REG-Preliminary Statement of Results for the year ended 31 December 2025
05/03/2026 07:00
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Preliminary Statement of Results for the year ended 31 December 2025
Irish Continental Group (ICG), the leading Irish-based maritime transport
group, reports its financial performance for the year ended 31 December 2025.
Highlights
Financial Summary
2025 2024 Change
Revenue €666.7m €603.8m +10.4%
EBITDA €150.6m €133.5m +12.8%
Operating profit €85.6m €69.1m +23.9%
Basic earnings per share 46.6c 36.3c +28.4%
Final dividend 10.95c 10.43c +5.0%
Net debt €(256.1)m €(162.2)m +57.9%
Net debt (pre-IFRS 16) €(133.5)m €(55.1)m 142.3%
ROACE 18.9% 16.9% 2.0%pts
Volume movements
2025 ‘000 2024 ‘000 Change
RoRo units 816.7 767.2 +6.5%
Cars 679.7 707.3 (3.9%)
Containers shipped (teu) 370.0 317.8 +16.4%
Port lifts 360.9 339.4 +6.3%
This preliminary statement contains certain alternative performance measures
including EBITDA, EBIT, and adjusted earnings per share. An explanation of
these measures together with other abbreviated terms is provided at note 9 on
pages 24 - 25 of the Condensed Financial Statements.
* Revenue increased by €62.9 million (10.4%) to €666.7 million.
* EBITDA increase of €17.1 million to €150.6 million due to a strong
performance in both divisions. Cash generated from operations of €162.2
million (2024: €142.5 million) was used to fund strategic capital
expenditure of €82.6 million and returns to shareholders of €123.2 million
via dividends and share buybacks. Net debt at year end was €256.1 million
(2024: €162.2 million).
* The Ferries Division delivered a strong performance during the year,
supported by growth in passenger and freight revenues, through disciplined
pricing and continued focus on operational efficiency.
* The Group completed a significant strategic milestone with the acquisition
of the James Joyce. This acquisition coupled with our purchase obligation on
the Oscar Wilde (agreed in the prior year, final bullet payment due in May
2026), results in full ownership of the Group’s ferry fleet. Full asset
ownership enhances operational control, resilience and long-term cost
predictability, and supports flexible deployment across routes as market
conditions evolve. Access to appropriate berthing windows at key ports remains
a competitive advantage, supporting schedule reliability and customer
convenience.
* In the Container and Terminal Division, we were delighted to announce the
signing of the extension of the BCT concession with Belfast Harbour
Commissioners to 2032.
* Eucon continued to perform strongly in volume terms, with container
shipments increasing year-on-year by 16.4%. We expanded our fleet capacity
during the year to reflect the growing demand, chartering in the newly
acquired CT Endeavour and additionally chartering in the Ensemble to meet the
increased demand. While Containers handled at the Group’s terminals in
Dublin Ferryport Terminals (DFT) and Belfast Container Terminal (BCT) were up
6.3% at 360,900 lifts (2024: 339,400 lifts) representing a strong performance
for the year.
Commenting on the results, Chairman John B. McGuckian said;
“2025 was a strong year for the Group, driven by a solid operational
performance across both Divisions and supported by continued strength in our
core markets. Ongoing operational challenges at Holyhead continued to create
uncertainty for customers and remain a potential source of disruption as we
enter 2026.
While underlying demand remains resilient, the external environment is
uncertain, shaped by macroeconomic conditions, geopolitical developments and
an evolving regulatory landscape. We will continue to manage these factors
through cost discipline, operational flexibility and a prudent approach to
capital allocation, supported by the strength of our balance sheet. As always,
I would like to thank all our colleagues—particularly those on the front
line in our ports, on our ships and in our terminals—whose commitment and
professionalism underpin the reliable service we provide to customers every
day.”
04 March 2026 Enquiries:
Eamonn Rothwell, Chief Executive Officer Tel : +353 1 607 5628 Email : info@icg.ie
David Ledwidge, Chief Financial Officer Tel : +353 1 607 5628 Email : info@icg.ie
Media enquiries:
Q4 Public Relations Tel : +353 1 475 1444 Email : press@q4pr.ie
Results
Financial Highlights
2025 2024 Change
Revenue €666.7m €603.8m +10.4%
EBITDA €150.6m €133.5m +12.8%
Operating profit €85.6m €69.1m +23.9%
The overall financial outcome for the Group was a profit before tax of €77.5
million (2024: €62.2 million) while operating profit was €85.6 million
(2024: €69.1 million). EBITDA generated was €150.6 million (2024: €133.5
million) from total revenues of €666.7 million (2024: €603.8 million).
This is a robust result against the continued disruption in Holyhead.
EBITDA increased in our Ferries Division to €120.7 million on the prior year
(2024: €109.8 million). The Division saw increased revenues arising from
higher freight volumes and on board spend. Underlying fuel costs were lower
than the prior year before the impact of increased ETS obligations.
Performance in our Container and Terminal Division was ahead of the prior year
resulting in an increase in EBITDA to €29.9 million (2024: €23.7 million).
This was driven by higher volumes and continuation of the improved rate
environment from the prior year. The C&T Division is well placed heading into
2026.
As in the prior year, when the Group also faced challenging operational
trading conditions, our diversified revenue streams and flexible cost model
allowed us to further strengthen our balance sheet. Cash generated from
operations amounted to €162.2 million (2024: €142.5 million) which funded
strategic capital expenditure of €82.6 million, share buybacks of €97.7
million, dividends of €25.5 million and net drawdown of borrowings of
€74.0 million. Net debt at 31 December 2025 stood at €256.1 million (2024:
€162.2 million). It is testament to the strength of the business and the
balance sheet that, despite challenging trading conditions, we had the ability
to continue investing in the future growth of our business.
Operational Review
ICG operates through two Divisions; the Ferries Division and the Container and
Terminal Division. The Ferries Division, which owns and manages the Group’s
fleet, operates under the Irish Ferries brand, offering passenger and RoRo
freight services. The Division is also engaged in ship chartering activities
with vessels chartered within the Group and to third parties. The Container
and Terminal Division includes the intermodal shipping line Eucon as well as
the Division’s strategically located container terminals in Dublin and
Belfast.
Ferries Division
Financial summary
2025 2024 Change
Revenue* €465.5m €433.5m +7.4%
EBITDA €120.7m €109.8m +9.9%
Operating profit €65.2m €54.4m +19.9%
*Includes inter-segment revenue of €32.2 million (2024: €32.0 million)
Operational Highlights
2025 2024 Change
Volumes ‘000 ‘000
Cars 679.7 707.3 (3.9%)
Passengers 2,985.5 3,062.2 (2.5%)
RoRo freight units 816.7 767.2 +6.5%
Revenue in the Division was 7.4% higher than the previous year at €465.5
million (2024: €433.5 million). Revenue in the first half of the year
increased by 4.3% to €206.0 million (2024: €197.6 million), while in the
second half revenue increased by 10.0%, to €259.5 million (2024: €235.9
million). EBITDA increased to €120.7 million (2024: €109.8 million) while
operating profit was €65.2 million compared to €54.4 million in 2024.
Fuel costs were €89.5 million, a decrease of €2.1 million on the prior
year. In total, Irish Ferries operated 11,290 sailings in 2025 (2024: 13,153),
the decrease due to fewer sailings on the Irish Ferries’ Dover – Calais
service due to the full year of operation of the space charter with P&O.
Car and Passenger markets
It is estimated that the overall car market, on the routes that we operate
(Republic of Ireland to UK/France and the Dover Straits), grew by
approximately 0.7% in 2025 to 4,722,600 cars. While encouraging, this level of
car carryings is still 13.0% behind 2019 levels.
Irish Ferries’ car carryings during the year decreased over the previous
year by 3.9% to 679,700 cars (2024: 707,300 cars). This decrease in carryings
is primarily due to the reduction of a ship on the Dover – Calais route.
The total sea passenger market (i.e. comprising car, coach and foot passengers
on the Republic of Ireland to UK/France and the Dover Straits) decreased by
1.0% on 2025 to a total of 19.0 million passengers. Irish Ferries’ passenger
numbers carried decreased by 2.5% at 2,985,500 (2024: 3,062,200).
RoRo Freight
The RoRo freight market grew marginally between the Republic of Ireland to the
UK and France and the Dover Straits, but the market remains 16.3% below 2019
levels.
Irish Ferries’ freight carryings, at 816,700 freight units (2024: 767,200
freight units), increased by 6.5% versus the prior year. The increased
carryings over market performance were primarily driven by further market
share on the Dover – Calais route.
Chartering
The Group continued to charter a number of vessels to third parties during
2025. Overall external charter revenues were €15.1 million in 2025 (2024:
€10.8 million). We purchased an additional container ship during the year,
CT Endeavour. Of our nine owned LoLo container vessels, six are currently
chartered to the Group’s container shipping subsidiary Eucon on routes
between Ireland and the Continent whilst three are chartered to third parties.
The GNV Allegra which was previously on a bareboat hire purchase agreement
with MSC Mediterranean Shipping Company SA concluded during 2025 with the
final balloon payment having been received.
Container and Terminal Division
Financial summary
2025 2024 Change
Revenue* €234.6m €203.5m +15.3%
EBITDA €29.9m €23.7m +26.2%
Operating profit €20.4m €14.7m +38.8%
*Includes inter-segment revenue of €1.2 million (2024: €1.2 million)
Operational Highlights
2025 2024 Change
Volumes ‘000 ‘000
Containers shipped (teu) 370.0 317.8 +16.4%
Port lifts 360.9 339.4 +6.3%
Revenue in the Division rose to €234.6 million (2024: €203.5 million). The
revenue is derived from container handling and related ancillary revenues at
our terminals and in Eucon from a mix of domestic door-to-door, quay-to-quay
and feeder services with 75% (2024: 76%) of shipping revenue generated from
imports into Ireland. With a flexible chartered fleet and slot charter
arrangements, Eucon was able to adjust capacity and thereby continue to meet
the requirements of customers in a cost effective and efficient manner. EBITDA
in the Division increased by 26.2% to €29.9 million (2024: €23.7 million)
while operating profit increased by 38.8% to €20.4 million (2024: €14.7
million).
In Eucon, overall container volumes shipped were up 16.4% compared with the
previous year at 370,000 teu (2024: 317,800 teu). This increases in volumes
was reflected in both Revenue and EBITDA growth during the year.
Containers handled at the Group’s terminals in Dublin Ferryport Terminals
(DFT) and Belfast Container Terminal (BCT) were up 6.3% at 360,900 lifts
(2024: 339,400 lifts).
Group Finance Review
Cash Flow
A summary cash flow is presented below:
2025 2024
€m €m
Operating profit (EBIT)* 85.6 69.1
Depreciation and amortisation 65.0 64.4
EBITDA* 150.6 133.5
Working capital movements 7.8 5.3
Retirement benefit scheme movements - 0.7
Share-based payment expense 3.8 3.6
Other movements - (0.6)
Cash generated from operations 162.2 142.5
Interest paid (9.8) (8.6)
Tax paid (2.5) (2.1)
Maintenace capital expenditure (19.4) (16.6)
Free cash flow before strategic capital expenditure* 130.5 115.2
Strategic capital expenditure (82.6) (15.8)
Free cash flow after strategic capital expenditure 47.9 99.4
Proceeds on disposal of property, plant and equipment 7.4 3.2
Proceeds on the issue of ordinary share capital 5.5 0.7
Settlement of employee equity plans through market purchases (7.6) (3.7)
Dividends paid (25.5) (24.7)
Share buyback (97.7) (9.0)
Net cash flows (70.0) 65.9
*Additional information in relation to these Alternative Performance Measures
(“APMs”) is disclosed on page 26.
EBITDA for the year was €150.6 million (2024: €133.5 million). After
adjusting for €7.8 million due to positive working capital movements, and
share-based payment expense of €3.8 million, this resulted in cash generated
from operations of €162.2 million (2024: €142.5 million).
Interest paid was €9.8 million (2024: €8.6 million) reflecting higher
level of borrowings. Taxation paid was €2.5 million (2024: €2.1 million).
Capital expenditure outflows amounted to €102.0 million (2024: €32.4
million) which included €82.6 million of strategic capital expenditure.
There was a total of €123.2 million (2024: €33.7 million) returned to
shareholders during the period which consisted of €25.5 million (2024:
€24.7 million) of dividends paid during the year together with €97.7
million (2024: €9.0 million) expended in buying back the Group’s equity.
The above cash flows resulted in year-end net debt of €256.1 million (2024:
€162.2 million), which comprised bank borrowings of €170.2 million (2024:
€96.4 million), lease obligations of €122.6 million (2024: €107.1
million) offset by cash balances of €36.7 million (2024: €41.3 million).
The key net debt / EBITDA ratio was 1.0 times (2024: 0.5 times) under banking
covenant definitions (see Appendix for further information).
Balance Sheet
A summary balance sheet is presented below:
2025 2024
€m €m
Property, plant & equipment and intangible assets 399.4 354.7
Right-of-use assets 119.0 106.3
Long term receivable - -
Retirement benefit surplus 63.6 52.3
Other assets 95.9 84.5
Cash and bank balances 36.7 41.3
Total assets 714.6 639.1
Non-current borrowings 162.9 89.1
Non-current lease liabilities 38.0 99.6
Retirement benefit obligations 0.3 0.5
Other non-current liabilities 6.4 5.9
Current borrowings 7.3 7.3
Current lease liabilities 84.6 7.5
Other current liabilities 131.5 106.9
Total liabilities 431.0 316.8
Total equity 283.6 322.3
Total equity and liabilities 714.6 639.1
The net defined benefit pension asset recognised in respect of all schemes at
31 December 2025 was €63.3 million in comparison to a €51.8 million
surplus at 31 December 2024. The movement principally reflects a net actuarial
gain of €10.2 million due to a reduction in obligations as a result of
higher discount rates. Movement in property, plant and equipment and
right-of-use assets mainly relates to the addition of the James Joyce and
offset by the depreciation over its useful life of 12 years. The movement in
non-current borrowings principally relates to net drawdowns during the year of
€74.0 million.
Shareholders’ equity decreased to €283.6 million from €322.3 million at
31 December 2025. The movement includes the profit for the financial period of
€74.9 million, actuarial gains arising on retirement benefit schemes of
€9.8 million, offset by dividends paid of €25.5 million and buyback of
equity of €97.7 million.
Financing
The borrowing facilities available to the Group at 31 December 2025 were as
follows;
Borrowing Facilities
Facility Committed Committed facilities drawn Committed facilities undrawn
€m €m €m €m
Private placement loan notes 233.7 - - -
Bank term loans 33.8 33.8 33.8 -
Revolving credit 150.0 150.0 137.5 12.5
Overdraft and other 20.0 20.0 0.6 19.4
437.5 203.8 171.9 31.9
At 31 December 2025, the Group had total lending facilities of €437.5
million available of which €203.8 million were committed facilities. Of
these, €171.9 million have been drawn, of which €7.3 million are
classified as repayable within one year.
At 31 December 2025, the Group has borrowings comprised of a term loan on a
fixed interest rate as well as a revolving credit facility on a floating rate
for an interest period of up to six months, calculated by reference to EURIBOR
or other reference rate depending on the currency drawn plus an agreed margin
which varies with the Group’s net debt to EBITDA ratio.
The average interest rate on borrowings at 31 December 2025 was 3.14% (2024:
3.41%) for remaining terms of between 4.2 and 4.4 years. In addition to
borrowings, the Group has recognised lease liabilities at 31 December 2025
relating to right-of-use assets amounting to €122.6 million.
These facilities, together with undrawn committed facilities of €31.9
million and cash generated from operations, will be used to support the
long-term strategic development of the Group. We are currently in ongoing
negotiations to increase the Groups available facilities.
Fuel
2025 2024 Change
Fuel costs €110.5m €109.5m +0.9%
Group fuel costs in 2025 including ETS costs amounted to €110.5 million
(2024: €109.5 million). Bunker consumption was 173,800 tonnes in 2025 (2024:
168,900 tonnes). The average cost per tonne of heavy fuel oil (HFO) fuel in
2025 was 12.9% lower than in 2024 while marine gas oil (MGO) was 6.2% lower
than in 2024.
In the Container and Terminal Division, bunker costs above a base level are
offset to a large extent by the application of prearranged price adjustments
with our customers. Similar arrangements are in place with freight customers
in the Ferries Division. In the passenger sector, changes in bunker costs are
included in the ticket price to the extent that market conditions will allow.
Dividend and Share Buyback
The Directors declared and paid during 2025 a final dividend of 10.43 cent per
ordinary share for 2024 and an interim dividend of 5.37 cent per ordinary
share for 2025. Dividends paid during the year totalled €25.5 million.
During the year, the Company bought back a total of 17.8 million shares which
were cancelled. The net consideration paid in respect of share buybacks was
€97.7 million (2024: €9.0 million). The Directors are proposing a final
dividend in respect of 2025 of 10.95 cent per share subject to shareholder
approval at the AGM on 07 May 2026, which will be paid on 05 June 2026 to
shareholders on the register at close of business on 15 May 2026.
Strategic Developments
The Group has continued to progress a number of key strategic developments
during the year. The acquisition of James Joyce coupled with the Oscar Wilde
under purchase obligation, which was recognised in the prior year, completes
our transition to full fleet ownership. This milestone strengthens asset
control, simplifies the capital structure and enhances long-term cost
visibility. The Oscar Wilde continues to operate under a structured bareboat
arrangement, with completion of the purchase scheduled for May 2026.
The Group took delivery of the James Joyce, which entered service with Irish
Ferries in May of this year and had previously been on bareboat Charter to the
group in 2024. The James Joyce is the largest and fastest passenger cruise
ferry on the Irish Sea with an impressive capacity for more than 2,000
passengers, ample cabins and open space and 2,380 lane meters for cars,
coaches, and freight vehicles. The James Joyce has the largest shopping space
for any cruise ferry on the Irish Sea with more than 17,000 square feet. The
James Joyce was built by Aker Finnyards, Helsinki, STX Europe in Finland in
2007.
We were delighted to announce the extension of our concession for the
operation of Belfast Container Terminal for a further six years to 2032. This
further extension is testament to our operational excellence in terminal
operations and will allow us to build upon the productive partnership that we
have shared with Belfast Harbour Commissioners since the concession’s
inception in 2015.
Strategy and the Environment
We continue to focus on sustainability across our operations, recognising our
stakeholders’ expectations for environmental responsibility and the
importance of our services as a critical link in supply chains between
Ireland, the UK and Continental Europe. We are conscious of the environmental
impact of our activities and are working to minimise our footprint, while
maintaining reliable connectivity for trade and travel.
We have made meaningful progress in reducing emissions within our terminal
operations following sustained investment in modernisation, including the
electrification of heavy plant and supporting infrastructure. Our focus
remains on completing the transition of remaining emissions sources as
technologies mature and as equipment replacement cycles allow. Decarbonising
vessel operations remains more challenging given the current lack of
commercially viable alternative fuels for larger vessels, and our near-term
approach continues to prioritise operational efficiency and practical
initiatives that can deliver emissions reductions.
Regulatory developments, including the EU Emissions Trading System and FuelEU
Maritime, are increasing the pace of change across the sector. We have
implemented transparent surcharge mechanisms to recover the costs of these
changes from our customers and we continue to support the reinvestment of
carbon pricing revenues into the development of scalable alternative fuels and
enabling infrastructure, including green corridor initiatives.
Current Trading and Outlook
2026 Trading to date
1/1/26 – 28/2/26 1/1/25 – 28/2/25 1/1/ 24 – 28/2/24 Change v 25 Change v 24
Volumes ‘000 ‘000 ‘000
Cars 50.2 49.3 59.4 +1.8% (15.5%)
RoRo freight units 124.7 112.2 117.7 +11.1% +5.9%
Containers shipped (teu) 60.6 63.8 47.6 (5.0%) +27.3%
Port lifts 58.9 57.3 52.1 +2.8% +13.1%
*The 2025 comparative period volumes have been impacted by the closure of
Holyhead Port, and as a result we have also provided the 2024 volumes.
In the period from 1 January 2026 to 28 February 2026, Irish Ferries carried
50,200 cars, an increase of 1.8% over the same period in the prior year but a
decrease of 15.5% on same period in 2024. Similarly, RoRo volumes are
continuing to grow showing a 11.1% growth over the same period in the prior
year which was hit by the Holyhead port closure and 5.9% over the same period
in 2024.
Holyhead Port remained fully operational throughout the period, with
all services continuing on a revised schedule from Terminal 3 following
temporary disruption caused by separate berthing incidents in December
2025 at Terminal 5 and January 2026 at Terminal 3. Terminal 5 has been
taken out of service in December 2025 to allow for essential remedial works,
with completion currently targeted before the summer passenger high season.
The works form part of a wider multi-year programme with all works scheduled
for completion in early 2027, with contingency measures in place to ensure
continued service reliability.
In Eucon, volumes decreased by 5.0% in the current period compared with 2025,
reflecting weather disruptions and vessel drydockings since the start of the
year which reduced the number of sailings year on year. However, volumes
remain 27.3% ahead of the same period in 2024.
Port lifts increased by 2.8% year to date compared with 2025 and are 13.1%
ahead of the same period in 2024. This continued growth reflects the strong
momentum delivered in the prior year and is testament to the investments made
in our Dublin terminal. In addition, the extension of our concession with
Belfast Harbour Commissioners for the operation of the Belfast Container
Terminal to 2032 underscores the strength of our terminal operations and
reinforces our position as the leading container terminal operator on the
island of Ireland.
Recent geopolitical developments have led to higher fuel prices and may
have further macro-economic impacts on economic growth, inflation, and
interest rates. In addition, the European Union is
introducing environmental regulations at a much faster pace than the rest of
the world which will clearly have a cost impact for our customers. We are
also facing further operational difficulties in Holyhead Port.
Nevertheless, with our significant investment in a flexible modern fleet and
in our container terminal, combined with our strong balance sheet, we are
well placed to take advantage of opportunities that may arise while continuing
to benefit from any growth in our markets.
Condensed Consolidated Income Statement for the year ended 31 December 2025
Notes 2025 2024
€m €m
Revenue 2 666.7 603.8
Depreciation and amortisation (65.0) (64.4)
Employee benefits expense (29.1) (27.0)
Other operating expenses 2 (487.0) (443.3)
Operating profit 85.6 69.1
Finance income 2.1 1.6
Finance costs (10.2) (8.5)
Profit before taxation 77.5 62.2
Income tax expense 3 (2.6) (2.3)
Profit for the financial year: all attributable to equity holders of the parent 74.9 59.9
Earnings per ordinary share – expressed in euro cent per share
Basic 4 46.6 36.3
Diluted 4 45.8 35.6
Condensed Consolidated Statement of Comprehensive Income for the year ended 31
December 2025
2025 2024
Notes €m €m
Profit for the financial year 74.9 59.9
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustment (1.9) 2.0
Items that will not be reclassified subsequently to profit or loss:
Actuarial gain on defined benefit obligations 7 10.2 11.4
Deferred tax on defined benefit pension schemes (0.4) (0.2)
Other comprehensive income for the financial year 7.9 13.2
Total comprehensive income for the financial year: all attributable to equity holders of the parent 82.8 73.1
Condensed Consolidated Statement of Financial Position as at 31 December 2025
2025 2024
Notes €m €m
Assets
Non-current assets
Property, plant and equipment 396.2 351.9
Intangible assets 3.2 2.8
Right-of-use assets 119.0 106.3
Retirement benefit surplus 7 63.6 52.3
Deferred tax asset 0.2 0.2
582.2 513.5
Current assets
Inventories 13.1 11.1
Trade and other receivables 82.6 73.2
Cash and cash equivalents 5 36.7 41.3
132.4 125.6
Total assets 714.6 639.1
Equity and liabilities
Equity
Share capital 9.6 10.7
Share premium 27.0 21.6
Other reserves (4.0) (3.2)
Retained earnings 251.0 293.2
Equity attributable to equity holders 283.6 322.3
Non-current liabilities
Borrowings 5 162.9 89.1
Lease liabilities 5 38.0 99.6
Deferred tax liabilities 5.6 5.3
Provisions 0.8 0.6
Retirement benefit obligation 7 0.3 0.5
207.6 195.1
Current liabilities
Borrowings 5 7.3 7.3
Lease liabilities 5 84.6 7.5
Trade and other payables 131.0 106.3
Provisions 0.5 0.6
223.4 121.7
Total liabilities 431.0 316.8
Total equity and liabilities 714.6 639.1
Condensed Consolidated Statement of Changes in Equity for the year ended 31
December 2025
Share Share Other Retained
Capital Premium Reserves Earnings Total
€m €m €m €m €m
Balance at 1 January 2025 10.7 21.6 (3.2) 293.2 322.3
Profit for the financial year - - - 74.9 74.9
Other comprehensive income - - (1.9) 9.8 7.9
Total comprehensive income for the financial year - - (1.9) 84.7 82.8
Employee share-based payments expense - - 3.8 - 3.8
Share issue 0.1 5.4 - - 5.5
Dividends - - - (25.5) (25.5)
Share buyback (1.2) - 1.2 (97.7) (97.7)
Settlement of employee equity plans through market purchase - - - (7.6) (7.6)
Transferred to retained earnings on exercise of share options - - (3.9) 3.9 -
Transactions with shareholders (1.1) 5.4 1.1 (126.9) (121.5)
Balance at 31 December 2025 9.6 27.0 (4.0) 251.0 283.6
Analysed as follows:
Share capital 9.6
Share premium 27.0
Other reserves (4.0)
Retained earnings 251.0
283.6
Other Reserves comprise the following:
Undenominated Share
Capital Options Translation
Reserves Reserve Reserve Total
€m €m €m €m
Balance at 1 January 2025 9.0 7.8 (20.0) (3.2)
Other comprehensive income - - (1.9) (1.9)
Employee share-based payments expense - 3.8 - 3.8
Share buyback 1.2 - - 1.2
Transferred to retained earnings on exercise of share options - (3.9) - (3.9)
1.2 (0.1) (1.9) (0.8)
Balance at 31 December 2025 10.2 7.7 (21.9) (4.0)
Condensed Consolidated Statement of Changes in Equity for the year ended 31
December 2024
Share Share Other Retained
Capital Premium Reserves Earnings Total
€m €m €m €m €m
Balance at 1 January 2024 10.8 20.9 (6.1) 256.7 282.3
Profit for the financial year - - - 59.9 59.9
Other comprehensive income - - 2.0 11.2 13.2
Total comprehensive income for the financial year - - 2.0 71.1 73.1
Employee share-based payments expense - - 3.6 - 3.6
Share issue - 0.7 - - 0.7
Dividends - - - (24.7) (24.7)
Share buyback (0.1) - 0.1 (9.0) (9.0)
Settlement of employee equity plans through market purchase - - - (3.7) (3.7)
Transferred to retained earnings on exercise of share options - - (2.8) 2.8 -
Transactions with shareholders (0.1) 0.7 0.9 (34.6) (33.1)
Balance at 31 December 2024 10.7 21.6 (3.2) 293.2 322.3
Analysed as follows:
Share capital 10.7
Share premium 21.6
Other reserves (3.2)
Retained earnings 293.2
322.3
Other Reserves comprise the following:
Undenominated Share
Capital Options Translation
Reserves Reserve Reserve Total
€m €m €m €m
Balance at 1 January 2024 8.9 7.0 (22.0) (6.1)
Other comprehensive income - - 2.0 2.0
Employee share-based payments expense - 3.6 - 3.6
Share buyback 0.1 - - 0.1
Transferred to retained earnings on exercise of share options - (2.8) - (2.8)
0.1 0.8 2.0 2.9
Balance at 31 December 2024 9.0 7.8 (20.0) (3.2)
Condensed Consolidated Statement of Cash Flows for the year ended 31 December
2025
2025 2024
Notes €m €m
Profit for the financial year 74.9 59.9
Adjustments for:
Finance costs (net) 8.1 6.9
Income tax expense 2.6 2.3
Retirement benefit scheme movements 6 - 0.7
Depreciation of property, plant and equipment 53.7 46.9
Depreciation of right-of-use assets 10.9 17.0
Amortisation of intangible assets 0.4 0.5
Share-based payment expense 3.8 3.6
Increase/ (Decrease) in provisions 0.1 (0.6)
Gain on disposal (0.1) -
Working capital movements 6 7.8 5.3
Cash generated from operations 162.2 142.5
Income taxes paid (2.5) (2.1)
Interest paid (9.8) (8.6)
Net cash inflow from operating activities 149.9 131.8
Cash flow from investing activities
Net proceeds on disposal of property, plant and equipment 7.4 3.2
Lease inception costs - (2.5)
Purchases of property, plant and equipment and intangible assets 6 (102.0) (29.9)
Net cash outflow from investing activities (94.6) (29.2)
Cash flow from financing activities
Share buybacks (97.7) (9.0)
Dividends (25.5) (24.7)
Repayment of lease liabilities 6 (8.0) (14.6)
Repayment of bank loans (30.0) (94.0)
Drawdown of bank loans 104.0 37.5
Settlement of employee equity plans through market purchases (7.6) (3.7)
Proceeds on issue of ordinary share capital 5.5 0.7
Net cash outflow from financing activities (59.3) (107.8)
Net decrease in cash and cash equivalents (4.0) (5.2)
Cash and cash equivalents at the beginning of the year 41.3 46.8
Effect of foreign exchange rate changes (0.6) (0.3)
Cash and cash equivalents at the end of the year 5 36.7 41.3
Notes to the Condensed Financial Statements for the year ended 31 December
2025
1. Accounting policies
The financial information presented in this report has been prepared using
accounting policies consistent with International Financial Reporting
Standards (IFRSs) as adopted by the European Union and as set out in the
Group’s annual financial statements in respect of the year ended 31 December
2024 except as noted below. The financial information does not include all the
information and disclosures required in the annual financial statements. The
2025 Annual Report will be distributed to shareholders and made available on
the Company’s website www.icg.ie in due course. It will also be filed with
the Company’s annual return in the Companies Registration Office. The
auditor has reported on the financial statements for the year ended 31
December 2025 and their report was unqualified and did not contain any matters
to which attention was drawn by way of emphasis. The financial information for
the year ended 31 December 2024 represents an abbreviated version of the
Group’s statutory financial statements on which an unqualified audit report
was issued and which have been filed with the Companies Registration Office.
Basis of preparation and accounting policies
The financial information contained in this Preliminary Statement has been
prepared in accordance with the accounting policies set out in the last annual
financial statements. New and revised accounting standards and interpretations
have been issued which are set out below.
Standards effective for the Group from 1 January 2025
Standard Description Effective Date for periods commencing
IAS 21 (amendments) The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability 1 January 2025
The above amended standards have been applied in the preparation of the
financial statements for the year ended 31 December 2025. These new standards
and interpretations did not have any material impact on the results or
financial position of the Group.
Standards effective for the Group from 1 January 2026 or later
Standard Description Effective Date for periods commencing
IFRS 7 and IFRS 9 (amendments) Classification and Measurement of Financial Instruments 1 January 2026
IFRS 7 and IFRS 9 (amendments) Contracts Referencing Nature-dependent Electricity 1 January 2026
IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS7 Annual Improvements 1 January 2026
IFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027
The above standards and amendments to standards have not been applied in the
preparation of the financial statements for the year ended 31 December 2025.
The Group is currently assessing how the application of IFRS 18: Presentation
and Disclosure in Financial Statements, effective for accounting periods on or
after 1 January 2027, will affect the future presentation of the Company and
Consolidated Financial Statements. While the adoption of IFRS 18 will not
affect the totals of the Group or Company assets, liabilities, equity, income
and expenses, there will likely be changes as to how the make-up of these
principal categories are presented both in the primary statements and the
notes together with additional disclosures around management performance
measures. Otherwise, the standards above are not expected to have a material
impact on the results or financial position of the Group when applied in
future periods.
2. Segmental information
The Executive Board is deemed the chief operating decision maker within the
Group. For management purposes, the Group is currently organised into two
operating segments: Ferries and Container and Terminal.
Revenue has been disaggregated into categories which reflect how the nature,
amount, timing and uncertainty of revenue and cash flows are affected by
economic factors. As revenues are recognised over short time periods of no
more than days, a key determinant to categorising revenues is whether they
principally arise from a business to customer or a business to business
relationship as this impacts directly on the uncertainty of cash flows.
i) Revenue analysis
By business segment:
2025 2024
€m €m
Ferries
Passenger 210.9 196.5
Freight 207.3 194.2
Charter and other 47.3 42.8
465.5 433.5
Container and Terminal
Freight 234.6 203.5
Inter-segment revenue (33.4) (33.2)
Total 666.7 603.8
By geographic origin of booking:
2025 2024
€m €m
Ireland 211.6 189.8
United Kingdom 195.8 180.8
Netherlands 112.6 100.9
Belgium 41.8 37.2
France 35.2 27.6
Poland 16.2 15.7
Germany 8.8 8.2
Austria 7.9 9.3
Other 36.8 34.3
666.7 603.8
No single external customer in the current or prior financial year amounted to
10 per cent of the Group’s revenues.
ii) Profit for the financial year
Ferries Container & Terminal Group Total
2025 €m 2024 €m 2025 €m 2024 €m 2025 €m 2024 €m
Operating profit 65.2 54.4 20.4 14.7 85.6 69.1
Finance income 2.1 1.6 - - 2.1 1.6
Finance costs (8.6) (7.3) (1.6) (1.2) (10.2) (8.5)
Profit before tax 58.7 48.7 18.8 13.5 77.5 62.2
Income tax expense (1.2) (1.5) (1.4) (0.8) (2.6) (2.3)
Profit for the financial year 57.5 47.2 17.4 12.7 74.9 59.9
iii) Other operating expenses
Ferries Container & Terminal Group Total
2025 €m 2024 €m 2025 €m 2024 €m 2025 €m 2024 €m
Fuel 89.5 91.6 21.0 17.9 110.5 109.5
Labour 59.4 55.2 15.0 14.4 74.4 69.6
Port costs 97.0 91.3 43.1 35.8 140.1 127.1
Haulage - - 58.2 54.9 58.2 54.9
Other 75.7 64.2 61.5 51.2 137.2 115.4
Inter-segment (1.2) (1.2) (32.2) (32.0) (33.4) (33.2)
Other operating expenses 320.4 301.1 166.6 142.2 487.0 443.3
iv) Statement of Financial Position
Ferries Container & Terminal Group Total
2025 €m 2024 €m 2025 €m 2024 €m 2025 €m 2024 €m
Assets
Segment assets 545.6 494.5 132.3 103.3 677.9 597.8
Cash and cash equivalents 12.2 30.6 24.5 10.7 36.7 41.3
Consolidated total assets 557.8 525.1 156.8 114.0 714.6 639.1
Liabilities
Segment liabilities 98.9 78.1 39.3 35.3 138.2 113.4
Borrowings and lease liabilities 246.3 176.0 46.5 27.4 292.8 203.4
Consolidated total liabilities 345.2 254.1 85.8 62.7 431.0 316.8
3. Income tax expense
2025 2024
€m €m
Current tax 2.1 1.8
Deferred tax 0.5 0.5
Income tax expense for the year 2.6 2.3
The Company and its Irish tax resident subsidiaries, where appropriate, have
elected to be taxed under the Irish tonnage tax method. Under the tonnage tax
method, taxable profit on eligible activities is calculated on a specified
notional profit per day related to the tonnage of the vessels utilised.
In accordance with the IFRIC guidance on IAS 12 Income Taxes, the tonnage tax
charge is not considered an income tax expense and has been included in other
operating expenses in the Consolidated Income Statement.
Domestic income tax is calculated at 12.5% of the estimated assessable profit
for the year for all activities which do not fall to be taxed under the
tonnage tax system. Taxation for other jurisdictions is calculated at the
rates prevailing in the relevant jurisdictions. The income tax expense for the
year includes a current tax charge of €2.1 million (2024: €1.8 million)
and a deferred tax charge of €0.5 million (2024: €0.5 million).
The total expense for the year is reconciled to the accounting profit as
follows:
2025 2024
€m €m
Profit before tax 77.5 62.2
Tax at the domestic income tax rate of 12.5% (2024: 12.5%) 9.7 7.8
Effect of tonnage relief (8.3) (6.6)
Difference in effective tax rates 0.5 0.6
Other items 0.7 0.5
Income tax expense recognised in the Consolidated Income Statement 2.6 2.3
4. Earnings per share
2025 2024
Number of shares ’000 ’000
Shares in issue at the beginning of the year 164,581 166,217
Effect of shares issued during the year 1,337 161
Effect of share buybacks and cancellation in the year (5,296) (1,543)
Weighted average number of ordinary shares for the purpose of basic earnings per share 160,622 164,835
Dilutive effect of employee equity plans where vesting conditions not met 2,885 3,203
Weighted average number of ordinary shares for the purposes of diluted earnings per share 163,507 168,038
Denominator for earnings and diluted earnings per share calculations
Share option awards under the ICG Performance Share Plan are treated as
contingently issued shares because any shares which may in future be issued
are contingent on the satisfaction of performance conditions set at the date
of grant, in addition to the passage of time. Where the performance conditions
have been met at the end of the performance period and the options remain
unexercised, they are no longer treated as contingently issuable and are
treated as issued shares from the end of the performance period and included
in the weighted average number of ordinary shares for the purpose of basic
earnings per share.
Those contingently issuable shares for which the performance period has not
yet expired, are included in the weighted average number of ordinary shares
for the purposes of diluted earnings per share unless the performance
conditions governing their exercisability have not been met at the reporting
date.
A total of 153,019 (2024: 564,944) unvested share options outstanding at the
reporting date are not included within the weighted average number of ordinary
shares for the purposes of diluted earnings per share as they were either
antidilutive or had not met the performance conditions governing their
exercisability.
The earnings used in both the adjusted basic and adjusted diluted earnings per
share are adjusted to take into account the net interest on defined benefit
obligations and the effect of non-trading items after tax. The calculation of
the basic and diluted earnings per share attributable to ordinary equity
holders of the parent is based on the following data:
2025 2024
Earnings €m €m
Earnings for the purpose of basic and diluted earnings per share – Profit for the financial period attributable to equity holders of the parent 74.9 59.9
Net interest income on defined benefit assets (2.0) (1.4)
Earnings for the purpose of adjusted basic and adjusted diluted earnings per share 72.9 58.5
Cent Cent
Basic earnings per share 46.6 36.3
Diluted earnings per share 45.8 35.6
Adjusted basic earnings per share 45.4 35.5
Adjusted diluted earnings per share 44.6 34.8
5. Net debt and borrowing facilities
i) The components of the Group’s net debt position at the reporting date and
the movements in the period are set out in the following table:
Cash Bank Loans Lease Obligations Origination Fees Total
€m €m €m €m €m
At 1 January 2025
Current assets 41.3 - - - 41.3
Creditors due within one year - (7.5) (7.5) 0.2 (14.8)
Creditors due after one year - (89.8) (99.6) 0.7 (188.7)
41.3 (97.3) (107.1) 0.9 (162.2)
Changes from cash flows:
Repayment of borrowings - 30.0 - - 30.0
Lease payments - - 13.2 - 13.2
Lease interest - - (5.2) - (5.2)
Loan drawdown - (104.0) - - (104.0)
Arrangement expenses - - - 0.9 0.9
Net decrease in cash and cash equivalents (4.0) - - - (4.0)
Non-cash flow changes:
Amortisation - - - (0.7) (0.7)
Lease liabilities recognised - - (23.9) - (23.9)
Lease remeasurement - - - - -
Currency adjustment (0.6) - 0.4 - (0.2)
(4.6) (74.0) (15.5) 0.2 (93.9)
At 31 December 2025
Current assets 36.7 - - - 36.7
Creditors due within one year - (7.5) (84.6) 0.2 (91.9)
Creditors due after one year - (163.8) (38.0) 0.9 (200.9)
36.7 (171.3) (122.6) 1.1 (256.1)
ii) The maturity profile and available borrowing and cash facilities available
to the Group at 31 December 2025 are set out in the following table:
Maturity Profile
Facility Undrawn On-hand / drawn Less than 1 year Between 1 – 2 years Between 2 – 5 years More than 5 years
€m €m €m €m €m €m €m
Cash - - 36.7 - - - -
Committed lending facilities
Bank overdrafts 19.4 19.4 - - - - -
Bank loans 183.8 12.5 171.3 7.5 7.5 156.3 -
Origination fees (1.1) - (1.1) (0.2) (0.2) (0.7) -
Leases 122.6 - 122.6 84.7 7.4 13.8 16.7
Committed lending facilities 324.7 31.9 292.8 92.0 14.7 169.4 16.7
Uncommitted lending facilities
Loan notes 233.7
Uncommitted lending facilities 233.7
Bank overdrafts facilities are stated net of trade guarantee facilities
utilised of €0.6 million (2024: €0.6 million).
Obligations under the Group borrowing facilities have been cross guaranteed by
the parent company and certain subsidiaries but are otherwise unsecured except
for lease obligations which are secured by the lessors’ title to the leased
assets.
6. Cash flow components
2025 2024
€m €m
Pension scheme movements
Retirement benefit obligations – current service cost 0.6 0.7
Retirement benefit obligations – past service cost - -
Retirement benefit obligations – curtailment gain (0.3) (0.6)
Retirement benefit obligations – refund of contributions on scheme wind up 0.2 1.0
Retirement benefit obligations – payments (0.5) (0.4)
Total retirement benefit scheme movements - 0.7
Repayments of lease liabilities
Lease payments (13.2) (18.4)
Interest element of lease payments 5.2 3.8
Capital element of lease payments (8.0) (14.6)
Purchases of property, plant and equipment and intangible assets
Purchases of property, plant and equipment (99.6) (28.5)
Purchases of intangible assets (0.8) (1.2)
Increase in capital asset prepayments (1.6) (0.2)
Total purchases of property, plant and equipment and intangible assets (102.0) (29.9)
Changes in working capital
Increase in inventories (2.0) (7.1)
Increase in receivables (15.1) (0.3)
Increase in payables 24.9 12.7
Total working capital movements 7.8 5.3
7. Retirement benefit schemes
The principal assumptions used for the purpose of the actuarial valuations
were as follows:
2025 2024
Sterling Euro Sterling Euro
Discount rate 5.50% 4.30% 5.45% 3.45%
Inflation rate 2.90% 2.10% 2.85% 2.20%
Rate of increase of pensions in payment 2.10% - 3.05% 1.10% 2.20% - 3.25% 1.20%
Rate of pensionable salary increases 1.15% 0.00% - 1.20% 1.15% 0.00% - 1.30%
The average life expectancy used in the principal Group schemes at age 60 is
as follows:
2025 2024
Male Female Male Female
Irish Schemes:
Current retirees 26.8 years 29.7 years 26.8 years 29.7 years
Future retirees 29.2 years 31.7 years 29.2 years 31.7 years
UK Schemes:
Current retirees 27.8 years 29.5 years 27.8 years 29.7 years
Future retirees 29.3 years 31.0 years 29.4 years 31.2 years
The amount recognised in the balance sheet in respect of the Group’s defined
benefit obligations, is as follows:
Schemes with Liabilities in Sterling Schemes with Liabilities in Euro
2025 2024 2025 2024
€m €m €m €m
Equities 9.8 10.8 32.9 50.7
Bonds 23.2 22.1 59.6 40.1
Insurance contracts - - 7.0 7.7
Other 0.1 0.1 0.8 0.5
Market value of scheme assets 33.1 33.0 100.3 99.0
Present value of scheme liabilities (16.2) (17.3) (53.9) (62.9)
Surplus in schemes 16.9 15.7 46.4 36.1
The movement during the year is reconciled as follows:
2025 2024
Movement in retirement benefit schemes €m €m
Opening surplus 51.8 38.9
Current service cost (0.6) (0.7)
Past service cost - -
Employer contributions paid 0.5 0.4
Net interest income 2.0 1.4
Curtailment gain - 0.6
Refund of contributions on scheme wind up (0.2) (1.0)
Actuarial gain 10.2 11.4
Other (0.4) 0.8
Net surplus 63.3 51.8
Schemes in surplus 63.6 52.3
Schemes in deficit (0.3) (0.5)
Net surplus 63.3 51.8
8. Related party transactions
Transactions between the Company and its subsidiaries, which are related
parties, have been eliminated on consolidation. During the year ended 31
December 2025, the material transactions between Irish Continental Group plc
and its key management personnel were the remuneration of employees and
Directors and the provision of professional services at arm’s length basis.
9. General information
The Condensed Financial Statements in this preliminary announcement do not
constitute full statutory financial statements (“Financial Statements”), a
copy of which is required to be annexed to the annual return to the Companies
Registration Office. A copy of the financial statements in respect of the
financial year ended 31 December 2025 will be annexed to the annual return for
2025. The auditor has made a report, without any qualification on their audit,
of the financial statements in respect of the financial year ended 31 December
2025 and the Directors approved the financial statements in respect of the
financial year ended 31 December 2025 on 4 March 2026. A copy of the financial
statements in respect of the year ended 31 December 2024 has been annexed to
the annual return for 2024 filed at the Companies Registration Office.
The financial statements have been prepared in accordance with IFRS as adopted
by the European Union and therefore the Group’s financial statements comply
with Article 4 of the IAS Regulations. The consolidated financial statements
have also been prepared in accordance with the Companies Act 2014, and the
Listing Rules of Euronext Dublin and the UK Listing Authority. The financial
statements have been prepared on the historical cost basis.
Certain financial measures set out in our Preliminary Statement of Results for
the year ended 31 December 2025 are not defined under International Financial
Reporting Standards (IFRS). Presentation of these Alternative Performance
Measures ("APMs") provides useful supplementary information which, when viewed
in conjunction with the Company's IFRS financial information, allows for a
more meaningful understanding of the underlying financial and operating
performance of the Group. These non-IFRS measures should not be considered as
an alternative to financial measures as defined under IFRS. Descriptions of
the APMs included in this report are disclosed below. Reconciliations of these
APMs outlined below are contained in the Appendix to this statement.
APM Description Benefit of APM
EBITDA EBITDA represents earnings before interest, tax, depreciation, impairment and amortisation. Eliminates the effects of financing and accounting decisions to allow assessment of the profitability and performance of the Group.
EBIT EBIT represents earnings before interest and tax. Measures the Group’s earnings from ongoing operations.
Free cash flow before strategic capital expenditure Free cash flow before strategic capital expenditure comprises net cash flow from operating activities less maintenance capital expenditure. Maintenance capital Assesses the availability to the Group of funds for reinvestment or for return to shareholders.
expenditure comprises capital expenditure excluding strategic capital expenditure and includes annual overhaul and repairs and other expenditure undertaken to maintain
the existing level of operations. Strategic capital expenditure includes investment in assets aligned with Group strategy to increase capacity, enhance customer
experience or improve operational efficiencies.
Net debt Net debt comprises total borrowings less cash and cash equivalents. Measures the Group's ability to repay its debts if they were to fall due immediately.
Leverage Measured based on bank covenant definitions being net debt excluding lease liabilities over EBITDA adjusted for net lease effects and non-cash trading items. Measures the Group’s ability to draw funding.
Adjusted Basic Earnings Per Share (EPS) EPS is adjusted to exclude the non- trading items and net interest (income) / cost on defined benefit obligations. Directors consider Adjusted Basic EPS to be a key indicator of long-term financial performance and value creation of a public listed company.
ROACE ROACE represents return on average capital employed. Operating profit (before non-trading items) expressed as a percentage of average capital employed (consolidated net Measures the Group’s profitability and the efficiency with which its capital is employed.
assets, excluding net (debt) / cash, retirement benefit surplus / (obligation) and asset under construction net of related liabilities.
Pre-IFRS 16 Use of the term pre-IFRS 16 denotes that the APM or IFRS measure has been adjusted to remove the effects of the application of IFRS 16: Leases. Measurement of covenants for bank facility purposes
Terms and abbreviations
teu 20 foot equivalent unit, an industry standard measurement for container units.
RoRo unit Roll on, Roll off freight unit of any length either accompanied or unaccompanied carried on Ropax ferries.
LoLo unit Lift on, Lift off container unit of any size.
Ropax A cruise ferry capable of carrying both passengers and RoRo freight.
ICG Unit ICG Unit is a stock exchange trading unit of ICG equity with each unit comprising one ordinary share and up to ten redeemable shares (if any in issue).
10. Events after the Reporting Date
The Board is proposing a final dividend of 10.95 cent per ordinary share
amounting to €16.3 million out of the distributable reserves of the Company.
There have been no other material events affecting the Group since 31 December
2025.
11. Board Approval
This preliminary announcement was approved by the Board of Directors of Irish
Continental Group plc on 4 March 2026.
12. Annual Report and Annual General Meeting
The Group’s Annual Report and notice of Annual General Meeting, which will
be held on Thursday 7 May 2026, will be notified to shareholders in April
2026.
Appendix: Reconciliation of APMs for the year ended 31 December 2025
Alternative Performance Measures
Certain financial measures set out in our Preliminary Statement of Results for
the year ended 31 December 2025 are not defined under International Financial
Reporting Standards (IFRS). Presentation of these Alternative Performance
Measures (APMs) provides useful supplementary information which, when viewed
in conjunction with the Group’s IFRS financial information, allows for a
more meaningful understanding of the underlying financial and operating
performance of the Group. These non-IFRS measures should not be considered as
an alternative to financial measures as defined under IFRS.
Descriptions of the APMs included in this report are disclosed below.
(i) EBITDA
EBITDA represents earnings before non-trading items, interest, tax,
depreciation and amortisation. As it eliminates the effects of financing and
depreciation decisions, it allows for the assessment of underlying cash profit
generated from operations.
Financial Statement Reference 2025 2024
€m €m
Operating profit Condensed Consolidated Income Statement 85.6 69.1
Depreciation and amortisation Condensed Consolidated Income Statement 65.0 64.4
EBITDA 150.6 133.5
(ii) Free Cash Flow
Free cash flow comprises Net Cash Inflow from Operating Activities less
capital expenditure. It is presented both before and after strategic capital
expenditure. Capital expenditure comprises purchases of property, plant and
equipment and intangible assets. Strategic capital expenditure comprises
expenditure on vessels excluding annual overhaul and repairs, and other assets
with an expected economic life of over 10 years which increases capacity or
efficiency of operations.
It is presented as a measure of the availability to the Group of funds for
reinvestment or for return to shareholders.
Financial Statement Reference 2025 2024
€m €m
Net cash inflow from operating activities Condensed Consolidated Statement of Cash Flows 149.9 131.8
Capital expenditure excluding strategic capital expenditure Condensed Consolidated Statement of Cash Flows * (19.4) (16.6)
Free cash flow before strategic capital expenditure 130.5 115.2
Strategic capital expenditure Condensed Consolidated Statement of Cash Flows * (82.6) (15.8)
Free cash flow after strategic capital expenditure 47.9 99.4
* The total of the capital expenditure amounts set out above comprises the
line items ‘purchases of property, plant and equipment and intangible
assets’ and ‘lease inception costs’ reported in the Condensed
Consolidated Statement of Cash Flows.
(iii) Net Debt (Pre-IFRS 16)
Financial Statement Reference 2025 2024
€m €m
Cash and cash equivalents Condensed Consolidated Statement of Financial Position (36.7) (41.3)
Borrowings Condensed Consolidated Statement of Financial Position 170.2 96.4
Net Debt (pre-IFRS 16) 133.5 55.1
(iv) Leverage
The debt leverage ratio is based on the definition in our lending agreements.
The debt leverage ratio provides an indication of the Group’s debt capacity.
The below table sets out the ratio at the reporting date:
Financial Statement Reference 2025 2024
€m €m
EBITDA See Note (i) 150.6 133.5
Capital repayment on lease receivable Condensed Consolidated Statement of Cash Flows* - 1.7
Lease payments Note 6 (13.2) (18.4)
EBITDA for covenant purposes 137.4 116.8
*For financial year 2024, only a portion of the movement in the lease
receivable is recognisable under the banking agreement for covenant
purposes.
Financial Statement Reference 2025 2024
€m €m
Net Debt (pre IFRS 16) Note (iii) 133.5 55.1
Bank deposits subject to lien - -
Trade guarantees Note 5 0.6 0.6
Origination fees Note 5 1.1 0.9
Net Debt for covenant purposes 135.2 56.6
Covenant Level (Times) Times Times
Leverage ratio Max 3.0x 1.0 0.5
(v) Adjusted Basic EPS
Basic EPS is adjusted to exclude non-trading items and net interest cost on
defined benefit obligations. Non-trading items are material non-recurring
items that derive from events or transactions that fall outside the ordinary
activities of the Group and which individually, or, if of a similar type, in
aggregate, are separately disclosed by virtue of their size or incidence.
It is used as a key indicator of long-term financial performance and value
creation of a public listed company.
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