REG-Trading Statement

Irish ContinentalAnnouncement

08/05/2025 07:00

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TRADING UPDATE

Irish Continental Group plc (“ICG” or “the Group”) issues this trading
update which covers carryings for the year to date to 3 May 2025 and financial
information for the first four months of 2025, i.e. 1 January to 30 April with
comparisons against the corresponding period in 2024. All figures are
unaudited.

Volumes (Year to date, 3 May 2025)

                          2025     2024     Change vs 2024    
 Cars                     140,800  151,500  (7.1%)            
 RoRo Freight             259,400  260,900  (0.6%)            
 Container Freight (teu)  132,800  103,300  +28.6%            
 Terminal Lifts           123,500  112,500  +9.8%             

  

Volumes (Since last update, 1 March to 3 May 2025)

                          2025     2024     Change vs 2024    
 Cars                     91,500   92,100   (0.7%)            
 RoRo Freight             147,200  143,200  +2.8%             
 Container Freight (teu)  69,000   55,700   +23.9%            
 Terminal Lifts           66,200   60,400   +9.6%             

 
 

The introduction of tariffs by the US administration has created uncertainty
for some trading flows and risks damaging consumer confidence which may lead
to some companies deferring investment plans. All these factors may dampen
world growth prospects.

However, given the strength of our business model and our balance sheet, we
continue to avail of macro market weakness to expand our footprint on
financially attractive terms. Recent examples are the purchase of the James
Joyce cruise ferry and the purchase of another container ship.

Consolidated Group revenue in the period was €189.5 million (2024: €177.0
million), an increase of 7.1% compared with last year. For banking covenant
purposes, pre-IFRS 16 net debt figures were €145.2 million compared to
€56.6 million at 31 December 2024. On an IFRS basis to include lease
obligations, net debt figures were €247.9 million compared to €162.2
million at 31 December 2024. The increase in net debt is due primarily to the
vessel acquisitions outlined above and share buybacks during the period.

Ferries Division

Total revenues recorded in the period to 30 April amounted to €118.8 million
(2024: €119.7 million) (including intra-division charter income), which was
a 0.8% decrease on the prior year.

For the year to 3 May, Irish Ferries carried 140,800 cars (2024: 151,500
cars), a decrease of 7.1% on the previous year. Freight carryings were 259,400
RoRo units (2024: 260,900 units), a decrease of 0.6% compared with 2024.

The beginning of 2025 was impacted by the closure of Holyhead Port. This has
had a detrimental impact on volumes in the Ferries Division. However, with the
partial reopening of the Port in mid-January 2025 we have seen a more
normalised market. We look forward to the full reopening of the Port on 1
July.

Total revenues also include customer surcharges related to fuel movements and
the cost of emission allowances under the EU Emission Trading System (ETS).

Container and Terminal Division

Total revenues recorded in the period to 30 April amounted to €80.9 million
(2024: €68.8 million), a 17.6% increase on the prior year.

For the year to 3 May, container freight volumes shipped were 132,800 teu
(2024: 103,300 teu) an increase of 28.6% on the previous year. Volumes handled
at our terminals in Dublin and Belfast totalled 123,500 units (2024: 112,500
units), an increase of 9.8% year on year.

Total revenues include customer surcharges covering fuel movements, emission
costs under ETS and the impact of changes in the costs of chartering container
ships.

About Irish Continental Group plc

Irish Continental Group plc is the leading Irish-based maritime transport
group. The Group’s activities include the transport of passengers, cars and
Roll on Roll off (RoRo) freight under the Irish Ferries brand, on routes
between each of Ireland, Britain and Continental Europe. The Group also
provides Container Lift on Lift off (LoLo) freight services on routes between
Ireland and Continental Europe under the Eucon brand. Other activities include
the operation of container terminals in the ports of Dublin and Belfast and
ship chartering activities. For the year ended 31 December 2024, ICG reported
revenue of €603.8 million and EBITDA of €133.5 million.

Dublin.
8 May 2025

Enquiries

Eamonn Rothwell,
CEO                                +353 1 607
5628                info@icg.ie
David Ledwidge,
CFO                                        +353
1 607 5628                info@icg.ie
Q4 Public
Relations                                        +353
1 475 1444                press@q4pr.ie