The first months of this year were marked by the conflict in the Middle East, which once again put the global economy under pressure through rising energy and commodity prices, as well as a general deterioration in economic conditions. Despite these unstable circumstances, the Luka Koper Group managed to maintain a positive growth trend in cargo throughput, particularly in its strategic container segment. A total of 326,256 TEUs were handled at the Container Terminal, representing a 9% increase compared to the first quarter of the previous year. Growth was especially strong in import volumes, driven by new business related to the construction and supply of manufacturing facilities in the port’s hinterland markets, the start-up of production at several newly completed factories, and the restructuring of shipping services from the Far East calling at Northern Adriatic ports. In addition, with a throughput of 114,397 TEUs in March, the Company achieved a new monthly record for container handling, marking the highest container throughput ever recorded in a single month.
At the Car Terminal, a total of 184,564 vehicles were handled during the first three months of the year, representing an 11% decrease compared to the same period in 2025. The decline was mainly due to lower export volumes to Turkey, Israel, and the broader Middle East region. This was influenced by the introduction of additional duties, the growing presence of Chinese vehicle manufacturers, and ongoing geopolitical developments in the region. At the same time, the port continues to record steady growth in vehicle imports from China.
In the general cargo segment, a total of 0.3 million tonnes of cargo were handled, in line with the planned volume and slightly below the levels recorded in 2025. The decrease was primarily attributable to lower timber throughput. Growth was also recorded in the liquid cargo segment, where throughput increased by 5% to 1.1 million tonnes, mainly driven by higher volumes of diesel fuel. In contrast, the dry bulk segment closed the first quarter with a 14% decline in throughput, largely due to lower coal volumes.
Strong financial results despite uncertain market conditions
Net sales revenue reached EUR 100.4 million, representing an 11% increase compared to the same period in 2025 and exceeding the planned target by more than 7%. Revenue growth was primarily driven by higher container throughput and increased storage revenues. Earnings before interest and taxes (EBIT) amounted to EUR 29.7 million, which is EUR 5.6 million or 23% higher than in the first quarter of 2025 and 55% above plan. The improvement in EBIT was mainly attributable to higher net sales revenue. Operating costs also increased, reaching EUR 71.8 million. The rise was primarily driven by higher labour costs due to additional recruitment, increased other operating expenses, and higher depreciation costs. At the same time, electricity costs decreased slightly during the period. As a result, the Group’s net profit for the first three months of the year amounted to EUR 24.9 million, representing an increase of EUR 4.9 million, or 25%, compared to the same period last year.
“In the first quarter of this year, we once again put our ability to adapt to uncertain conditions to the test, driven by the war in the Middle East and the resulting changes in global logistics flows. We are pleased that, despite this, we achieved 9% growth in container throughput at the Container Terminal and maintained all direct container services from the Far East, while also performing well in other segments—particularly general and liquid cargo. These results are also reflected in the financial performance which shows that we have successfully met our planned targets and maintained a stable business trajectory. The economic environment remains highly unpredictable for now, and forward-looking forecasts are quite challenging,” emphasized Nevenka Kržan, President of the Management Board of Luka Koper, upon the publication of the results.
The intensive investment cycle continues
In 2026, the Company continues to accelerate the implementation of major investments within the extensive investment cycle defined in the strategic business plan of the Luka Koper Group. In the first quarter alone, EUR 38.6 million was allocated to investments. Ongoing projects include the construction of the northern section of Pier I, a multi-storey parking facility with a capacity of 11,700 vehicles, and the relocation of storage blocks at the Container Terminal. At the same time, construction works on the fire station have already been completed. The development of a nearly fully automated, energy self-sufficient warehouse for steel coils (Warehouse No. 54), as well as the construction of Berth 12 at Pier II, are approaching completion.
