AI assistant
Luka Koper Management Reports 2025
1984_rns_2025-11-21_13a7287d-aabf-46a2-81df-98ccb3682423.pdf
Management Reports
Open in viewerOpens in your device viewer
SUMMARY OF THE BUSINESS PLAN FOR 2026 AND ESTIMATE OF THE BUSINESS PERFORMANCE IN 2025
LUKA KOPER GROUP AND LUKA KOPER, D. D.
2
1 Estimate of business performance in 2025
Despite challenging global situation, 2025 is a year of exceptional achievements for the Luka Koper Group. Business performance was carried out in an environment of diverted shipping routes via the Cape of Good Hope, geopolitical tensions, trade uncertainty due to new US tariffs, and fluctuations in the global economy. Despite these challenges, we continue to operate successfully, exceeding our plans and consolidating our position among the leading ports in the region.
We estimate that the sales revenue of the Luka Koper Group in 2025 will amount to EUR 369.8 million, which is 12 percent or EUR 39.7 million increase over 2024 and 9 percent or EUR 32 million more than planned in 2025. Revenue growth is primarily based on higher container and car throughput and car throughput volumes and higher storage revenues. Operating profit (EBIT) in 2025 is expected to reach EUR 83.1 million, which is 24 percent or EUR 16.1 million increase compared to 2024 and 50 percent or EUR 27.7 million lower the planned figures in 2025, while the net operating profit will amount to EUR 69.9 million, which is 16 percent or EUR 9.6 million year-on-year increase and 2024 and 42 percent or EUR 20.7 million higher than planned for 2025.
Container throughput will reach 1,238 thousand TEU in 2025, which is 9 percent increase compared to 2024 and 7 percent increase on planned figures for 2025. Car throughput of 907 thousand vehicles will exceed both 2024 throughput and the plan by 3 percent. We estimate that the total maritime throughput in 2025 will reach EUR 22.7 million, which is 1 percent decrease compared to 2024 and in 2 percent below the planned throughput for 2025, mainly due to a slightly lower throughout general and dry bulk and bulk cargoes.
3
2 Forecast of business performance for 2026
The global situation remains uncertain, as international institutions have lowered their economic growth forecasts due to new customs policies, changes in trade connections, and geopolitical risks. The International Monetary Fund forecasts global growth of 3.1 percent and 1.1 percent for Euro, while Institute of Macroeconomic Analysis and Development (UMAR) forecasts GDP growth of 2.1 percent and inflation of 2.3 percent for Slovenia.
The situation on the Slovenian railway network remains challenging as capacity restrictions will continue into 2026, until the completion of the northern side of the Pier I at the end of 2027. No additional capacity will be available to increase container throughput, while existing capacity within the port is already at maximum utilization. Both are among the main reasons why we are conservative in our plans for growth in throughput in 2026, as increasing or maintaining throughput will depend on timely arrival and departure of goods to and from the port.
In the Luka Koper Group, in 2026, we plan to increase throughput compared to 2025 by 1 percent to 1, 252 thousand EUR in the key container commodity group and reduce by 1 percent to 899 thousand vehicles in the car commodity group. With growth also in other commodity groups in 2026, we plan to increase total maritime throughput, measured in tons, by 3 percent compared to 2025. We have drawn up the plan for 2026 on the assumption that there will be no further escalation of the war in the Middle East, no spread of the conflict to the wider region, and no negative impact on the Group's operations.
In 2026, we plan to generate net sales of EUR 384 million for the Luka Koper Group, which is 4 percent increase over 2025. When planning net sales revenue, we took into account the growth in throughput and sales prices in 2026.
The operating profit (EBIT) of the Luka Koper Group in 2026 will reach EUR 72.2 million, which is 13 percent less than in 2025, despite the planned higher net sales revenue. Higher labour costs will be mainly impacted by additional employment in 2025 and 2026, which is a result of adjustments to the increased workload, ensuring better customer service, and the reemployment of agency workers. Due to the lower planned positive impact of the operating result from financing, which is a result of lower revenues from cash surplus, we plan the Group's net operating result in 2026 to amount to EUR 65.1 million, which is 7 percent lower than the estimate for 2025.
The Luka Koper Group will allocate EUR 202 million for investments in 2026, which, in line with strategic plans, will be directed towards increasing the capacity of the container terminal by constructing a quay and stacking areas on the northern side of the Pier I. In 2026, we will begin the construction of a new garage for storing cars and complete the construction of the Berth 12 and storage facility for steel coils. The Luka Koper Group will allocate EUR 35.8 million to sustainable development and social responsibility projects in 2026, representing 18 percent of all planned investments.
4
3 Key performance indicators of Luka Koper, d. d., and Luka Koper Group
| Items | ESTIMATE 2025 | PLAN 2026 | Index 2026/2025 | ESTIMATE 2025 | PLAN 2026 | Index 2026/2025 |
|---|---|---|---|---|---|---|
| Net revenue from sale (in EUR) | 365,488,992 | 379,089,089 | 104 | 369,776,310 | 383,962,696 | 104 |
| Earnings before interest (EBIT) (in EUR) | 82,077,295 | 71,067,091 | 87 | 83,125,561 | 72,164,486 | 87 |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) (in EUR) | 112,919,634 | 105,329,539 | 93 | 114,884,089 | 107,512,856 | 94 |
| Net profit or loss (in EUR) | 68,784,913 | 63,748,403 | 93 | 69,896,077 | 65,104,789 | 93 |
| Added value (in EUR) | 250,557,165 | 251,975,720 | 101 | 261,756,543 | 263,624,410 | 101 |
| Added value per employee (in EUR) | 112,156 | 104,576 | 93 | 109,270 | 102,398 | 94 |
| Added value per employee - adapted (in EUR) | 108,743 | 102,389 | 94 | 105,928 | 100,189 | 95 |
| Investment expenditure (in EUR) | 131,392,397 | 198,346,574 | 151 | 134,499,700 | 201,756,724 | 150 |
| Maritime throughput (in tons) | 22,700,643 | 23,304,722 | 103 | 22,700,643 | 23,304,722 | 103 |
| Number of employees | 2,371 | 2,448 | 103 | 2,536 | 2,613 | 103 |
| Indicators | ESTIMATE 2025 | PLAN 2026 | Index 2026/2025 | ESTIMATE 2025 | PLAN 2026 | Index 2026/2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Return on sales (ROS) | 22.5% | 18.7% | 83 | 22.5% | 18.8% | 84 |
| Return on equity (ROE) | 11.9% | 10.1% | 85 | 11.3% | 9.7% | 86 |
| Return on assets (ROA) | 8.3% | 6.7% | 81 | 8.2% | 6.7% | 82 |
| EBITDA margin | 30.9% | 27.8% | 90 | 31.1% | 28.0% | 90 |
| EBITDA margin from market activity | 31.8% | 28.8% | 91 | 31.9% | 29.0% | 91 |
| Financial liabilities/equity | 16.2% | 31.9% | 197 | 12.1% | 27.2% | 225 |
| Net financial debt /EBITDA | 0.1 | 1.7 | - | -0.1 | 1.4 | - |
| Return on net assets (RONA) | 10.8% | 8.2% | 76 | 10.6% | 8.2% | 77 |
| Items | ESTIMATE 31.12.2025 | PLAN 31.12.2026 | Index 2026/2025 | ESTIMATE 31.12.2025 | PLAN 31.12.2026 | Index 2026/2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Assets (in EUR) | 879,015,342 | 1,022,866,641 | 116 | 899,169,460 | 1,044,599,301 | 116 |
| Equity (in EUR) | 612,373,703 | 645,322,105 | 105 | 650,598,488 | 684,901,507 | 105 |
| Financial liabilities (in EUR) | 99,142,082 | 205,948,846 | 208 | 78,914,044 | 185,999,688 | 236 |
The Luka Koper Group also used alternative measures (APMs $^1$ Guidelines), defined by ESMA $^2$ .
| 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. |
| Added value per employee | Added value per employee = net revenue from sale + capitalised own products and own services + other revenue - costs of goods, material, services - other operating expenses / average number of employees. | Shows the new value created by a company per employee in one year. It is a measure of economic activity and success. |
| Added value per employee - adapted | Added value per employee - adapted = net revenue from sale + capitalised own products and own services + other revenue - costs of goods, material, services - other operating expenses + costs of agency services / average number of employees (employees + agency workers). | Shows the new value created by a company per employee in one year. A measure where we combine our own and external workforce among employees. It is a measure of economic activity and success. |
| 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 | Shows how efficiently a company uses its net assets to generate profit. It is useful for assessing a company's performance, as it |
1 APMs - Alternative Performance Measures 2 ESMA - European Securities and Markets Authority
6
liabilities in the period - average short-term accrued expenses in the period).
shows the company's profitability relative to its net assets invested.