Irish Continental Group (ICGC) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 rose 8.5% year-over-year to €309.9m, with EBITDA up 10.5% to €54.9m and operating profit up 41.4% to €24.6m.

• Profit before tax increased 40.4% to €20.5m, and basic EPS grew 42.2% to 11.8c.

• Ferries Division revenue increased 4.3% to €206.0m, while Container & Terminal Division revenue surged 15.6% to €119.3m.

• Net debt increased to €224.1m, mainly due to vessel acquisitions including the cruise ferry James Joyce.

• Strong recovery in freight volumes after Holyhead Port disruption; car volumes down due to route changes.

Financial highlights

• Group operating costs (excluding depreciation) rose 8.1% to €255.0m.

• Dividend per share declared increased 5.1% to 5.37c.

• Free cash flow after strategic capital expenditure was negative at (€27.8m), reflecting significant investment.

• Fuel and emissions costs remained stable at €54.0m, with EU ETS costs nearly doubling.

• Profit before tax: €20.5m (+40.4% YoY); Net profit: €19.3m (+40.9% YoY).

Outlook and guidance

• Freight volumes in Ferries Division have recovered after a challenging start due to Holyhead Port closure; car carryings on Irish Sea and Ireland-France routes are up, but Channel volumes are down.

• Full reopening of Holyhead Port is expected to require further operational restrictions into Q1 2026.

• EU ETS and FuelEU regulations have increased costs, which are being passed to customers.

• New daily Dublin-Cherbourg service and acquisition of James Joyce ferry enhance capacity and flexibility.

• New biometric border checks (EES) to be phased in on Channel and Ireland-France routes later in 2025.