JAMES JOYCE © George Holland

Irish Continental Group trading update

Irish Continental Group plc (ICG) released a trading update for 2025, detailing performance up to 3 May and financials for January to April. Group revenue rose 7.1% to EUR 189.5 million, driven by a 17.6% increase in the Container and Terminal Division, with container freight volumes up 28.6% and terminal lifts up 9.8%. However, the Ferries Division saw a 0.8% revenue drop and a 7.1% decline in car carryings, impacted by the Holyhead Port closure, though partial reopening has stabilized volumes. Net debt increased to EUR 247.9 million due to vessel acquisitions and share buybacks. Despite U.S. tariff-related uncertainties, ICG continues to expand, leveraging its strong business model and balance sheet.

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. This risks damaging consumer confidence, which may lead to some companies deferring investment plans. These factors may dampen world growth prospects.

However, given the strength of our business model and balance sheet, we continue to leverage macro market weakness to expand our footprint on financially attractive terms. Recent examples include the purchase of the JAMES JOYCE ro-pax and another container ship.

Consolidated Group revenue for the period was EUR 189.5 million (2024: EUR 177.0 million), a 7.1% increase compared with last year. For banking covenant purposes, pre-IFRS 16 net debt was EUR 145.2 million, compared to EUR 56.6 million at 31 December 2024.

On an IFRS basis, including lease obligations, net debt was EUR 247.9 million, compared to EUR 162.2 million at 31 December 2024. The increase in net debt is primarily due to the vessel acquisitions mentioned above and share buybacks during the period.

Ferries Division

Total revenues for the period to 30 April were EUR 118.8 million (2024: EUR 119.7 million), including intra-division charter income, a 0.8% decrease from the prior year.

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

The closure of Holyhead Port at the start of 2025 negatively impacted volumes in the Ferries Division. However, the partial reopening of the Port in mid-January 2025 has led to a more normalized market. We anticipate the full reopening of the Port on 1 July.

Total revenues 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 for the period to 30 April were EUR 80.9 million (2024: EUR 68.8 million), a 17.6% increase from the prior year.

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

May 08 2025