent or EUR 3.1 million. As at 31 March 2025, current liabilities were by 10 percent or EUR 8.4 million higher, mainly due to higher income tax liabilities by EUR 3.7 million and higher trade and other payables by EUR 4.7 million.

As at 31 March 2025, financial liabilities amounted to EUR 90.7 million, which was 4 percent or EUR 3.9 million decrease as at 31 December 2024 and is mainly the result of regular repayment of principals from contractually agreed amortization plans.

The liquidity of the Luka Koper Group was very good, as at 31 March 2025, it was evidenced both by cash and cash equivalents in the amount of EUR 86.3 million, as by balance of other short-term financial investments in the amount of EUR 49.7 million.

As at 31 March 2025, the indicator of the net financial indebtedness/EBITDA at the Luka Koper Group level amounted to 0,03. The Luka Koper Group has placed surplus cash assets in treasury. Without such surplus cash placements, the amount of cash and cash equivalents at the end of March 2025 would totalled EUR 136 million, resulting in negative net financial debt/EBITDA, and namely –0.36.

Comparison of the results achieved by the Luka Koper Group, in January - March 2025, in relation to the plan

Net revenue from sale of EUR 90.8 exceeded the target by 10 percent or EUR 8.1 million. Earnings before interest and tax (EBIT) amounted to EUR 24.1 million and exceeded the planned EBIT by 57 percent or EUR 8.7 million. In addition to higher net sales, other revenue had a positive impact, being 46 percent or EUR 0.3 million higher than planned. Operating expenses were in line with the plan. The cost of material was lower than planned due to lower electricity costs and lower spare parts costs, labour costs due to lower than planned and amortisation and depreciation costs.

Net profit for the first quarter of 2025 amounted to EUR 20 million, 54 percent or EUR 7.1 million higher than planned. The net result was positevely impacted by the result of financing activities, which, in the amount of EUR 0.4 million exceeded the plan by EUR 0.3 million. The results of associated companies were 61 percent or EUR 0.2 million higher than planned.

Container group throughput (TEUs) was 7 percent higher than planned, while cargo group transshipment (in units) was 2 percent behind the plan. Total maritime throughput, measured in tons was at the level of planned volumes.

7 Investments in non-financial assets

In the first quarter of 2025, we continued to implement the strategy of the major investment cycle set out in the Luka Koper Group and allocated EUR 22.4 million for the investments in property, equipment and plant, investment property and intangible fixed assets, which was 101 percent or EUR 11.3 million ahead on the first quarter of 2024. In the first quarter of 2025, the company Luka Koper, d. d., allocated EUR 21.5 million for investments, which was 96 percent of the Luka Koper Group investments.

The realisation of investments in the first quarter of 2025 was by 11 percent or EUR 2.8 million lower than planned values, 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 the property, plant and equipment, property investments and intangible assets of the Luka Koper Group

More important investments in this period related to:

• Continued construction of the multipurpose warehouse for general cargoes for storage of steel coils,
• Start of seabed dredging for the extension of the Pier I,
• 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 the Berth 12 at Pier II,
• Continued construction of Cruise terminal building.

8 Risk management and opportunities

Among the strategic risks, we identified the risk of loss of turnover and reduction of revenue due to macroeconomic and geopolitical conditions, notably due to political instability and war. Economic growth is forecast to decline in 2025, mainly to uncertainties related to US trade policies and the imposition of tariffs. The risk is managed through active marketing to existing and new customers and diversification across different geographic segments.

The impact of conflict in Gaza on global supply chains will depend mainly on the duration of the ceasefire or the potential re-escalation of the conflict. An extension of the conflict to Egypt and a potential prolonged blockade of the Suez Canal would be the greatest risk for the Port of Koper, which would jeopardise the entire cargo throughput on the Koper-Far East route, affecting in particular the throughput of Container terminal, Car and RO-RO terminal and general cargoes terminal (steel coils). The Russian-Ukraine conflict does not have a relevant impact on the Company's strategic orientations and goals. Due to the small scale of business in the affected region and consequently, the low exposure to it, the aggravated circumstances do not have a material impact on the operating profit. There is no impact on the Group's employees, as we have no representatives in the affected regions.

The main strategic risks arising from the external environment remain the obsolescence and insufficient capacity of the existing rail network and the likelihood of longer disruptions on the rail network and possibility of longer interruptions on the railway line to the port of Koper, which could affect the further growth of turnover and the development of the port of Koper. The construction of the Divača–Koper railway track will contribute to the increased capacity and reliability of the railway connection to the port, which can only be fully exploited with the simultaneous upgrading of the railway junction in front of the Port of Koper. Increased capacity in the rail freight transport after the construction of the second rail track will allow an increase in turnover and moderate growth until the construction.

Investment realisation risk remains a key risk as an intensive investment cycle is planned for the next period. In 2025, we continue to carry out investment projects, mainly aimed at increasing the capacity of the Container terminal, car terminal and general cargoes terminal. A key measure to manage this risk is project management, which ensures adequate project control. To manage the increased workload, additional recruitments have been made in the investment department and external engineers have been involved in the implementation part of the process of certain investments. The planned port expansion will require additional manpower, and we will consider the conditions for recruiting foreigners without Slovenian language skills.

Risks related to the maintenance and the provision of adequate infrastructure and equipment for the smooth implementation of goods throughput are managed centrally in the maintenance department within investment department, and namely through annual, and in certain segments also multi-annual planning, the implementation of maintenance works and preventive checks with a central warehouse for spare parts and timely delivery of spare parts. We are also planning to renew certain procedures and to standardise the process at company level. The operational risks include also the information security risk, which is assessed as moderate following the measures taken and control activities, thereby estimating that the risk is managed to an acceptable level.

Currently, the Group does not recognize financial risks as key risks, but the highest rated risk among all financial risks is the risk of changes in fair value change. Due to our strategic focus on investing in the development of the Group's core business, the Group only manages our existing portfolio of financial investments. The Group manages the risk by monitoring financial markets conditions and their impact on the portfolio, and by actively managing investments to maximise their return.

The risk of compliance with legislation is managed by regular monitoring changes in legislation, implementing these changes in systems and processes of the Luka Koper Group and, where non-compliance is identified, preparing and implementing corrective actions. In 2025, we expect to complete the activities necessary to ensure compliance with Rules on the Explosion Protection (Official Gazette of the Republic of Slovenia, Nr, 41/2016). This sets out the requirements to be met by equipment and protective systems intended for use in potentially explosive atmospheres. These are used mainly at the Dry and bulk cargoes terminal and Liquid cargoes terminal.

9 LKPG share

The share of Luka Koper, d. d., identified as LKPG, is listed in the first quotation of Ljubljana Stock Exchange. As at 31 March 2025, the share ended its trading with 33 percent higher value than in the previous year. On the last trading day, as at 31 March 2025, the LKPG amounted to EUR 47.00 per share. As at 31 March 2025, 9,151 shareholders were registered, which was 164 more than in the previous year. The largest owner of the company remains the Republic of Slovenia.

Ten largest shareholders in Luka Koper, d. d., as at 31 March

Shareholder	Number shares 31. 3. 2025	Percentage stake 31. 3. 2025	Number shares 31. 3. 2024	Percentage stake 31. 3. 2024
Republic Slovenia	7,140,000	51.00 %	7,140,000	51.00 %
Slovenian Sovereign Holding, d. d.	1,557,857	11.13 %	1,557,857	11.13 %
Kapitalska družba, d. d.	696,579	4.98 %	696,579	4.98 %
Municipality of Koper	439,431	3.14 %	439,431	3.14 %
OTP Banka, d. d., - fiduciary account	425,157	3.04 %	372,231	2.66 %
Citibank N.A. – fiduciary account	260,137	1.86 %	258,383	1.85 %
Hrvatska poštanska banka, d. d. – fiduciary account	150,082	1.07 %	150,082	1.07 %
Zagrebačka banka, d. d. – fiduciary account	100,830	0.72 %	117,165	0.84 %
Raiffaisen Bank International AG	69,784	0.50 %	75,190	0.54 %
Privredna banka Zagreb d.d. – fiduciary account	51,000	0.36 %	43,500	0.31 %
Total	10,890,857	77.79 %	10,850,418	77.50 %

Trading in LKPG

In the first quarter of 2025, the average daily price of Luka Koper, d. d., stood at EUR 45.72, whilst overall value fluctuated between EUR 39.60 and EUR 48.60. As at 31 March 2025, the market capitalisation of Luka Koper, d. d., amounted to EUR 658,000,000.

In the first quarter of 2025, 804 transactions and block trades with aggregate value of EUR 3,552,452 were made, whereby 78,545 shares changed ownership.

Changes in daily LKPG share and daily turnover in January – March 2025

Overview of the movement of the value of the Index SBI TOP and value of the LKPG Index LKPG in January - March 2025

Relevant data on LKPG

	1 – 3 2025	1 – 3 2024
Number of shares	14,000,000	14,000,000
Number of ordinary shares no par value shares	14,000,000	14,000,000
Closing price as at 31.3. (in EUR)	47.00	35.30
13 Book value of shares as at 31.3. (in EUR)	41.27	37.62
The ratio between the market price and the book value of a share (P/B)14	1.14	0.94
15 Net earnings per share (EPS) (in EUR)	5.41	4.29
Ratio between market price and earnings per share (P/E)16	8.68	8.22
17 Market capitalisation as at 31.3. (in million EUR)	658.00	494.20
Turnover – all transactions in January – March (in million EUR)	3.55	2.89

Number of LKPG shares by the Supervisory Board and Management Board Members

	Shareholder	Ownership 31. 3. 2025
Supervisory Board	Rok Parovel, Member of the Supervisory Board	8
Management Board	Gorazd Jamnik, Member of the Management Board	10

As at 31 March 2025, other members of the Supervisory Board of Luka Koper, d. d., did not own company's shares.

Treasury shares, authorised capital, conditional capital increase

As at 31 March 2025, Luka Koper, d. d., held no treasury shares. The applicable Articles of association do not provide for categories of authorised capital up to which the Management Board could increase the share capital. The company had no basis for the conditional increase in the share capital.

Rules on restrictions and disclosure on trading with company's shares and shares of related parties

In compliance with Ljubljana Stock Exchange recommendations Luka Koper, d. d., adopted the Rules on trading with issuer's shares. These rules represent an additional assurance on equal information to all interested public on relevant business events in the company and are important in strengthening the trust of investors and the corporate reputation. The purpose of the Rules is to enable the persons to trade in shares of Luka Koper, d. d., and to prevent any possible trading based on insider information. At the same time, the Rules enable mandatory reporting in accordance with the law on the sale and purchase of company's shares to the Securities Market Agency.

¹³ Book value of share = equity / number shares.

¹⁴ Ratio between market price and book value of share (P/B) = closing share price / book value of share.

¹⁵ Earnings per share (EPS) = net profit or loss / number shares.

Indicator is calculated on the basis of annualised data. ¹⁶ Ratio between the market price and earnings per share (P/E) = closing share per price / earnings per share (EPS).

Indicator is calculated on the basis of annualised data.

¹⁷ Market capitalisation = closing share price * number of shares.

SUSTAINABLE DEVELOPMENT

Luka Koper is us, who are in any way connected to it. The operation of the Port of Koper is not only influenced by its employees, but also the inhabitants in the surrounding area, its owners and shareholders, citizens of the Republic of Slovenia, all those who can create and develop their talents, projects and activities. In business and development issues, we take into account the principles of a sustainable development and responsible environmental management, with sustainable development being one of the key strategic orientations of the Luka Koper Group, also defined in the new Strategic business plan 2024-2028, adopted in 2023. The commitment of Luka Koper, d. d., to sustainable development ensures that future development will be friendly to the surrounding residents, natural environment and employees.

10 Highlights of January - March 2025

• Successfully completed EMAS and ESRS assessment.
• We have published a call for the Living with the Port Fund to support a number of innovative events in the field of ecology and environmental protection, art, sport, education, humanitarian activities and tourism.
• The Municipality of Koper has published a call for tender for grants, to be distributed to house owners in the Koper city centre by Luka Koper to mitigate the impact of port's activities.
• In January March 2025, 98 employments were realized.

11 Care for employees

The employees of the Luka Koper Group with their knowledge, energy and eagerness prove their collective commitment to and co-create the company's future in partnership. The values that the employees put into practice are:

• We create value for customers.
• We appreciate each other.
• We accept responsibility.
• We strive for change and continuous improvement.
• We act sustainably.

Number of employees in the Luka Koper Group

	31. 3. 2025	31. 3. 2024	Index 2025/2024
Luka Koper, d. d.	2,178	1,798	121
Luka Koper INPO, d. o. o.	130	133	98
Adria Terminali, d. o. o.	28	28	100
TOC, d. o. o.	5	5	100
Luka Koper Group18	2,341	1,964	119

¹⁸ Subsidiaries of the Luka Koper Group, Logis-Nova, d. o. o., is not shown in the table since it has no employees and is not included in consolidated statements, and because it is not relevant for a fair presentation of the Group's financial position, as it operate on a very limited scale.

The increased number of employees in the company Luka Koper, d. d., is mainly the result of a decrease in the number of agency workers who have become full-time employees.

As at 31 December 2024, 2,097 employees were employed at Luka Koper, d. d., while 2,255 employees at the Luka Koper Group.

Number of agency workers

	31. 3. 2025	31. 3. 2024	Index 2025/2024
Luka Koper, d. d.	118	405	29
Luka Koper INPO, d. o. o.	8	8	100
Luka Koper Group	126	413	31

As at 31 December 2024, 135 agency workers were employed at Luka Koper, d. d., whilst 145 agency workers at the Luka Koper Group.

Comparison between recruitment, termination and fluctuation rate

	Number of new recruitments		Number of departures		Fluctuation rate (v %)19
	1 – 3 2025	1 – 3 2024	1 – 3 2025	1 – 3 2024	1 – 3 2025	1 – 3 2024
Luka Koper, d. d.	93	59	12	18	0.5	1.0
Luka Koper Group	98	65	12	21	0.5	1.1

Number of hours of training / employee

	Annual target 2025	1 – 3 2025	1 – 3 2024	Index 2025/2024
Luka Koper, d. d.	18	4.9	5.5	89
Luka Koper Group	15	4.8	5.1	94

12 Occupational health and safety

Luka Koper, d. d., conducts the policy of safe and healthy working environment so that the modes of operation, work processes and cooperation processes with external stakeholders are compliant with the legislation and ISO 45001:2018 system. Important starting points for the implementation of this system are continuous improvement and recognition of hazards and the prevention of injuries before they even occur. The occupational health and safety system is designed in such a way that, as part of the annual planning, occupational safety and health risks are verified. Risks are identified through job risks assessment, analysis of emergencies, monitoring of technological processes, regular inspections and other work activities. On the basis of identified significant risks, annual targets are set and programmes are prepared to achieve the set targets.

Number of injuries at work / million hours worked

	Annual target 2025	1 – 3 2025	1 – 3 2024	Index 2025/2024
Luka Koper, d. d.	<16	20.9	18.5	113

¹⁹ Fluctuation calculation method = number of departures/(previous number of employees + new recruitments) x100

The number of injuries at work was higher than target. These are minor injuries, most of which occurred during the performance of manual work tasks. Each injury is investigated, and the necessary measures are taken individually.

Number of serious injuries

	Annual target 2025	1 – 3 2025	1 – 3 2024	Index 2025/2024
Luka Koper, d. d.	0	0	0	/

Number of collision in the internal transport / million hours worked

	Annual target 2025	1 – 3 2025	1 – 3 2024	Index 2025/2024
Luka Koper, d. d.	<20	18.5	17.4	106

Number of collisions on handling areas / million hours worked

	Annual target 2025	1 – 3 2025	1 – 3 2024	Index 2025/2024
Luka Koper, d. d.	<35	65.9	58.5	113

Most of them involved collisions with immovable assets such as infrastructure, parked or standing vehicles and containers., where there were no injuries and in which external actors were involved.

13 Natural environment

Luka Koper, d. d., has always been concerned for improving the quality of life in the entire area in which the port is embedded and is aware of the vulnerability of the natural environment. Realizing that the port has an impact on the environment, Luka Koper has committed itself to sound environmental management, wishing to preserve it for future generations. Monitoring and minimising environmental impacts are part of regular work activities, whereby Koper, d. d., cooperates with competent institutions.

Quantity of health hazardous dust particles PM10 (v μg/m³ )

	Annual target 2025	1 – 3 2025	1 – 3 2024	Index 2025/2024
Ankaran - Rožnik	<30	19	23	83
Bertoki	<30	19	24	79
Koper – Cruise terminal	<30	/*	20	/

*no data because the meter has been removed at the Cruise terminal during the construction.

Average value of dust particles (in mg/m²dan)

	Annual target 2025	1 – 3 2025	1 – 3 2024	Index 2025/2024
Average value of dust deposits	<200	118	128	92
Number of exceedances	5	2	5	40

Share of recycling and other methods of managing all waste in Luka Koper (in %)

	Annual target 2025	1 – 3 2025	1 – 3 2024	Index 2025/2024
Share of recycling and other methods of managing all waste in Luka Koper	97	98. 7	/*	/

* The indicator is new, so there is no value for the past period.

Average noise levels (in dB)

	1 – 3 2025	1 – 3 2024	Index 2025/2024	Limit values 2025
	LD =39	LD =39	100	65
Eastern periphery (Bertoki)	LV =37	LV =38	97	60
	LN =35	LN =35	100	55
	LDVN =42	LDVN =42	100	65
	LD =42	LD =43	98	65
	LV =40	LV =42	95	60
Northern periphery (Ankaran)	LN =40	LN =41	98	55
	LDVN =47	LDVN =47	100	65
	LD =52	LD =52	100	65
	LV =51	LV =51	100	60
Southern periphery (Koper)	LN =50	LN =50	100	55
	LDVN =57	LDVN =57	100	65

Legend: L^D – daily noise level, L^V –evening noise level, L^N – night noise level, LDVN – noise level day – evening – night Data in table show the noise without ships and in the front of the first buildings outside the Port's zone.

Specific consumption of energy and water per handled ton of the total throughput 20

	Annual target 2025	1 – 3 2025	1 – 3 2024	Index 2025/2024
Consumption of electric energy (kWh/t)	0.7420	0.7880	0.8867	91
Motor fuel consumption (l/t)	0.1345	0.1268	0.1277	99
Water consumption (l/t)	2.5000	3.4663	3.4033	102
Specific greenhouse gas emissions Scope 1 in Scope 2 CO2, CH4. N2O (kgCO2ekv/t)	0.6350	0.5235	/	/

In the first quarter of 2025, the target specific consumption of drinking water per ton of total turnover was exceeded by 1.9 percent. Higher specific consumption of water resulted from the higher absolute water consumption and leaks, absolute water consumption does not directly depend on the throughput volume.

²⁰ Total throughput comprises maritime throughput, stuffing/unstuffing of containers and land throughput.

The target specific consumption of electric energy was exceeded by 6 percent. Higher consumption in the first quarter in comparison with the target value is due to the fact that target consumption is determined at annual level.

Number of pollutions outside the port aquarium

	Annual target 2025	1 – 3 2025	1 – 3 2024	Index 2025/2024
Number of pollution incidents	0	0	0	/

Number of unrealized inspection decisions in the field of environment

	Annual target 2025	1 – 3 2025	1 – 3 2024	Index 2025/2024
Number of unrealized inspection decisions in the field of environment	0	0	/*	/

* The indicator is new, so there is no value for the past period.

Inspection and internal measures in spatial interventions

	Annual target 2025	1 – 3 2025	1 – 3 2024	Index 2025/2024
Number of pollution incidents	0	0	0	/

Fire safety

	Annual target 2025	1 – 3 2025	1 – 3 2024	Index 2025/2024
Intervention time of the professional fire brigade for the interventions and injuries	<3.5 min	3.5	3.1	113
Number of major industrial accidents	0	0	0	/
Number of unrealised inspection fire-safety decisions	0	0	0	/

14 Social environment

Luka Koper, d. d., demonstrated the social responsibility towards the local environment, on which the port activity has most impact, through the support of organised groups and individuals implementing projects or activities relevant for the quality of life of the inhabitants in the local area and namely in the field of sport, culture, ecology, science, education and humanitarian activity.

Sponsorships and donations (in million EUR)

	Annual target 2025	1 – 3 2025	1 – 3 2024	Index 2025/2024
Luka Koper, d. d.	1.6	0.61	0.55	111

FINANCIAL STATEMENT

15 Financial statements of Luka Koper, d. d. and Luka Koper Group

15.1 Income statement

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1 - 3 2025	1 - 3 2024	1 - 3 2025	1 - 3 2024
Revenue	89,834,640	78,653,199	90,784,239	79,383,705
Capitalised own products and services	27,396	18,586	27,396	18,586
Other income	491,606	446,953	1,014,993	949,013
Cost of material	-5,616,229	-4,600,986	-5,658,069	-4,634,689
Cost of services	-19,349,034	-20,537,959	-17,992,470	-18,936,792
Employee benefits expense	-30,978,850	-26,122,044	-33,143,918	-28,278,399
Amortisation and depreciation expense	-7,510,151	-7,925,424	-7,687,566	-8,116,875
Other operating expenses	-3,203,778	-2,594,723	-3,195,024	-2,616,419
of which net allowance for trade receivable/write-off of liabilities	-68,945	-11,469	-32,455	-5,508
Operating profit	23,695,600	17,337,602	24,149,581	17,768,130
Finance income	574,368	1,813,471	592,873	1,308,913
Finance expenses	-231,249	-390,125	-196,419	-382,924
Profit or loss from financing activity	343,119	1,423,346	396,454	925,989
Profit or loss of associates	0	0	610,152	469,780
Profit before tax	24,038,719	18,760,948	25,156,187	19,163,899
Current tax expense	-5,102,998	-3,742,258	-5,151,261	-3,798,553
Deferred taxes	15,168	2,894	7,179	1,583
Net profit for the period	18,950,889	15,021,584	20,012,105	15,366,929
Net profit attributable to owners of the company	0	0	20,014,339	15,354,186
Net profit attributable to non-controlling interests	0	0	-2,234	12,743
Net earnings per share	1.35	1.07	1.43	1.10

Notes to the financial statements are their integral part and shall be read in their conjunction.

15.2 Statement of other comprehensive income

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1 - 3 2025	1 - 3 2024	1 - 3 2025	1 - 3 2024
Net profit for the period	18,950,889	15,021,584	20,012,105	15,366,929
a) Items of other comprehensive income, classified by
nature and grouped together:
Change in revaluation surplus of financial assets measured at fair value through equity	14,321,010	8,028,445	14,321,010	8,028,445
Deferred tax on revaluation of financial assets measured at fair value through equity	-3,150,622	-1,766,258	-3,150,622	-1,766,258
Items that will not be reclassified subsequently to profit or loss	11,170,387	6,262,187	11,170,388	6,262,187
Total comprehensive income for the period	30,121,277	21,283,771	31,182,493	21,629,116
Total comprehensive income for the period owners of
the company	30,121,277	21,283,771	31,184,727	21,616,373
Total comprehensive income for the period non controlling interests	0	0	-2,234	12,743

15.3 Statements of financial position

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
ASSETS
Property, plant and equipment	486,951,634	472,839,605	500,938,520	486,164,111
Investment property	15,728,610	15,802,948	15,448,943	15,519,622
Intangible assets	1,117,381	1,150,434	1,194,489	1,229,848
Other assets	20,943,003	15,792,111	21,342,447	16,191,555
Shares and interests in Group companies	13,786,988	13,786,988	0	0
Shares and interests in associates	6,737,709	6,737,709	18,089,318	17,479,166
Other non-current investments	85,121,352	70,741,014	85,831,352	71,451,014
Non-current operating receivables	39,991	39,991	39,991	39,991
Non-current assets	630,426,668	596,890,800	642,885,060	608,075,307
Inventories	2,526,680	2,499,728	2,526,680	2,499,728
Short term financial investments	49,709,665	40,000,000	49,709,665	40,000,000
Trade and other receivables	69,926,931	55,705,905	70,701,019	56,385,708
Assets from contracts with customer	1,048,843	1,109,031	1,048,843	1,109,031
Cash and cash equivalents	79,162,920	92,255,286	86,330,023	106,297,764
Current assets	202,375,039	191,569,950	210,316,230	206,292,231
TOTAL ASSETS	832,801,707	788,460,750	853,201,290	814,367,538
EQIUTY AND LIABILITIES
Share capital	58,420,965	58,420,965	58,420,965	58,420,965
Capital surplus (share premium)	89,562,703	89,562,703	89,562,703	89,562,703
Revenue reserves	318,401,186	318,401,186	318,401,186	318,401,186
Reserves arising from valuation at fair value	46,895,901	35,725,513	46,779,842	35,619,342
Retained earnings	64,442,068	45,491,178	102,467,780	82,442,809
Equity of owners of the parent	577,722,823	547,601,545	615,632,476	584,447,005
Non-controlling interests	0	0	354,334	356,568
Equity	577,722,823	547,601,545	615,986,810	584,803,573
Provisions	22,130,309	22,836,361	22,916,577	23,622,629
Deferred income	39,160,321	38,555,285	40,099,863	39,475,656
Loans and borrowings	94,987,826	93,786,135	74,987,826	78,786,135
Other non-current financial liabilities	180,959	249,308	180,483	243,363
Non-current operating liabilities	401,759	378,488	386,157	362,886
Deferred income tax liabilities	8,556,826	5,421,372	8,517,189	5,373,747
Non-current liabilities	165,418,000	161,226,949	147,088,095	147,864,416
Loans and borrowings	15,193,235	15,193,235	15,193,235	15,193,235
Other current financial liabilities	363,398	384,481	295,231	320,644
Income tax liabilities	11,873,859	8,105,039	11,740,543	7,999,850
Trade and other payables	62,230,392	55,949,501	62,897,376	58,185,820
Current liabilities	89,660,884	79,632,256	90,126,385	81,699,549
TOTAL EQUITY AND LIABILITIES	832,801,707	788,460,750	853,201,290	814,367,538

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1 - 3 2025	1 - 3 2024	1 - 3 2025	1 - 3 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period	18,950,889	15,021,584	20,012,105	15,366,929
Adjustments for:
Amortisation/Depreciation	7,510,151	7,925,424	7,687,566	8,116,875
Reversal and impairment losses on property, plant and equipment, and intangible assets	5,989	20,784	5,989	24,457
Gain on sale of property, plant and equipment, intangible assets and investment property	-156,507	-24,585	-156,128	-14,865
Allowances for receivables	68,945	11,469	32,455	5,508
Reversal of provisions	-5,328	0	-5,328	0
Finance income	-574,368	-1,813,471	-592,873	-1,308,913
Finance expenses	231,249	390,125	196,419	382,924
Recognized results of subsidiaries under equity method	0	0	-610,152	-469,780
Current tax expense and income (expenses) from deferred taxes	5,087,830	3,739,364	5,144,082	3,796,970
Profit before change in net current operating assets and taxes	31,118,850	25,270,694	31,714,135	25,900,105
Change in other assets	-5,150,892	-20,362	-5,150,892	-20,362
Change in operating receivables	-14,332,152	-7,858,693	-14,389,364	-6,961,910
Change in inventories	-26,952	-371,415	-26,952	-371,415
Change in operating liabilities	2,363,961	3,689,337	1,084,122	3,391,880
Change in provision	-700,724	50,264	-700,724	50,264
Change in non-current deferred income	605,036	246,356	624,207	243,351
Cash generated in operating activities	13,877,127	21,006,181	13,154,532	22,231,913
Interest expenses	-168,832	-408,185	-134,002	-400,984
Tax expenses	-1,334,178	-1,324,903	-1,410,568	-1,522,438
Net cash flow from operating activities	12,374,117	19,273,093	11,609,962	20,308,491
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received	462,357	505,567	480,862	600,940
Proceeds from sale of property, plant and equipment, and intangible assets	33,067	24,585	34,595	14,866
Proceeds from sale of investment property	91,849	0	91,849	0
Proceeds from sale, less investments and loans given	40,000,000	49,918,783	40,000,000	49,918,783
Acquisition of property, plant and equipment, and intangible assets	-17,581,277	-13,114,196	-18,732,792	-13,200,981
Acquisition of investments, increase in loans given	-49,574,100	-59,648,300	-49,574,100	-59,648,300
Net cash flow used in investing activities	-26,568,104	-22,313,561	-27,699,586	-22,314,693
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from non-current borrowings	5,000,000	15,000,000	0	0
Repayment of current borrowings	-3,798,309	-3,207,547	-3,798,309	-3,207,547
Payment of the leased asset	-100,070	-99,707	-79,808	-86,846
Net cash flow used in financing activities	1,101,621	11,692,746	-3,878,117	-3,294,393
Net increase in cash and cash equivalents	-13,092,366	8,652,278	-19,967,741	-5,300,595
Opening balance of cash and cash equivalents	92,255,286	53,282,798	106,297,764	81,628,977
Closing balance of cash and cash equivalents	79,162,920	61,935,076	86,330,023	76,328,382

15.5 Statement of Owner`s Equity

						Reserves arising on valuation at fair value
(in EUR)	Share capital	Capital surplus	Legal reserves	Other revenue reserves	Retained earnings	Investments	Financial instruments	Actuarial gains/losses	Total equity
Balance at 31 Dec 2023	58,420,965	89,562,703	18,765,115	270,000,708	43,878,553	26,324,877	0	-1,605,520	505,347,400
Profit for the period	0	0	0	0	15,021,584	0	0	0	15,021,584
Change in revaluation surplus of financial assets, less tax	0	0	0	0	0	6,262,187	0	0	6,262,187
Total comprehensive income for the period	0	0	0	0	15,021,584	6,262,187	0	0	21,283,771
Balance at 31 Mar 2024	58,420,965	89,562,703	18,765,115	270,000,708	58,900,137	32,587,064	0	-1,605,520	526,631,172
Balance at 31 Dec 2024	58,420,965	89,562,703	18,765,115	299,636,071	45,491,178	36,141,277	0	-415,764	547,601,545
Net profit for the period	0	0	0	0	18,950,889	0	0	0	18,950,889
Change in revaluation surplus of financial assets, less tax	0	0	0	0	0	11,170,388	0	0	11,170,388
Total comprehensive income for the period	0	0	0	0	18,950,889	11,170,388	0	0	30,121,277
Balance at 31 Mar 2025	58,420,965	89,562,703	18,765,115	299,636,071	64,442,067	47,311,665	0	-415,764	577,722,823

15.6 Statement of Group Equity

							Reserves arising on valuation at fair value
(in EUR)	Share capital	Capital surplus	Legal reserves	Other revenue reserves	Retained earnings	Investments	Actuarial gains/losses	Total equity of owners of the parent company	Non controlling interests	Total equity
Balance at 31 Dec 2023	58,420,965	89,562,703	18,765,115	270,000,708	81,464,730	26,324,876	-1,823,151	542,715,946	337,002	543,052,948
Profit for the period	0	0	0	0	15,354,186	0	0	15,354,186	12,743	15,366,929
Change in revaluation surplus of financial assets, less tax	0	0	0	0	0	6,262,187	0	6,262,187	0	6,262,187
Total comprehensive income for the period	0	0	0	0	15,354,186	6,262,187	0	21,616,373	12,743	21,629,116
Distribution of a part of the net profit of the reporting period to other components of the equity following the decision of the management and supervisory board	0	0	0	29,635,362	-29,635,362	0	0	0	0	0
Changes within equity	0	0	0	29,635,362	-29,635,362	0	0	0	0	0
Balance at 31 Mar 2024	58,420,965	89,562,703	18,765,115	299,636,071	67,183,554	32,587,063	-1,823,151	564,332,320	349,745	564,682,065
Balance at 31 Dec 2024	58,420,965	89,562,703	18,765,115	299,636,071	82,442,810	36,141,277	-521,936	584,447,005	356,568	584,803,573
Profit for the period	0	0	0	0	20,014,339	0	0	20,014,339	-2,234	20,012,105
Change in revaluation surplus of financial assets, less tax	0	0	0	0	0	11,170,388	0	11,170,388	0	11,170,388
Total comprehensive income for the period	0	0	0	0	20,014,339	11,170,388	0	31,184,727	-2,234	31,182,493
Other changes in equity	0	0	0	0	9,887	0	-9,887	0	0	0
	0	0	0	0	9,887	0	-9,887	0	0	0
Other changes in equity	0	0	0	0	744	0	0	744	0	744
Other changes in equity	0	0	0	0	744	0	0	744	0	744
Balance at 31 Mar 2025	58,420,965	89,562,703	18,765,115	299,636,071	102,467,780	47,311,665	-531,823	615,632,476	354,334	615,986,810

16 Notes to Financial Statements

Luka Koper, d. d., port operator and logistic provider (hereinafter: Company), with registered office at Vojkovo nabrežje 38, Koper, Slovenia, is the controlling company of the Luka Koper Group (hereinafter: Group). Non-audited separate financial statements of Luka Koper, d. d. and non-audited consolidated financial statements of Luka Koper Group, for January – March 2025 or as at 31 March 2025. Consolidated financial statements refer to the financial statements of the controlling company, its subsidiaries and corresponding results of associates.

Subsidiaries included in the consolidated financial statements:

• Luka Koper INPO, d. o. o., 100 %
• Adria Terminali, d. o. o., 100 %
• TOC, d. o. o., 68,13 %

Associates included in the consolidated financial statements:

• Adria Transport, d. o. o., 50 %
• Adria Transport Croatia, d. o. o., 50 %, 100 % owned by Adria Transport, d. o. o.
• Adria-Tow, d. o. o., 50 %
• Adriafin, d. o. o., 50 %
• Vinakoper, d. o. o. Koper, 39,40 %, 78,81-% owned by Adriafin, d. o. o.
• Avtoservis, d. o. o., 49 %

The company excluded from the consolidated financial statements as at 31 March 2025:

• Logis-Nova, d. o. o., 100 %.

The company Logis-Nova, d. o. o. is not include in the consolidated statements since it is not relevant for a fair presentation of the Group's financial position. The company operates on a very limited scale, with no employees. Only property was entered in its books. If the performance of the company were to change significantly, the Group would take this into account in its consolidated statements.

Statement of compliance

The interim Report has been compiled in accordance with the International Accounting standards 34 – Interim Financial Reporting. The company's financial statements have been compiled in accordance with International Reporting Standards as adopted by the International Accounting Standards (IASB) and European Union and in compliance with Companies Act RS).

Basis for the compilation of financial statements

The financial statements of Luka Koper, d.d. and the Luka Koper Group were compiled on the assumption that the Company /Group will continue to operate in the future, which implies that Company/Group will dispose with enough liquidity assets to ensure the continuity of business performance. The Company/Group operations are not seasonal. The financial statements are compiled in euros (EUR), rounded to the nearest unit. Financial statements provide useful information on the performance in January – March 2025, in comparison with the comparable data for the previous year and on the Company's financial position as at 31 Marca 2025 in comparison with the situation at the end of 2024.

Financial statements of Luka Koper, d. d. and consolidated financial statements of Luka Koper Group, for the reporting period January – March 2025 and as at 31 March 2025 are not audited, while they were audited for the comparable period as at 31 December 2024.

When compiling the report, the same accounting bases and guidelines were as at 31 December 2024.

Business segment

Luka Koper, d. d., as a controlling company does not provide individual components of the port activity as independent services, but only as a part of package of the entire service of the goods throughput within the Port of Koper closed area, and consequently the management does not monitor the performance of single components in terms of IFRS 8. The Group consists of companies carrying out port and other activity. Port activities are goods handling and storage, services on goods, management of the port area, logistics services, maritime activity services and maintenance of the port. The second covers quality control and hinterland logistics activity. Due to insignificance, the Group does not report by separate segments.

Use of estimates and judgements

In compliance with IFRS, when compiling financial statements, the Management Board makes estimates, judgements and assumptions that affect the application of guidelines and the reported values of assets and liabilities, income and expenses. Estimates are formed based on experiences from previous years and expectations in the accounting period. The method of forming estimates and related assumptions and uncertainties are disclosed in the explanations for individual items.

Estimates, judgements and assumptions are reviewed on a regular basis. Actual results may differ from these situations, hence, estimates and underlying assumptions are reviewed on a regular basis. Changes in accounting estimates are recognized in the period for which the estimates are modified, or in the coming periods that are impacted by respective changes.

Regarding to the issue of climate change, the Company/Group considers that climate change does not constitute a significant element in the estimates, assessment or judgement of accounting items. Likewise, from the points of view of the legislation, there were no relevant changes that could affect the application of the Company/Group's valuations and assessment.

Estimates and judgements, excluding relevant changes, are mainly applied in the following accounting items:

• Leases Identification of lease contracts, determination of lease duration and discount rate
• Assessment of provisions for lawsuits
• Assessment of the adequacy of lifetime of significant fixed assets
• Assessment of the adequacy of the recognition of revenue from contracts with customers
• Assessment of the asset impairment
• Reallocation of assets or a part of assets among investment properties
• Assessment of the fair value of assets
• Assessment of the possibility of using receivables for deferred taxes.

17 Additional notes to the Income Statement

Net revenue from sale

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1 - 3 2025	1 - 3 2024	1 - 3 2025	1 - 3 2024
Revenue from sales with domestic customers based on contract with customer	31,515,645	28,109,991	32,224,334	28,716,140
- services	31,463,487	28,107,155	32,172,176	28,713,304
- goods and material	52,158	2,836	52,158	2,836
Revenue from sales with foreign customers based on contract with customer	56,606,727	48,648,650	56,792,937	48,773,247
- services	56,606,727	48,648,650	56,792,937	48,773,247
Revenue to customers	88,122,372	76,758,641	89,017,271	77,489,387
Revenue from collected port dues	1,338,404	1,538,287	1,338,404	1,538,287
Revenue from sales with domestic customers from rentals	373,864	356,271	428,564	356,031
Total	89,834,640	78,653,199	90,784,239	79,383,705

Within the overall structure of the net revenue in the reported period only one customer exceeded 10 of total sale, both in the Company as in the Group.

Other revenue

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1 - 3 2025	1 - 3 2024	1 - 3 2025	1 - 3 2024
Reversal of provisions	5,328	0	5,328	0
Subsidies, grants and similar income	0	0	515,915	503,611
Income on sale of property, plant and equipment and investment property	156,507	24,585	156,128	14,865
Compensations and damages	170,993	256,600	178,840	264,609
Subsidies and other income not related to services	158,773	164,266	158,773	164,266
Other income	5	1,502	9	1,662
Total	491,606	446,953	1,014,993	949,013

Subsidies, grants and similar revenue in Luka Koper Group mostly account for retained contributions on salaries of employees in the amount of earmarked in the subsidiary Luka Koper INPO, d. o. o.

Received compensations and damages refer to damages received, mainly due to damage events.

Subsidies and other revenue, not related to the business performance, the Company/Group comprised primarily revenue to cover costs from EU projects or costs of amortization and depreciation.

Cost material

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1 - 3 2025	1 - 3 2024	1 - 3 2025	1 - 3 2024
Cost of auxiliary material	637,033	557,473	659,323	584,320
Cost of spare parts	1,717,070	1,390,266	1,671,476	1,346,403
Cost of electricity	1,363,099	1,095,830	1,371,279	1,103,132
Cost of fuel	1,686,052	1,376,839	1,729,095	1,411,452
Other cost of energy	31,933	9,880	32,613	10,709
Cost of office stationery	47,709	38,505	51,654	42,051
Other cost of material	133,333	132,193	142,629	136,622
Total	5,616,229	4,600,986	5,658,069	4,634,689

The cost of material was higher in comparison with the previous period, both in the Company as in the Group. The cost of electricity and fuel were higher, mainly due to the increased electricity consumption and due to slightly higher motor fuel prices. The cost of spare parts was higher due to the purchase of material for maintenance works.

Cost of services

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1 - 3 2025	1 - 3 2024	1 - 3 2025	1 - 3 2024
Port services	7,765,091	9,851,408	6,531,668	8,607,428
Cost of transportation	135,773	140,595	84,472	46,835
Cost of maintenance	2,294,441	2,498,541	2,280,942	2,397,025
Rentals	36,451	79,111	39,654	75,775
Reimbursement of labour-related costs	144,611	121,989	152,709	127,754
Costs of payment processing, bank charges and insurance premiums	499,578	442,655	520,238	471,759
Cost of intellectual and personal services	298,038	383,654	324,437	399,921
Advertising, trade fairs and hospitality	375,851	264,859	377,572	266,465
Costs of services provided by individuals not performing business activities	110,715	109,529	112,762	119,684
Sewage and disposal services	426,252	435,385	503,380	396,473
Information support	1,546,738	1,345,397	1,617,384	1,410,596
Concession-related costs	3,104,589	2,716,525	3,104,589	2,716,525
Transhipment fee	1,356,439	1,329,872	1,356,439	1,329,872
Costs of other services	1,254,467	818,439	986,224	570,680
Total	19,349,034	20,537,959	17,992,470	18,936,792

Within the cost of service, the Company/Group reported mainly the cost of agency workers and costs of contractual partners. These are significantly lower, compared to the previous year, mainly due to the employment of this type of staff.

The cost of services of natural persons, who do not perform the activities, mainly consist of the student work, costs of meeting fees and costs of temporary work contracts.

The cost of other services includes mainly container fumigation service which are invoiced to final customers, toll collection costs for the entry in the port area and security services.

Cost of labour

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1 - 3 2025	1 - 3 2024	1 - 3 2025	1 - 3 2024
Wages and salaries	19,813,226	16,623,320	21,167,465	17,978,864
Wage compensations	3,059,115	2,760,026	3,278,781	2,965,903
Costs of additional pension insurance	879,719	757,424	953,013	827,480
Employer's contributions on employee benefits	3,865,321	3,241,032	4,124,870	3,494,932
Annual holiday pay, reimbursements and other costs	3,361,469	2,740,242	3,619,789	3,011,220
Total	30,978,850	26,122,044	33,143,918	28,278,399

The increase of labour costs in comparison with the previous was mostly attributable to new recruitments, and namely there was an increase of 380 employees in the Company, while an increase of 377 employees in the Group.

Amortisation and depreciation expense

(in EUR)	Luka Koper, d. d. Luka Koper Group
	1 - 3 2025	1 - 3 2024	1 - 3 2025	1 - 3 2024
Depreciation of buildings	3,887,460	3,834,309	3,973,905	3,918,396
Depreciation of equipment and spare parts	3,392,027	3,875,755	3,504,279	3,995,572
Depreciation of small tools	1,855	3,730	1,868	3,805
Depreciation of investment property	73,890	71,206	70,231	67,532
Amortisation of intangible assets	53,412	39,549	55,719	41,702
Depreciation of investment into foreign-owned assets	2,877	2,901	2,877	4,395
Depreciation of right-of-use	98,630	97,974	78,687	85,473
Total	7,510,151	7,925,424	7,687,566	8,116,875

A lower amortisation and depreciation cost in the Company/Group mainly reflected the revaluation of the useful life of fixed assets in 2024. The assessment of useful-life was carried out by an authorized appraiser of machinery and equipment and authorized real estate appraiser registered with the Audit Institute.

Other expenses

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1 - 3 2025	1 - 3 2024	1 - 3 2025	1 - 3 2024
Impairment costs, write-offs and losses on property, plant and equipment, and investment property	5,989	20,784	5,989	24,457
Expenses for allowances for receivables	68,945	11,469	32,455	5,508
Levies that are not contingent upon employee benefits expense and other types of cost	1,940,515	1,782,291	1,974,287	1,806,368
Donations	330,000	380,470	330,200	382,470
Environmental levies	36,115	87,655	27,033	81,097
Awards and scholarship to students inclusive of tax	6,643	7,824	6,643	7,824
Awards and scholarship to students	13,542	8,059	13,542	8,059
Other costs and expenses	802,029	296,171	804,875	300,636
Total	3,203,778	2,594,723	3,195,024	2,616,419

Levies that are not contingent upon labour costs and other types of costs the Company/Group mostly related for the use of the construction land.

Among the donations for the first three months of 2025, the Company/Group also reported a donation to the Municipality of Koper for the implementation of mitigation measures with the aim to of reducing the environmental impact of emissions from port activities. For this purpose, the Company allocated EUR 320.000 to the Municipality, and the Municipality will distribute these assets to the beneficiaries by means of a public tender for the award of grants.

Other costs and expenses were primarily compensations for damages to assets, owned by third parties. The damages occurred during the transhipment of goods in the port.

Finance income and expenses

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	1 - 3 2025	1 - 3 2024	1 - 3 2025	1 - 3 2024
Finance income from shares and interests	112,011	993,736	112,011	393,736
Finance income from shares and interests in associated companies	0	600,000	0	0
Finance income from shares and interests in other companies	0	30,000	0	30,000
Finance income from other investments	112,011	363,736	112,011	363,736
Finance income - interest	374,938	679,461	402,024	776,856
Interest income - other	374,938	679,461	402,024	776,856
Finance income from operating receivables	87,419	140,274	78,838	138,321
Finance income from operating receivables due from others	78,142	126,290	78,838	126,401
Exchange differences	9,277	13,984	0	11,920
Total finance income	574,368	1,813,471	592,873	1,308,913
Finance expenses from investments	-52,682	0	-52,682	0
Finance expenses – interest
	-155,825	-387,818	-130,265	-382,681
Interest expenses – Group companies	-25,241	-4,777	0	0
Interest expenses – banks	-129,144	-381,308	-129,144	-381,308
Financial expenses arising from lease liabilities to others	-746	-1,235	-1,121	-1,373
Financial expenses arising from lease liabilities to Group companies	-694	-498	0	0
Finance expenses for financial liabilities	-22,742	-2,307	-13,472	-243
Finance expenses for trade payables	-4,319	-5	-4,324	-5
Finance expenses for other operating liabilities	-989	-238	-991	-238
Exchange differences	-17,434	-2,064	-8,157	0
Total finance expenses	-231,249	-390,125	-196,419	-382,924

Finance income from other investments in companies and financial expenses refer mainly to the revaluation of financial investments valued valued at fair value through the income statement.

On financial markets, the Company/the Group generated financial revenue also through the interests from funds placed in the short-term bank deposits and treasury bonds.

Profit

Luka Koper, d. d.

In January – March 2025, the company generated the operating profit in the amount of EUR 23,695,600, whilst in the equivalent period last year EUR 17,337,602. Financial result was positive and amounted to EUR 343,119, in the same period last year it amounted to EUR 1,423,346. The profit before tax amounted to EUR 24,038,719, whilst in the same period last year to EUR 18,760,948. The corporate income tax in the amount of EUR 5,102,998, in the equivalent period last year EUR 3,742,258, and deferred taxes were also calculated. In the first quarter of 2025, Luka Koper, d. d. generated net profit in the amount of EUR 18,950,889, whilst the net profit in comparable period last year amounted to EUR 15,021,584.

Luka Koper Group

In January – March 2025, the Luka Koper Group generated the operating profit in the amount of EUR 24,149,581, whilst in the equivalent period last year EUR 17,768,130. Financial result was positive and amounted to EUR 396,454 in the same period last year it amounted to EUR 925,989. The attributed result of associated companies amounted to EUR 610,152, in the same period last year to EUR 469,780. The profit before tax amounted to EUR 25,156,187, whilst in the same period last to EUR 19,163,899. The corporate income tax in the amount of EUR 5,151,261, in the equivalent period last year EUR 3,798,553 and deferred taxes, were calculated. Net profit of the Luka Koper Group in the first quarter of 2025 amounted to EUR 20,012,105, in the equivalent period last year to EUR 15,366,929. To the controlling company pertained EUR 20,014,339 (in the same period of the previous year EUR 15,354,186), whilst to owners of non-controlling interests EUR -2,234 (in the same period of the previous year EUR 12,743). The noncontrolling share pertained to the co-owner of the company TOC, d. o. o.

Net earnings per share

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
Net profit for the period	18,950,889	15,021,584	20,014,339	15,354,186
Total number of shares	14,000,000	14,000,000	14,000,000	14,000,000
Basic and diluted earnings per share	1.35	1.07	1.43	1.10

18 Additional notes to the Statement of Financial position

Property, plant and equipment

(in EUR)	Luka Koper, d. d.		Group Luka Koper
	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
Land	17,532,405	17,532,405	22,442,768	22,442,768
Buildings	292,043,580	294,567,468	298,272,169	300,882,501
Plant and machinery	107,141,052	106,627,092	109,989,725	108,751,513
Property, plant and equipment being acquired and advances given	69,717,968	53,497,381	69,785,378	53,541,197
Right-of-use	516,629	615,259	448,480	546,132
Total	486,951,634	472,839,605	500,938,520	486,164,111

In January - March 2025, Luka Koper, d. d. allocated the total amount of EUR 21,521,478, for investments in property, plant and equipment, whilst the Luka Koper Group EUR 22,383,497.

The largest investments were the following:

• Continued construction of the multipurpose warehouse for general cargoes for storage of steel coils,
• Start of dredging of the seabed for the extension of the Pier I,
• Purchase of six new terminal trailers for the needs of the Container terminal,
• Continued shifting of stacking blocks at the Container terminal,
• Continued arrangement of the storage areas on the landfill 6A for cars cars storage,
• Continued construction of the Berth 12 on the Pier II,
• Continued construction of the Cruise terminal building.

As at 31 March 2025 the Company recorded liabilities for purchase of property, plant and equipment in the amount of EUR 234,529,489, while the Group recorded these liabilities in the amount of EUR 235,900,824 (as at 31 December 2024, the Company EUR 245,952,700, the Group 247,859,568).

In the reporting period, the Company/Group recognized EUR 141,341 from capitalization of borrowing costs. The weighted interest rate amounted to 1.11 %.

To fulfilling the vision of sustainability and climate change mitigation, the Company/Group invested the total amount EUR 9,616,052, and namely mainly in the construction of energy efficient buildings and the replacement of existing vehicles with internal combustion engines (trailers, cranes, forklifts) with electric vehicles.

Overview of changes in the value of the company's property, plant and equipment in January – March 2025

(in EUR)	Land	Buildings	Plant and equipment	Assets being acquired	Total
Cost
Balance at 31 Dec 2023	17,532,405	608,927,361	371,646,448	53,497,384	1,051,603,598
Additions	0	0	0	21,521,478	21,521,478
Transfer from investments in course	0	1,412,473	3,868,060	-5,280,533	0
Disposals	0	0	-4,675,125	0	-4,675,125
Write-offs	0	0	-963,731	0	-963,731
Transfer to intangible assets	0	0	0	-20,360	-20,360
Transfer in between property, plant and	0	-387,901	387,901	0	0
equipment
Balance at 31 Dec 2024	17,532,405	609,951,933	370,263,553	69,717,969	1,067,465,860
Allowances
Balance at 31 Dec 2023	0	314,359,894	265,019,358	0	579,379,252
Depreciation	0	3,890,337	3,393,882	0	7,284,219
Disposals	0	0	-4,673,572	0	-4,673,572
Write-offs	0	0	-959,045	0	-959,045
Transfer in between property, plant and
equipment	0	-341,878	341,878	0	0
Balance at 31 Dec 2024	0	317,908,353	263,122,501	0	581,030,854
Carrying amount
Balance at 31 Dec 2023	17,532,405	294,567,467	106,627,090	53,497,384	472,224,346
Balance at 31 Dec 2024	17,532,405	292,043,580	107,141,052	69,717,969	486,435,006

Overview of changes in the value of the company's property, plant and equipment in January – December 2024

(in EUR)	Land	Buildings	Plant and equipment	Assets being acquired	Total
Cost
Balance at 31 Dec 2023	17,513,373	592,124,867	364,407,933	33,055,950	1,007,102,123
Additions	0	0	0	53,540,363	53,540,363
Transfer from investments in course	19,032	19,591,829	12,160,168	-31,771,029	0
Disposals	0	-1,867,715	-4,854,443	-10,039	-6,732,197
Write-offs	0	-880,314	-683,398	0	-1,563,712
Transfer to intangible assets	0	0	0	-598,166	-598,166
Transfer from intangible assets	0	402,311	172,571	0	574,882
Transfer to invetment property	0	0	0	-719,695	-719,695
Transfer in between property, plant and equipment	0	-443,617	443,617	0	0
Balance at 31 Dec 2024	17,532,405	608,927,361	371,646,448	53,497,384	1,051,603,598
Allowances
Balance at 31 Dec 2023	0	298,529,347	256,757,895	0	555,287,242
Depreciation	0	18,645,984	13,308,131	0	31,954,115
Disposals	0	-1,854,355	-4,536,532	0	-6,390,887
Write-offs	0	-868,593	-602,625	0	-1,471,218
Transfer in between property, plant and equipment	0	-92,489	92,489	0	0
Balance at 31 Dec 2024	0	314,359,894	265,019,358	0	579,379,252
Carrying amount
Balance at 31 Dec 2023	17,513,373	293,595,520	107,650,038	33,055,950	451,814,881

(in EUR)			Plant and	Assets being
Cost	Land	Buildings	equipment	acquired	Total
Balance at 31 Dec 2023	22,442,766	617,984,083	382,939,151	53,541,199	1,076,907,198
Additions	0	0	209,354	22,174,143	22,383,497
Transfer from investments in course	0	1,412,473	4,497,129	-5,909,602	0
Disposals	0	0	-4,677,632	0	-4,677,632
Write-offs	0	0	-963,731	0	-963,731
Transfer to intangible assets	0	0	0	-20,360	-20,360
Transfer in between property, plant and equipment	0	-387,901	387,901	0	0
Balance at 31 Dec 2024	22,442,766	619,008,655	382,392,172	69,785,380	1,093,628,972
Allowances
Balance at 31 Dec 2023	0	317,101,580	274,187,638	0	591,289,218
Depreciation	0	3,976,782	3,506,148	0	7,482,930
Disposals	0	0	-4,674,170	0	-4,674,170
Write-offs	0	0	-959,047	0	-959,047
Transfer in between property, plant and equipment	0	-341,878	341,878	0	0
Balance at 31 Dec 2024	0	320,736,484	272,402,447	0	593,138,931
Carrying amount
Balance at 31 Dec 2023	22,442,766	300,882,502	108,751,513	53,541,199	485,617,979
Balance at 31 Dec 2024	22,442,766	298,272,170	109,989,725	69,785,380	500,490,040

Overview of changes in the value of the Group property, plant and equipment in January – March 2025

Overview of changes in the value of the Group property, plant and equipment in January – December 2024

(in EUR)			Plant and	Assets being
Cost	Land	Buildings	equipment	acquired	Total
Balance at 31 Dec 2023	22,314,192	601,077,718	375,879,232	33,062,151	1,032,333,292
Change of accounting policy	109,542	0	0	0	109,542
Balance at 1 Jan 2024	22,423,734	601,077,718	375,879,232	33,062,151	1,032,442,834
Additions	0	41,989	5,078	54,483,393	54,530,460
Transfer from investments in course	19,032	19,823,791	12,826,646	-32,669,469	0
Disposals	0	-2,036,687	-5,705,378	-10,039	-7,752,104
Write-offs	0	-880,314	-683,723	0	-1,564,037
Transfer to intangible assets	0	0	0	-605,141	-605,141
Transfer from intangible assets	0	402,311	172,571	0	574,882
Transfer to investment property	0	-1,108	1,108	-719,696	-719,696
Transfer in between property, plant and equipment	0	-443,617	443,617	0	0
Balance at 31 Dec 2024	22,442,766	617,984,083	382,939,151	53,541,199	1,076,907,198
Allowances
Balance at 31 Dec 2022	0	301,090,708	266,341,086	0	567,431,794
Change of accounting policy	0	0	0	0	0
Balance at 1 Jan 2024	0	301,090,708	266,341,086	0	567,431,794
Depreciation	0	18,985,028	13,698,925	0	32,683,953
Disposals	0	-2,013,072	-5,342,214	0	-7,355,286
Write-offs	0	-868,593	-602,650	0	-1,471,243
Transfer to investment property	0	-2	2	0	0
Transfer in between property, plant and equipment	0	-92,489	92,489	0	0
Balance at 31 Dec 2024	0	317,101,580	274,187,638	0	591,289,218
Carrying amount
Balance at 31 Dec 2023	22,314,192	299,987,010	109,538,146	33,062,151	464,901,498
Balance at 1 Jan 2023	22,423,734	299,987,010	109,538,146	33,062,151	465,011,040
Balance at 31 Dec 2024	22,442,766	300,882,502	108,751,513	53,541,199	485,617,979

Investment property

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
Investment property - land	11,256,486	11,256,486	11,256,486	11,256,486
Investment property - buildings	4,472,123	4,546,462	4,192,456	4,263,136
Total	15,728,609	15,802,948	15,448,942	15,519,622

Among investment property are land and buildings under lease, and property which increases the value of noncurrent investment. Investment property is valued using the cost model.

Other assets

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
31 Dec	15,792,111	535,707	16,191,555	535,707
Increase	10,419,678	16,658,133	10,419,678	17,154,492
Transfer between property, plant and equipment	-5,268,786	-1,401,729	-5,268,786	-1,498,644
Reporting date	20,943,003	15,792,111	21,342,447	16,191,555

Among other assets, the Company/Group recorded given advances for the purchase of property, plant and equipment.

Shares and interests in Group companies

As at 31 March 2025, shares and interests in Group companies amounted to EUR 13,786,988. In comparison with the situation as at 31 December 2024, their value has not changed.

Investments in subsidiaries are not pledged as collateral.

Shares in subsidiaries, are excluded in the consolidation procedure in Group's financial statements.

Shares and interests in Group companies

Luka Koper, d. d.

As at 31 March 2025, shares and interests in Group companies amounted to EUR 6,737,709. In comparison with the situation as at 31 December 2024, their value has not changed.

Luka Koper Group

(in EUR)	2025	2024
Balance at 1Jan	17,479,166	16,898,490
Attributed profits	610,153	1,882,332
- Adria Transport, d. o. o.	65,090	383,350
- Adria Transport Croatia, d. o. o.	-10,764	-74,280
- Adria-Tow, d. o. o.	202,022	893,628
- Adriafin, d. o. o.	-8,237	27,962
- Vinakoper, d. o. o. Koper	46,342	153,263
- Avtoservis, d. o. o.	315,700	498,409
Decreases	0	-1,090
Shares of other comprehensive income of associated companies and joint ventures, which is accounted for using the equity method	0	-1,090
Profit distribution	0	-1,300,566
- Adria Transport, d. o. o.	0	-130,100
- Adria-Tow, d. o. o.	0	-600,000
- Adriafin, d. o. o.	0	-103,943
- Avtoservis, d. o. o.	0	-466,523
Balance at 31 Mar	18,089,318	17,479,166

Other non-current investments

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
Other investments measured at fair value through profit or loss	10,478,512	10,419,184	11,188,512	11,129,184
Other investments measured at fair value through comprehensive income	74,642,840	60,321,830	74,642,840	60,321,830
Total	85,121,352	70,741,014	85,831,352	71,451,014

Other investments, measured at fair value through profit or loss represent investments in other companies, in which the Company/Group owns less than 20 percent of capital, investments in mutual fundas and the company, 100 percent owned by the controlling company that is not consolidated due to its insignificance in the Group.

As at 31 March 2025, the value of other investments measured at fair value through profit or loss was higher than as at 31 December 2024, resulting from an increase in stock market prices in the Company/Group portfolio.

Deferred tax

(in EUR)	Luka Koper, d. d.
	Deffered tax assets		Deffered tax liabilities
	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
Deferred tax assets and liabilities relating to:
- impairment of investments in subsidiaries - impairment of other investments	301,528	301,528	0	0
and deductible temporary differences arising on securities	3,326,454	3,326,454	13,329,147	10,193,693
- allowances for trade receivables - provisions for retirement benefits - provisions for jubilee premiums	163,191 396,845 58,638	163,191 396,845 58,638	0 0 0	0 0 0
- long-term accrued costs and deferred income from public commercial services	525,665	525,665	0	0
Total	4,772,321	4,772,321	13,329,147	10,193,693
Off-set with deferred tax liabilities relating to impairment of other investments and deductible temporary differences arising on securities	-4,772,321	-4,772,321	-4,772,321	-4,772,321
Total	0	0	8,556,826	5,421,372

(in EUR)		Luka Koper Group

	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
Deferred tax assets and liabilities relating to:
- impairment of investments in subsidiaries	301,528	301,528	0	0
- impairment of other investments
and deductible temporary differences arising on securities	3,326,454	3,326,454	13,329,147	10,193,693
- allowances for trade receivables	168,081	176,069	0	0
- provisions for retirement benefits	429,295	429,295	0	0
- provisions for jubilee premiums	60,934	60,934	0	0
- long-term accrued costs and deferred income from public commercial services	525,665	525,665	0	0
Total	4,811,957	4,819,945	13,329,147	10,193,693
Off-set with deferred tax liabilities relating to impairment of other investments and deductible temporary differences arising on securities	-4,811,957	-4,819,945	-4,811,957	-4,819,945
Total	0	0	8,517,190	5,373,748

Deffered tax assets Deffered tax liabilities

Short-term investments

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
Deposits and loans given	0	40,000,000	0	40,000,000
Treasury bills	49,709,665	0	49,709,665	0
Total	49,709,665	40,000,000	49,709,665	40,000,000

Also in the reporting period, the Company/Group transferred part of its surplus cash to treasury bonds, with the aim of achieving higher financial income.

Overview of movement of current Company's/Group's investments in the period

(in EUR)	Financial investments at amortised cost	Loans/deposits	Total
Balance at 31 Dec 2023	39,474,594	30,000,000	69,474,594
Increases
New investments	69,280,600	182,000,000	251,280,600
Capitalised interest	1,244,806	0	1,244,806
Decreases
Repayments received/investment realisation	-110,000,000	-172,000,000	-282,000,000
Balance at 31 Dec 2024	0	40,000,000	40,000,000
Increases
New investments	49,574,100	0	49,574,100
Capitalised interest	135,565	0	135,565
Decreases
Repayments received/investment realisation	0	-40,000,000	-40,000,000
Balance at 31 Mar 2025	49,709,665	0	49,709,665

Trade and other receivables

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
Current trade receivables:
domestic costumers	28,280,269	23,439,898	29,235,346	24,571,984
foreign costumers	35,518,058	25,414,012	35,667,642	25,533,931
Current operating receivables due from Group companies	688,558	886,566	0	0
Current operating receivables due from associates	81,548	194,874	81,548	194,874
Current trade receivables	64,568,433	49,935,350	64,984,536	50,300,789
Advances and collaterals given	96,866	99,080	100,794	102,572
Short-term receivables related to financial revenues	35,915	136,354	51,555	152,137
Receivables due from the state	2,266,587	2,768,938	2,412,323	2,896,389
Other current receivables	1,757,871	1,703,715	1,932,761	1,865,985
Current operating receivables from others	4,157,239	4,708,087	4,497,433	5,017,083
Total trade and other receivables	68,725,672	54,643,437	69,481,969	55,317,872
Short-term deferred costs and expenses	1,020,752	740,693	1,038,544	746,061
Accrued income	180,507	321,775	180,506	321,775
Other receivables	1,201,259	1,062,468	1,219,050	1,067,836
Total	69,926,931	55,705,905	70,701,019	56,385,708

The increase of current trade receivables towards domestic and foreign customers increased mainly due to higher realization.

The increase of short-term costs mostly relates to the deferred costs, paid in the beginning of the year and are allocated throughout the financial year. The difference is mainly due to the payment of the water reimbursement allowance.

Movement of trade receivables of the Luka Koper, d. d.

(in EUR)		31 Mar 2025
	Gross amount	Allowances	Net amount	Gross amount	Allowances	Net amount
Outstanding and undue trade receivables	60,046,532	-192,026	59,854,506	44,948,117	-139,463	44,808,654
Past due trade receivables	5,164,159	-450,232	4,713,927	5,560,546	-433,850	5,126,696
Past due receivables:
up to 30 days	4,023,329	-40,968	3,982,361	4,274,869	-44,111	4,230,758
31 to 60 days overdue	681,486	-78,886	602,600	837,373	-84,151	753,222
61 to 90 days overdue	65,579	-14,761	50,818	123,808	-25,302	98,506
91 to 180 days overdue	87,888	-30,016	57,872	53,093	-30,092	23,001
more than 180 days overdue	305,877	-285,601	20,276	271,403	-250,194	21,209
Total	65,210,691	-642,258	64,568,433	50,508,663	-573,313	49,935,350

Note: the amount comprises trade receivables and receivables due from subsidiaries and associates.

Movement of trade receivables of the Luka Koper Group

		31 Mar 2025 31 Dec 2024
(in EUR)	Gross amount	Allowances	Net amount	Gross amount	Allowances	Net amount
Outstanding and undue trade receivables	60,035,387	-194,635	59,840,752	44,743,378	-141,821	44,601,557
Past due trade receivables	5,613,632	-469,848	5,143,784	6,189,263	-490,031	5,699,232
Past due receivables:
up to 30 days	4,415,164	-44,954	4,370,210	4,550,864	-47,130	4,503,734
31 to 60 days overdue	721,146	-83,104	638,042	1,062,955	-106,916	956,039
61 to 90 days overdue	71,589	-15,945	55,644	246,295	-49,509	196,786
91 to 180 days overdue	95,107	-32,465	62,642	56,442	-31,307	25,135
more than 181 days overdue	310,626	-293,380	17,246	272,707	-255,169	17,538
Total	65,649,019	-664,483	64,984,536	50,932,641	-631,852	50,300,789

Note: the amount comprises trade receivables and receivables due from associates.

Cash and cash equivalent

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
Cash in hand	39,731	20,948	41,641	22,603
Bank balances	29,123,189	42,234,338	32,288,382	48,275,161
Short-term deposits at call	50,000,000	50,000,000	54,000,000	58,000,000
Total	79,162,920	92,255,286	86,330,023	106,297,764

Equity

(in EUR)	Luka Koper, d. d.		Skupina Luka Koper
	31. 3. 2025	31. 12. 2024	31. 3. 2025	31. 12. 2024
Share capital	58,420,965	58,420,965	58,420,965	58,420,965
Capital surplus (share premium)	89,562,703	89,562,703	89,562,703	89,562,703
Revenue reserves	318,401,186	318,401,186	318,401,186	318,401,186
Legal reserves	18,765,115	18,765,115	18,765,115	18,765,115
Other revenue reserves	299,636,071	299,636,071	299,636,071	299,636,071
Reserves arising from valuation at fair value	46,895,901	35,725,513	46,779,842	35,619,342
Retained earnings	45,491,179	15,855,816	82,453,441	51,798,909
Net profit for the period	18,950,889	29,635,362	20,014,339	30,643,900
Equity of owners of the parent	577,722,823	547,601,545	615,632,476	584,447,005
Non-controlling interests	0	0	354,334	356,568
Equity	577,722,823	547,601,545	615,986,810	584,803,573

Provisions

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
Provisions for retirement benefits and similar obligations	11,185,517	11,226,504	11,869,021	11,910,008
Provisions for legal disputes	10,944,792	11,609,857	11,047,556	11,712,621
Total	22,130,309	22,836,361	22,916,577	23,622,629

Movement of provision of Luka Koper, d. d.

(in EUR)	1. Termination benefits	2. Jubilee premiums	3. Defined contribition retirement benefit plan	Total benefits (1. 2 and 3)	Claims and damages	Total
Balance at 31 Dec 2023	5,761,786	1,343,996	3,657,301	10,763,083	12,075,018	22,838,101
Movement:
Formation	-527,736	316,546	1,268,135	1,056,945	1,428,345	2,485,290
Transfer	0	0	-19,360	-19,360	0	-19,360
Use	-162,938	-90,087	-211,693	-464,718	-1,866,865	-2,331,583
Reversal	-89,135	-20,311	0	-109,446	-26,641	-136,087
Balance at 31 Dec 2024	4,981,977	1,550,144	4,694,383	11,226,504	11,609,857	22,836,361
Movement:
Formation	0	0	354,255	354,255	0	354,255
Transfer	0	0	-35,370	-35,370	0	-35,370
Use	0	0	-359,872	-359,872	-659,737	-1,019,609
Reversal	0	0	0	0	-5,328	-5,328
Balance at 31 Mar 2025	4,981,977	1,550,144	4,653,396	11,185,517	10,944,792	22,130,309

Movement of provision of Luka Koper Group

(in EUR)	1. Termination benefits	2. Jubilee premiums	3. Defined contribition retirement benefit plan	Total benefits (1., 2. and 3.)	Claims and damages	Total
Balance at 31 Dec 2023	6,431,649	1,448,518	3,657,301	11,537,468	12,075,018	23,612,486
Movement:
Formation	-534,495	346,110	1,268,135	1,079,750	1,531,109	2,610,859
Use	-238,120	-107,946	-231,053	-577,119	-1,866,865	-2,443,984
Reversal	-108,194	-21,897	0	-130,091	-26,641	-156,732
Balance at 31 Dec 2024	5,550,840	1,664,785	4,694,383	11,910,008	11,712,621	23,622,629
Movement:
Formation	0	0	354,255	354,255	0	354,255
Use	0	0	-395,242	-395,242	-659,737	-1,054,979
Reversal	0	0	0	0	-5,328	-5,328
Balance at 31 Mar 2025	5,550,840	1,664,785	4,653,396	11,869,021	11,047,556	22,916,577

The defined contribution plan relate to the liabilities from the post-employment benefits (one-off payment on retirement).

In accordance with Article 92 of IAS 37 – Provisions, Contingent Liabilities and Contingent assets, the Company/Group does not disclose information on its legal obligations as such disclosure would result in a judgement on the position of the Company/Group in disputes with other parties.

Deferred income

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
Long-term deferred income for regular maintenance	26,867,545	26,166,136	26,867,545	26,166,136
Non-refundable grants received	12,292,776	12,389,149	12,327,650	12,389,149
Other non-current deffered income	0	0	904,668	920,371
Total	39,160,321	38,555,285	40,099,863	39,475,656

Pursuant to the Concession Agreement, Luka Koper, d. d. records deferred income on regular maintenance as noncurrent deferred income since it has the right and obligation to collect port dues, which serve as income intended to cover the costs of performing public utility service of regular maintenance of the port infrastructure intended for public transport. With respect to any annual surplus of revenue over costs, the Company forms non-current deferred income for covering the costs of public utility service relating to regular maintenance of the port infrastructure in the coming years. If costs exceeded the revenue, the Company would be utilizing non-current deferred income.

The grants received comprise non-refundable grants and advance payments received with respect to no-refundable funds for investments into EU development projects which are recorded by the controlling company and are utilized in accordance with their useful life. Under non-refundable funds received, the Group also records retained contributions on salaries of employees of the Luka Koper INPO, d. o. o., sheltered workshop, and namely contributions to insurance schemes for retirement pension, disability, sickness, and maternity. The funds were reimbursed in compliance with the Vocational rehabilitation and employment of persons with disabilities Act for covering 75 percent of salaries for disabled persons and labour costs for the staff who assist the disabled persons.

The Group's other non-current deferred income comprises non-current deferred income earmarked to cover the costs of depreciation of fixed assets.

Non-current borrowings

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
Non-current financial liabilities to Group companies	20,000,000	15,000,000	0	0
Non-current borrowings from domestic banks	74,987,826	78,786,135	74,987,826	78,786,135
Total	94,987,826	93,786,135	74,987,826	78,786,135

The controlling company has finalized its loan drawdown with its subsidiary Luka Koper INPO, d.o.o., with which it has a non-current loan agreement for a total amount of EUR 20,000,000. The loan was borrowed under market conditions.

Current borrowings

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
Current borrowings from domestic banks	15,193,235	15,193,235	15,193,235	15,193,235
Total	15,193,235	15,193,235	15,193,235	15,193,235

Trade and other payables

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
Current liabilities to domestic suppliers	28,595,535	31,175,918	29,137,598	31,923,507
Current liabilities to foreign suppliers	1,735,747	345,573	1,798,244	522,642
Current liabilities to Group companies	1,137,933	7,089	0	0
Current liabilities to associates	228,709	68,122	228,709	68,122
Current liabilities from advances	6,851,870	7,550,140	6,855,607	7,553,877
Current liabilities to employees	8,640,877	8,535,488	9,100,161	9,077,005
Current liabilities to state and other institutions	3,784	5	57,669	17,084
Total operating liabilities	47,194,455	47,682,335	47,177,988	49,162,237
Other operating liabilities	15,035,937	8,267,166	15,719,388	9,023,583
Total	62,230,392	55,949,501	62,897,376	58,185,820

Among liabilities arising from advances, the Company/Group mainly recognizes advances received for EU subsidised projects amounting to EUR 6,223,155, recorded in the parent company, and securities received under payment contracts from customers, amounting to EUR 625,881.

Other operating liabilities relate mostly to the accrued costs for the collective job performance, costs of performance bonuses for employees under individual contracts, costs of unused holidays and accrued costs for invoices to be received and accrued costs of discounts. During the year, accrued costs and accrued discounts since some types of accrued costs, which are accrued during the year, are drawn up at the end of the year.

Contingent liabilities

(in EUR)	Luka Koper, d. d.		Skupina Luka Koper
	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
Securities given	205,619	229,121	0	0
Contingent liabilities under legal disputes	4,081,626	4,081,626	4,081,626	4,081,626
Total contigent liabilities	4,287,245	4,310,748	4,081,626	4,081,626

A guarantee in the amount of EUR 205,619 was given by the controlling company to the company Adria Transport, d. o. o., fort the financial lease of locomotives.

The Company/Group reports several different lawsuits for which, in accordance with Article 92 of IAS 37 – Provisions, contingent liabilities and contingent assets does not disclose information about legal obligations, since their disclosure could create a judgement on the company's position in a dispute with other parties.

In relation to the property used by the e Company/Group in the port of Koper area and some real estate in the immediate vicinity of the port of Koper, there are open cases with the Republic of Slovenia regarding the ownership status of the aforesaid real estate, for which they are seeking appropriate solutions. The Company/Group has not yet received any formal request from the Republic of Slovenia, based on which it would be possible to estimate its value, which is therefore not disclosed, but could have a significant impact on the statements. The Company/Group did not recognize provisions for this were not met.

Related parties transactions

Transactions with the Government of the Republic of Slovenia

(in EUR)	Luka Koper, d. d.
		Costs/		Costs/
		expenses in	Payments in	expenses in
	Payments in	period	period	period
	period 1 - 3 2025	1 - 3 2025	1 - 3 2024	1 - 3 2024
Concessions and water fee	2,671,973	3,104,589	2,677,097	2,716,525
Transhipment tax	1,426,590	1,356,439	1,362,015	1,370,741
Corporate income tax (taxes and advance payments)	1,334,178	5,102,998	1,324,903	3,742,258
Other taxes and contributions	3,736,463	3,865,321	3,110,817	3,241,032
Total	9,169,204	13,429,347	8,474,832	11,070,556

(in EUR)	Luka Koper Group
	Payments in period 1 - 3 2025	Costs/ expenses in period 1 - 3 2025	Payments in period 1 - 3 2024	Costs/ expenses in period 1 - 3 2024
Concessions and water fee	2,671,973	3,104,589	2,677,097	2,716,525
Transhipment tax	1,426,590	1,356,439	1,362,015	1,370,741
Corporate income tax (taxes and advance payments)	1,410,568	5,151,261	1,522,438	3,798,553
Other taxes and contributions	3,854,173	4,124,870	3,208,318	3,494,932
Total	9,363,304	13,737,159	8,769,868	11,380,751

The Company/the Group did not have other transactions with the Government of the Republic of Slovenia.

Transactions with companies in which the Republic of Slovenia has direct controlling influence

The share-holder related companies are those in which the Republic of Slovenia and SDH together directly holds at least 20 percent stake. The list of these companies is published on the Slovenian Sovereign Holding website (https://www.sdh.si/sl-si/upravljanje-nalozb/seznam-nalozb).

Luka Koper, d. d.

In the first quarter of 2025, sales transactions Luka Koper, d. d., and entities in which the State has directly dominant influence, were recorded at EUR 1,010,080 and purchasing transactions amounted to EUR 747,990. Most of sales referred to services in connection with the port activity, major purchases represent also cost of railway transport, purchase of energy and insurance costs. As at 31 March 2025, Luka Koper, d. d., recorded receivables in the amount of EUR 517,604 and liabilities in the amount of EUR 81,457,546. The largest part of liabilities includes the loans given by SID – Slovenska izvozna in razvojna banka, d. d. and Nova Ljubljanska banka, d. d., which were raised under market terms.

Luka Koper Group

In the first quarter of 2025, the Luka Koper Group conducted transactions ibn the amount of EUR 1,010,281 referring to the sales to companies where the State has direct dominant influence, and transactions in the amount of EUR 777,048 referring to purchase. Most of sales referred to services in connection with the port activity, major purchases represent also cost of railway transport, purchase of energy and insurance costs. As at 31 March 2025, the Luka Koper Group recorded the receivables in the amount of EUR 518,626 and liabilities in the amount of EUR 81,595,626. The largest part of liabilities includes the loans given by SID – Slovenska izvozna in razvojna banka, d. d. and Nova Ljubljanska banka, d. d., which were raised under market terms.

Transaction with the key management personnel and related parties

In January – March 2025, the Company/Group did not have any transactions with Members of the Management Board and Members of the Supervisory Board.

In January – March 2025, the company did not have transactions with related parties to members of the Management Board, while the Group realized these transactions in the amount of EUR 58,928. As at 31 March 2025, neither the Company or the Group did not record outstanding balances of receivables from payables to parties related to the Members of the Management Board.

In the reporting period the Company/Group had transactions with parties related to the Supervisory Board, and namely in the Company in the total amount of EUR 337,914, while in the Group in the total amount of EUR 404,361. Most of transaction refer to services related with the port activity. The Company reports a turnover from sales of EUR 185,762 (the Group EUR 247,695), while from the purchase of services the amount of EUR 152,152 in the Company and EUR 156,666 in the Group. As at 31 March 2025, the Company reported receivables of EUR 52,657 from related parties of the supervisory board (the Group EUR 56,716), and payables of EUR 33,660 (the Group EUR 33,182).

All transactions were carried out under market terms.

Financial instruments and financial risk management

The important financial risks to which the Company/Group is exposed to, include:

• 1. Risk of change in fair value
• 1. Interest rate risk
• 1. Liquidity risk,
• 1. Credit risk and
• 1. Risk of adequate capital structure.

Financial instruments

	Luka Koper, d. d.		Luka Koper Group
	Carrying	Carrying	Carrying	Carrying
(in EUR)	amount at	amount at	amount at	amount at
	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
Non-derivative financial assets at fair value
Financial assets at fair value through profit or loss	10,478,512	10,419,184	11,188,512	11,129,184
Financial assets at fair value through othe comprehensive income	74,642,840	60,321,830	74,642,840	60,321,830
Non-derivative financial assets at amortised
cost
Financial claims	49,709,665	40,000,000	49,709,665	40,000,000
Operating receivables (excluding receivables
due from the state, advances and collaterals fiven)	66,506,811	51,960,840	67,097,803	52,488,549
Assets from contracts woth customers	1,048,843	1,109,031	1,048,843	1,109,031
Cash and cash exuivalents	79,162,920	92,255,286	86,330,023	106,297,764
Total non-derivative financial assets	281,549,591	256,066,171	290,017,686	271,346,358
Non-derivative financial liabilities at
amortised cost
Bank loans and other financial liabilities	110,181,061	108,979,370	90,181,061	93,979,370
Lease liabilities	521,121	620,288	452,478	550,506
Operating liabilities (excluding other non
current and current liabilities, current liabilities	31,697,924	31,596,702	31,164,551	32,514,271
to the state, employees and from advances and colalterals)
Total non-derivative financial liabilities	142,400,106	141,196,360	121,798,090	127,044,147

1. Risk management and change in fair value

Luka Koper, d. d.

As at 31 March 2025, 10.2 percent of the Company's assets were financial investments measured at fair value (at the end of the previous year, 9.0 percent). The fair value risk associated with investments in securities is demonstrated through changes in stock market prices that affect the value of these assets and, consequently the potential gain on their disposal, whereas with investments in shares of other companies there is a risk for the sales value not to equal the value of the market transaction. This type of risk has been recognized regarding investments in market securities of Slovenian companies and to investments in shares and interests.

As at 31 March 2025, the value of non-current investments at fair value amounted to EUR 85,121,352.

The sensitivity analysis of investments at fair value does not disclose in the books the financial investments at fair value classified in level 3 due to their irrelevance.

Fair value hierarchy Luka Koper d. d.

	Luka Koper, d. d.
(in EUR)	Carrying amount at 31 Mar 2025	Fair value at 31 Mar 2025	Direct stock market quotation (Level 1)	Value defined on the basis of comparable market inputs (Level 2)	No observable market inputs (Level 3)
Non-current financial assets
Other non-current investments*	85,121,352	85,121,352	83,381,352	0	1,740,000
Non-current operating receivables**	39,991	39,991	0	0	39,991
Current financial asstes
Current loans given and deposits**	49,709,665	49,709,665	0	0	49,709,665
Non-current financial liabilities
Non-current loans and borrowings**	94,987,826	94,987,826	0	0	94,987,826
Non-current operating liabilities**	401,759	401,759	0	0	401,759
Current financial liabilities
Current loans and borrowings**	15,193,235	15,193,235	0	0	15,193,235
Other current financial liabilities**	23,236	23,236	0	0	23,236
* measured at fair value

** presented at fair value

	Luka Koper, d. d.
(in EUR)	Carrying amount at 31 Dec 2024	Fair value at 31 Dec 2024	Direct stock market quotation (Level 1)	Value defined on the basis of comparable market inputs (Level 2)	No observable market inputs (Level 3)
Non-current financial assets
Other non-current investments*	70,741,013	70,741,013	69,001,013	0	1,740,000
Non-current operating receivables**	39,991	39,991	0	0	39,991
Current financial asstes
Current loans given and deposits**	40,000,000	40,000,000	0	0	40,000,000
Non-current financial liabilities
Non-current loans and borrowings**	93,786,135	93,786,135	0	0	93,786,135
Non-current operating liabilities**	378,488	378,488	0	0	378,488
Current financial liabilities
Current loans and borrowings**	15,193,235	15,193,235	0	0	15,193,235
Other current financial liabilities**	13,501	13,501	0	0	13,501
* measured at fair value

** presented at fair value

The book value of receivables and current liabilities a good approximation of the fair value, therefore the Company does not disclose them in the table above.

Shares and interests measured at fair value were valued at publicly applicable exchange rates at the at the Ljubljana Stock Exchange and the list of mutual funds quotations.

The fair value of other shares and interests classified as level 3 has been confirmed by the Company by a valuation statement and based on an assessment for accounting purposes, drawn up by independent certified business appraisers in 2023 and 2024, as the Group considers that there has not been any material change in market value.

Luka Koper Group

As at 31 March 2025, 10.1 percent of the Luka Koper Group assets were financial investments measured at fair value (as at 31 December 2024, 8.8 percent). The fair value risk associated with these investments is demonstrated through changes in stock market that affect the value of these assets and, consequently the potential gain on their disposal, whereas with investments in shares of other companies there is a risk for the sales value not to equal the value of the market transaction. This type of risk has been recognized regarding investments in market securities of Slovenian companies and to investments in shares and interests.

As at 31 March 2025, the value of non-current investments, measured at fair value amounted to EUR 85,831,352.

The sensitivity analysis of investments at fair value does not disclose in the books the financial investments at fair value classified in level 3 due to their irrelevance.

Fair value hierarchy Luka Koper Group

	Luka Koper Group
(in EUR)	Carrying amount at 31 Mar 2025	Fair value at 31 Mar 2025	Direct stock market quotation (Level 1)	Value defined on the basis of comparable market inputs (Level 2)	No observable market inputs (Level 3)
Non-current financial assets
Other non-current investments*	85,831,352	85,831,352	83,381,352	0	2,450,000
Non-current operating receivables**	39,991	39,991	0	0	39,991
Current financial asstes
Current loans given and deposits**	49,709,665	49,709,665	0	0	49,709,665
Non-current financial liabilities
Non-current loans and borrowings**	74,987,826	74,987,826	0	0	74,987,826
Non-current operating liabilities**	386,157	386,157	0	0	386,157
Current financial liabilities
Current loans and borrowings**	15,193,235	15,193,235	0	0	15,193,235
Other current financial liabilities**	23,236	23,236	0	0	23,236
* measured at fair value

** presented at fair value

	Luka Koper Group
(in EUR)	Carrying amount at 31 Dec 2024	Fair value at 31 Dec 2024	Direct stock market quotation (Level 1)	Value defined on the basis of comparable market inputs (Level 2)	No observable market inputs (Level 3)
Non-current financial assets
Other non-current investments*	71,451,013	71,451,013	69,001,013	0	2,450,000
Non-current operating receivables**	39,991	39,991	0	0	39,991
Current financial asstes
Current loans given and deposits**	40,000,000	40,000,000	0	0	40,000,000
Non-current financial liabilities
Non-current loans and borrowings**	78,786,135	78,786,135	0	0	78,786,135
Non-current operating liabilities**	362,886	362,886	0	0	362,886
Current financial liabilities
Current loans and borrowings**	15,193,235	15,193,235	0	0	15,193,235
Other current financial liabilities**	13,501	13,501	0	0	13,501
* measured at fair value

** presented at fair value

The book value of receivables and current liabilities a good approximation of the fair value, therefore the Group does not disclose them in the table above.

Shares and interests measured at fair value (level 1) were valued at publicly applicable exchange rates at the Ljubljana Stock Exchange and the list of mutual funds quotations.

The fair value of other shares and interests classified as level 3 has been confirmed by the Group by a valuation statement and based on an assessment for accounting purposes, drawn up by independent certified business appraisers in 2023 and 2024, as the Group considers that there has not been any any material change in market value.

2. Management of interest rate risk

With respect to its liabilities structure, the Company/Group also faces interest rate risk as an unexpected growth in variable interest rates can have an adverse effect on the planned results.

Luka Koper, d. d.

As at 31 March 2025, the share of financial liabilities (excluding other financial liabilities) in the overall structure of the Company's liabilities in comparison with the end of the previous financial year, when it amounted 13.8 percent, dropped to 13.2 percent. The effect of variable interest rate changes on future profit or loss after taxes is shown in the table below.

Possible interest rate fluctuations would consequently have an impact on 23.8 percent of total borrowings (as at 31 December 2024, 24.8 percent); the remaining 76.2 percent of borrowings were concluded with a fixed interest rate.

Overview of exposure of Luka Koper, d. d.

(in EUR)	31 Mar 2025	Exposure 31 Mar 2025	31 Dec 2024	Exposure 31 Dec 2024
Borrowings received at variable interest rate (without interest rate hedge)	26,172,500	23.8%	27,075,000	24.8%
Borrowings received at nominal interest rate	84,008,561	76.2%	81,904,370	75.2%
Total	110,181,061	100.0%	108,979,370	100.0%

Sensitivity analysis of borrowings from banks in view of the variable interest rate fluctuations of the company Luka Koper, d. d.:

(in EUR)	Borrowings from banks under the variable interest rate	Increase by 15 bp	Increase by 25 bp	Increase by 50 bp	Increase by 100 bp	Increase by 150 bp
Balance at 31 Mar 2025 VARIABLE IR	26,172,500	39,259	65,431	130,863	261,725	392,588
Total effect on interests expenses	26,172,500	39,259	65,431	130,863	261,725	392,588
Balance at 31 Dec 2024 VARIABLE IR	27,075,000	40,613	67,688	135,375	270,750	406,125
Total effect on interests expenses	27,075,000	40,613	67,688	135,375	270,750	406,125

As at 31 March 2025, the Company's borrowings were not hedged against interest rate were subject to the movement of 3M Euribor.

Luka Koper Group

The share of financial liabilities (without other financial liabilities) in the overall structure of Group's liabilities deceased from initial 11.5 percent at the end of 2024 to 10.6 percent as at 31 March 2025. The effect of variable interest rates changes on future profit and loss after taxes is shown in the table below.

Possible interest rate fluctuations would consequently have an impact on 29.0 percent of all borrowings (as at 31 December 2024, 28.8 percent); the remaining 71.0 percent of borrowings were concluded with a fixed interest rate.

Overview of the exposure of the Luka Koper Group

(in EUR)	31 Mar 2025	Exposure 31 Mar 2025	31 Dec 2024	Exposure 31 Dec 2024
Borrowings received at variable interest rate (without interest rate hedge)	26,172,500	29.0%	27,075,000	28.8%
Borrowings received at nominal interest rate	64,008,561	71.0%	66,904,370	71.2%
Total	90,181,061	100.0%	93,979,370	100.0%

The analysis of sensitivity of borrowings to changes in variable interest rates in the Group, is equal to the reported analysis in Luka Koper, d. d., and is therefore not reported by the Group.

As at 31 March 2025, the Group's borrowings not hedged against interest rate were subject to the movement of 3M Euribor.

3. Management of liquidity risk

The liquidity risk is the risk that the company/Group will fail to settle its liabilities at maturity. The company/Group manages liquidity risk by regular planning of cash flows with diverse maturity, in such a way that can meet all due obligations at any time. Additional measures for preventing from delays in receivable collection include regular monitoring of payments and immediate response to any delay and charging penalty interest in accordance with the uniform policy of receivable management.

	Luka Koper, d. d.
(in EUR)	Up to 3 months	3 to 12 months	1 to 2 years	3 to 5 years	Over 5 years	Total
31 Mar 2025
Loans and borrowings	3,798,309	11,394,927	15,193,235	39,672,091	40,122,500	110,181,061
Accrued interest maturing in the next calendar year	297,768	880,491	1,013,167	1,967,621	525,791	4,684,839
Liabilities froma lease	92,132	248,029	156,903	24,057	0	521,121
Other financial liabilities	23,236	0	0	0	0	23,236
Payables to suppliers	40,342,585	0	0	0	0	40,342,585
Other operating liabilities	15,035,937	0	0	0	0	15,035,937
Total	59,589,968	12,523,447	16,363,306	41,663,768	40,648,291	170,788,779
31 Dec 2024
Loans and borrowings	3,798,309	11,394,927	15,193,235	40,853,614	37,739,286	108,979,370
Accrued interest maturing in the next calendar year	297,583	897,381	1,030,583	2,009,827	577,722	4,813,096
Liabilities froma lease	99,730	271,250	213,158	36,150	0	620,288
Other financial liabilities	13,501	0	0	0	0	13,501
Current operating liabilities	40,132,195	0	0	0	0	40,132,195
Other operating liabilities	8,267,166	0	0	0	0	8,267,166
Total	52,608,484	12,563,557	16,436,977	42,899,590	38,317,008	162,825,616

	Luka Koper Group
(in EUR)	Up to 3 months	3 to 12 months	1 to 2 years	3 to 5 years	Over 5 years	Total
31 Mar 2025
Loans and borrowings	3,798,309	11,394,927	15,193,235	40,853,614	22,739,286	93,979,370
Accrued interest maturing in the next calendar year	277,056	834,658	947,333	1,760,077	411,222	4,230,346
Liabilities froma lease	71,947	200,048	133,156	47,327	0	452,477
Other financial liabilities	23,237	0	0	0	0	23,237
Current operating liabilities	40,322,381	0	0	0	0	40,322,381
Other operating liabilities	15,719,388	0	0	0	0	15,719,388
Total	60,212,317	12,429,632	16,273,725	42,661,018	23,150,508	154,727,199
31 Dec 2024
Loans and borrowings	3,798,309	11,394,927	15,193,235	40,853,614	22,739,286	93,979,370
Accrued interest maturing in the next calendar year	277,056	834,658	947,333	1,760,077	411,222	4,230,346
Liabilities froma lease	88,982	218,162	191,704	51,658	0	550,505
Other financial liabilities	13,502	0	0	0	0	13,502
Current operating liabilities	41,608,360	0	0	0	0	41,608,360
Other operating liabilities	9,023,583	0	0	0	0	9,023,583
Total	54,809,792	12,447,746	16,332,273	42,665,348	23,150,508	149,405,666

4. Management of credit risk

Management of the risk of default on the side of the counterparty or the credit risk has gained in importance in recent years. Customer defaults are being passed on to economic entities, much like a chain reaction, which significantly reduces the assessed probability of timely inflows and increases additional costs of financing the operation. Accordingly, the Company/ the Group has accelerated collection-related activities in the past years and more consistently monitored trade receivables past due. In case of customers, regarding whom the Company/Group detects late payments and inconsistency in observing adopted business agreements, and advance payment system is set up for all ordered services with the aim of avoiding the late payments. This area is positively impacted by the specific structure of the Company's/Group's customers, who are predominantly major companies, freight forwarders and forwarding agents that have been the Company's/Group's business partners for a number of years.

Certain Company's/Group's receivables have been secured with collaterals, which are returned to the customers once all obligations have been settled or cooperation has been terminated. The Company/Group has a permanent insurance policy for trade receivables which covers a major part of its current trade receivables from customers of the parent company and its subsidiary Adria Terminali, d. o. o.

Exposure to credit risk

(in EUR)	Luka Koper, d. d.		Luka Koper Group
	31 Mar 2025	31 Dec 2024	31 Mar 2025	31 Dec 2024
Non-current operating liabilities	39,991	39,991	39,991	39,991
Current loans and deposits	49,709,665	40,000,000	49,709,665	40,000,000
Current trade receivables	64,568,433	49,935,350	64,984,536	50,300,789
Other current receivables	4,157,239	4,708,087	4,497,433	5,017,083
Cash and cash equivalents	79,162,920	92,255,286	86,330,023	106,297,764
Total	197,638,248	186,938,714	205,561,648	201,655,627

As resulting from the structure of maturity trade receivables as at 31 March 2025 in comparison with the structure as at 31 December 2024 (on page 55), the volume of overdue receivables in the Company/Group slightly decreased, mainly from the above introduced measures.

5. Management of risk relating to adequate capital structure

Luka Koper, d. d./Group set itself the goal of an optimal capital structure of the share of debt sources in liabilities under 55 percent

	Luka Koper, d. d.				Luka Koper Group
(in EUR)	31 Mar 2025		31 Dec 2024		31 Mar 2025		31 Dec 2024
	in EUR	share (in %)	in EUR	share (in %)	in EUR	share (in %)	in EUR	share (in %)
Equity	577,722,823	69.4%	547,601,545	69.5%	615,986,810	72.2%	584,803,573	71.8%
Non-current liabilities	165,418,000	19.9%	161,226,949	20.4%	147,088,095	17.2%	147,864,416	18.2%
Current liabilities	89,660,884	10.8%	79,632,256	10.1%	90,126,385	10.6%	81,699,549	10.0%
Total accumulated profit	832,801,707	100.0%	788,460,750	100.0%	853,201,290	100.0%	814,367,538	100.0%

Relevant post-balance events

There are no events after the reporting period that would have a significant impact on the financial statements presented in the first three months of 2025.