Irish Continental Group Reports H1 Revenue Growth Despite Operating Profit Decline

Irish Continental Group reported revenue of €359.9 million ($392.3 million) for the six months ended June 30, 2026, up 16.1 per cent from €309.9 million in the same period of 2025.

Operating profit, however, fell 2.4 per cent to €24 million from €24.6 million as operating costs excluding depreciation increased by €46 million to €301 million, driven by higher fuel, port and vessel expenses.

The shipping group recorded earnings before interest, tax, depreciation and amortisation of €58.9 million, an increase of 7.3 per cent from €54.9 million a year earlier. Profit before tax declined 2.9 per cent to €19.9 million, while basic earnings per share rose 5.9 per cent to 12.5 cents.

Car volumes fell 5.7 per cent to 249,700 units during the six-month period, while roll-on/roll-off freight volumes increased 4.1 per cent to 409,500 units following the full-period deployment of James Joyce. Container shipping volumes rose 1.1 per cent to 195,100 twenty-foot equivalent units, while terminal lifts increased 3.4 per cent to 188,600 units.

The group completed its purchase obligation for the Ro-Pax ferry Oscar Wilde in May 2026 following the conclusion of a bareboat charter agreement.

In its Dover-Calais operations, Irish Continental Group received a termination notice from P&O Ferries concerning their space charter agreement and said it was evaluating its options.

On July 24, the independent board unanimously recommended an €8 per share cash offer from Bluefin Bidco, an acquisition vehicle backed by members of senior management. The transaction values the issued share capital at approximately €1.2 billion and is expected to become effective in the fourth quarter of 2026, subject to shareholder, regulatory and High Court approvals.

Trading updates covering July 1 to August 15 showed continued declines in car and freight volumes during the peak summer season.