\n Statement of Compliance\n
\n \nThe consolidated and the Company financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) and interpretations issued by the IFR Interpretations Committee (IFRIC) as adopted by the EU and those parts of the Companies Act 2014 applicable to companies reporting under IFRS and Article 4 of the IAS Regulation. The Company has availed of the exemption in Section 304 of the Companies Act 2014 and has not presented the Company Income Statement, which forms part of the Company\u2019s financial statements, to its members and the Registrar of Companies.
\n ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory0": { "value": "\n\n Basis of preparation\n
\n \nThe Financial Statements have been prepared on the going concern basis and the historical cost convention, as modified by:
\n \nAll figures presented in the Financial Statements are in euro and are rounded to the nearest one hundred thousand except where otherwise indicated.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfBasisOfConsolidationExplanatory0": { "value": "\n\n Basis of consolidation\n
\n \nThe Consolidated Financial Statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved where the Company:
\n \nIn assessing control, potential voting rights that are currently exercisable or convertible are taken into account.
\n \nConsolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement from the date the Company gains control until the date the Company ceases to control the subsidiary.
\n \nAll intra-group transactions, balances, income and expenses are eliminated on consolidation.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfInitialApplicationOfStandardsOrInterpretations0": { "value": "\n\n New standards and interpretations\n
\n \nNew and revised accounting standards and interpretations have been issued which are set out below. These have been adopted by the Group from the effective dates.
\n \n\n Standards effective for the Group from 1 January 2025 \n
\n \n| \n Standard \n | \n \n Description \n | \n \n Effective date for periods commencing \n | \n
| \n IAS 21 (amendments) \n | \n \n The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability \n | \n \n 1 January 2025 \n | \n
The above amended standard has been applied in the preparation of the financial statements for the year ended 31 December 2025 and did not have any material impact on the results or financial position of the Group.
\n \n\n Standards effective for the Group from 1 January 2026 or later\n
\n \n| \n Standard \n | \n \n Description \n | \n \n Effective date for periods commencing \n | \n
| \n IFRS 7 and IFRS 9 (amendments) \n | \n \n Classification and Measurement of Financial Instruments \n | \n \n 1 January 2026 \n | \n
| \n IFRS 7 and IFRS 9 (amendments) \n | \n \n Contracts Referencing Nature-dependent Electricity \n | \n \n 1 January 2026 \n | \n
| \n IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS7 \n | \n \n Annual Improvements \n | \n \n 1 January 2026 \n | \n
| \n IFRS 18 \n | \n \n Presentation and Disclosure in Financial Statements \n | \n \n 1 January 2027 \n | \n
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.
\n \n\n Accounting policies applied in the preparation of the Financial Statements for the financial year ended 31 December 2025\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForRecognitionOfRevenue0": { "value": "\n\n Revenue recognition\n
\n \nRevenue is measured based on the consideration specified in a contract concluded with a customer and excludes any amounts collected on behalf of third parties including taxes.
\n \nThe principal activities from which the Group generates its revenue are set out below.
\n \n\n \n Ferries Division\n \n
\n \n| \n Product or Service \n | \n \n Nature and satisfaction of performance obligation \n | \n
| \n \n Passenger Transport\n \n | \n \n Passenger revenue is recognised over time as services are provided. Contracts are concluded during the booking process with a high degree of probability of collection of the sales proceeds. Sales proceeds are recognised as deferred revenue where the single performance obligation from the departure point to destination point are subsequently released to revenue over the elapsed time taken to complete the single performance obligation being the provision of transport between the departure point and destination point. The price is fixed at the time of booking. Where a customer is eligible to participate in loyalty programmes, the price is allocated based on the relative stand-alone selling price or expected selling price based on company data. \nDeferred revenue is reduced for any refund paid to a customer where the Company is unable to complete the performance obligation. Ticket breakage, i.e. deferred untravelled revenue for no shows, is recognised in full once the original booked travel date has expired based on a no refund policy. \n | \n
| \n \n RoRo Freight\n \n | \n \n RoRo freight revenue is recognised over time as services are provided. Contracts are concluded during the booking process with a high degree of probability of collection of the sales proceeds. Sales proceeds are recognised as deferred revenue which are subsequently released to revenue over the elapsed time taken to complete the single performance obligation being the provision of transport between the departure point and destination point. The price is fixed at the time of booking or is otherwise variable if the customer has an active rebate arrangement. The contract price less the estimates of the most probable rebate amount is allocated to the performance obligation with the rebate amount retained in deferred revenue until paid. \n | \n
| \n \n Onboard Sales\n \n | \n \n Revenue from sales in bars and restaurants is recognised at the time of sale. The Group recognises a single contract for all goods and services in a transaction basket at the time of transaction with payment received at the same time. There is a single identifiable obligation to transfer title with the price fixed at the time of transaction. \n | \n
| \n \n Retail Concessions\n \n | \n \n Revenues earned from retail concessions is recognised over time based on declarations received up to the reporting date. For each concession the Group recognises a single contract involving the grant of a licence or creation of a right to provide services onboard vessels creating a single identifiable obligation. The price is variable being based on a profit share model. \n | \n
\n \n Container and Terminal Division\n \n
\n \n| \n Product or Service \n | \n \n Nature and satisfaction of performance obligation \n | \n
| \n \n Container Shipping\n \n | \n \n LoLo container shipping revenue is recognised over time as services are provided. Contracts are concluded during the booking process with a high degree of probability of collection of the sales proceeds. Sales proceeds are recognised as deferred revenue which are subsequently released to revenue over the time based on effort expended on each activity (collection, shipping and delivery) undertaken in fulfilment of the single performance obligation being the provision of transport between the departure point and destination point. The price is fixed at the time of booking. \n | \n
| \n \n Stevedoring\n \n | \n \n Stevedoring revenue is recognised over time in line with the number of containers loaded or discharged onto vessels in fulfilment of obligations. Contracts are concluded with customers covering services to be provided over time with a high degree of probability of collection of the sales proceeds. Sales proceeds are recognised once the performance obligations are satisfied i.e. the loading or discharge of a vessel. The price is fixed at the time of contract or is otherwise variable if the customer has an active rebate arrangement. The contract price less the best estimate of the most probable rebate amount is allocated to the performance obligation with the rebate amount retained in deferred revenue. As rebates are paid to customers, amounts included in deferred revenue are released with experience adjustments included as revenue. \n | \n
\n Leasing\n
\n \n\n \n Identifying a lease \n \n
\n \nWhere a contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration it is treated as a lease.
\n \n\n \n a) As Lessee\n \n
\n \nWhere the Group acts as a lessee, the Group recognises a right-of-use asset and lease liability at the lease commencement date, which is the date the underlying asset is available for our use.
\n \nRight-of-use assets are initially measured at cost plus initial direct costs incurred in arranging a lease, and subsequently measured at cost less any accumulated depreciation and impairment losses (if any) and adjusted for certain remeasurement of lease liabilities. The recognised right-of-use assets are depreciated on a straight-line basis over the shorter of their estimated useful economic lives and the lease term. Right-of-use assets are subject to impairment under IAS 36 Impairment of assets. Right-of-use assets are presented as a separate line item in the Statement of Financial Position.
\n \nLease liabilities are initially measured at the present value of lease payments that are not paid at the commencement date, discounted using the incremental borrowing rate if the interest rate implicit in the lease is not readily determinable. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. In the Consolidated Statement of Cash Flows the payments made are separated into the principal portion (presented within financing activities), and interest (presented in operating activities). Lease liabilities are remeasured and a corresponding adjustment is made to right of use assets if there is a change in future lease payments, a change in the lease term, or as appropriate, a change in the assessment of whether an extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.
\n \nThe Group applies the short-term lease recognition exemption to leases that have a lease term of 12 months or less from the commencement date. The Group also applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the term of the lease. The Group also avails of practical expedients permitted under IFRS 16 Leases. The portfolio approach is applied to both leases of containers where a master leasing agreement exists and also in relation to the time charter of vessels where the Group does not separate non-lease components from lease components, recognising each time charter as a single component.
\n \n\n \n b) As Lessor\n \n
\n \nThe Group treats bareboat hire purchase sale agreements in relation to the disposal of vessels as finance leases where it transfers substantially all the risks and rewards incidental to ownership of the underlying vessel to the charterer. The sales proceeds recognised at the commencement of the lease term by the Group are that implied by the fair value of the asset, which together with any initial direct costs equal to the net investment in the lease and are presented as a finance lease receivable in the Statement of Financial Position. Loss allowances on the finance lease receivables are estimated at an amount equal to lifetime expected credit losses. Following initial measurement finance lease income is recognised in revenue and is allocated to accounting periods so as to reflect a constant periodic rate of return on the outstanding net investment.
\n \nLease payments receivable arising from the grant of a right-of-use vessel which do not meet the requirement of a finance lease are recognised as revenue on a straight-line basis over the term of the relevant charter. The provision of operation and maintenance services is recognised on a daily basis at the applicable daily rate under the terms of the charter.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory0": { "value": "\n\n Concession and Licence agreements\n
\n \nPayments made under concession arrangements, where the Group benefits from the use of an asset or right and the obligation to make the payments has not been recognised in the Statement of Financial Position as a lease obligation, are charged to the Consolidated Income Statement as the rights conferred under the terms of the arrangement are consumed.
\n \nBenefits received and receivable as an incentive to enter into a concession agreement are also spread on a straight-line basis over the agreement term as a reduction of the expense.
\n \nThe Group does not recognise that element of a contract as a lease in the Statement of Financial Position where the right to control the use of an identified asset for a period of time is based on variable consideration based on activity levels. In these circumstances any variable consideration is expensed to the Income Statement as the right is consumed.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory0": { "value": "\n \n\n Foreign currencies\n
\n \n \n \nThe individual financial statements of each Group entity are prepared in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the Consolidated Financial Statements, the results and financial position of each entity are expressed in euro, which is the functional currency of the Company, and the presentation currency for the Consolidated Financial Statements.
\n \n \n \nIn preparing the financial statements of the individual companies, transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities denominated in foreign currencies are retranslated at the rates prevailing on the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences arising on the settlements of monetary items and on the retranslation of monetary items, are included in the Consolidated Income Statement for the financial year and presented in euro.
\n \n \n \nFor the purpose of presenting Consolidated Financial Statements, the assets and liabilities of the Group\u2019s foreign operations are expressed in euro using exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for the year, unless exchange rates fluctuate significantly during the period, in which case the exchange rates at the date of transactions are used.
\n \n \n \nExchange differences arising on the translation of foreign currency subsidiaries, if any, are recognised in the Consolidated Statement of Comprehensive Income and accumulated in equity in the translation reserve. On disposal of a foreign subsidiary the cumulative translation difference for that foreign subsidiary is transferred to the Consolidated Income Statement as part of the gain or loss on disposal.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory0": { "value": "\n\n Foreign currencies\n
\n \nThe individual financial statements of each Group entity are prepared in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the Consolidated Financial Statements, the results and financial position of each entity are expressed in euro, which is the functional currency of the Company, and the presentation currency for the Consolidated Financial Statements.
\n \nIn preparing the financial statements of the individual companies, transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities denominated in foreign currencies are retranslated at the rates prevailing on the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences arising on the settlements of monetary items and on the retranslation of monetary items, are included in the Consolidated Income Statement for the financial year and presented in euro.
\n \nFor the purpose of presenting Consolidated Financial Statements, the assets and liabilities of the Group\u2019s foreign operations are expressed in euro using exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for the year, unless exchange rates fluctuate significantly during the period, in which case the exchange rates at the date of transactions are used.
\n \nExchange differences arising on the translation of foreign currency subsidiaries, if any, are recognised in the Consolidated Statement of Comprehensive Income and accumulated in equity in the translation reserve. On disposal of a foreign subsidiary the cumulative translation difference for that foreign subsidiary is transferred to the Consolidated Income Statement as part of the gain or loss on disposal.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory0": { "value": "\n \n \n \n\n Finance costs\n
\n \n \n \n \n \n \n \nFinance costs comprise interest expense on borrowings, negative interest on bank deposits, interest on lease obligations and interest on net defined benefit pension scheme liabilities. All borrowing costs are recognised in the Consolidated Income Statement under finance costs using the effective interest method.
\n \n \n \n \n \n\n Finance income\n
\n \n \n \nFinance income comprises interest income on bank deposits, interest earned on finance lease receivables, interest on the net defined benefit pension scheme assets and interest on any other interest bearing financial assets. Interest income is recognised in the Consolidated Income Statement under finance income using the effective interest method.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForFinanceCostsExplanatory0": { "value": "\n \n \n\n Finance costs\n
\n \n \n \n \n \nFinance costs comprise interest expense on borrowings, negative interest on bank deposits, interest on lease obligations and interest on net defined benefit pension scheme liabilities. All borrowing costs are recognised in the Consolidated Income Statement under finance costs using the effective interest method.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForBorrowingCostsExplanatory0": { "value": "\n \n\n Finance costs\n
\n \n \n \nFinance costs comprise interest expense on borrowings, negative interest on bank deposits, interest on lease obligations and interest on net defined benefit pension scheme liabilities. All borrowing costs are recognised in the Consolidated Income Statement under finance costs using the effective interest method.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory0": { "value": "\n\n Finance costs\n
\n \nFinance costs comprise interest expense on borrowings, negative interest on bank deposits, interest on lease obligations and interest on net defined benefit pension scheme liabilities. All borrowing costs are recognised in the Consolidated Income Statement under finance costs using the effective interest method.
\n \n\n Finance income\n
\n \nFinance income comprises interest income on bank deposits, interest earned on finance lease receivables, interest on the net defined benefit pension scheme assets and interest on any other interest bearing financial assets. Interest income is recognised in the Consolidated Income Statement under finance income using the effective interest method.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory0": { "value": "\n\n Retirement benefit schemes\n
\n \n\n \n Defined benefit obligations\n \n
\n \nFor defined benefit obligations, the cost of providing the benefits and the liabilities of the schemes are determined using the projected unit credit method with assets valued at bid price and actuarial valuations being carried out by independent and professionally qualified actuaries at each reporting date. Current service costs, past service cost, or credit, and net interest expense or income are recognised in the Consolidated Income Statement. Adjustments in respect of a settlement, a curtailment and past service cost, or credit, are recognised in the Consolidated Income Statement in the period of a plan amendment. Remeasurement comprising actuarial gains and losses is reflected in the Consolidated Statement of Financial Position with a charge or credit recognised in the Consolidated Statement of Comprehensive Income in the period in which they occur.
\n \nThe net interest income on defined benefit obligations has been recorded in the Consolidated Income Statement under finance income. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset.
\n \nIn addition to the pension schemes operated by the Group, certain former employees are members of the Merchant Navy Officers Pension Fund (MNOPF). As the Group has no control over the calls for contributions made from the MNOPF, it has determined that the fund should be accounted for as a defined benefit obligation and its liability recognised accordingly. The Group\u2019s share of the MNOPF deficit as advised by the trustees is included with the other Group schemes.
\n \nThe net retirement benefit asset or liability obligation recognised in the Consolidated Statement of Financial Position represents the deficit or surplus in the Group\u2019s defined benefit obligations. Any surplus resulting from this calculation is limited to past service cost, plus the present value of available refunds and reductions in future contributions to the scheme.
\n \n\n \n Defined contribution pension schemes\n \n
\n \nPayments to defined contribution pension schemes are recognised as an expense as they fall due. Any contributions outstanding at the period end are included as an accrual in the Consolidated Statement of Financial Position.
\n \n\n Employee benefits expense\n
\n \nWages, salaries, bonuses, social security contributions, paid annual leave and sick leave are accrued in the period in which the associated services are rendered by the employees of the Group. A liability for a termination benefit is recognised at the earlier of when an entity can no longer withdraw the offer of the termination benefit and the entity recognises any related restructuring costs.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory0": { "value": "\n\n Share-based payments\n
\n \nThe Group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the shares expected to vest as a result of the effect of non-market based vesting conditions.
\n \nFor awards where vesting will be determined by market based vesting conditions, those granted prior to 1 January 2019 were fair value measured using a binomial pricing model. Monte-Carlo modelling was used for awards granted after 1 January 2019.
\n \nThe expected life used in the model has been adjusted, based on management\u2019s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForIncomeTaxExplanatory0": { "value": "\n \n\n Taxation\n
\n \n \n \nIncome tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the Consolidated Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. A provision is recognised for those matters for which the tax determination is uncertain, but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable.
\n \n \n \n \nA proportion of the Group\u2019s profits fall within the charge to tonnage tax, under which regime taxable profits are relieved to an amount based on the tonnage of vessels employed during the year. In accordance with the IFRIC guidance on IAS 12 Income Taxes, the tonnage tax charge is included within other operating expenses in the Consolidated Income Statement.
\n \n \n \n \n \nDeferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit and does not give rise to equal taxable and deductible temporary difference.
\n \n \n \n \n \nDeferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future.
\n \n \n \n \n \nThe carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
\n \n \n \n \n \nDeferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset realised based on tax laws and rates that have been enacted or substantively enacted at the statement of financial position date. Deferred tax is charged or credited to the Consolidated Income Statement, except when it relates to items charged or credited directly to the Consolidated Statement of Comprehensive Income or is dealt with in equity.
\n \n \n \n \n \nDeferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfTaxReceivablesAndPayablesExplanatory0": { "value": "\n\n Taxation\n
\n \nIncome tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the Consolidated Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. A provision is recognised for those matters for which the tax determination is uncertain, but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable.
\n \n \nA proportion of the Group\u2019s profits fall within the charge to tonnage tax, under which regime taxable profits are relieved to an amount based on the tonnage of vessels employed during the year. In accordance with the IFRIC guidance on IAS 12 Income Taxes, the tonnage tax charge is included within other operating expenses in the Consolidated Income Statement.
\n \n \n \nDeferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit and does not give rise to equal taxable and deductible temporary difference.
\n \n \n \nDeferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future.
\n \n \n \nThe carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
\n \n \n \nDeferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset realised based on tax laws and rates that have been enacted or substantively enacted at the statement of financial position date. Deferred tax is charged or credited to the Consolidated Income Statement, except when it relates to items charged or credited directly to the Consolidated Statement of Comprehensive Income or is dealt with in equity.
\n \n \n \nDeferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory0": { "value": "\nA proportion of the Group\u2019s profits fall within the charge to tonnage tax, under which regime taxable profits are relieved to an amount based on the tonnage of vessels employed during the year. In accordance with the IFRIC guidance on IAS 12 Income Taxes, the tonnage tax charge is included within other operating expenses in the Consolidated Income Statement.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory0": { "value": "\nDeferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit and does not give rise to equal taxable and deductible temporary difference.
\n \nDeferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future.
\n \nThe carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
\n \nDeferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset realised based on tax laws and rates that have been enacted or substantively enacted at the statement of financial position date. Deferred tax is charged or credited to the Consolidated Income Statement, except when it relates to items charged or credited directly to the Consolidated Statement of Comprehensive Income or is dealt with in equity.
\n \nDeferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory0": { "value": "\n \n\n Property, plant and equipment\n
\n \n \n \n\n \n Vessels\n \n
\n \n \n \nVessels are stated at cost less accumulated depreciation and any accumulated impairment losses.
\n \n \n \nDepreciation on vessels is charged so as to write off the cost less residual value over the estimated useful economic life on a straight-line basis. The amount initially recognised in respect of Ropax vessels less estimated residual value, is allocated between hull and machinery and hotel and catering elements for depreciation purposes. In respect of LoLo vessels, all value is attributed to hull and machinery.
\n \n \n \nIn considering residual values of vessels, the Directors have taken into account the valuation of the scrap value of the ships per light displacement tonne. Residual values are reviewed annually and updated if required. Estimations of economic life of vessels are a key accounting judgement and estimate in the financial statements. Any change in estimates are accounted for prospectively.
\n \n \n \nThe estimated useful economic lives of vessels are as follows:
\n \n \n \n| \n Hull and Machinery \n | \n \n | \n
\n
| \n \n 30 - 35 years \n | \n
\n
| \n \n 25 - 30 years \n | \n
\n
| \n \n 25 years \n | \n
| \n Hotel and Catering \n | \n \n 10 years \n | \n
For the ferry fleet, hull and machinery components are depreciated over an initial estimated useful economic life of 30 years (fast ferries 25 years) but this is reviewed on a periodic basis for vessels remaining in service 25 years (fast ferries 20 years) after original construction.
\n \n \n \n\n \n Drydocking\n \n
\n \n \n \nCosts incurred in renewing the vessel certificate are capitalised as a separate component under vessels in property, plant and equipment and depreciated over the period to the next expected drydocking required for certificate renewal. Costs and accumulated depreciation relating to expired certificates are treated as disposals. The estimated useful economic lives for drydock assets are as follows:
\n \n \n \n| \n Passenger vessels \n | \n \n 1 \u2013 2 years \n | \n
| \n Container vessels \n | \n \n 1 \u2013 5 years \n | \n
Estimations of economic life and residual values are reassessed at each reporting date. Any change in estimates are accounted for prospectively.
\n \n \n \n\n Other assets\n
\n \n \n \nProperty, plant and equipment, other than freehold land, are stated at cost less accumulated depreciation and any accumulated impairment losses. Freehold land is stated at cost and is not depreciated. Cost comprises purchase price and directly attributable costs.
\n \n \n \nThe amount initially recognised in respect of an item of other assets is allocated to its significant parts and each such part is depreciated separately. In respect of stevedoring equipment related costs are allocated between superstructure and plant.
\n \n \n \nWith the exception of freehold land and assets under construction, depreciation on property, plant and equipment is charged so as to write off the cost over the estimated economic useful economic lives, using the straight-line method, on the following bases:
\n \n \n \n| \n Buildings \n | \n \n 10 \u2013 100 years \n | \n
| \n Plant, equipment and vehicles \n | \n \n 4 \u2013 25 years \n | \n
| \n Plant superstructure \n | \n \n 12 \u2013 20 years \n | \n
Assets under construction, the construction of which takes a substantial period of time are recorded at the cost incurred to date less any impairment loss and no depreciation is charged on these amounts. Depreciation commences when the assets are ready for their intended use. Cost includes borrowing costs capitalised in accordance with the Group\u2019s accounting policies. Borrowing costs directly attributable to the construction of property, plant and equipment are capitalised as part of the cost of the assets up to the date of substantial completion.
\n \n \n \nGains or losses on the disposal of property, plant and equipment represent the difference between the net proceeds and the carrying value at the date of sale. Income is accounted for when there is an unconditional exchange of contracts, or when all necessary terms and conditions have been fulfilled.
\n \n \n \n\n Intangible assets\n
\n \n \n \nCosts incurred on the acquisition and commissioning of computer software are capitalised, as are costs directly associated with developing computer software programmes, if it is probable that the expected future economic benefits that are attributable to these assets will flow to the Group and the cost of these assets can be measured reliably. Computer software costs recognised as assets are written off on a straight-line basis over their estimated useful economic lives, which is normally between five and ten years.
\n \n \n\n Impairment of property, plant and equipment and intangible assets \n
\n \nAt each reporting date, the Group performs a review to ascertain whether there are any indications of impairment which may affect carrying amounts of its property, plant and equipment and intangible assets. If any such indications exist, the recoverable amount of the asset is estimated in order to determine whether the affected assets have actually suffered an impairment loss. Where an asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash generating unit to which the asset belongs.
\n \nRecoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
\n \nIf the recoverable amount of an asset or cash generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash generating unit is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.
\n \nWhere an impairment loss subsequently reverses, the carrying amount of the asset (cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the assets (cash generating units) in prior years. A reversal of an impairment loss is recognised as income immediately.
\n \n\n Inventories\n
\n \nInventories are stated at the lower of cost and net realisable value. Cost represents suppliers\u2019 invoiced cost net of any related discounts etc. determined on a first in, first out basis. Net realisable value represents the estimated selling price less all costs to be incurred in marketing, selling and distribution. European Union Allowances (EUAs) purchased and held in inventories for the purpose of settlement of obligations under the EU Emissions Trading System are included at cost.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory0": { "value": "\n\n Property, plant and equipment\n
\n \n\n \n Vessels\n \n
\n \nVessels are stated at cost less accumulated depreciation and any accumulated impairment losses.
\n \nDepreciation on vessels is charged so as to write off the cost less residual value over the estimated useful economic life on a straight-line basis. The amount initially recognised in respect of Ropax vessels less estimated residual value, is allocated between hull and machinery and hotel and catering elements for depreciation purposes. In respect of LoLo vessels, all value is attributed to hull and machinery.
\n \nIn considering residual values of vessels, the Directors have taken into account the valuation of the scrap value of the ships per light displacement tonne. Residual values are reviewed annually and updated if required. Estimations of economic life of vessels are a key accounting judgement and estimate in the financial statements. Any change in estimates are accounted for prospectively.
\n \nThe estimated useful economic lives of vessels are as follows:
\n \n| \n Hull and Machinery \n | \n \n | \n
\n
| \n \n 30 - 35 years \n | \n
\n
| \n \n 25 - 30 years \n | \n
\n
| \n \n 25 years \n | \n
| \n Hotel and Catering \n | \n \n 10 years \n | \n
For the ferry fleet, hull and machinery components are depreciated over an initial estimated useful economic life of 30 years (fast ferries 25 years) but this is reviewed on a periodic basis for vessels remaining in service 25 years (fast ferries 20 years) after original construction.
\n \n\n \n Drydocking\n \n
\n \nCosts incurred in renewing the vessel certificate are capitalised as a separate component under vessels in property, plant and equipment and depreciated over the period to the next expected drydocking required for certificate renewal. Costs and accumulated depreciation relating to expired certificates are treated as disposals. The estimated useful economic lives for drydock assets are as follows:
\n \n| \n Passenger vessels \n | \n \n 1 \u2013 2 years \n | \n
| \n Container vessels \n | \n \n 1 \u2013 5 years \n | \n
Estimations of economic life and residual values are reassessed at each reporting date. Any change in estimates are accounted for prospectively.
\n \n\n Other assets\n
\n \nProperty, plant and equipment, other than freehold land, are stated at cost less accumulated depreciation and any accumulated impairment losses. Freehold land is stated at cost and is not depreciated. Cost comprises purchase price and directly attributable costs.
\n \nThe amount initially recognised in respect of an item of other assets is allocated to its significant parts and each such part is depreciated separately. In respect of stevedoring equipment related costs are allocated between superstructure and plant.
\n \nWith the exception of freehold land and assets under construction, depreciation on property, plant and equipment is charged so as to write off the cost over the estimated economic useful economic lives, using the straight-line method, on the following bases:
\n \n| \n Buildings \n | \n \n 10 \u2013 100 years \n | \n
| \n Plant, equipment and vehicles \n | \n \n 4 \u2013 25 years \n | \n
| \n Plant superstructure \n | \n \n 12 \u2013 20 years \n | \n
Assets under construction, the construction of which takes a substantial period of time are recorded at the cost incurred to date less any impairment loss and no depreciation is charged on these amounts. Depreciation commences when the assets are ready for their intended use. Cost includes borrowing costs capitalised in accordance with the Group\u2019s accounting policies. Borrowing costs directly attributable to the construction of property, plant and equipment are capitalised as part of the cost of the assets up to the date of substantial completion.
\n \nGains or losses on the disposal of property, plant and equipment represent the difference between the net proceeds and the carrying value at the date of sale. Income is accounted for when there is an unconditional exchange of contracts, or when all necessary terms and conditions have been fulfilled.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory0": { "value": "\n\n Intangible assets\n
\n \nCosts incurred on the acquisition and commissioning of computer software are capitalised, as are costs directly associated with developing computer software programmes, if it is probable that the expected future economic benefits that are attributable to these assets will flow to the Group and the cost of these assets can be measured reliably. Computer software costs recognised as assets are written off on a straight-line basis over their estimated useful economic lives, which is normally between five and ten years.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForTreasurySharesExplanatory0": { "value": "\n \n\n Treasury shares\n
\n \n \n \nConsideration paid to purchase the Company\u2019s equity share capital is deducted from the total shareholders\u2019 equity and classified as treasury shares until such shares are cancelled. No gain or loss is recognised on the purchase, sale, issue or cancellation of the treasury shares. Where such shares are subsequently sold or reissued, any consideration received is included in total shareholders\u2019 equity.
\n \n \n \nWhere shares are cancelled an amount equivalent to the nominal value of the cancelled shares is transferred from retained earnings to the undenominated capital reserve.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForIssuedCapitalExplanatory0": { "value": "\n\n Treasury shares\n
\n \nConsideration paid to purchase the Company\u2019s equity share capital is deducted from the total shareholders\u2019 equity and classified as treasury shares until such shares are cancelled. No gain or loss is recognised on the purchase, sale, issue or cancellation of the treasury shares. Where such shares are subsequently sold or reissued, any consideration received is included in total shareholders\u2019 equity.
\n \nWhere shares are cancelled an amount equivalent to the nominal value of the cancelled shares is transferred from retained earnings to the undenominated capital reserve.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForFinancialAssetsExplanatory0": { "value": "\n \n\n Financial instruments\n
\n \n \n \nFinancial assets and financial liabilities are recognised on the Group and Company\u2019s Statement of Financial Position when the Group and Company becomes a party to the contractual provisions of the instrument.
\n \n \n \n \n\n \n Trade receivables\n \n
\n \n \n \n \n \nTrade and other receivables are initially recognised at transaction price and subsequently carried at amortised cost, net of allowance for expected credit losses. Any trade and other receivables included in non-current assets are carried at amortised cost in accordance with the effective interest rate method.
\n \n \n \n \n \nThe Group applies the simplified approach to providing for expected credit losses (ECL) under IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the trade receivables. The Group uses an allowance matrix to measure the ECL of trade receivables based on its credit loss rates. Expected loss rates are based on historical payment profiles of sales and the corresponding historical credit loss experience. The historical loss rates are adjusted to reflect current and forward economic factors if there is evidence to suggest these factors will affect the ability of the customer to settle receivables. The Group has determined the ECL default rate using market default risk probabilities with regards to its key customers. Balances are written off when the probability of recovery is assessed as being remote.
\n \n \n \n \n \nTrade receivables are derecognised when the Group no longer controls the contractual rights that comprise the receivables, which is normally the case when the asset is sold or the rights to receive cash flows from the asset have expired, and the Group has not retained substantially all the credit risks and control of the receivable has transferred.
\n \n \n \n \n \n\n \n Cash and cash equivalents\n \n
\n \n \n \n \n \nCash and cash equivalents comprise cash on hand and on demand deposits.
\n \n \n \n \n \n\n \n Financial liabilities and equity\n \n
\n \n \n \n \n \nFinancial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. The accounting policies adopted for specific financial liabilities and equity instruments are set out below.
\n \n \n \n \n \n\n \n Borrowings\n \n
\n \n \n \n \n \nInterest-bearing loans and overdrafts are initially recorded at fair value, net of transaction costs incurred. Overdrafts are set off against cash balances in accordance with the contractual terms of any set off agreement. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are expensed in the Consolidated Income Statement using the effective interest rate method and any unamortised costs at the reporting date are deducted from the carrying amount of the instrument. Borrowings are classified as financial liabilities and are measured subsequently at amortised cost using the effective interest rate method.
\n \n \n \n \n \n\n \n Trade payables\n \n
\n \n \n \n \n \nTrade payables are classified as other financial liabilities, are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method.
\n \n \n \n \n\n \n Equity instruments\n \n
\n \n \n \nEquity instruments issued by the Company are recorded at the proceeds received in share capital with any premium over nominal value recorded in the share premium account. Any associated issue costs are deducted from retained earnings.
\n \n \n \n\n Contingent liability\n
\n \n \n \nA contingent liability is disclosed unless the possibility of an outflow of resources embodying economic benefits is remote.
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory0": { "value": "\n\n Financial instruments\n
\n \nFinancial assets and financial liabilities are recognised on the Group and Company\u2019s Statement of Financial Position when the Group and Company becomes a party to the contractual provisions of the instrument.
\n \n \n\n \n Trade receivables\n \n
\n \n \n \nTrade and other receivables are initially recognised at transaction price and subsequently carried at amortised cost, net of allowance for expected credit losses. Any trade and other receivables included in non-current assets are carried at amortised cost in accordance with the effective interest rate method.
\n \n \n \nThe Group applies the simplified approach to providing for expected credit losses (ECL) under IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the trade receivables. The Group uses an allowance matrix to measure the ECL of trade receivables based on its credit loss rates. Expected loss rates are based on historical payment profiles of sales and the corresponding historical credit loss experience. The historical loss rates are adjusted to reflect current and forward economic factors if there is evidence to suggest these factors will affect the ability of the customer to settle receivables. The Group has determined the ECL default rate using market default risk probabilities with regards to its key customers. Balances are written off when the probability of recovery is assessed as being remote.
\n \n \n \nTrade receivables are derecognised when the Group no longer controls the contractual rights that comprise the receivables, which is normally the case when the asset is sold or the rights to receive cash flows from the asset have expired, and the Group has not retained substantially all the credit risks and control of the receivable has transferred.
\n \n \n \n\n \n Cash and cash equivalents\n \n
\n \n \n \nCash and cash equivalents comprise cash on hand and on demand deposits.
\n \n \n \n\n \n Financial liabilities and equity\n \n
\n \n \n \nFinancial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. The accounting policies adopted for specific financial liabilities and equity instruments are set out below.
\n \n \n \n\n \n Borrowings\n \n
\n \n \n \nInterest-bearing loans and overdrafts are initially recorded at fair value, net of transaction costs incurred. Overdrafts are set off against cash balances in accordance with the contractual terms of any set off agreement. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are expensed in the Consolidated Income Statement using the effective interest rate method and any unamortised costs at the reporting date are deducted from the carrying amount of the instrument. Borrowings are classified as financial liabilities and are measured subsequently at amortised cost using the effective interest rate method.
\n \n \n \n\n \n Trade payables\n \n
\n \n \n \nTrade payables are classified as other financial liabilities, are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method.
\n \n \n\n \n Equity instruments\n \n
\n \nEquity instruments issued by the Company are recorded at the proceeds received in share capital with any premium over nominal value recorded in the share premium account. Any associated issue costs are deducted from retained earnings.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory0": { "value": "\n\n \n Trade receivables\n \n
\n \nTrade and other receivables are initially recognised at transaction price and subsequently carried at amortised cost, net of allowance for expected credit losses. Any trade and other receivables included in non-current assets are carried at amortised cost in accordance with the effective interest rate method.
\n \nThe Group applies the simplified approach to providing for expected credit losses (ECL) under IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the trade receivables. The Group uses an allowance matrix to measure the ECL of trade receivables based on its credit loss rates. Expected loss rates are based on historical payment profiles of sales and the corresponding historical credit loss experience. The historical loss rates are adjusted to reflect current and forward economic factors if there is evidence to suggest these factors will affect the ability of the customer to settle receivables. The Group has determined the ECL default rate using market default risk probabilities with regards to its key customers. Balances are written off when the probability of recovery is assessed as being remote.
\n \nTrade receivables are derecognised when the Group no longer controls the contractual rights that comprise the receivables, which is normally the case when the asset is sold or the rights to receive cash flows from the asset have expired, and the Group has not retained substantially all the credit risks and control of the receivable has transferred.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents0": { "value": "\n\n \n Cash and cash equivalents\n \n
\n \nCash and cash equivalents comprise cash on hand and on demand deposits.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory0": { "value": "\n\n \n Financial liabilities and equity\n \n
\n \nFinancial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. The accounting policies adopted for specific financial liabilities and equity instruments are set out below.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForBorrowingsExplanatory0": { "value": "\n\n \n Borrowings\n \n
\n \nInterest-bearing loans and overdrafts are initially recorded at fair value, net of transaction costs incurred. Overdrafts are set off against cash balances in accordance with the contractual terms of any set off agreement. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are expensed in the Consolidated Income Statement using the effective interest rate method and any unamortised costs at the reporting date are deducted from the carrying amount of the instrument. Borrowings are classified as financial liabilities and are measured subsequently at amortised cost using the effective interest rate method.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory0": { "value": "\n\n \n Trade payables\n \n
\n \nTrade payables are classified as other financial liabilities, are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory0": { "value": "\n\n Contingent liability\n
\n \nA contingent liability is disclosed unless the possibility of an outflow of resources embodying economic benefits is remote.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForProvisionsExplanatory0": { "value": "\n\n Provisions\n
\n \nProvisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the statement of financial position date and are discounted to present value where the effect is material.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForDividendsExplanatory0": { "value": "\n\n Distributions\n
\n \nDistributions are accounted for when they are paid, through retained earnings. Dividend income from investments is recognised when the shareholders\u2019 rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably). Dividends received from fellow subsidiaries are eliminated on consolidation.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfAccountingJudgementsAndEstimatesExplanatory0": { "value": "\n\n 3. Critical accounting judgements and key sources of estimation uncertainty\n
\n \nIn the application of the Group\u2019s and Company\u2019s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these amounts. The estimates and underlying assumptions are reviewed on an ongoing basis.
\n \nKey sources of estimation uncertainty and critical accounting judgements are as follows:
\n \n\n Critical accounting judgements \n
\n \n \n\n \n Vessel assets - Indicators of Impairment \n \n
\n \n \n \nThe Group does not hold any assets, including goodwill, that require an annual impairment test. In accordance with IAS 36 Impairment of Assets, the Directors assessed at 31 December 2025 whether there were indicators of impairment in respect of property, plant and equipment and intangible assets.
\n \n \n \nIn performing this assessment, the Directors considered a range of internal and external factors, including operational performance, prevailing charter and freight rate environments, independent broker valuations, macro-economic conditions, technological developments, regulatory change, shipbuilding costs and the relationship between carrying value and market capitalisation. The Group operates in markets that are influenced by macro-economic factors including economic growth, inflation, interest rates and foreign exchange rates. The Directors considered market conditions at 31 December 2025 and did not identify any macro-economic indicators of impairment. In assessing regulatory developments, including the phased implementation of the EU Emissions Trading System for shipping and the longer-term decarbonisation targets set by the International Maritime Organisation, the Directors considered the expected impact over the remaining useful economic lives of the fleet. While compliance pathways continue to evolve, the Directors do not consider that current regulation gives rise to accelerated obsolescence of the existing fleet. Such regulation is expected primarily to increase operating costs, which are managed through established commercial mechanisms.
\n \n \n \n\n Ferry fleet\n
\n \n \n \nIndependent broker valuations obtained at 31 December 2025 indicated that, in aggregate, market values were well in excess of the carrying value of the ferry fleet. Individual vessel valuations were broadly consistent with carrying values, subject to normal operational depreciation.
\n \n \n \nGiven the materiality of the ferry fleet, the Directors performed additional discounted cash flow analysis to corroborate carrying values. This analysis indicated substantial headroom between recoverable amount and carrying value.
\n \n \n \n\n Container fleet\n
\n \n \n \nIndependent broker valuations obtained at 31 December 2025 indicated that, in aggregate, market values for the container fleet were well in excess of carrying value. The Directors noted, however, that for two vessels carrying values were in excess of the respective broker valuations received.
\n \n \n \nThe Directors considered this observation in the context of prevailing market conditions and the sensitivity of long-term charter rate assumptions. On balance, it was concluded that further recoverable amount assessment was appropriate for those two vessels at the reporting date.
\n \n \n \nFor the remaining container vessels, no impairment indicators were identified.
\n \n \n \n\n \n Going Concern \n \n
\n \n \n \nThe Financial Statements have been prepared on the going concern basis. The Directors report that, after making enquiries, they have a reasonable expectation, at the time of approving the Financial Statements, that the Group and Company are going concerns and have adequate financial resources to continue in operational existence for the foreseeable future.
\n \n \n \nIn forming this view, the Directors have considered the Group\u2019s and Company\u2019s net current liabilities of \u20ac91.0 million\u00a0as shown in the Financial Statements, the future cash requirements of the business in the context of the economic environment at the reporting date, the principal risks and uncertainties facing the Group, the Group\u2019s 2026 budget and mediumterm strategic plan, and the capital investment programme, which includes the final \u20ac75\u00a0million bullet payment on the\u00a0Oscar Wilde. The future cash requirements have been compared with the bank facilities currently available to the Group and Company, and its projected cash inflows over the forecast period. In addition, the Directors expect additional facilities to be available following the conclusion of ongoing negotiations to increase the Group and Company\u2019s available liquidity.
\n \n \n \nDuring the financial year, the Group generated cash from operations of \u20ac162.2 million (2024: \u20ac142.5 million), with free cash flow after maintenance capital expenditure of \u20ac130.5 million (2024: \u20ac115.2 million). At 31 December 2025, the Group retained liquidity reserves comprising cash balances and committed undrawn facilities of \u20ac68.6 million (2024: \u20ac104.7 million). The leverage covenant under the Group\u2019s loan facilities at 31 December 2025 was 1.0 times EBITDA, well within the maximum permitted level of 3.0 times.
\n \n \n \nIn making their assessment, the Directors considered a number of scenarios. The base case reflects trading patterns consistent with conditions existing at the date of approval. A downside scenario was also prepared, reflecting lower activity levels across the Group\u2019s businesses, having regard to macroeconomic risks in the markets in which the Group operates, including ongoing inflationary and interestrate pressures, geopolitical tensions in Europe and the Middle East, and global demand risks. Notwithstanding the reduced activity assumptions, the downside scenario maintains a full schedule of services. In addition, the Directors have considered a scenario in which the final bullet payment is funded entirely from working capital resources.
\n \n \n \nBased on this modelling, the Directors believe that the Group has sufficient liquidity to continue to operate for at least the period to March 2027.\u2002
\n \n \n\n Estimation Uncertainty\n
\n \n\n \n Recoverable Value Estimates Container Vessel Fleet \n \n
\n \nAt 31 December 2025, the Group performed impairment testing to assess the recoverable value of two container vessels in respect of which indicators of impairment were identified.
\n \nRecoverable amount was determined as the higher of fair value less costs of disposal and value in use. Independent broker valuations were obtained from Ernst Rust Shipbrokers GMBH & Co Kg and adjusted for estimated disposal costs. These valuations are prepared on standard market terms on the assumption of assets being encumbrance free with a willing buyer and seller. The Group adjusted these valuations for an estimate of disposal costs to arrive at a fair value less cost of disposal (FVLCOD) valuation of the two vessels. As these valuations were below carrying value for the two vessels, value in use calculations were performed.
\n \nThe value in use calculations involved projecting future cash flows over the shorter of ten years or the remaining useful economic life of each vessel and discounting those cash flows using the Group\u2019s estimated pre-tax weighted average cost of capital.
\n \nThe principal estimation uncertainties in determining value in use relate to:
\n \nSensitivity on this base scenario was performed for a number of downside scenarios flexing the charter rates, the discount rate and terminal values. No reasonably foreseeable adjustment to these inputs indicated that an impairment charge which would be material to the financial statements is likely to occur.
\n \nBased on the analysis performed, the Directors concluded that the recoverable amount of each of the two vessels exceeded its carrying value at 31 December 2025 and no impairment charge was recognised.
\n \n\n \n Post-employment benefits\n \n
\n \nThe Group\u2019s and Company\u2019s total obligation in respect of defined benefit pension obligations is calculated by independent, qualified actuaries, updated at least annually. The size of the obligation is sensitive to actuarial assumptions. These include demographic assumptions covering mortality and longevity, and economic assumptions covering price inflation, benefit and salary increases together with the discount rate used. The size of the scheme assets is also sensitive to asset return levels and the level of contributions from the Group and Company. Further details are set out in note 31. Many of the actuarial assumptions are dependent on market developments and are outside the control of the Company and Group and movements may give rise to material adjustments in future estimates of post-employment obligations.
\n \nThe Group and Company is a participating employer in the Merchant Navy Officer Pension Fund (MNOPF), a multi-employer defined benefit pension scheme. The MNOPF was in deficit of \u00a311.0 million at the most recent valuation date of 31 March 2024. Under the rules of the fund, all employers are jointly and severally liable for any deficit. The deficit included in the financial statements for the Group and Company represents an apportionment of the overall scheme deficit based on the most recent notification received from the trustees dated May 2013 and which was 1.04% for the Group and 0.33% for the Company, less any deficit payments made. Should other participating employers\u2019 default on their obligations, the Group and Company will be required to absorb a larger share of the scheme deficit calculated in the same manner as the current apportionment.
\n \n\n \n Useful economic lives for property, plant and equipment \n \n
\n \nLong lived assets comprising primarily of property, plant and equipment represent a significant portion of total assets. The annual depreciation and amortisation charge depends primarily on the estimated useful economic lives of each type of asset. Management regularly reviews these useful economic lives and change them, if necessary, to reflect current conditions. In determining these useful economic lives, management considers regulatory and technological changes, patterns of consumption, physical condition and expected economic utilisation of the asset. Changes in the useful economic lives may have a significant impact on the annual depreciation and amortisation charge. Details of the useful economic lives are included in the accounting policy headed property, plant and equipment. Further details are set out in note 12.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory0": { "value": "\n\n \n Vessel assets - Indicators of Impairment \n \n
\n \nThe Group does not hold any assets, including goodwill, that require an annual impairment test. In accordance with IAS 36 Impairment of Assets, the Directors assessed at 31 December 2025 whether there were indicators of impairment in respect of property, plant and equipment and intangible assets.
\n \nIn performing this assessment, the Directors considered a range of internal and external factors, including operational performance, prevailing charter and freight rate environments, independent broker valuations, macro-economic conditions, technological developments, regulatory change, shipbuilding costs and the relationship between carrying value and market capitalisation. The Group operates in markets that are influenced by macro-economic factors including economic growth, inflation, interest rates and foreign exchange rates. The Directors considered market conditions at 31 December 2025 and did not identify any macro-economic indicators of impairment. In assessing regulatory developments, including the phased implementation of the EU Emissions Trading System for shipping and the longer-term decarbonisation targets set by the International Maritime Organisation, the Directors considered the expected impact over the remaining useful economic lives of the fleet. While compliance pathways continue to evolve, the Directors do not consider that current regulation gives rise to accelerated obsolescence of the existing fleet. Such regulation is expected primarily to increase operating costs, which are managed through established commercial mechanisms.
\n \n\n Ferry fleet\n
\n \nIndependent broker valuations obtained at 31 December 2025 indicated that, in aggregate, market values were well in excess of the carrying value of the ferry fleet. Individual vessel valuations were broadly consistent with carrying values, subject to normal operational depreciation.
\n \nGiven the materiality of the ferry fleet, the Directors performed additional discounted cash flow analysis to corroborate carrying values. This analysis indicated substantial headroom between recoverable amount and carrying value.
\n \n\n Container fleet\n
\n \nIndependent broker valuations obtained at 31 December 2025 indicated that, in aggregate, market values for the container fleet were well in excess of carrying value. The Directors noted, however, that for two vessels carrying values were in excess of the respective broker valuations received.
\n \nThe Directors considered this observation in the context of prevailing market conditions and the sensitivity of long-term charter rate assumptions. On balance, it was concluded that further recoverable amount assessment was appropriate for those two vessels at the reporting date.
\n \nFor the remaining container vessels, no impairment indicators were identified.
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfGoingConcernExplanatory0": { "value": "\n\n \n Going Concern \n \n
\n \nThe Financial Statements have been prepared on the going concern basis. The Directors report that, after making enquiries, they have a reasonable expectation, at the time of approving the Financial Statements, that the Group and Company are going concerns and have adequate financial resources to continue in operational existence for the foreseeable future.
\n \nIn forming this view, the Directors have considered the Group\u2019s and Company\u2019s net current liabilities of \u20ac91.0 million\u00a0as shown in the Financial Statements, the future cash requirements of the business in the context of the economic environment at the reporting date, the principal risks and uncertainties facing the Group, the Group\u2019s 2026 budget and mediumterm strategic plan, and the capital investment programme, which includes the final \u20ac75\u00a0million bullet payment on the\u00a0Oscar Wilde. The future cash requirements have been compared with the bank facilities currently available to the Group and Company, and its projected cash inflows over the forecast period. In addition, the Directors expect additional facilities to be available following the conclusion of ongoing negotiations to increase the Group and Company\u2019s available liquidity.
\n \nDuring the financial year, the Group generated cash from operations of \u20ac162.2 million (2024: \u20ac142.5 million), with free cash flow after maintenance capital expenditure of \u20ac130.5 million (2024: \u20ac115.2 million). At 31 December 2025, the Group retained liquidity reserves comprising cash balances and committed undrawn facilities of \u20ac68.6 million (2024: \u20ac104.7 million). The leverage covenant under the Group\u2019s loan facilities at 31 December 2025 was 1.0 times EBITDA, well within the maximum permitted level of 3.0 times.
\n \nIn making their assessment, the Directors considered a number of scenarios. The base case reflects trading patterns consistent with conditions existing at the date of approval. A downside scenario was also prepared, reflecting lower activity levels across the Group\u2019s businesses, having regard to macroeconomic risks in the markets in which the Group operates, including ongoing inflationary and interestrate pressures, geopolitical tensions in Europe and the Middle East, and global demand risks. Notwithstanding the reduced activity assumptions, the downside scenario maintains a full schedule of services. In addition, the Directors have considered a scenario in which the final bullet payment is funded entirely from working capital resources.
\n \nBased on this modelling, the Directors believe that the Group has sufficient liquidity to continue to operate for at least the period to March 2027.\u2002
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfEntitysReportableSegmentsExplanatory0": { "value": "\n \n \n \n\n 4. Segmental information\n
\n \n \n \n \n \n \n \n\n Business segments\n
\n \n \n \n \n \n \n \nThe 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. These segments are the basis on which the Group reports internally and are the only two revenue generating segments of the Group.
\n \n \n \n \n \n \n \nThe Ferries segment derives its revenue from the operation of combined RoRo passenger ferries and the chartering of vessels. The Container and Terminal segment derives its revenue from the provision of door-to-door and feeder LoLo freight services, stevedoring and other related terminal services.
\n \n \n \n \n \n \n \nSegment information about the Group\u2019s operations is presented below.
\n \n \n \n \n \n \n \n| \n | \n\n Ferries \n | \n \n Container & Terminal \n | \n \n Inter- segment \n | \n \n Total \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Revenue\n \n | \n \n | \n\n | \n\n | \n\n | \n
| \n \n 2025\n \n | \n \n | \n\n | \n\n | \n\n | \n
| \n External revenue \n | \n \n 433.3 \n | \n \n 233.4 \n | \n \n - \n | \n \n 666.7 \n | \n
| \n Inter-segment revenue \n | \n \n 32.2 \n | \n \n 1.2 \n | \n \n (33.4) \n | \n \n - \n | \n
| \n \n Total\n \n | \n \n \n 465.5\n \n | \n \n \n 234.6\n \n | \n \n \n (33.4)\n \n | \n \n \n 666.7\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n 2024\n \n | \n \n | \n\n | \n\n | \n\n | \n
| \n External revenue \n | \n \n 401.5 \n | \n \n 202.3 \n | \n \n - \n | \n \n 603.8 \n | \n
| \n Inter-segment revenue \n | \n \n 32.0 \n | \n \n 1.2 \n | \n \n (33.2) \n | \n \n - \n | \n
| \n Total \n | \n \n \n 433.5\n \n | \n \n \n 203.5\n \n | \n \n \n (33.2)\n \n | \n \n \n 603.8\n \n | \n
Inter-segment revenue is at best estimates of prevailing market prices. The inter-segment revenue in the Ferries Division in 2025 of \u20ac32.2 million (2024: \u20ac32.0 million) primarily relates to container vessels which are on time charter to the Group\u2019s container shipping subsidiary, Eucon.
\n \n \n \n \n \n \n \nRevenue 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, a key determinant to categorising revenues is whether they principally arise from a business to customer (passenger contracts) or a business to business relationship (freight and charter contracts) as this impacts directly on the uncertainty of cash flows.
\n \n \n \n \n \n \n \n \n| \n | \n\n Ferries \n | \n \n Container & Terminal \n | \n \n Total \n | \n |||
| \n | \n\n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Revenue\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Passenger \n | \n \n 210.9 \n | \n \n 196.5 \n | \n \n - \n | \n \n - \n | \n \n 210.9 \n | \n \n 196.5 \n | \n
| \n Freight \n | \n \n 207.3 \n | \n \n 194.2 \n | \n \n 233.4 \n | \n \n 202.3 \n | \n \n 440.7 \n | \n \n 396.5 \n | \n
| \n Chartering \n | \n \n 15.1 \n | \n \n 10.8 \n | \n \n - \n | \n \n - \n | \n \n 15.1 \n | \n \n 10.8 \n | \n
| \n \n Total\n \n | \n \n \n 433.3\n \n | \n \n \n 401.5\n \n | \n \n \n 233.4\n \n | \n \n \n 202.3\n \n | \n \n \n 666.7\n \n | \n \n \n 603.8\n \n | \n
For the year ended 31 December 2025, \u20ac598.8 million was recognised over time (2024: \u20ac548.9 million) and \u20ac67.9 million was recognised at a point in time (2024: \u20ac54.9 million). No single external customer in the current or prior financial year amounted to 10 per cent or more of the Group\u2019s revenues. Of total Group revenues of \u20ac666.7 million (2024: \u20ac603.8 million), \u20ac15.1 million (2024: \u20ac10.4 million), all of which relates to the Ferries Division, is recognised under IFRS 16 with the remainder being recognised as revenue under IFRS 15.
\n \n \n \n \n \n \n \n| \n | \n\n Ferries \n | \n \n Container & Terminal \n | \n \n Total \n | \n |||
| \n | \n\n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Result\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Operating profit \n | \n \n 65.2 \n | \n \n 54.4 \n | \n \n 20.4 \n | \n \n 14.7 \n | \n \n 85.6 \n | \n \n 69.1 \n | \n
| \n Finance income \n | \n \n 2.1 \n | \n \n 1.6 \n | \n \n - \n | \n \n - \n | \n \n 2.1 \n | \n \n 1.6 \n | \n
| \n Finance costs \n | \n \n (8.6) \n | \n \n (7.3) \n | \n \n (1.6) \n | \n \n (1.2) \n | \n \n (10.2) \n | \n \n (8.5) \n | \n
| \n Profit before tax \n | \n \n 58.7 \n | \n \n 48.7 \n | \n \n 18.8 \n | \n \n 13.5 \n | \n \n 77.5 \n | \n \n 62.2 \n | \n
| \n Income tax expense \n | \n \n (1.2) \n | \n \n (1.5) \n | \n \n (1.4) \n | \n \n (0.8) \n | \n \n (2.6) \n | \n \n (2.3) \n | \n
| \n \n Profit for the financial year\n \n | \n \n \n 57.5\n \n | \n \n \n 47.2\n \n | \n \n \n 17.4\n \n | \n \n \n 12.7\n \n | \n \n \n 74.9\n \n | \n \n \n 59.9\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Statement of Financial Position\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Assets\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Segment assets \n | \n \n 545.6 \n | \n \n 494.5 \n | \n \n 132.3 \n | \n \n 103.3 \n | \n \n 677.9 \n | \n \n 597.8 \n | \n
| \n Cash and cash equivalents \n | \n \n 12.2 \n | \n \n 30.6 \n | \n \n 24.5 \n | \n \n 10.7 \n | \n \n 36.7 \n | \n \n 41.3 \n | \n
| \n \n Consolidated total assets\n \n | \n \n \n 557.8\n \n | \n \n \n 525.1\n \n | \n \n \n 156.8\n \n | \n \n \n 114.0\n \n | \n \n \n 714.6\n \n | \n \n \n 639.1\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Liabilities\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Segment liabilities \n | \n \n 98.9 \n | \n \n 78.1 \n | \n \n 39.3 \n | \n \n 35.3 \n | \n \n 138.2 \n | \n \n 113.4 \n | \n
| \n Borrowings and lease liabilities \n | \n \n 246.3 \n | \n \n 176.0 \n | \n \n 46.5 \n | \n \n 27.4 \n | \n \n 292.8 \n | \n \n 203.4 \n | \n
| \n \n Consolidated total liabilities\n \n | \n \n \n 345.2\n \n | \n \n \n 254.1\n \n | \n \n \n 85.8\n \n | \n \n \n 62.7\n \n | \n \n \n 431.0\n \n | \n \n \n 316.8\n \n | \n
| \n \n Consolidated net assets\n \n | \n \n \n 212.6\n \n | \n \n \n 271.0\n \n | \n \n \n 71.0\n \n | \n \n \n 51.3\n \n | \n \n \n 283.6\n \n | \n \n \n 322.3\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Other segment information\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Capital additions \n | \n \n 97.0 \n | \n \n 27.9 \n | \n \n 3.4 \n | \n \n 1.8 \n | \n \n 100.4 \n | \n \n 29.7 \n | \n
| \n Right-of-use asset additions \n | \n \n 0.1 \n | \n \n 84.4 \n | \n \n 23.8 \n | \n \n 2.2 \n | \n \n 23.9 \n | \n \n 86.6 \n | \n
| \n Depreciation and amortisation \n | \n \n 55.5 \n | \n \n 55.4 \n | \n \n 9.5 \n | \n \n 9.0 \n | \n \n 65.0 \n | \n \n 64.4 \n | \n
| \n | \n\n Ferries \n | \n \n Container & Terminal \n | \n \n Total \n | \n |||
| \n | \n\n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Other operating expenses\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Fuel \n | \n \n 89.5 \n | \n \n 91.6 \n | \n \n 21.0 \n | \n \n 17.9 \n | \n \n 110.5 \n | \n \n 109.5 \n | \n
| \n Labour \n | \n \n 59.4 \n | \n \n 55.2 \n | \n \n 15.0 \n | \n \n 14.4 \n | \n \n 74.4 \n | \n \n 69.6 \n | \n
| \n Port costs \n | \n \n 97.0 \n | \n \n 91.3 \n | \n \n 43.1 \n | \n \n 35.8 \n | \n \n 140.1 \n | \n \n 127.1 \n | \n
| \n Haulage \n | \n \n - \n | \n \n - \n | \n \n 58.2 \n | \n \n 54.9 \n | \n \n 58.2 \n | \n \n 54.9 \n | \n
| \n Other \n | \n \n 75.7 \n | \n \n 64.2 \n | \n \n 61.5 \n | \n \n 51.2 \n | \n \n 137.2 \n | \n \n 115.4 \n | \n
| \n Inter-segment \n | \n \n (1.2) \n | \n \n (1.2) \n | \n \n (32.2) \n | \n \n (32.0) \n | \n \n (33.4) \n | \n \n (33.2) \n | \n
| \n \n Total other operating expenses\n \n | \n \n \n 320.4\n \n | \n \n \n 301.1\n \n | \n \n \n 166.6\n \n | \n \n \n 142.2\n \n | \n \n \n 487.0\n \n | \n \n \n 443.3\n \n | \n
\n Geographic analysis of revenue by origin of booking\n
\n \n \n \n \n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Revenue\n \n | \n \n | \n\n | \n
| \n Ireland \n | \n \n 211.6 \n | \n \n 189.8 \n | \n
| \n United Kingdom \n | \n \n 195.8 \n | \n \n 180.8 \n | \n
| \n Netherlands \n | \n \n 112.6 \n | \n \n 100.9 \n | \n
| \n Belgium \n | \n \n 41.8 \n | \n \n 37.2 \n | \n
| \n France \n | \n \n 35.2 \n | \n \n 27.6 \n | \n
| \n Poland` \n | \n \n 16.2 \n | \n \n 15.7 \n | \n
| \n Germany \n | \n \n 8.8 \n | \n \n 8.2 \n | \n
| \n Austria \n | \n \n 7.9 \n | \n \n 9.3 \n | \n
| \n Other \n | \n \n 36.8 \n | \n \n 34.3 \n | \n
| \n \n Total\n \n | \n \n \n 666.7\n \n | \n \n \n 603.8\n \n | \n
For the year ended 31 December 2025, the \u2018other\u2019 revenue balance of \u20ac36.8 million did not contain revenue attributable to any single country in excess of \u20ac7.9 million.
\n \n \n \n \n \n \n \n\n Geographic location of non-current assets\n
\n \n \n \n \n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n At Sea and in transit\n \n | \n \n | \n\n | \n
| \n Vessels \n | \n \n 492.5 \n | \n \n 381.0 \n | \n
| \n Containers \n | \n \n 9.5 \n | \n \n 7.5 \n | \n
| \n | \n\n 439.0 \n | \n \n 388.5 \n | \n
| \n \n On Shore\n \n | \n \n | \n\n | \n
| \n Ireland \n | \n \n 64.8 \n | \n \n 67.2 \n | \n
| \n Other \n | \n \n 14.6 \n | \n \n 5.3 \n | \n
| \n | \n\n 79.4 \n | \n \n 72.5 \n | \n
| \n \n Carrying amount at 31 December\n \n | \n \n \n 518.4\n \n | \n \n \n 461.0\n \n | \n
Non-current assets set out above exclude finance lease receivable, retirement benefit assets and deferred tax assets. Due to the mobile nature of certain assets in property, plant and equipment, their geographic location is not always fixed.
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfOtherOperatingExpenseExplanatory0": { "value": "\n \n \n\n 4. Segmental information\n
\n \n \n \n \n \n\n Business segments\n
\n \n \n \n \n \nThe 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. These segments are the basis on which the Group reports internally and are the only two revenue generating segments of the Group.
\n \n \n \n \n \nThe Ferries segment derives its revenue from the operation of combined RoRo passenger ferries and the chartering of vessels. The Container and Terminal segment derives its revenue from the provision of door-to-door and feeder LoLo freight services, stevedoring and other related terminal services.
\n \n \n \n \n \nSegment information about the Group\u2019s operations is presented below.
\n \n \n \n \n \n| \n | \n\n Ferries \n | \n \n Container & Terminal \n | \n \n Inter- segment \n | \n \n Total \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Revenue\n \n | \n \n | \n\n | \n\n | \n\n | \n
| \n \n 2025\n \n | \n \n | \n\n | \n\n | \n\n | \n
| \n External revenue \n | \n \n 433.3 \n | \n \n 233.4 \n | \n \n - \n | \n \n 666.7 \n | \n
| \n Inter-segment revenue \n | \n \n 32.2 \n | \n \n 1.2 \n | \n \n (33.4) \n | \n \n - \n | \n
| \n \n Total\n \n | \n \n \n 465.5\n \n | \n \n \n 234.6\n \n | \n \n \n (33.4)\n \n | \n \n \n 666.7\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n 2024\n \n | \n \n | \n\n | \n\n | \n\n | \n
| \n External revenue \n | \n \n 401.5 \n | \n \n 202.3 \n | \n \n - \n | \n \n 603.8 \n | \n
| \n Inter-segment revenue \n | \n \n 32.0 \n | \n \n 1.2 \n | \n \n (33.2) \n | \n \n - \n | \n
| \n Total \n | \n \n \n 433.5\n \n | \n \n \n 203.5\n \n | \n \n \n (33.2)\n \n | \n \n \n 603.8\n \n | \n
Inter-segment revenue is at best estimates of prevailing market prices. The inter-segment revenue in the Ferries Division in 2025 of \u20ac32.2 million (2024: \u20ac32.0 million) primarily relates to container vessels which are on time charter to the Group\u2019s container shipping subsidiary, Eucon.
\n \n \n \n \n \nRevenue 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, a key determinant to categorising revenues is whether they principally arise from a business to customer (passenger contracts) or a business to business relationship (freight and charter contracts) as this impacts directly on the uncertainty of cash flows.
\n \n \n \n \n \n \n| \n | \n\n Ferries \n | \n \n Container & Terminal \n | \n \n Total \n | \n |||
| \n | \n\n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Revenue\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Passenger \n | \n \n 210.9 \n | \n \n 196.5 \n | \n \n - \n | \n \n - \n | \n \n 210.9 \n | \n \n 196.5 \n | \n
| \n Freight \n | \n \n 207.3 \n | \n \n 194.2 \n | \n \n 233.4 \n | \n \n 202.3 \n | \n \n 440.7 \n | \n \n 396.5 \n | \n
| \n Chartering \n | \n \n 15.1 \n | \n \n 10.8 \n | \n \n - \n | \n \n - \n | \n \n 15.1 \n | \n \n 10.8 \n | \n
| \n \n Total\n \n | \n \n \n 433.3\n \n | \n \n \n 401.5\n \n | \n \n \n 233.4\n \n | \n \n \n 202.3\n \n | \n \n \n 666.7\n \n | \n \n \n 603.8\n \n | \n
For the year ended 31 December 2025, \u20ac598.8 million was recognised over time (2024: \u20ac548.9 million) and \u20ac67.9 million was recognised at a point in time (2024: \u20ac54.9 million). No single external customer in the current or prior financial year amounted to 10 per cent or more of the Group\u2019s revenues. Of total Group revenues of \u20ac666.7 million (2024: \u20ac603.8 million), \u20ac15.1 million (2024: \u20ac10.4 million), all of which relates to the Ferries Division, is recognised under IFRS 16 with the remainder being recognised as revenue under IFRS 15.
\n \n \n \n \n \n| \n | \n\n Ferries \n | \n \n Container & Terminal \n | \n \n Total \n | \n |||
| \n | \n\n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Result\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Operating profit \n | \n \n 65.2 \n | \n \n 54.4 \n | \n \n 20.4 \n | \n \n 14.7 \n | \n \n 85.6 \n | \n \n 69.1 \n | \n
| \n Finance income \n | \n \n 2.1 \n | \n \n 1.6 \n | \n \n - \n | \n \n - \n | \n \n 2.1 \n | \n \n 1.6 \n | \n
| \n Finance costs \n | \n \n (8.6) \n | \n \n (7.3) \n | \n \n (1.6) \n | \n \n (1.2) \n | \n \n (10.2) \n | \n \n (8.5) \n | \n
| \n Profit before tax \n | \n \n 58.7 \n | \n \n 48.7 \n | \n \n 18.8 \n | \n \n 13.5 \n | \n \n 77.5 \n | \n \n 62.2 \n | \n
| \n Income tax expense \n | \n \n (1.2) \n | \n \n (1.5) \n | \n \n (1.4) \n | \n \n (0.8) \n | \n \n (2.6) \n | \n \n (2.3) \n | \n
| \n \n Profit for the financial year\n \n | \n \n \n 57.5\n \n | \n \n \n 47.2\n \n | \n \n \n 17.4\n \n | \n \n \n 12.7\n \n | \n \n \n 74.9\n \n | \n \n \n 59.9\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Statement of Financial Position\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Assets\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Segment assets \n | \n \n 545.6 \n | \n \n 494.5 \n | \n \n 132.3 \n | \n \n 103.3 \n | \n \n 677.9 \n | \n \n 597.8 \n | \n
| \n Cash and cash equivalents \n | \n \n 12.2 \n | \n \n 30.6 \n | \n \n 24.5 \n | \n \n 10.7 \n | \n \n 36.7 \n | \n \n 41.3 \n | \n
| \n \n Consolidated total assets\n \n | \n \n \n 557.8\n \n | \n \n \n 525.1\n \n | \n \n \n 156.8\n \n | \n \n \n 114.0\n \n | \n \n \n 714.6\n \n | \n \n \n 639.1\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Liabilities\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Segment liabilities \n | \n \n 98.9 \n | \n \n 78.1 \n | \n \n 39.3 \n | \n \n 35.3 \n | \n \n 138.2 \n | \n \n 113.4 \n | \n
| \n Borrowings and lease liabilities \n | \n \n 246.3 \n | \n \n 176.0 \n | \n \n 46.5 \n | \n \n 27.4 \n | \n \n 292.8 \n | \n \n 203.4 \n | \n
| \n \n Consolidated total liabilities\n \n | \n \n \n 345.2\n \n | \n \n \n 254.1\n \n | \n \n \n 85.8\n \n | \n \n \n 62.7\n \n | \n \n \n 431.0\n \n | \n \n \n 316.8\n \n | \n
| \n \n Consolidated net assets\n \n | \n \n \n 212.6\n \n | \n \n \n 271.0\n \n | \n \n \n 71.0\n \n | \n \n \n 51.3\n \n | \n \n \n 283.6\n \n | \n \n \n 322.3\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Other segment information\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Capital additions \n | \n \n 97.0 \n | \n \n 27.9 \n | \n \n 3.4 \n | \n \n 1.8 \n | \n \n 100.4 \n | \n \n 29.7 \n | \n
| \n Right-of-use asset additions \n | \n \n 0.1 \n | \n \n 84.4 \n | \n \n 23.8 \n | \n \n 2.2 \n | \n \n 23.9 \n | \n \n 86.6 \n | \n
| \n Depreciation and amortisation \n | \n \n 55.5 \n | \n \n 55.4 \n | \n \n 9.5 \n | \n \n 9.0 \n | \n \n 65.0 \n | \n \n 64.4 \n | \n
| \n | \n\n Ferries \n | \n \n Container & Terminal \n | \n \n Total \n | \n |||
| \n | \n\n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Other operating expenses\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Fuel \n | \n \n 89.5 \n | \n \n 91.6 \n | \n \n 21.0 \n | \n \n 17.9 \n | \n \n 110.5 \n | \n \n 109.5 \n | \n
| \n Labour \n | \n \n 59.4 \n | \n \n 55.2 \n | \n \n 15.0 \n | \n \n 14.4 \n | \n \n 74.4 \n | \n \n 69.6 \n | \n
| \n Port costs \n | \n \n 97.0 \n | \n \n 91.3 \n | \n \n 43.1 \n | \n \n 35.8 \n | \n \n 140.1 \n | \n \n 127.1 \n | \n
| \n Haulage \n | \n \n - \n | \n \n - \n | \n \n 58.2 \n | \n \n 54.9 \n | \n \n 58.2 \n | \n \n 54.9 \n | \n
| \n Other \n | \n \n 75.7 \n | \n \n 64.2 \n | \n \n 61.5 \n | \n \n 51.2 \n | \n \n 137.2 \n | \n \n 115.4 \n | \n
| \n Inter-segment \n | \n \n (1.2) \n | \n \n (1.2) \n | \n \n (32.2) \n | \n \n (32.0) \n | \n \n (33.4) \n | \n \n (33.2) \n | \n
| \n \n Total other operating expenses\n \n | \n \n \n 320.4\n \n | \n \n \n 301.1\n \n | \n \n \n 166.6\n \n | \n \n \n 142.2\n \n | \n \n \n 487.0\n \n | \n \n \n 443.3\n \n | \n
\n Geographic analysis of revenue by origin of booking\n
\n \n \n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Revenue\n \n | \n \n | \n\n | \n
| \n Ireland \n | \n \n 211.6 \n | \n \n 189.8 \n | \n
| \n United Kingdom \n | \n \n 195.8 \n | \n \n 180.8 \n | \n
| \n Netherlands \n | \n \n 112.6 \n | \n \n 100.9 \n | \n
| \n Belgium \n | \n \n 41.8 \n | \n \n 37.2 \n | \n
| \n France \n | \n \n 35.2 \n | \n \n 27.6 \n | \n
| \n Poland` \n | \n \n 16.2 \n | \n \n 15.7 \n | \n
| \n Germany \n | \n \n 8.8 \n | \n \n 8.2 \n | \n
| \n Austria \n | \n \n 7.9 \n | \n \n 9.3 \n | \n
| \n Other \n | \n \n 36.8 \n | \n \n 34.3 \n | \n
| \n \n Total\n \n | \n \n \n 666.7\n \n | \n \n \n 603.8\n \n | \n
For the year ended 31 December 2025, the \u2018other\u2019 revenue balance of \u20ac36.8 million did not contain revenue attributable to any single country in excess of \u20ac7.9 million.
\n \n \n \n \n \n\n Geographic location of non-current assets\n
\n \n \n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n At Sea and in transit\n \n | \n \n | \n\n | \n
| \n Vessels \n | \n \n 492.5 \n | \n \n 381.0 \n | \n
| \n Containers \n | \n \n 9.5 \n | \n \n 7.5 \n | \n
| \n | \n\n 439.0 \n | \n \n 388.5 \n | \n
| \n \n On Shore\n \n | \n \n | \n\n | \n
| \n Ireland \n | \n \n 64.8 \n | \n \n 67.2 \n | \n
| \n Other \n | \n \n 14.6 \n | \n \n 5.3 \n | \n
| \n | \n\n 79.4 \n | \n \n 72.5 \n | \n
| \n \n Carrying amount at 31 December\n \n | \n \n \n 518.4\n \n | \n \n \n 461.0\n \n | \n
Non-current assets set out above exclude finance lease receivable, retirement benefit assets and deferred tax assets. Due to the mobile nature of certain assets in property, plant and equipment, their geographic location is not always fixed.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfOtherOperatingIncomeExpenseExplanatory0": { "value": "\n \n\n 4. Segmental information\n
\n \n \n \n\n Business segments\n
\n \n \n \nThe 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. These segments are the basis on which the Group reports internally and are the only two revenue generating segments of the Group.
\n \n \n \nThe Ferries segment derives its revenue from the operation of combined RoRo passenger ferries and the chartering of vessels. The Container and Terminal segment derives its revenue from the provision of door-to-door and feeder LoLo freight services, stevedoring and other related terminal services.
\n \n \n \nSegment information about the Group\u2019s operations is presented below.
\n \n \n \n| \n | \n\n Ferries \n | \n \n Container & Terminal \n | \n \n Inter- segment \n | \n \n Total \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Revenue\n \n | \n \n | \n\n | \n\n | \n\n | \n
| \n \n 2025\n \n | \n \n | \n\n | \n\n | \n\n | \n
| \n External revenue \n | \n \n 433.3 \n | \n \n 233.4 \n | \n \n - \n | \n \n 666.7 \n | \n
| \n Inter-segment revenue \n | \n \n 32.2 \n | \n \n 1.2 \n | \n \n (33.4) \n | \n \n - \n | \n
| \n \n Total\n \n | \n \n \n 465.5\n \n | \n \n \n 234.6\n \n | \n \n \n (33.4)\n \n | \n \n \n 666.7\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n 2024\n \n | \n \n | \n\n | \n\n | \n\n | \n
| \n External revenue \n | \n \n 401.5 \n | \n \n 202.3 \n | \n \n - \n | \n \n 603.8 \n | \n
| \n Inter-segment revenue \n | \n \n 32.0 \n | \n \n 1.2 \n | \n \n (33.2) \n | \n \n - \n | \n
| \n Total \n | \n \n \n 433.5\n \n | \n \n \n 203.5\n \n | \n \n \n (33.2)\n \n | \n \n \n 603.8\n \n | \n
Inter-segment revenue is at best estimates of prevailing market prices. The inter-segment revenue in the Ferries Division in 2025 of \u20ac32.2 million (2024: \u20ac32.0 million) primarily relates to container vessels which are on time charter to the Group\u2019s container shipping subsidiary, Eucon.
\n \n \n \nRevenue 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, a key determinant to categorising revenues is whether they principally arise from a business to customer (passenger contracts) or a business to business relationship (freight and charter contracts) as this impacts directly on the uncertainty of cash flows.
\n \n \n \n \n| \n | \n\n Ferries \n | \n \n Container & Terminal \n | \n \n Total \n | \n |||
| \n | \n\n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Revenue\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Passenger \n | \n \n 210.9 \n | \n \n 196.5 \n | \n \n - \n | \n \n - \n | \n \n 210.9 \n | \n \n 196.5 \n | \n
| \n Freight \n | \n \n 207.3 \n | \n \n 194.2 \n | \n \n 233.4 \n | \n \n 202.3 \n | \n \n 440.7 \n | \n \n 396.5 \n | \n
| \n Chartering \n | \n \n 15.1 \n | \n \n 10.8 \n | \n \n - \n | \n \n - \n | \n \n 15.1 \n | \n \n 10.8 \n | \n
| \n \n Total\n \n | \n \n \n 433.3\n \n | \n \n \n 401.5\n \n | \n \n \n 233.4\n \n | \n \n \n 202.3\n \n | \n \n \n 666.7\n \n | \n \n \n 603.8\n \n | \n
For the year ended 31 December 2025, \u20ac598.8 million was recognised over time (2024: \u20ac548.9 million) and \u20ac67.9 million was recognised at a point in time (2024: \u20ac54.9 million). No single external customer in the current or prior financial year amounted to 10 per cent or more of the Group\u2019s revenues. Of total Group revenues of \u20ac666.7 million (2024: \u20ac603.8 million), \u20ac15.1 million (2024: \u20ac10.4 million), all of which relates to the Ferries Division, is recognised under IFRS 16 with the remainder being recognised as revenue under IFRS 15.
\n \n \n \n| \n | \n\n Ferries \n | \n \n Container & Terminal \n | \n \n Total \n | \n |||
| \n | \n\n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Result\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Operating profit \n | \n \n 65.2 \n | \n \n 54.4 \n | \n \n 20.4 \n | \n \n 14.7 \n | \n \n 85.6 \n | \n \n 69.1 \n | \n
| \n Finance income \n | \n \n 2.1 \n | \n \n 1.6 \n | \n \n - \n | \n \n - \n | \n \n 2.1 \n | \n \n 1.6 \n | \n
| \n Finance costs \n | \n \n (8.6) \n | \n \n (7.3) \n | \n \n (1.6) \n | \n \n (1.2) \n | \n \n (10.2) \n | \n \n (8.5) \n | \n
| \n Profit before tax \n | \n \n 58.7 \n | \n \n 48.7 \n | \n \n 18.8 \n | \n \n 13.5 \n | \n \n 77.5 \n | \n \n 62.2 \n | \n
| \n Income tax expense \n | \n \n (1.2) \n | \n \n (1.5) \n | \n \n (1.4) \n | \n \n (0.8) \n | \n \n (2.6) \n | \n \n (2.3) \n | \n
| \n \n Profit for the financial year\n \n | \n \n \n 57.5\n \n | \n \n \n 47.2\n \n | \n \n \n 17.4\n \n | \n \n \n 12.7\n \n | \n \n \n 74.9\n \n | \n \n \n 59.9\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Statement of Financial Position\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Assets\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Segment assets \n | \n \n 545.6 \n | \n \n 494.5 \n | \n \n 132.3 \n | \n \n 103.3 \n | \n \n 677.9 \n | \n \n 597.8 \n | \n
| \n Cash and cash equivalents \n | \n \n 12.2 \n | \n \n 30.6 \n | \n \n 24.5 \n | \n \n 10.7 \n | \n \n 36.7 \n | \n \n 41.3 \n | \n
| \n \n Consolidated total assets\n \n | \n \n \n 557.8\n \n | \n \n \n 525.1\n \n | \n \n \n 156.8\n \n | \n \n \n 114.0\n \n | \n \n \n 714.6\n \n | \n \n \n 639.1\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Liabilities\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Segment liabilities \n | \n \n 98.9 \n | \n \n 78.1 \n | \n \n 39.3 \n | \n \n 35.3 \n | \n \n 138.2 \n | \n \n 113.4 \n | \n
| \n Borrowings and lease liabilities \n | \n \n 246.3 \n | \n \n 176.0 \n | \n \n 46.5 \n | \n \n 27.4 \n | \n \n 292.8 \n | \n \n 203.4 \n | \n
| \n \n Consolidated total liabilities\n \n | \n \n \n 345.2\n \n | \n \n \n 254.1\n \n | \n \n \n 85.8\n \n | \n \n \n 62.7\n \n | \n \n \n 431.0\n \n | \n \n \n 316.8\n \n | \n
| \n \n Consolidated net assets\n \n | \n \n \n 212.6\n \n | \n \n \n 271.0\n \n | \n \n \n 71.0\n \n | \n \n \n 51.3\n \n | \n \n \n 283.6\n \n | \n \n \n 322.3\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Other segment information\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Capital additions \n | \n \n 97.0 \n | \n \n 27.9 \n | \n \n 3.4 \n | \n \n 1.8 \n | \n \n 100.4 \n | \n \n 29.7 \n | \n
| \n Right-of-use asset additions \n | \n \n 0.1 \n | \n \n 84.4 \n | \n \n 23.8 \n | \n \n 2.2 \n | \n \n 23.9 \n | \n \n 86.6 \n | \n
| \n Depreciation and amortisation \n | \n \n 55.5 \n | \n \n 55.4 \n | \n \n 9.5 \n | \n \n 9.0 \n | \n \n 65.0 \n | \n \n 64.4 \n | \n
| \n | \n\n Ferries \n | \n \n Container & Terminal \n | \n \n Total \n | \n |||
| \n | \n\n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Other operating expenses\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Fuel \n | \n \n 89.5 \n | \n \n 91.6 \n | \n \n 21.0 \n | \n \n 17.9 \n | \n \n 110.5 \n | \n \n 109.5 \n | \n
| \n Labour \n | \n \n 59.4 \n | \n \n 55.2 \n | \n \n 15.0 \n | \n \n 14.4 \n | \n \n 74.4 \n | \n \n 69.6 \n | \n
| \n Port costs \n | \n \n 97.0 \n | \n \n 91.3 \n | \n \n 43.1 \n | \n \n 35.8 \n | \n \n 140.1 \n | \n \n 127.1 \n | \n
| \n Haulage \n | \n \n - \n | \n \n - \n | \n \n 58.2 \n | \n \n 54.9 \n | \n \n 58.2 \n | \n \n 54.9 \n | \n
| \n Other \n | \n \n 75.7 \n | \n \n 64.2 \n | \n \n 61.5 \n | \n \n 51.2 \n | \n \n 137.2 \n | \n \n 115.4 \n | \n
| \n Inter-segment \n | \n \n (1.2) \n | \n \n (1.2) \n | \n \n (32.2) \n | \n \n (32.0) \n | \n \n (33.4) \n | \n \n (33.2) \n | \n
| \n \n Total other operating expenses\n \n | \n \n \n 320.4\n \n | \n \n \n 301.1\n \n | \n \n \n 166.6\n \n | \n \n \n 142.2\n \n | \n \n \n 487.0\n \n | \n \n \n 443.3\n \n | \n
\n Geographic analysis of revenue by origin of booking\n
\n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Revenue\n \n | \n \n | \n\n | \n
| \n Ireland \n | \n \n 211.6 \n | \n \n 189.8 \n | \n
| \n United Kingdom \n | \n \n 195.8 \n | \n \n 180.8 \n | \n
| \n Netherlands \n | \n \n 112.6 \n | \n \n 100.9 \n | \n
| \n Belgium \n | \n \n 41.8 \n | \n \n 37.2 \n | \n
| \n France \n | \n \n 35.2 \n | \n \n 27.6 \n | \n
| \n Poland` \n | \n \n 16.2 \n | \n \n 15.7 \n | \n
| \n Germany \n | \n \n 8.8 \n | \n \n 8.2 \n | \n
| \n Austria \n | \n \n 7.9 \n | \n \n 9.3 \n | \n
| \n Other \n | \n \n 36.8 \n | \n \n 34.3 \n | \n
| \n \n Total\n \n | \n \n \n 666.7\n \n | \n \n \n 603.8\n \n | \n
For the year ended 31 December 2025, the \u2018other\u2019 revenue balance of \u20ac36.8 million did not contain revenue attributable to any single country in excess of \u20ac7.9 million.
\n \n \n \n\n Geographic location of non-current assets\n
\n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n At Sea and in transit\n \n | \n \n | \n\n | \n
| \n Vessels \n | \n \n 492.5 \n | \n \n 381.0 \n | \n
| \n Containers \n | \n \n 9.5 \n | \n \n 7.5 \n | \n
| \n | \n\n 439.0 \n | \n \n 388.5 \n | \n
| \n \n On Shore\n \n | \n \n | \n\n | \n
| \n Ireland \n | \n \n 64.8 \n | \n \n 67.2 \n | \n
| \n Other \n | \n \n 14.6 \n | \n \n 5.3 \n | \n
| \n | \n\n 79.4 \n | \n \n 72.5 \n | \n
| \n \n Carrying amount at 31 December\n \n | \n \n \n 518.4\n \n | \n \n \n 461.0\n \n | \n
Non-current assets set out above exclude finance lease receivable, retirement benefit assets and deferred tax assets. Due to the mobile nature of certain assets in property, plant and equipment, their geographic location is not always fixed.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfOtherOperatingIncomeExplanatory0": { "value": "\n\n 4. Segmental information\n
\n \n\n Business segments\n
\n \nThe 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. These segments are the basis on which the Group reports internally and are the only two revenue generating segments of the Group.
\n \nThe Ferries segment derives its revenue from the operation of combined RoRo passenger ferries and the chartering of vessels. The Container and Terminal segment derives its revenue from the provision of door-to-door and feeder LoLo freight services, stevedoring and other related terminal services.
\n \nSegment information about the Group\u2019s operations is presented below.
\n \n| \n | \n\n Ferries \n | \n \n Container & Terminal \n | \n \n Inter- segment \n | \n \n Total \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Revenue\n \n | \n \n | \n\n | \n\n | \n\n | \n
| \n \n 2025\n \n | \n \n | \n\n | \n\n | \n\n | \n
| \n External revenue \n | \n \n 433.3 \n | \n \n 233.4 \n | \n \n - \n | \n \n 666.7 \n | \n
| \n Inter-segment revenue \n | \n \n 32.2 \n | \n \n 1.2 \n | \n \n (33.4) \n | \n \n - \n | \n
| \n \n Total\n \n | \n \n \n 465.5\n \n | \n \n \n 234.6\n \n | \n \n \n (33.4)\n \n | \n \n \n 666.7\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n 2024\n \n | \n \n | \n\n | \n\n | \n\n | \n
| \n External revenue \n | \n \n 401.5 \n | \n \n 202.3 \n | \n \n - \n | \n \n 603.8 \n | \n
| \n Inter-segment revenue \n | \n \n 32.0 \n | \n \n 1.2 \n | \n \n (33.2) \n | \n \n - \n | \n
| \n Total \n | \n \n \n 433.5\n \n | \n \n \n 203.5\n \n | \n \n \n (33.2)\n \n | \n \n \n 603.8\n \n | \n
Inter-segment revenue is at best estimates of prevailing market prices. The inter-segment revenue in the Ferries Division in 2025 of \u20ac32.2 million (2024: \u20ac32.0 million) primarily relates to container vessels which are on time charter to the Group\u2019s container shipping subsidiary, Eucon.
\n \nRevenue 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, a key determinant to categorising revenues is whether they principally arise from a business to customer (passenger contracts) or a business to business relationship (freight and charter contracts) as this impacts directly on the uncertainty of cash flows.
\n \n \n| \n | \n\n Ferries \n | \n \n Container & Terminal \n | \n \n Total \n | \n |||
| \n | \n\n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Revenue\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Passenger \n | \n \n 210.9 \n | \n \n 196.5 \n | \n \n - \n | \n \n - \n | \n \n 210.9 \n | \n \n 196.5 \n | \n
| \n Freight \n | \n \n 207.3 \n | \n \n 194.2 \n | \n \n 233.4 \n | \n \n 202.3 \n | \n \n 440.7 \n | \n \n 396.5 \n | \n
| \n Chartering \n | \n \n 15.1 \n | \n \n 10.8 \n | \n \n - \n | \n \n - \n | \n \n 15.1 \n | \n \n 10.8 \n | \n
| \n \n Total\n \n | \n \n \n 433.3\n \n | \n \n \n 401.5\n \n | \n \n \n 233.4\n \n | \n \n \n 202.3\n \n | \n \n \n 666.7\n \n | \n \n \n 603.8\n \n | \n
For the year ended 31 December 2025, \u20ac598.8 million was recognised over time (2024: \u20ac548.9 million) and \u20ac67.9 million was recognised at a point in time (2024: \u20ac54.9 million). No single external customer in the current or prior financial year amounted to 10 per cent or more of the Group\u2019s revenues. Of total Group revenues of \u20ac666.7 million (2024: \u20ac603.8 million), \u20ac15.1 million (2024: \u20ac10.4 million), all of which relates to the Ferries Division, is recognised under IFRS 16 with the remainder being recognised as revenue under IFRS 15.
\n \n| \n | \n\n Ferries \n | \n \n Container & Terminal \n | \n \n Total \n | \n |||
| \n | \n\n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Result\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Operating profit \n | \n \n 65.2 \n | \n \n 54.4 \n | \n \n 20.4 \n | \n \n 14.7 \n | \n \n 85.6 \n | \n \n 69.1 \n | \n
| \n Finance income \n | \n \n 2.1 \n | \n \n 1.6 \n | \n \n - \n | \n \n - \n | \n \n 2.1 \n | \n \n 1.6 \n | \n
| \n Finance costs \n | \n \n (8.6) \n | \n \n (7.3) \n | \n \n (1.6) \n | \n \n (1.2) \n | \n \n (10.2) \n | \n \n (8.5) \n | \n
| \n Profit before tax \n | \n \n 58.7 \n | \n \n 48.7 \n | \n \n 18.8 \n | \n \n 13.5 \n | \n \n 77.5 \n | \n \n 62.2 \n | \n
| \n Income tax expense \n | \n \n (1.2) \n | \n \n (1.5) \n | \n \n (1.4) \n | \n \n (0.8) \n | \n \n (2.6) \n | \n \n (2.3) \n | \n
| \n \n Profit for the financial year\n \n | \n \n \n 57.5\n \n | \n \n \n 47.2\n \n | \n \n \n 17.4\n \n | \n \n \n 12.7\n \n | \n \n \n 74.9\n \n | \n \n \n 59.9\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Statement of Financial Position\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Assets\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Segment assets \n | \n \n 545.6 \n | \n \n 494.5 \n | \n \n 132.3 \n | \n \n 103.3 \n | \n \n 677.9 \n | \n \n 597.8 \n | \n
| \n Cash and cash equivalents \n | \n \n 12.2 \n | \n \n 30.6 \n | \n \n 24.5 \n | \n \n 10.7 \n | \n \n 36.7 \n | \n \n 41.3 \n | \n
| \n \n Consolidated total assets\n \n | \n \n \n 557.8\n \n | \n \n \n 525.1\n \n | \n \n \n 156.8\n \n | \n \n \n 114.0\n \n | \n \n \n 714.6\n \n | \n \n \n 639.1\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Liabilities\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Segment liabilities \n | \n \n 98.9 \n | \n \n 78.1 \n | \n \n 39.3 \n | \n \n 35.3 \n | \n \n 138.2 \n | \n \n 113.4 \n | \n
| \n Borrowings and lease liabilities \n | \n \n 246.3 \n | \n \n 176.0 \n | \n \n 46.5 \n | \n \n 27.4 \n | \n \n 292.8 \n | \n \n 203.4 \n | \n
| \n \n Consolidated total liabilities\n \n | \n \n \n 345.2\n \n | \n \n \n 254.1\n \n | \n \n \n 85.8\n \n | \n \n \n 62.7\n \n | \n \n \n 431.0\n \n | \n \n \n 316.8\n \n | \n
| \n \n Consolidated net assets\n \n | \n \n \n 212.6\n \n | \n \n \n 271.0\n \n | \n \n \n 71.0\n \n | \n \n \n 51.3\n \n | \n \n \n 283.6\n \n | \n \n \n 322.3\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Other segment information\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Capital additions \n | \n \n 97.0 \n | \n \n 27.9 \n | \n \n 3.4 \n | \n \n 1.8 \n | \n \n 100.4 \n | \n \n 29.7 \n | \n
| \n Right-of-use asset additions \n | \n \n 0.1 \n | \n \n 84.4 \n | \n \n 23.8 \n | \n \n 2.2 \n | \n \n 23.9 \n | \n \n 86.6 \n | \n
| \n Depreciation and amortisation \n | \n \n 55.5 \n | \n \n 55.4 \n | \n \n 9.5 \n | \n \n 9.0 \n | \n \n 65.0 \n | \n \n 64.4 \n | \n
| \n | \n\n Ferries \n | \n \n Container & Terminal \n | \n \n Total \n | \n |||
| \n | \n\n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Other operating expenses\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Fuel \n | \n \n 89.5 \n | \n \n 91.6 \n | \n \n 21.0 \n | \n \n 17.9 \n | \n \n 110.5 \n | \n \n 109.5 \n | \n
| \n Labour \n | \n \n 59.4 \n | \n \n 55.2 \n | \n \n 15.0 \n | \n \n 14.4 \n | \n \n 74.4 \n | \n \n 69.6 \n | \n
| \n Port costs \n | \n \n 97.0 \n | \n \n 91.3 \n | \n \n 43.1 \n | \n \n 35.8 \n | \n \n 140.1 \n | \n \n 127.1 \n | \n
| \n Haulage \n | \n \n - \n | \n \n - \n | \n \n 58.2 \n | \n \n 54.9 \n | \n \n 58.2 \n | \n \n 54.9 \n | \n
| \n Other \n | \n \n 75.7 \n | \n \n 64.2 \n | \n \n 61.5 \n | \n \n 51.2 \n | \n \n 137.2 \n | \n \n 115.4 \n | \n
| \n Inter-segment \n | \n \n (1.2) \n | \n \n (1.2) \n | \n \n (32.2) \n | \n \n (32.0) \n | \n \n (33.4) \n | \n \n (33.2) \n | \n
| \n \n Total other operating expenses\n \n | \n \n \n 320.4\n \n | \n \n \n 301.1\n \n | \n \n \n 166.6\n \n | \n \n \n 142.2\n \n | \n \n \n 487.0\n \n | \n \n \n 443.3\n \n | \n
\n Geographic analysis of revenue by origin of booking\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Revenue\n \n | \n \n | \n\n | \n
| \n Ireland \n | \n \n 211.6 \n | \n \n 189.8 \n | \n
| \n United Kingdom \n | \n \n 195.8 \n | \n \n 180.8 \n | \n
| \n Netherlands \n | \n \n 112.6 \n | \n \n 100.9 \n | \n
| \n Belgium \n | \n \n 41.8 \n | \n \n 37.2 \n | \n
| \n France \n | \n \n 35.2 \n | \n \n 27.6 \n | \n
| \n Poland` \n | \n \n 16.2 \n | \n \n 15.7 \n | \n
| \n Germany \n | \n \n 8.8 \n | \n \n 8.2 \n | \n
| \n Austria \n | \n \n 7.9 \n | \n \n 9.3 \n | \n
| \n Other \n | \n \n 36.8 \n | \n \n 34.3 \n | \n
| \n \n Total\n \n | \n \n \n 666.7\n \n | \n \n \n 603.8\n \n | \n
For the year ended 31 December 2025, the \u2018other\u2019 revenue balance of \u20ac36.8 million did not contain revenue attributable to any single country in excess of \u20ac7.9 million.
\n \n\n Geographic location of non-current assets\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n At Sea and in transit\n \n | \n \n | \n\n | \n
| \n Vessels \n | \n \n 492.5 \n | \n \n 381.0 \n | \n
| \n Containers \n | \n \n 9.5 \n | \n \n 7.5 \n | \n
| \n | \n\n 439.0 \n | \n \n 388.5 \n | \n
| \n \n On Shore\n \n | \n \n | \n\n | \n
| \n Ireland \n | \n \n 64.8 \n | \n \n 67.2 \n | \n
| \n Other \n | \n \n 14.6 \n | \n \n 5.3 \n | \n
| \n | \n\n 79.4 \n | \n \n 72.5 \n | \n
| \n \n Carrying amount at 31 December\n \n | \n \n \n 518.4\n \n | \n \n \n 461.0\n \n | \n
Non-current assets set out above exclude finance lease receivable, retirement benefit assets and deferred tax assets. Due to the mobile nature of certain assets in property, plant and equipment, their geographic location is not always fixed.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfRevenueExplanatory0": { "value": "\n| \n | \n\n Ferries \n | \n \n Container & Terminal \n | \n \n Total \n | \n |||
| \n | \n\n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Revenue\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Passenger \n | \n \n 210.9 \n | \n \n 196.5 \n | \n \n - \n | \n \n - \n | \n \n 210.9 \n | \n \n 196.5 \n | \n
| \n Freight \n | \n \n 207.3 \n | \n \n 194.2 \n | \n \n 233.4 \n | \n \n 202.3 \n | \n \n 440.7 \n | \n \n 396.5 \n | \n
| \n Chartering \n | \n \n 15.1 \n | \n \n 10.8 \n | \n \n - \n | \n \n - \n | \n \n 15.1 \n | \n \n 10.8 \n | \n
| \n \n Total\n \n | \n \n \n 433.3\n \n | \n \n \n 401.5\n \n | \n \n \n 233.4\n \n | \n \n \n 202.3\n \n | \n \n \n 666.7\n \n | \n \n \n 603.8\n \n | \n
\n 5. Employee benefits expense\n
\n \n \n \nThe average number of employees during the financial year was as follows:
\n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n Ferries \n | \n \n 211 \n | \n \n 205 \n | \n
| \n Container and Terminal \n | \n \n 85 \n | \n \n 84 \n | \n
| \n | \n\n 296 \n | \n \n 289 \n | \n
| \n The number of employees at financial year-end was \n | \n \n \n 293\n \n | \n \n \n 290\n \n | \n
Aggregate costs of employee benefits were as follows:
\n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Wages and salaries \n | \n \n 22.1 \n | \n \n 20.8 \n | \n
| \n Social insurance costs \n | \n \n 2.1 \n | \n \n 1.8 \n | \n
| \n Amounts recognised in respect of defined benefit obligations (note 31 vii) \n | \n \n 0.3 \n | \n \n 0.1 \n | \n
| \n Defined contribution pension scheme \u2013 pension cost (note 31) \n | \n \n 0.8 \n | \n \n 0.7 \n | \n
| \n Share-based payment expense (note 30) \n | \n \n 3.8 \n | \n \n 3.6 \n | \n
| \n \n Total employee benefit costs incurred\n \n | \n \n \n 29.1\n \n | \n \n \n 27.0\n \n | \n
There were no staff costs capitalised during the financial year (2024: \u20acnil) in relation to management and supervision of the contracts for the construction of new vessels.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfInformationAboutEmployeesExplanatory0": { "value": "\n\n 5. Employee benefits expense\n
\n \nThe average number of employees during the financial year was as follows:
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n Ferries \n | \n \n 211 \n | \n \n 205 \n | \n
| \n Container and Terminal \n | \n \n 85 \n | \n \n 84 \n | \n
| \n | \n\n 296 \n | \n \n 289 \n | \n
| \n The number of employees at financial year-end was \n | \n \n \n 293\n \n | \n \n \n 290\n \n | \n
Aggregate costs of employee benefits were as follows:
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Wages and salaries \n | \n \n 22.1 \n | \n \n 20.8 \n | \n
| \n Social insurance costs \n | \n \n 2.1 \n | \n \n 1.8 \n | \n
| \n Amounts recognised in respect of defined benefit obligations (note 31 vii) \n | \n \n 0.3 \n | \n \n 0.1 \n | \n
| \n Defined contribution pension scheme \u2013 pension cost (note 31) \n | \n \n 0.8 \n | \n \n 0.7 \n | \n
| \n Share-based payment expense (note 30) \n | \n \n 3.8 \n | \n \n 3.6 \n | \n
| \n \n Total employee benefit costs incurred\n \n | \n \n \n 29.1\n \n | \n \n \n 27.0\n \n | \n
There were no staff costs capitalised during the financial year (2024: \u20acnil) in relation to management and supervision of the contracts for the construction of new vessels.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfFinanceIncomeExplanatory0": { "value": "\n \n\n 6. Finance income\n
\n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Net interest income on defined benefit assets (note 31 vii) \n | \n \n 2.0 \n | \n \n 1.4 \n | \n
| \n Interest on bank deposits \n | \n \n 0.1 \n | \n \n 0.2 \n | \n
| \n \n Total finance income\n \n | \n \n \n 2.1\n \n | \n \n \n 1.6\n \n | \n
\n 6. Finance income\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Net interest income on defined benefit assets (note 31 vii) \n | \n \n 2.0 \n | \n \n 1.4 \n | \n
| \n Interest on bank deposits \n | \n \n 0.1 \n | \n \n 0.2 \n | \n
| \n \n Total finance income\n \n | \n \n \n 2.1\n \n | \n \n \n 1.6\n \n | \n
\n 7. Finance costs\n
\n \n \n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Interest on bank overdrafts and loans \n | \n \n 5.0 \n | \n \n 4.7 \n | \n
| \n Interest on lease obligations \n | \n \n 5.2 \n | \n \n 3.8 \n | \n
| \n \n Total finance costs\n \n | \n \n \n 10.2\n \n | \n \n \n 8.5\n \n | \n
\n 7. Finance costs\n
\n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Interest on bank overdrafts and loans \n | \n \n 5.0 \n | \n \n 4.7 \n | \n
| \n Interest on lease obligations \n | \n \n 5.2 \n | \n \n 3.8 \n | \n
| \n \n Total finance costs\n \n | \n \n \n 10.2\n \n | \n \n \n 8.5\n \n | \n
\n 7. Finance costs\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Interest on bank overdrafts and loans \n | \n \n 5.0 \n | \n \n 4.7 \n | \n
| \n Interest on lease obligations \n | \n \n 5.2 \n | \n \n 3.8 \n | \n
| \n \n Total finance costs\n \n | \n \n \n 10.2\n \n | \n \n \n 8.5\n \n | \n
\n 8. Income tax expense\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Current tax \n | \n \n 2.1 \n | \n \n 1.8 \n | \n
| \n Deferred tax (note 24) \n | \n \n 0.5 \n | \n \n 0.5 \n | \n
| \n \n Total income tax expense for the financial year\n \n | \n \n \n 2.6\n \n | \n \n \n 2.3\n \n | \n
The Company and its Irish tax resident subsidiaries have elected to be taxed under the Irish tonnage tax scheme. Under the tonnage tax scheme, 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 clarification of tonnage taxes issued May 2009, the tonnage tax charge is not considered an income tax expense under IAS 12 Income Taxes, and has been included in other operating expenses in the Consolidated Income Statement.
\n \nDomestic 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 scheme. 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 \u20ac2.1 million (2024: \u20ac1.8 million) and a deferred tax charge of \u20ac0.5 million (2024: \u20ac0.5 million).
\n \nThe total tax expense for the financial year is reconciled to the accounting profit as follows:
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Profit before tax \n | \n \n 77.5 \n | \n \n 62.2 \n | \n
| \n | \n\n | \n\n | \n
| \n Tax at the domestic income tax rate of 12.5% (2024: 12.5%) \n | \n \n 9.7 \n | \n \n 7.8 \n | \n
| \n | \n\n | \n\n | \n
| \n Effect of tonnage relief \n | \n \n (8.3) \n | \n \n (6.6) \n | \n
| \n Difference in effective tax rates \n | \n \n 0.5 \n | \n \n 0.6 \n | \n
| \n Other items \n | \n \n 0.7 \n | \n \n 0.5 \n | \n
| \n \n Income tax expense recognised in the Consolidated Income Statement\n \n | \n \n \n 2.6\n \n | \n \n \n 2.3\n \n | \n
\n 9. Profit for the year\n
\n \n \n \n \n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Profit for the year arrived at after charging: \n | \n \n | \n\n | \n
| \n Depreciation of property, plant and equipment (note 12) \n | \n \n 53.7 \n | \n \n 46.9 \n | \n
| \n Amortisation of intangible assets (note 13) \n | \n \n 0.4 \n | \n \n 0.5 \n | \n
| \n Depreciation of right-of-use assets (note 14) \n | \n \n 10.9 \n | \n \n 17.0 \n | \n
| \n \n Depreciation and amortisation costs\n \n | \n \n \n 65.0\n \n | \n \n \n 64.4\n \n | \n
| \n Fuel \n | \n \n 110.5 \n | \n \n 109.5 \n | \n
| \n Labour \n | \n \n 74.4 \n | \n \n 69.6 \n | \n
| \n Port costs \n | \n \n 140.1 \n | \n \n 127.1 \n | \n
| \n Haulage \n | \n \n 58.2 \n | \n \n 54.9 \n | \n
| \n Other \n | \n \n 103.8 \n | \n \n 82.2 \n | \n
| \n \n Other operating expenses\n \n | \n \n \n 487.0\n \n | \n \n \n 443.3\n \n | \n
| \n \n Foreign exchange gains\n \n | \n \n \n 0.5\n \n | \n \n \n 0.1\n \n | \n
| \n \n Expenses relating to lease payments not included in the measurement of the lease liability\n \n | \n \n | \n\n | \n
| \n Short-term leases \n | \n \n 3.2 \n | \n \n 4.9 \n | \n
| \n Variable lease payments \n | \n \n 3.0 \n | \n \n 2.6 \n | \n
| \n \n Group Auditor\u2019s remuneration:\n \n | \n \n | \n\n | \n
| \n The audit of the Group financial statements \n | \n \n 305.0 \n | \n \n 297.5 \n | \n
| \n Other assurance services \n | \n \n 34.0 \n | \n \n 27.0 \n | \n
| \n Tax advisory and compliance \n | \n \n 101.6 \n | \n \n 78.0 \n | \n
| \n | \n\n \n 440.6\n \n | \n \n \n 402.5\n \n | \n
The portion of the above audit fees attributable to the Company financial statements payable to KPMG was \u20ac87,000 (2024: \u20ac85,000).
\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory0": { "value": "\n \n \n\n 9. Profit for the year\n
\n \n \n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Profit for the year arrived at after charging: \n | \n \n | \n\n | \n
| \n Depreciation of property, plant and equipment (note 12) \n | \n \n 53.7 \n | \n \n 46.9 \n | \n
| \n Amortisation of intangible assets (note 13) \n | \n \n 0.4 \n | \n \n 0.5 \n | \n
| \n Depreciation of right-of-use assets (note 14) \n | \n \n 10.9 \n | \n \n 17.0 \n | \n
| \n \n Depreciation and amortisation costs\n \n | \n \n \n 65.0\n \n | \n \n \n 64.4\n \n | \n
| \n Fuel \n | \n \n 110.5 \n | \n \n 109.5 \n | \n
| \n Labour \n | \n \n 74.4 \n | \n \n 69.6 \n | \n
| \n Port costs \n | \n \n 140.1 \n | \n \n 127.1 \n | \n
| \n Haulage \n | \n \n 58.2 \n | \n \n 54.9 \n | \n
| \n Other \n | \n \n 103.8 \n | \n \n 82.2 \n | \n
| \n \n Other operating expenses\n \n | \n \n \n 487.0\n \n | \n \n \n 443.3\n \n | \n
| \n \n Foreign exchange gains\n \n | \n \n \n 0.5\n \n | \n \n \n 0.1\n \n | \n
| \n \n Expenses relating to lease payments not included in the measurement of the lease liability\n \n | \n \n | \n\n | \n
| \n Short-term leases \n | \n \n 3.2 \n | \n \n 4.9 \n | \n
| \n Variable lease payments \n | \n \n 3.0 \n | \n \n 2.6 \n | \n
| \n \n Group Auditor\u2019s remuneration:\n \n | \n \n | \n\n | \n
| \n The audit of the Group financial statements \n | \n \n 305.0 \n | \n \n 297.5 \n | \n
| \n Other assurance services \n | \n \n 34.0 \n | \n \n 27.0 \n | \n
| \n Tax advisory and compliance \n | \n \n 101.6 \n | \n \n 78.0 \n | \n
| \n | \n\n \n 440.6\n \n | \n \n \n 402.5\n \n | \n
The portion of the above audit fees attributable to the Company financial statements payable to KPMG was \u20ac87,000 (2024: \u20ac85,000).
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfProfitLossFromOperatingActivitiesExplanatory0": { "value": "\n \n\n 9. Profit for the year\n
\n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Profit for the year arrived at after charging: \n | \n \n | \n\n | \n
| \n Depreciation of property, plant and equipment (note 12) \n | \n \n 53.7 \n | \n \n 46.9 \n | \n
| \n Amortisation of intangible assets (note 13) \n | \n \n 0.4 \n | \n \n 0.5 \n | \n
| \n Depreciation of right-of-use assets (note 14) \n | \n \n 10.9 \n | \n \n 17.0 \n | \n
| \n \n Depreciation and amortisation costs\n \n | \n \n \n 65.0\n \n | \n \n \n 64.4\n \n | \n
| \n Fuel \n | \n \n 110.5 \n | \n \n 109.5 \n | \n
| \n Labour \n | \n \n 74.4 \n | \n \n 69.6 \n | \n
| \n Port costs \n | \n \n 140.1 \n | \n \n 127.1 \n | \n
| \n Haulage \n | \n \n 58.2 \n | \n \n 54.9 \n | \n
| \n Other \n | \n \n 103.8 \n | \n \n 82.2 \n | \n
| \n \n Other operating expenses\n \n | \n \n \n 487.0\n \n | \n \n \n 443.3\n \n | \n
| \n \n Foreign exchange gains\n \n | \n \n \n 0.5\n \n | \n \n \n 0.1\n \n | \n
| \n \n Expenses relating to lease payments not included in the measurement of the lease liability\n \n | \n \n | \n\n | \n
| \n Short-term leases \n | \n \n 3.2 \n | \n \n 4.9 \n | \n
| \n Variable lease payments \n | \n \n 3.0 \n | \n \n 2.6 \n | \n
| \n \n Group Auditor\u2019s remuneration:\n \n | \n \n | \n\n | \n
| \n The audit of the Group financial statements \n | \n \n 305.0 \n | \n \n 297.5 \n | \n
| \n Other assurance services \n | \n \n 34.0 \n | \n \n 27.0 \n | \n
| \n Tax advisory and compliance \n | \n \n 101.6 \n | \n \n 78.0 \n | \n
| \n | \n\n \n 440.6\n \n | \n \n \n 402.5\n \n | \n
The portion of the above audit fees attributable to the Company financial statements payable to KPMG was \u20ac87,000 (2024: \u20ac85,000).
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfAuditorsRemunerationExplanatory0": { "value": "\n\n 9. Profit for the year\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Profit for the year arrived at after charging: \n | \n \n | \n\n | \n
| \n Depreciation of property, plant and equipment (note 12) \n | \n \n 53.7 \n | \n \n 46.9 \n | \n
| \n Amortisation of intangible assets (note 13) \n | \n \n 0.4 \n | \n \n 0.5 \n | \n
| \n Depreciation of right-of-use assets (note 14) \n | \n \n 10.9 \n | \n \n 17.0 \n | \n
| \n \n Depreciation and amortisation costs\n \n | \n \n \n 65.0\n \n | \n \n \n 64.4\n \n | \n
| \n Fuel \n | \n \n 110.5 \n | \n \n 109.5 \n | \n
| \n Labour \n | \n \n 74.4 \n | \n \n 69.6 \n | \n
| \n Port costs \n | \n \n 140.1 \n | \n \n 127.1 \n | \n
| \n Haulage \n | \n \n 58.2 \n | \n \n 54.9 \n | \n
| \n Other \n | \n \n 103.8 \n | \n \n 82.2 \n | \n
| \n \n Other operating expenses\n \n | \n \n \n 487.0\n \n | \n \n \n 443.3\n \n | \n
| \n \n Foreign exchange gains\n \n | \n \n \n 0.5\n \n | \n \n \n 0.1\n \n | \n
| \n \n Expenses relating to lease payments not included in the measurement of the lease liability\n \n | \n \n | \n\n | \n
| \n Short-term leases \n | \n \n 3.2 \n | \n \n 4.9 \n | \n
| \n Variable lease payments \n | \n \n 3.0 \n | \n \n 2.6 \n | \n
| \n \n Group Auditor\u2019s remuneration:\n \n | \n \n | \n\n | \n
| \n The audit of the Group financial statements \n | \n \n 305.0 \n | \n \n 297.5 \n | \n
| \n Other assurance services \n | \n \n 34.0 \n | \n \n 27.0 \n | \n
| \n Tax advisory and compliance \n | \n \n 101.6 \n | \n \n 78.0 \n | \n
| \n | \n\n \n 440.6\n \n | \n \n \n 402.5\n \n | \n
The portion of the above audit fees attributable to the Company financial statements payable to KPMG was \u20ac87,000 (2024: \u20ac85,000).
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfDividendsExplanatory0": { "value": "\n\n 10. Dividends\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Final dividend of 10.43c per ICG Unit RE: financial year ended 31 December 2024 (2023: 9.93c) \n | \n \n 16.8 \n | \n \n 16.3 \n | \n
| \n Interim dividend of 5.37c per ICG Unit RE: the financial year ended 31 December 2025 (2024: 5.11c) \n | \n \n 8.7 \n | \n \n 8.4 \n | \n
| \n | \n\n \n 25.5\n \n | \n \n \n 24.7\n \n | \n
The Board is proposing a final dividend of 10.95 cent per ordinary share amounting to \u20ac16.3 million out of the distributable reserves of the Company.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfEarningsPerShareExplanatory0": { "value": "\n\n 11. Earnings per share\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u2019000 \n | \n \n \u2019000 \n | \n
| \n Shares in issue at the beginning of the year \n | \n \n 164,581 \n | \n \n 166,217 \n | \n
| \n Effect of shares issued during the year \n | \n \n 1,337 \n | \n \n 161 \n | \n
| \n Effect of share buybacks and cancellation in the year \n | \n \n (5,296) \n | \n \n (1,543) \n | \n
| \n Weighted average number of ordinary shares for the purpose of basic earnings per share \n | \n \n \n 160,622\n \n | \n \n \n 164,835\n \n | \n
| \n Dilutive effect of employee equity plans where vesting conditions not met \n | \n \n 2,885 \n | \n \n 3,203 \n | \n
| \n Weighted average number of ordinary shares for the purposes of diluted earnings per share \n | \n \n \n 163,507\n \n | \n \n \n 168,038\n \n | \n
\n Denominator for earnings and diluted earnings per share calculations \n
\n \nShare 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.
\n \nThose 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.
\n \nA 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.
\n \nThe 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:
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Earnings\n \n | \n \n | \n\n | \n
| \n Earnings for the purposes of basic and diluted earnings per share - \n | \n \n | \n\n | \n
| \n Profit for the financial year attributable to equity holders of the parent \n | \n \n 74.9 \n | \n \n 59.9 \n | \n
| \n Net interest income on defined benefit assets (note 31 vii) \n | \n \n (2.0) \n | \n \n (1.4) \n | \n
| \n \n Earnings for the purposes of adjusted basic and adjusted diluted earnings per share\n \n | \n \n \n 72.9\n \n | \n \n \n 58.5\n \n | \n
| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n Cent \n | \n \n Cent \n | \n
| \n | \n\n | \n\n | \n
| \n Basic earnings per share \n | \n \n 46.6 \n | \n \n 36.3 \n | \n
| \n Diluted earnings per share \n | \n \n 45.8 \n | \n \n 35.6 \n | \n
| \n Adjusted basic earnings per share \n | \n \n 45.4 \n | \n \n 35.5 \n | \n
| \n Adjusted diluted earnings per share \n | \n \n 44.6 \n | \n \n 34.8 \n | \n
\n 12. Property, plant and equipment \n
\n \n \n \n| \n | \n\n Assets under Construction \n | \n \n Vessels \n | \n \n Plant, Equipment and Vehicles \n | \n \n Land and Buildings \n | \n \n Total \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Cost\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n
| \n At 1 January 2024 \n | \n \n - \n | \n \n 554.5 \n | \n \n 79.0 \n | \n \n 29.9 \n | \n \n 663.4 \n | \n
| \n Additions \n | \n \n 1.6 \n | \n \n 24.8 \n | \n \n 1.3 \n | \n \n 0.8 \n | \n \n 28.5 \n | \n
| \n Disposals \n | \n \n - \n | \n \n (13.8) \n | \n \n (0.9) \n | \n \n - \n | \n \n (14.7) \n | \n
| \n Currency adjustment \n | \n \n - \n | \n \n 2.6 \n | \n \n 0.2 \n | \n \n - \n | \n \n 2.8 \n | \n
| \n At 31 December 2024 \n | \n \n 1.6 \n | \n \n 568.1 \n | \n \n 79.6 \n | \n \n 30.7 \n | \n \n 680.0 \n | \n
| \n Additions \n | \n \n 0.3 \n | \n \n 95.2 \n | \n \n 3.7 \n | \n \n 0.4 \n | \n \n 99.6 \n | \n
| \n Disposals \n | \n \n - \n | \n \n (8.1) \n | \n \n (0.1) \n | \n \n - \n | \n \n (8.2) \n | \n
| \n Reclassification \n | \n \n (1.6) \n | \n \n 1.6 \n | \n \n - \n | \n \n - \n | \n \n - \n | \n
| \n Currency adjustment \n | \n \n (0.1) \n | \n \n (3.0) \n | \n \n (0.2) \n | \n \n - \n | \n \n (3.3) \n | \n
| \n \n At 31 December 2025\n \n | \n \n \n 0.2\n \n | \n \n \n 653.8\n \n | \n \n \n 83.0\n \n | \n \n \n 31.1\n \n | \n \n \n 768.1\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Accumulated depreciation\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n
| \n At 1 January 2024 \n | \n \n - \n | \n \n 238.8 \n | \n \n 44.4 \n | \n \n 11.5 \n | \n \n 294.7 \n | \n
| \n Depreciation charge for the financial year \n | \n \n - \n | \n \n 42.7 \n | \n \n 3.6 \n | \n \n 0.6 \n | \n \n 46.9 \n | \n
| \n Eliminated on disposals \n | \n \n - \n | \n \n (13.8) \n | \n \n (0.9) \n | \n \n - \n | \n \n (14.7) \n | \n
| \n Currency adjustment \n | \n \n - \n | \n \n 1.1 \n | \n \n 0.1 \n | \n \n - \n | \n \n 1.2 \n | \n
| \n At 31 December 2024 \n | \n \n - \n | \n \n 268.8 \n | \n \n 47.2 \n | \n \n 12.1 \n | \n \n 328.1 \n | \n
| \n Depreciation charge for the financial year \n | \n \n - \n | \n \n 49.0 \n | \n \n 4.1 \n | \n \n 0.6 \n | \n \n 53.7 \n | \n
| \n Eliminated on disposals \n | \n \n - \n | \n \n (8.1) \n | \n \n (0.1) \n | \n \n - \n | \n \n (8.2) \n | \n
| \n Currency adjustment \n | \n \n - \n | \n \n (1.5) \n | \n \n (0.2) \n | \n \n - \n | \n \n (1.7) \n | \n
| \n \n At 31 December 2025\n \n | \n \n \n -\n \n | \n \n \n 308.2\n \n | \n \n \n 51.0\n \n | \n \n \n 12.7\n \n | \n \n \n 371.9\n \n | \n
| \n \n Carrying amount\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n At 31 December 2025\n \n | \n \n \n 0.2\n \n | \n \n \n 345.6\n \n | \n \n \n 32.0\n \n | \n \n \n 18.4\n \n | \n \n \n 396.2\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n At 31 December 2024 \n | \n \n 1.6 \n | \n \n 299.3 \n | \n \n 32.4 \n | \n \n 18.6 \n | \n \n 351.9 \n | \n
In accordance with IAS 16, the property, plant and equipment of the Group and Company has been reviewed in relation to the residual values used for the purpose of depreciation calculations. In considering residual values of passenger vessels, the Directors have taken into consideration the estimate of the scrap value of the vessels per light displacement tonne. Residual values are reviewed annually and updated where the Directors consider the latest estimates of residual value estimates would lead to a significant change in depreciation charges.
\n \n \n \nEstimations of useful economic life of vessels are a key judgemental estimate in the financial statements and further details are set out in note 3. In relation to the remaining estimated economic life of the group\u2019s owned vessels, a one year increase/ decrease would have a \u20ac3.2 million (2024: \u20ac2.9 million) decrease/ \u20ac5.6 million (2024: \u20ac4.2 million) increase in depreciation in the Consolidated Income Statement, and a \u20ac3.2 million (2024: \u20ac2.9 million) increase/ \u20ac5.6 million (2024: \u20ac4.2 million) decrease on the carrying value of property, plant and equipment in the Statement of Financial Position.
\n \n \n \nDuring the reporting period, management reassessed the remaining useful economic life of the Isle of Inisheer. Management considered the technical condition of the vessel noting that the initial useful economic life estimate had been based on a more intensive use of the vessel that what had actually occurred and that there were no obsolescence issues that would prevent the vessel from continuing to operate safely and effectively beyond the initial useful economic life estimate. Management further considered the valuation estimates received on the vessel which indicated a surplus over carrying value. Following consideration of the above management expect that the vessel can continue in economic operation for at least another five years beyond the originally projected end-of-life date. The remaining useful economic life estimate was increased from five to ten years from the beginning of the reporting period. No change was made to the residual value estimate. It was further noted that this decision was consistent with the treatment applied to the Group\u2019s conventional ferries. The effect of the increase in useful economic life was to reduce the depreciation charge in the reporting period by \u20ac2.1 million.
\n \n \n \nDuring the year, management also reassessed the remaining useful economic lives of the Group\u2019s other ferries. Based on this assessment, management concluded that the remaining economic lives of these vessels remain within the expected range and continue to be appropriate. Accordingly, no changes to the estimated useful economic lives or depreciation expense arose in respect of these vessels.
\n \n \n \nDuring the years ended 31 December 2025 and 2024, no staff costs or interest costs were included in additions. Assets under construction at 31 December 2025 of \u20ac0.2 million (2024: \u20ac1.6 million) relate to construction completed on assets not in operation at the year end.
\n \n \n \n\n 13. Intangible assets\n
\n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Cost\n \n | \n \n | \n\n | \n
| \n At 1 January \n | \n \n 14.7 \n | \n \n 13.5 \n | \n
| \n Additions \n | \n \n 0.8 \n | \n \n 1.2 \n | \n
| \n \n At 31 December \n \n | \n \n \n 15.5\n \n | \n \n \n 14.7\n \n | \n
| \n | \n\n | \n\n | \n
| \n \n Amortisation\n \n | \n \n | \n\n | \n
| \n At 1 January \n | \n \n 11.9 \n | \n \n 11.4 \n | \n
| \n Charge for the financial year \n | \n \n 0.4 \n | \n \n 0.5 \n | \n
| \n \n At 31 December \n \n | \n \n \n 12.3\n \n | \n \n \n 11.9\n \n | \n
| \n | \n\n | \n\n | \n
| \n \n Carrying amount\n \n | \n \n | \n\n | \n
| \n \n At 31 December\n \n | \n \n \n 3.2\n \n | \n \n \n 2.8\n \n | \n
| \n At 1 January \n | \n \n 2.8 \n | \n \n 2.1 \n | \n
The intangible assets included above, all computer software, have finite useful economic lives of five years over which the assets are amortised. Amortisation is on a straight-line basis.
\n \n \n\n 14. Right-of-use assets\n
\n \n| \n | \n\n Vessels \n | \n \n Plant and Equipment \n | \n \n Land and Buildings \n | \n \n Total \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Cost\n \n | \n \n | \n\n | \n\n | \n\n | \n
| \n At 1 January 2024 \n | \n \n 15.4 \n | \n \n 14.6 \n | \n \n 32.0 \n | \n \n 62.0 \n | \n
| \n Additions \n | \n \n 84.4 \n | \n \n 2.2 \n | \n \n - \n | \n \n 86.6 \n | \n
| \n Lease remeasurement \n | \n \n - \n | \n \n - \n | \n \n 0.3 \n | \n \n 0.3 \n | \n
| \n Derecognition on lease expiry \n | \n \n - \n | \n \n (1.5) \n | \n \n - \n | \n \n (1.5) \n | \n
| \n Currency adjustment \n | \n \n - \n | \n \n - \n | \n \n 0.8 \n | \n \n 0.8 \n | \n
| \n At 31 December 2024 \n | \n \n 99.8 \n | \n \n 15.3 \n | \n \n 33.1 \n | \n \n 148.2 \n | \n
| \n Additions \n | \n \n 8.2 \n | \n \n 3.6 \n | \n \n 12.1 \n | \n \n 23.9 \n | \n
| \n Derecognition on lease expiry \n | \n \n (16.2) \n | \n \n - \n | \n \n - \n | \n \n (16.2) \n | \n
| \n Currency adjustment \n | \n \n - \n | \n \n - \n | \n \n (0.2) \n | \n \n (0.2) \n | \n
| \n \n At 31 December 2025\n \n | \n \n \n 91.8\n \n | \n \n \n 18.9\n \n | \n \n \n 45.0\n \n | \n \n \n 155.7\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Accumulated depreciation \n \n | \n \n | \n\n | \n\n | \n\n | \n
| \n At 1 January 2024 \n | \n \n 6.2 \n | \n \n 8.6 \n | \n \n 11.1 \n | \n \n 25.9 \n | \n
| \n Charge for the period \n | \n \n 11.9 \n | \n \n 2.2 \n | \n \n 2.9 \n | \n \n 17.0 \n | \n
| \n Derecognition on lease expiry \n | \n \n - \n | \n \n (1.5) \n | \n \n - \n | \n \n (1.5) \n | \n
| \n Currency adjustment \n | \n \n - \n | \n \n - \n | \n \n 0.5 \n | \n \n 0.5 \n | \n
| \n At 31 December 2024 \n | \n \n 18.1 \n | \n \n 9.3 \n | \n \n 14.5 \n | \n \n 41.9 \n | \n
| \n Charge for period \n | \n \n 6.0 \n | \n \n 2.2 \n | \n \n 2.7 \n | \n \n 10.9 \n | \n
| \n Derecognition on lease expiry \n | \n \n (16.2) \n | \n \n - \n | \n \n - \n | \n \n (16.2) \n | \n
| \n Currency adjustment \n | \n \n - \n | \n \n - \n | \n \n 0.1 \n | \n \n 0.1 \n | \n
| \n \n At 31 December 2025\n \n | \n \n \n 7.9\n \n | \n \n \n 11.5\n \n | \n \n \n 17.3\n \n | \n \n \n 36.7\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Carrying amount\n \n | \n \n | \n\n | \n\n | \n\n | \n
| \n \n At 31 December 2025\n \n | \n \n \n 83.9\n \n | \n \n \n 7.4\n \n | \n \n \n 27.7\n \n | \n \n \n 119.0\n \n | \n
| \n At 31 December 2024 \n | \n \n 81.7 \n | \n \n 6.0 \n | \n \n 18.6 \n | \n \n 106.3 \n | \n
Right-of-use assets are depreciated on a straight-line basis over the lease term. Where a lease contract contains extension options, the Group includes such option periods in its valuation of right-of-use assets where it is reasonably certain to exercise the option. Initial direct costs incurred in the period relating to the acquisition of leases and included in additions amounted to \u20acnil (2024: \u20ac2.5 million).
\n \nPlant and equipment mainly relates to containers used in the Group\u2019s container fleet leased under various master agreements with an average remaining term of 4.1 years (2024: 3.2 years). Land and buildings comprised (i) leased land at Dublin Port from which the Group operates a container terminal where the average remaining lease term was 89 years (2024: 90 years); (ii) a concession agreement at Belfast Harbour from which the Group operates a container terminal where the average remaining lease term was 6.2 years (2024: 1.7 years) after extending the terms by another 6 years and (iii) land leased during 2021 at Dublin Inland Port from which the Group operates a container depot where the average remaining lease term was 16.0 years (2024: 17.0 years).
\n \nRelated lease liabilities of \u20ac122.6 million (2024: \u20ac107.1 million) are disclosed in note 22 to the Consolidated Financial Statements.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfPropertyPlantAndEquipmentExplanatory0": { "value": "\n\n 12. Property, plant and equipment \n
\n \n| \n | \n\n Assets under Construction \n | \n \n Vessels \n | \n \n Plant, Equipment and Vehicles \n | \n \n Land and Buildings \n | \n \n Total \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Cost\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n
| \n At 1 January 2024 \n | \n \n - \n | \n \n 554.5 \n | \n \n 79.0 \n | \n \n 29.9 \n | \n \n 663.4 \n | \n
| \n Additions \n | \n \n 1.6 \n | \n \n 24.8 \n | \n \n 1.3 \n | \n \n 0.8 \n | \n \n 28.5 \n | \n
| \n Disposals \n | \n \n - \n | \n \n (13.8) \n | \n \n (0.9) \n | \n \n - \n | \n \n (14.7) \n | \n
| \n Currency adjustment \n | \n \n - \n | \n \n 2.6 \n | \n \n 0.2 \n | \n \n - \n | \n \n 2.8 \n | \n
| \n At 31 December 2024 \n | \n \n 1.6 \n | \n \n 568.1 \n | \n \n 79.6 \n | \n \n 30.7 \n | \n \n 680.0 \n | \n
| \n Additions \n | \n \n 0.3 \n | \n \n 95.2 \n | \n \n 3.7 \n | \n \n 0.4 \n | \n \n 99.6 \n | \n
| \n Disposals \n | \n \n - \n | \n \n (8.1) \n | \n \n (0.1) \n | \n \n - \n | \n \n (8.2) \n | \n
| \n Reclassification \n | \n \n (1.6) \n | \n \n 1.6 \n | \n \n - \n | \n \n - \n | \n \n - \n | \n
| \n Currency adjustment \n | \n \n (0.1) \n | \n \n (3.0) \n | \n \n (0.2) \n | \n \n - \n | \n \n (3.3) \n | \n
| \n \n At 31 December 2025\n \n | \n \n \n 0.2\n \n | \n \n \n 653.8\n \n | \n \n \n 83.0\n \n | \n \n \n 31.1\n \n | \n \n \n 768.1\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n Accumulated depreciation\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n
| \n At 1 January 2024 \n | \n \n - \n | \n \n 238.8 \n | \n \n 44.4 \n | \n \n 11.5 \n | \n \n 294.7 \n | \n
| \n Depreciation charge for the financial year \n | \n \n - \n | \n \n 42.7 \n | \n \n 3.6 \n | \n \n 0.6 \n | \n \n 46.9 \n | \n
| \n Eliminated on disposals \n | \n \n - \n | \n \n (13.8) \n | \n \n (0.9) \n | \n \n - \n | \n \n (14.7) \n | \n
| \n Currency adjustment \n | \n \n - \n | \n \n 1.1 \n | \n \n 0.1 \n | \n \n - \n | \n \n 1.2 \n | \n
| \n At 31 December 2024 \n | \n \n - \n | \n \n 268.8 \n | \n \n 47.2 \n | \n \n 12.1 \n | \n \n 328.1 \n | \n
| \n Depreciation charge for the financial year \n | \n \n - \n | \n \n 49.0 \n | \n \n 4.1 \n | \n \n 0.6 \n | \n \n 53.7 \n | \n
| \n Eliminated on disposals \n | \n \n - \n | \n \n (8.1) \n | \n \n (0.1) \n | \n \n - \n | \n \n (8.2) \n | \n
| \n Currency adjustment \n | \n \n - \n | \n \n (1.5) \n | \n \n (0.2) \n | \n \n - \n | \n \n (1.7) \n | \n
| \n \n At 31 December 2025\n \n | \n \n \n -\n \n | \n \n \n 308.2\n \n | \n \n \n 51.0\n \n | \n \n \n 12.7\n \n | \n \n \n 371.9\n \n | \n
| \n \n Carrying amount\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n
| \n \n At 31 December 2025\n \n | \n \n \n 0.2\n \n | \n \n \n 345.6\n \n | \n \n \n 32.0\n \n | \n \n \n 18.4\n \n | \n \n \n 396.2\n \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n At 31 December 2024 \n | \n \n 1.6 \n | \n \n 299.3 \n | \n \n 32.4 \n | \n \n 18.6 \n | \n \n 351.9 \n | \n
In accordance with IAS 16, the property, plant and equipment of the Group and Company has been reviewed in relation to the residual values used for the purpose of depreciation calculations. In considering residual values of passenger vessels, the Directors have taken into consideration the estimate of the scrap value of the vessels per light displacement tonne. Residual values are reviewed annually and updated where the Directors consider the latest estimates of residual value estimates would lead to a significant change in depreciation charges.
\n \nEstimations of useful economic life of vessels are a key judgemental estimate in the financial statements and further details are set out in note 3. In relation to the remaining estimated economic life of the group\u2019s owned vessels, a one year increase/ decrease would have a \u20ac3.2 million (2024: \u20ac2.9 million) decrease/ \u20ac5.6 million (2024: \u20ac4.2 million) increase in depreciation in the Consolidated Income Statement, and a \u20ac3.2 million (2024: \u20ac2.9 million) increase/ \u20ac5.6 million (2024: \u20ac4.2 million) decrease on the carrying value of property, plant and equipment in the Statement of Financial Position.
\n \nDuring the reporting period, management reassessed the remaining useful economic life of the Isle of Inisheer. Management considered the technical condition of the vessel noting that the initial useful economic life estimate had been based on a more intensive use of the vessel that what had actually occurred and that there were no obsolescence issues that would prevent the vessel from continuing to operate safely and effectively beyond the initial useful economic life estimate. Management further considered the valuation estimates received on the vessel which indicated a surplus over carrying value. Following consideration of the above management expect that the vessel can continue in economic operation for at least another five years beyond the originally projected end-of-life date. The remaining useful economic life estimate was increased from five to ten years from the beginning of the reporting period. No change was made to the residual value estimate. It was further noted that this decision was consistent with the treatment applied to the Group\u2019s conventional ferries. The effect of the increase in useful economic life was to reduce the depreciation charge in the reporting period by \u20ac2.1 million.
\n \nDuring the year, management also reassessed the remaining useful economic lives of the Group\u2019s other ferries. Based on this assessment, management concluded that the remaining economic lives of these vessels remain within the expected range and continue to be appropriate. Accordingly, no changes to the estimated useful economic lives or depreciation expense arose in respect of these vessels.
\n \nDuring the years ended 31 December 2025 and 2024, no staff costs or interest costs were included in additions. Assets under construction at 31 December 2025 of \u20ac0.2 million (2024: \u20ac1.6 million) relate to construction completed on assets not in operation at the year end.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfIntangibleAssetsExplanatory0": { "value": "\n\n 13. Intangible assets\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Cost\n \n | \n \n | \n\n | \n
| \n At 1 January \n | \n \n 14.7 \n | \n \n 13.5 \n | \n
| \n Additions \n | \n \n 0.8 \n | \n \n 1.2 \n | \n
| \n \n At 31 December \n \n | \n \n \n 15.5\n \n | \n \n \n 14.7\n \n | \n
| \n | \n\n | \n\n | \n
| \n \n Amortisation\n \n | \n \n | \n\n | \n
| \n At 1 January \n | \n \n 11.9 \n | \n \n 11.4 \n | \n
| \n Charge for the financial year \n | \n \n 0.4 \n | \n \n 0.5 \n | \n
| \n \n At 31 December \n \n | \n \n \n 12.3\n \n | \n \n \n 11.9\n \n | \n
| \n | \n\n | \n\n | \n
| \n \n Carrying amount\n \n | \n \n | \n\n | \n
| \n \n At 31 December\n \n | \n \n \n 3.2\n \n | \n \n \n 2.8\n \n | \n
| \n At 1 January \n | \n \n 2.8 \n | \n \n 2.1 \n | \n
The intangible assets included above, all computer software, have finite useful economic lives of five years over which the assets are amortised. Amortisation is on a straight-line basis.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfLeasesExplanatory0": { "value": "\n\n 15. Finance lease receivable\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n At 1 January \n | \n \n 7.3 \n | \n \n 10.5 \n | \n
| \n Amounts received \n | \n \n (7.4) \n | \n \n (3.6) \n | \n
| \n Net benefit recognised in revenue \n | \n \n 0.1 \n | \n \n 0.4 \n | \n
| \n \n At 31 December \n \n | \n \n \n -\n \n | \n \n \n 7.3\n \n | \n
In 2019, the Group entered into a bareboat hire purchase sale agreement for the disposal of a vessel. Legal title to the vessel transfers to the lessor only on payment of the final instalment. The deferred consideration has been treated as a finance lease receivable at an amount equivalent to the net investment in the lease. At 31 December 2024, all amounts due were within one year. The Group was not exposed to foreign currency risk as a result of the lease arrangement, as it was denominated in euro. Residual value risk on the vessel under lease was not significant, because of the existence of a secondary market in vessels.
\n \nThe Directors of the Company estimated the loss allowance on the finance lease receivable at an amount equal to lifetime expected credit losses and was immaterial in the prior year.
\n \nAmounts received less the net benefit recognised in revenue, a total of \u20ac7.3 million (2024: \u20ac3.2 million) has been recognised in the Consolidated Statement of Cash Flows as proceeds on disposal of property, plant and equipment.
\n \n \n\n 16. Inventories\n
\n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Fuel and lubricating oil \n | \n \n 4.6 \n | \n \n 4.2 \n | \n
| \n Catering and other stocks \n | \n \n 0.4 \n | \n \n 0.8 \n | \n
| \n EU carbon credits (EUAs) \n | \n \n 8.1 \n | \n \n 6.1 \n | \n
| \n | \n\n \n 13.1\n \n | \n \n \n 11.1\n \n | \n
All inventories have been valued at cost. The Directors consider that the carrying amount of fuel and catering inventories approximate their replacement value. EUAs held will be used to settle surrender obligations recognised within current liabilities.
\n \n \n \nCost of inventories recognised as an expense in the Consolidated Income Statement amounted to \u20ac127.2 million during the financial year (2024: \u20ac122.7 million).
\n \n \n\n 22. Lease liabilities\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n At 1 January \n | \n \n 107.1 \n | \n \n 37.0 \n | \n
| \n Additions \n | \n \n 23.9 \n | \n \n 84.1 \n | \n
| \n Payments \n | \n \n (13.2) \n | \n \n (18.4) \n | \n
| \n Lease interest expense recognised in period \n | \n \n 5.2 \n | \n \n 3.8 \n | \n
| \n Lease remeasurement \n | \n \n - \n | \n \n 0.3 \n | \n
| \n Currency adjustment \n | \n \n (0.4) \n | \n \n 0.3 \n | \n
| \n \n At 31 December \n \n | \n \n \n 122.6\n \n | \n \n \n 107.1\n \n | \n
| \n Analysed as: \n | \n \n | \n\n | \n
| \n Current liabilities \n | \n \n 84.6 \n | \n \n 7.5 \n | \n
| \n Non-current liabilities \n | \n \n 38.0 \n | \n \n 99.6 \n | \n
| \n | \n\n \n 122.6\n \n | \n \n \n 107.1\n \n | \n
The maturity profile of lease liabilities is set out below:
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Committed lease obligations \n | \n \n | \n\n | \n
| \n Within one year \n | \n \n 84.6 \n | \n \n 7.5 \n | \n
| \n Between one and two years \n | \n \n 7.4 \n | \n \n 79.9 \n | \n
| \n Between two and three years \n | \n \n 11.5 \n | \n \n 1.4 \n | \n
| \n Between three and four years \n | \n \n 1.4 \n | \n \n 1.3 \n | \n
| \n Between four and five years \n | \n \n 0.9 \n | \n \n 0.8 \n | \n
| \n Between five and 10 years \n | \n \n 2.4 \n | \n \n 1.5 \n | \n
| \n Greater than 10 years \n | \n \n 14.4 \n | \n \n 14.7 \n | \n
| \n | \n\n \n 122.6\n \n | \n \n \n 107.1\n \n | \n
Outstanding lease terms vary from one month to eight years except in the case of leasehold land where the terms vary between 17 and 97 years. At 31 December 2025, the average incremental borrowing rate applying to lease liabilities was 4.5% (2024: 4.6%) for periods of between one month and 97 years. These rates were based on the incremental borrowing rate (\u201cIBR\u201d) which in the case of lease liabilities recognised on application of IFRS 16 was estimated at 1 January 2019 and in all other cases at the date of commencement of the lease. Leases are remeasured at the existing IBR estimate where there are changes to rentals previously contemplated based on changes in an index or market rate. Leases are also remeasured at latest IBR estimates where modifications to the lease are made which were not previously contemplated. The incremental borrowing rate is estimated as that rate of interest available to the Group for borrowings over a similar term as the obligation to acquire a similar asset. The Group\u2019s obligations are secured by lessors\u2019 title to the leased assets.
\n \nAll lease contracts relating to land and property contain market review clauses. The leases for land and property in Dublin contain seven yearly upward only rent reviews based on market rates. The next review is due on 1 January 2031. The lease contract relating to land and property in Belfast includes an annual review based on UK Retail Price Inflation.
\n \nThe above lease liabilities do not include any variable payments based on throughput of leased facilities, short term leases of less than one year or leases relating to low value assets. These are expensed as incurred and disclosed at note 9.
\n \nRelated right-of-use assets of \u20ac119.0 million (2024: \u20ac106.3 million) are disclosed in note 14 to the Consolidated Financial Statements. Expenses of \u20ac6.2 million (2024: \u20ac7.5 million) relating to short-term leases, variable lease payments and leases of low-value assets were recognised in the income statement and are disclosed in note 9 to the Consolidated Financial Statements.
\n \n\n 29. Operating lease income\n
\n \nThe aggregate future minimum lease payments receivable under non-cancellable operating leases are as follows:
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Within one year \n | \n \n \n 4.1\n \n | \n \n \n 3.6\n \n | \n
The lease payments receivable relates to the charter of container vessels.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfInventoriesExplanatory0": { "value": "\n\n 16. Inventories\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Fuel and lubricating oil \n | \n \n 4.6 \n | \n \n 4.2 \n | \n
| \n Catering and other stocks \n | \n \n 0.4 \n | \n \n 0.8 \n | \n
| \n EU carbon credits (EUAs) \n | \n \n 8.1 \n | \n \n 6.1 \n | \n
| \n | \n\n \n 13.1\n \n | \n \n \n 11.1\n \n | \n
All inventories have been valued at cost. The Directors consider that the carrying amount of fuel and catering inventories approximate their replacement value. EUAs held will be used to settle surrender obligations recognised within current liabilities.
\n \nCost of inventories recognised as an expense in the Consolidated Income Statement amounted to \u20ac127.2 million during the financial year (2024: \u20ac122.7 million).
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfOtherAssetsExplanatory0": { "value": "\n \n \n\n 17. Trade and other receivables\n
\n \n \n \n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Trade receivables \n | \n \n 78.8 \n | \n \n 59.3 \n | \n
| \n Allowance for expected credit losses \n | \n \n (4.0) \n | \n \n (2.2) \n | \n
| \n | \n\n 74.8 \n | \n \n 57.1 \n | \n
| \n Prepayments \n | \n \n | \n\n | \n
| \n \u2002Deposits relating to property, plant and equipment \n | \n \n 1.9 \n | \n \n 0.3 \n | \n
| \n \u2002Other prepayments \n | \n \n 2.2 \n | \n \n 4.4 \n | \n
| \n Finance lease receivable (note 15) \n | \n \n - \n | \n \n 7.3 \n | \n
| \n Other receivables \n | \n \n 3.7 \n | \n \n 4.1 \n | \n
| \n | \n\n \n 82.6\n \n | \n \n \n 73.2\n \n | \n
The Group and Company extend credit to certain trade customers after conducting a credit risk assessment. Year-end trade receivables represent 37 days sales at 31 December 2025 (2024: 36 days). Deposits paid relating to other property, plant and equipment include advance payments for services or goods where title has not transferred at the period end.
\n \n \n \n \n \nThe Group\u2019s trade receivables are analysed as follows:
\n \n \n \n \n \n| \n | \n\n Gross value \n | \n \n Expected credit losses \n | \n \n Net value \n | \n \n Gross value \n | \n \n Expected credit losses \n | \n \n Net value \n | \n
| \n | \n\n 2025 \n | \n \n 2025 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2024 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Not past due\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Within terms \n | \n \n 74.8 \n | \n \n (2.4) \n | \n \n 72.4 \n | \n \n 56.2 \n | \n \n (1.1) \n | \n \n 55.1 \n | \n
| \n \n Past due\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Within 3 months \n | \n \n 3.3 \n | \n \n (0.9) \n | \n \n 2.4 \n | \n \n 2.6 \n | \n \n (0.6) \n | \n \n 2.0 \n | \n
| \n After 3 months \n | \n \n 0.7 \n | \n \n (0.7) \n | \n \n - \n | \n \n 0.5 \n | \n \n (0.5) \n | \n \n - \n | \n
| \n | \n\n \n 78.8\n \n | \n \n \n (4.0)\n \n | \n \n \n 74.8\n \n | \n \n \n 59.3\n \n | \n \n \n (2.2)\n \n | \n \n \n 57.1\n \n | \n
\n Expected credit losses\n
\n \n \n \n \n \nThe Group has applied the IFRS 9 simplified model of recognising lifetime expected credit losses for all trade receivables as these items do not have a significant financing component. The concentration of credit risk is limited due to the exposure being spread over a large number of counterparties and customers. In measuring the expected credit losses, the trade receivables have been grouped by shared credit risk characteristics and by days past due.\u00a0The expected loss rates are heavily influenced by the past rate of actual credit losses. Trade receivables are written off when there is no reasonable expectation of recovery. The Group also considers expected credit losses in relation to prepaid capital purchases such as vessel building deposits as there is a risk of non-delivery. The Group has a limited history of credit losses.
\n \n \n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Movement in the allowance for expected credit losses\n \n | \n \n | \n\n | \n
| \n Balance at beginning of the financial year \n | \n \n 2.2 \n | \n \n 2.3 \n | \n
| \n Increase / (Decrease) in allowance during the financial year \n | \n \n 1.8 \n | \n \n (0.1) \n | \n
| \n \n Balance at end of the financial year\n \n | \n \n \n 4.0\n \n | \n \n \n 2.2\n \n | \n
\n 17. Trade and other receivables\n
\n \n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Trade receivables \n | \n \n 78.8 \n | \n \n 59.3 \n | \n
| \n Allowance for expected credit losses \n | \n \n (4.0) \n | \n \n (2.2) \n | \n
| \n | \n\n 74.8 \n | \n \n 57.1 \n | \n
| \n Prepayments \n | \n \n | \n\n | \n
| \n \u2002Deposits relating to property, plant and equipment \n | \n \n 1.9 \n | \n \n 0.3 \n | \n
| \n \u2002Other prepayments \n | \n \n 2.2 \n | \n \n 4.4 \n | \n
| \n Finance lease receivable (note 15) \n | \n \n - \n | \n \n 7.3 \n | \n
| \n Other receivables \n | \n \n 3.7 \n | \n \n 4.1 \n | \n
| \n | \n\n \n 82.6\n \n | \n \n \n 73.2\n \n | \n
The Group and Company extend credit to certain trade customers after conducting a credit risk assessment. Year-end trade receivables represent 37 days sales at 31 December 2025 (2024: 36 days). Deposits paid relating to other property, plant and equipment include advance payments for services or goods where title has not transferred at the period end.
\n \n \n \nThe Group\u2019s trade receivables are analysed as follows:
\n \n \n \n| \n | \n\n Gross value \n | \n \n Expected credit losses \n | \n \n Net value \n | \n \n Gross value \n | \n \n Expected credit losses \n | \n \n Net value \n | \n
| \n | \n\n 2025 \n | \n \n 2025 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2024 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Not past due\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Within terms \n | \n \n 74.8 \n | \n \n (2.4) \n | \n \n 72.4 \n | \n \n 56.2 \n | \n \n (1.1) \n | \n \n 55.1 \n | \n
| \n \n Past due\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Within 3 months \n | \n \n 3.3 \n | \n \n (0.9) \n | \n \n 2.4 \n | \n \n 2.6 \n | \n \n (0.6) \n | \n \n 2.0 \n | \n
| \n After 3 months \n | \n \n 0.7 \n | \n \n (0.7) \n | \n \n - \n | \n \n 0.5 \n | \n \n (0.5) \n | \n \n - \n | \n
| \n | \n\n \n 78.8\n \n | \n \n \n (4.0)\n \n | \n \n \n 74.8\n \n | \n \n \n 59.3\n \n | \n \n \n (2.2)\n \n | \n \n \n 57.1\n \n | \n
\n Expected credit losses\n
\n \n \n \nThe Group has applied the IFRS 9 simplified model of recognising lifetime expected credit losses for all trade receivables as these items do not have a significant financing component. The concentration of credit risk is limited due to the exposure being spread over a large number of counterparties and customers. In measuring the expected credit losses, the trade receivables have been grouped by shared credit risk characteristics and by days past due.\u00a0The expected loss rates are heavily influenced by the past rate of actual credit losses. Trade receivables are written off when there is no reasonable expectation of recovery. The Group also considers expected credit losses in relation to prepaid capital purchases such as vessel building deposits as there is a risk of non-delivery. The Group has a limited history of credit losses.
\n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Movement in the allowance for expected credit losses\n \n | \n \n | \n\n | \n
| \n Balance at beginning of the financial year \n | \n \n 2.2 \n | \n \n 2.3 \n | \n
| \n Increase / (Decrease) in allowance during the financial year \n | \n \n 1.8 \n | \n \n (0.1) \n | \n
| \n \n Balance at end of the financial year\n \n | \n \n \n 4.0\n \n | \n \n \n 2.2\n \n | \n
\n 17. Trade and other receivables\n
\n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Trade receivables \n | \n \n 78.8 \n | \n \n 59.3 \n | \n
| \n Allowance for expected credit losses \n | \n \n (4.0) \n | \n \n (2.2) \n | \n
| \n | \n\n 74.8 \n | \n \n 57.1 \n | \n
| \n Prepayments \n | \n \n | \n\n | \n
| \n \u2002Deposits relating to property, plant and equipment \n | \n \n 1.9 \n | \n \n 0.3 \n | \n
| \n \u2002Other prepayments \n | \n \n 2.2 \n | \n \n 4.4 \n | \n
| \n Finance lease receivable (note 15) \n | \n \n - \n | \n \n 7.3 \n | \n
| \n Other receivables \n | \n \n 3.7 \n | \n \n 4.1 \n | \n
| \n | \n\n \n 82.6\n \n | \n \n \n 73.2\n \n | \n
The Group and Company extend credit to certain trade customers after conducting a credit risk assessment. Year-end trade receivables represent 37 days sales at 31 December 2025 (2024: 36 days). Deposits paid relating to other property, plant and equipment include advance payments for services or goods where title has not transferred at the period end.
\n \nThe Group\u2019s trade receivables are analysed as follows:
\n \n| \n | \n\n Gross value \n | \n \n Expected credit losses \n | \n \n Net value \n | \n \n Gross value \n | \n \n Expected credit losses \n | \n \n Net value \n | \n
| \n | \n\n 2025 \n | \n \n 2025 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2024 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Not past due\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Within terms \n | \n \n 74.8 \n | \n \n (2.4) \n | \n \n 72.4 \n | \n \n 56.2 \n | \n \n (1.1) \n | \n \n 55.1 \n | \n
| \n \n Past due\n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Within 3 months \n | \n \n 3.3 \n | \n \n (0.9) \n | \n \n 2.4 \n | \n \n 2.6 \n | \n \n (0.6) \n | \n \n 2.0 \n | \n
| \n After 3 months \n | \n \n 0.7 \n | \n \n (0.7) \n | \n \n - \n | \n \n 0.5 \n | \n \n (0.5) \n | \n \n - \n | \n
| \n | \n\n \n 78.8\n \n | \n \n \n (4.0)\n \n | \n \n \n 74.8\n \n | \n \n \n 59.3\n \n | \n \n \n (2.2)\n \n | \n \n \n 57.1\n \n | \n
\n Expected credit losses\n
\n \nThe Group has applied the IFRS 9 simplified model of recognising lifetime expected credit losses for all trade receivables as these items do not have a significant financing component. The concentration of credit risk is limited due to the exposure being spread over a large number of counterparties and customers. In measuring the expected credit losses, the trade receivables have been grouped by shared credit risk characteristics and by days past due.\u00a0The expected loss rates are heavily influenced by the past rate of actual credit losses. Trade receivables are written off when there is no reasonable expectation of recovery. The Group also considers expected credit losses in relation to prepaid capital purchases such as vessel building deposits as there is a risk of non-delivery. The Group has a limited history of credit losses.
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Movement in the allowance for expected credit losses\n \n | \n \n | \n\n | \n
| \n Balance at beginning of the financial year \n | \n \n 2.2 \n | \n \n 2.3 \n | \n
| \n Increase / (Decrease) in allowance during the financial year \n | \n \n 1.8 \n | \n \n (0.1) \n | \n
| \n \n Balance at end of the financial year\n \n | \n \n \n 4.0\n \n | \n \n \n 2.2\n \n | \n
| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Trade receivables \n | \n \n 78.8 \n | \n \n 59.3 \n | \n
| \n Allowance for expected credit losses \n | \n \n (4.0) \n | \n \n (2.2) \n | \n
| \n | \n\n 74.8 \n | \n \n 57.1 \n | \n
| \n Prepayments \n | \n \n | \n\n | \n
| \n \u2002Deposits relating to property, plant and equipment \n | \n \n 1.9 \n | \n \n 0.3 \n | \n
| \n \u2002Other prepayments \n | \n \n 2.2 \n | \n \n 4.4 \n | \n
| \n Finance lease receivable (note 15) \n | \n \n - \n | \n \n 7.3 \n | \n
| \n Other receivables \n | \n \n 3.7 \n | \n \n 4.1 \n | \n
| \n | \n\n \n 82.6\n \n | \n \n \n 73.2\n \n | \n
\n 18. Cash and cash equivalents\n
\n \nFor the purposes of the Statement of Cash Flows, cash and cash equivalents include cash on hand and in banks. There were no bank overdrafts outstanding at 31 December which met the offsetting conditions under IAS 32 Financial Instruments. Cash and cash equivalents at the end of the reporting period as shown in the Statement of Cash Flows were:
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Cash and cash equivalents \n | \n \n \n 36.7\n \n | \n \n 41.3 \n | \n
Cash and cash equivalents comprise cash held by the Group and Company and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets approximates their fair value. 95 per cent of the cash and cash equivalents were on deposit in institutions rated A2 or above by Moodys. The Directors consider the credit risk of these counterparties to be compatible with the Group\u2019s credit policy and operational requirements.
\n \nThe geographic spread by deposit institution for the Group was as follows:
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Ireland \n | \n \n 36.1 \n | \n \n 38.9 \n | \n
| \n United Kingdom \n | \n \n 0.4 \n | \n \n 2.3 \n | \n
| \n Europe \n | \n \n 0.2 \n | \n \n 0.1 \n | \n
| \n \n Total\n \n | \n \n \n 36.7\n \n | \n \n \n 41.3\n \n | \n
\n 19. Share capital\n
\n \n \n \n\n Group and Company\n
\n \n \n \n| \n \n \n Authorised\n \n \n | \n \n 2025 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2024 \n | \n
| \n | \n\n Number \n | \n \n \u20acm \n | \n \n Number \n | \n \n \u20acm \n | \n
| \n Ordinary shares of par value \u20ac0.065 each \n | \n \n 450,000,000 \n | \n \n 29.3 \n | \n \n 450,000,000 \n | \n \n 29.3 \n | \n
| \n Redeemable shares of par value \n | \n \n | \n\n | \n\n | \n\n | \n
| \n \u20ac0.00001 each \n | \n \n 4,500,000,000 \n | \n \n - \n | \n \n 4,500,000,000 \n | \n \n - \n | \n
| \n | \n\n | \n\n \n 29.3\n \n | \n \n | \n\n \n 29.3\n \n | \n
| \n \n \n Allotted, called up and fully paid \n \n \n | \n \n 2025 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2024 \n | \n
| \n | \n\n Number \n | \n \n \u20acm \n | \n \n Number \n | \n \n \u20acm \n | \n
| \n Ordinary shares \n | \n \n | \n\n | \n\n | \n\n | \n
| \n At beginning of the financial year \n | \n \n 164,580,565 \n | \n \n 10.7 \n | \n \n 166,217,207 \n | \n \n 10.8 \n | \n
| \n Share issue \n | \n \n 1,608,000 \n | \n \n 0.1 \n | \n \n 257,341 \n | \n \n - \n | \n
| \n Share buyback and cancellation \n | \n \n (17,755,585) \n | \n \n (1.2) \n | \n \n (1,893,983) \n | \n \n (0.1) \n | \n
| \n \n At end of the financial year\n \n | \n \n \n 148,432,980\n \n | \n \n \n 9.6\n \n | \n \n \n 164,580,565\n \n | \n \n \n 10.7\n \n | \n
There were no redeemable shares in issue at 31 December 2025 or 31 December 2024.
\n \n \n \nThe Company has one class of share unit, an ICG Unit, which at 31 December 2025 comprised one ordinary share and nil redeemable shares. The share unit, nor any share therein, does not carry any right to fixed income.
\n \n \n \nThe number of ICG Units issued during the year was 1,608,000 (2024: 257,341) and total consideration received amounted to \u20ac5.5 million (2024: \u20ac0.7 million). These ICG Units were issued under the Group\u2019s and Company\u2019s share option plans.
\n \n \n \nDuring the year, the Company bought back 17,755,585 (2024: 1,893,983) ICG Units on the market at prices ranging between \u20ac5.05 and \u20ac5.80 and at a weighted average price of \u20ac5.55 per ICG Unit. The net consideration paid of \u20ac97.7 million (2024: \u20ac9.0 million) was charged against retained earnings. These shares were held as Treasury shares for a period of time before being cancelled. The nominal value of the shares cancelled of \u20ac1,154,000 (2024: \u20ac123,000) was retained in an undenominated capital redemption reserve. The buybacks were conducted in line with the Group\u2019s capital management policy at prices which the Directors considered were in the best interests of the remaining shareholders.
\n \n \n \nHolders of ordinary shares are entitled to such dividends that may be declared from time to time on such shares and are entitled to attend, speak and vote at the Annual General Meeting of the Company. On return of capital on a winding up, the holder of ordinary shares is entitled to participate in a distribution of surplus assets of the Company.
\n \n \n \nRedeemable shares do not entitle holders to any dividend nor any right to participate in the profit or assets of the Company other than to the repayment of a sum equal to the nominal value of 0.001 cent per share on a winding up of the Company. Redeemable shares do not entitle the holder to attend, speak or vote at the Annual General Meeting.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory0": { "value": "\n\n 19. Share capital\n
\n \n\n Group and Company\n
\n \n| \n \n \n Authorised\n \n \n | \n \n 2025 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2024 \n | \n
| \n | \n\n Number \n | \n \n \u20acm \n | \n \n Number \n | \n \n \u20acm \n | \n
| \n Ordinary shares of par value \u20ac0.065 each \n | \n \n 450,000,000 \n | \n \n 29.3 \n | \n \n 450,000,000 \n | \n \n 29.3 \n | \n
| \n Redeemable shares of par value \n | \n \n | \n\n | \n\n | \n\n | \n
| \n \u20ac0.00001 each \n | \n \n 4,500,000,000 \n | \n \n - \n | \n \n 4,500,000,000 \n | \n \n - \n | \n
| \n | \n\n | \n\n \n 29.3\n \n | \n \n | \n\n \n 29.3\n \n | \n
| \n \n \n Allotted, called up and fully paid \n \n \n | \n \n 2025 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2024 \n | \n
| \n | \n\n Number \n | \n \n \u20acm \n | \n \n Number \n | \n \n \u20acm \n | \n
| \n Ordinary shares \n | \n \n | \n\n | \n\n | \n\n | \n
| \n At beginning of the financial year \n | \n \n 164,580,565 \n | \n \n 10.7 \n | \n \n 166,217,207 \n | \n \n 10.8 \n | \n
| \n Share issue \n | \n \n 1,608,000 \n | \n \n 0.1 \n | \n \n 257,341 \n | \n \n - \n | \n
| \n Share buyback and cancellation \n | \n \n (17,755,585) \n | \n \n (1.2) \n | \n \n (1,893,983) \n | \n \n (0.1) \n | \n
| \n \n At end of the financial year\n \n | \n \n \n 148,432,980\n \n | \n \n \n 9.6\n \n | \n \n \n 164,580,565\n \n | \n \n \n 10.7\n \n | \n
There were no redeemable shares in issue at 31 December 2025 or 31 December 2024.
\n \nThe Company has one class of share unit, an ICG Unit, which at 31 December 2025 comprised one ordinary share and nil redeemable shares. The share unit, nor any share therein, does not carry any right to fixed income.
\n \nThe number of ICG Units issued during the year was 1,608,000 (2024: 257,341) and total consideration received amounted to \u20ac5.5 million (2024: \u20ac0.7 million). These ICG Units were issued under the Group\u2019s and Company\u2019s share option plans.
\n \nDuring the year, the Company bought back 17,755,585 (2024: 1,893,983) ICG Units on the market at prices ranging between \u20ac5.05 and \u20ac5.80 and at a weighted average price of \u20ac5.55 per ICG Unit. The net consideration paid of \u20ac97.7 million (2024: \u20ac9.0 million) was charged against retained earnings. These shares were held as Treasury shares for a period of time before being cancelled. The nominal value of the shares cancelled of \u20ac1,154,000 (2024: \u20ac123,000) was retained in an undenominated capital redemption reserve. The buybacks were conducted in line with the Group\u2019s capital management policy at prices which the Directors considered were in the best interests of the remaining shareholders.
\n \nHolders of ordinary shares are entitled to such dividends that may be declared from time to time on such shares and are entitled to attend, speak and vote at the Annual General Meeting of the Company. On return of capital on a winding up, the holder of ordinary shares is entitled to participate in a distribution of surplus assets of the Company.
\n \nRedeemable shares do not entitle holders to any dividend nor any right to participate in the profit or assets of the Company other than to the repayment of a sum equal to the nominal value of 0.001 cent per share on a winding up of the Company. Redeemable shares do not entitle the holder to attend, speak or vote at the Annual General Meeting.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfReservesAndOtherEquityInterestExplanatory0": { "value": "\n\n 20. Analysis of Equity \n
\n \n\n Group and Company\n
\n \n\n \n Share premium\n \n
\n \nThe share premium account comprises the excess of monies received in respect of share capital over the nominal value of shares issued.
\n \n\n \n Capital reserves\n \n
\n \nThis consists of reserves arising on consolidation and the undenominated capital redemption reserve.
\n \nReserves arising on consolidation relate to the acquisition of a subsidiary. At 31 December 2025, the reserve balance was \u20ac0.1 million. The balance is unchanged from 31 December 2024, 1 January 2025 and 1 January 2024.
\n \nThe undenominated capital redemption reserve represents the nominal value of share capital repurchased. During the year, \u20ac1.2 million was transferred from retained earnings representing the nominal value of shares cancelled. At 31 December 2025, the reserve balance stands at \u20ac10.1 million (2024: \u20ac8.9 million).
\n \n\n \n Share options reserve\n \n
\n \nThe share options reserve represents the cumulative charge to the Consolidated Income Statement of share options issued which are not yet exercised.
\n \n\n \n Translation reserve\n \n
\n \nExchange differences relating to the translation of the net assets and results of the Group\u2019s foreign currency denominated subsidiaries, from their functional currency into the Group\u2019s presentational currency, being euro, are recognised directly in the translation reserve.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfBorrowingsExplanatory0": { "value": "\n\n 21. Borrowings\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Bank loans \n | \n \n 171.3 \n | \n \n 97.3 \n | \n
| \n Origination fees \n | \n \n (1.1) \n | \n \n (0.9) \n | \n
| \n | \n\n 170.2 \n | \n \n 96.4 \n | \n
| \n On demand or within one year \n | \n \n 7.3 \n | \n \n 7.3 \n | \n
| \n In the second year \n | \n \n 7.3 \n | \n \n 7.3 \n | \n
| \n In the third year \n | \n \n 7.3 \n | \n \n 7.4 \n | \n
| \n In the fourth year \n | \n \n 7.3 \n | \n \n 7.4 \n | \n
| \n Fifth year and after \n | \n \n 141.0 \n | \n \n 67.0 \n | \n
| \n | \n\n 170.2 \n | \n \n 96.4 \n | \n
| \n Less: Amount due for settlement within 12 months \n | \n \n (7.3) \n | \n \n (7.3) \n | \n
| \n \n Amount due for settlement after 12 months\n \n | \n \n \n 162.9\n \n | \n \n \n 89.1\n \n | \n
Obligations under the Group borrowing facilities have been cross guaranteed by Irish Continental Group plc and certain subsidiaries within the Group but are otherwise unsecured.
\n \nThe currency profile of the Group\u2019s borrowings is set out in note 23 (iii).
\n \n\n Borrowing facilities\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Overdraft and trade guarantee facilities\n \n | \n \n | \n\n | \n
| \n Amounts utilised \u2013 trade guarantee (note 35) \n | \n \n 0.6 \n | \n \n 0.6 \n | \n
| \n Amounts undrawn \n | \n \n 19.4 \n | \n \n 19.4 \n | \n
| \n \n Total committed overdraft facilities\n \n | \n \n \n 20.0\n \n | \n \n \n 20.0\n \n | \n
| \n | \n\n | \n\n | \n
| \n \n Committed loan facilities\n \n | \n \n | \n\n | \n
| \n Amounts drawn \n | \n \n 171.3 \n | \n \n 97.3 \n | \n
| \n Amounts undrawn \n | \n \n 12.5 \n | \n \n 44.0 \n | \n
| \n \n Total committed loan facilities\n \n | \n \n \n 183.8\n \n | \n \n \n 141.3\n \n | \n
| \n \n Uncommitted facilities\n \n | \n \n \n 233.7\n \n | \n \n \n 314.7\n \n | \n
At 31 December 2025, the Group had total committed loan and overdraft facilities of \u20ac203.8 million (2024: \u20ac161.3 million) which comprised of amounts utilised (including trade guarantees of \u20ac0.6 million (2024: \u20ac0.6 million)) of \u20ac171.9 million (2024: \u20ac97.9 million) and amounts undrawn of \u20ac31.9 million (2024: \u20ac63.4 million). Uncommitted facilities relate to bank and private placement shelf agreements which are available for drawing at the discretion of the relevant lender. All borrowings drawn at 31 December 2025 were denominated in euro.
\n \nThe Group\u2019s borrowing facilities comprise of the following;
\n \ni) A bank overdraft and trade guarantee facility with permitted drawing amounts of \u20ac20.0 million. At 31 December 2025, \u20ac0.6 million (2024: \u20ac0.6 million) was utilised on this facility by way of trade guarantees and \u20acnil (2024: \u20acnil) was utilised as an overdraft. Interest rates are calculated by reference to the lender\u2019s prime rate plus a fixed margin. This facility, available for drawing by the Company and certain subsidiaries, is reviewed annually and is repayable on demand.
\n \nii) A multicurrency revolving credit facility with permitted drawing amounts of \u20ac150.0 million in 2025. At 31 December 2025, \u20ac137.5 million (2024: \u20ac56.0 million) was drawn under this facility. Interest rates are arranged at floating rates 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\u2019s net debt to EBITDA ratio, which creates a cash flow interest rate risk. This facility is available for drawing by the Company and certain subsidiaries and has a maturity date of 6 March 2030 but is extendable for up to two years at the lenders\u2019 discretion. Interest rates were variable throughout the term of the facility
\n \niii) Amortising term loan facility totalling \u20ac33.8 million (2024: \u20ac41.3 million) made available by the European Investment Bank to fund the construction of a new cruise ferry which was delivered in December 2018. This facility had been drawn in full and is repayable in equal instalments over a ten year period commencing December 2020 and ending during 2030. Interest rates were fixed for the duration of the term at a rate of 1.724%.
\n \niv) Multicurrency private placement loan note shelf agreements agreed with a number of investors with a potential drawing amount of \u20ac233.7 million. The facility is available for drawing at the discretion of investors up to 6 October 2026, having been extended during 2023 for an additional 3 years. Interest rates are set at each drawing date and the maturity of any loan note issued may extend for up to 15 years from the date of issue.
\n \nThe weighted average interest rates paid during the financial year were as follows:
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n Bank overdrafts \n | \n \n 3.15% \n | \n \n 4.53% \n | \n
| \n Borrowings \n | \n \n 3.14% \n | \n \n 2.86% \n | \n
The average interest rates reflect the terms of the refinancing arrangements concluded in prior periods. There was \u20ac104.0 million (2024: \u20ac37.5 million) worth of bank loans drawn during 2025 from an existing loan facility. Interest rates on all bank loans drawn in prior periods were fixed at date of drawdown with resetting occurring every three to six months. The Group\u2019s financing facilities contain provisions that where there is a change in control of the Company, lenders may cancel the facilities and declare all utilisations immediately due and payable. A change of control is where any person or group of persons acting in concert becomes the owner of more than 50 per cent of the voting share capital of the Company.
\n \nThe borrowing agreements contain a range of undertakings and negative pledges including conduct of business in compliance with laws and regulations, maintenance of assets, insurance and take-on of additional borrowing facilities. In certain circumstances, proceeds from the disposal of key assets must be applied towards repayment of borrowings. In the opinion of the Directors, the Group and Company are in compliance with the covenants contained in its borrowing agreements as of 31 December 2025.
\n \nThe two key financial covenants cover leverage which is borrowings expressed as times EBITDA and interest cover which is EBITDA expressed as times interest on borrowings. The calculation of these ratios and reconciliation to IFRS measures is set out below.
\n \n\n EBITDA for covenant purposes\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Operating profit \n | \n \n 85.6 \n | \n \n 69.1 \n | \n
| \n Depreciation and amortisation \n | \n \n 65.0 \n | \n \n 64.4 \n | \n
| \n EBITDA \n | \n \n 150.6 \n | \n \n 133.5 \n | \n
| \n Movement in lease receivable (note 15)* \n | \n \n - \n | \n \n 1.7 \n | \n
| \n Lease payments (note 22) \n | \n \n (13.2) \n | \n \n (18.4) \n | \n
| \n EBITDA for covenant purposes \n | \n \n \n 137.4\n \n | \n \n \n 116.8\n \n | \n
* For the financial year ended 2025, only a portion of the movement in the lease receivable is recognisable under the banking agreement for covenant purposes.
\n \n\n Net debt for covenant purposes\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Cash (note 18) \n | \n \n (36.7) \n | \n \n (41.3) \n | \n
| \n Borrowings (note 21) \n | \n \n 170.2 \n | \n \n 96.4 \n | \n
| \n Origination fees (note 21) \n | \n \n 1.1 \n | \n \n 0.9 \n | \n
| \n Trade guarantees (note 35) \n | \n \n 0.6 \n | \n \n 0.6 \n | \n
| \n \n Net debt for covenant purposes\n \n | \n \n \n 135.2\n \n | \n \n \n 56.6\n \n | \n
\n Bank loan interest expense (net)\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Finance income (note 6) \n | \n \n (2.1) \n | \n \n (1.6) \n | \n
| \n Finance costs (note 7) \n | \n \n 10.2 \n | \n \n 8.5 \n | \n
| \n Net finance costs \n | \n \n 8.1 \n | \n \n 6.9 \n | \n
| \n Net interest income on defined benefit assets (note 6) \n | \n \n 2.0 \n | \n \n 1.4 \n | \n
| \n Interest expense on lease liabilities (note 7) \n | \n \n (5.2) \n | \n \n (3.8) \n | \n
| \n Bank loan interest expense (net) \n | \n \n \n 4.9\n \n | \n \n \n 4.5\n \n | \n
| \n | \n\n | \n\n Times \n | \n \n Times \n | \n
| \n \n Covenant\n \n | \n \n \n Covenant Level \n \n | \n \n | \n\n | \n
| \n Leverage ratio \n | \n \n Max 3.0x \n | \n \n 1.0 \n | \n \n 0.5x \n | \n
| \n Interest service ratio \n | \n \n Min 4.0x \n | \n \n 28.0 \n | \n \n 26.0x \n | \n
\n 23. Financial instruments and risk management\n
\n \nThe Group\u2019s activities expose it to a variety of financial risks including market risk (such as interest rate risk, foreign currency risk, commodity price risk), liquidity risk and credit risk. The Group\u2019s funding, liquidity and exposure to interest and foreign exchange rate risks are assessed within the Group\u2019s risk management systems and included on the Group\u2019s risk register. Risk mitigation measures may include use of financial derivatives, foreign currency forward contracts, interest rate swaps and cash flow matching.
\n \n\n i) Categories of financial instruments\n
\n \n\n \n Financial assets and liabilities\n \n
\n \n| \n \n 2025\n \n | \n \n Loans and receivables at amortised cost \n | \n \n Financial liabilities at amortised cost \n | \n \n Carrying value \n | \n \n Fair value \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n Finance lease receivable \n | \n \n - \n | \n \n - \n | \n \n - \n | \n \n - \n | \n
| \n Trade and other receivables \n | \n \n 78.5 \n | \n \n - \n | \n \n 78.5 \n | \n \n 78.5 \n | \n
| \n Cash and cash equivalents \n | \n \n 36.7 \n | \n \n - \n | \n \n 36.7 \n | \n \n 36.7 \n | \n
| \n Borrowings \n | \n \n - \n | \n \n 170.2 \n | \n \n 170.2 \n | \n \n 168.7 \n | \n
| \n Trade and other payables \n | \n \n - \n | \n \n 115.6 \n | \n \n 115.6 \n | \n \n 115.6 \n | \n
| \n \n 2024\n \n | \n \n Loans and receivables at amortised cost \n | \n \n Financial liabilities at amortised cost \n | \n \n Carrying value \n | \n \n Fair value \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n Finance lease receivable \n | \n \n 7.3 \n | \n \n - \n | \n \n 7.3 \n | \n \n 7.3 \n | \n
| \n Trade and other receivables \n | \n \n 61.2 \n | \n \n - \n | \n \n 61.2 \n | \n \n 61.2 \n | \n
| \n Cash and cash equivalents \n | \n \n 41.3 \n | \n \n - \n | \n \n 41.3 \n | \n \n 41.3 \n | \n
| \n Borrowings \n | \n \n - \n | \n \n 96.4 \n | \n \n 96.4 \n | \n \n 94.3 \n | \n
| \n Trade and other payables \n | \n \n - \n | \n \n 94.3 \n | \n \n 94.3 \n | \n \n 94.3 \n | \n
\n \n Fair value hierarchy\n \n
\n \nThe Group does not have any financial assets or financial liabilities that are carried at fair value in the Consolidated Statement of Financial Position at 31 December 2025 and 31 December 2024. In relation to those financial assets and financial liabilities where fair value is required to be disclosed in the Notes to the Consolidated Financial Position, these financial assets and financial liabilities are classified within Level 3 (2024: Level 3) of the fair value hierarchy as market observable inputs (forward rates and yield curves) which are used in arriving at fair values.
\n \nThe Group has adopted the following fair value measurement hierarchy for financial instruments:
\n \nThe following are the significant methods and assumptions used to estimate fair values of financial assets and financial liabilities:
\n \n\n \n Finance lease receivable\n \n
\n \nFinance lease recognised based on the estimated net investment in the lease being the present value of the contractual future cash flows discounted at the rate implicit in the lease. In the prior year the final lease payment was due within 4 months of the year ended , and as such it was determined that the fair value of the lease approximates carrying value.
\n \n\n \n Trade and other receivables / payables\n \n
\n \nFor trade receivables and trade payables, with average settlement periods of 37 days (2024: 36 days) and 84 days (2024: 78 days) respectively, the carrying value less allowance for expected credit losses, where appropriate, is estimated to reflect fair value due to their short-term nature.
\n \n\n \n Cash and cash equivalents\n \n
\n \nFor cash and cash equivalents, all with a maturity of three months or less, the nominal amount is estimated to reflect fair value.
\n \n\n \n Borrowings\n \n
\n \nThe fair value of bank loans has been determined based on a discounted cash flow analysis with the most significant input being the discount rate reflecting the Group\u2019s own credit risk. For leases, the incremental borrowing rates applicable in the majority of the Group\u2019s leases has been recently set, therefore the carrying value approximates fair value.
\n \n\n \n Derivative financial instruments\n \n
\n \nThere are no derivative financial instruments outstanding at 31 December 2025 and 31 December 2024 and none were entered into in either 2025 or 2024.
\n \n\n \n Financial guarantee contracts\n \n
\n \nFinancial guarantee contracts issued by the Group in favour of third parties are measured initially at fair value and thereafter at the higher of (i) any expected credit loss allowance and (ii) the initial fair value amount recognised less any cumulative amount recognised as income. There were no such contracts outstanding at 31 December 2025 and 2024, other than cross group guarantees which are eliminated on consolidation.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfFinancialRiskManagementExplanatory0": { "value": "\n\n ii) Interest rate risk\n
\n \nAt 31 December 2025, interest rates on short-term bank deposits were contracted for terms of less than three months at average effective rates of 1.5% (2024: 1.9%).
\n \nAs referenced in note 21, Group borrowings at 31 December 2025 comprise two term loans, of which one is on a fixed rate. The second term loan is arranged at floating rates 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\u2019s net debt to EBITDA ratio, which creates a cash flow interest rate risk. The average interest rate at 31 December 2025 was 4.07% (2024: 3.41%) for remaining terms of between 4.2 and 4.4 years.
\n \nThe interest rates on all lease liabilities at 31 December 2025 were fixed at the incremental borrowing rate at the later of the IFRS 16 effective application date of 1 January 2019 or lease commencement date.
\n \n\n \n Sensitivity to interest rates\n \n
\n \nAs outlined in note 21, the Group has a multicurrency revolving credit facility of which \u20ac137.5 million (2024: \u20ac56.0 million) was drawn at 31 December 2025. Interest rates are arranged at floating rates for an interest period of up to six months, calculated by reference to EURIBOR or other reference rate depending on currency drawn plus an agreed margin which varies with the Group\u2019s net debt to EBITDA ratio. Based on the average amounts drawn during the year ended 31 December 2025, a one percentage point (100 basis points) change in average floating interest rates would have had a \u20ac1.0 million (2024: \u20ac0.5 million) impact on the Group\u2019s profit before tax. Aside from its overdraft facility, the Group\u2019s other facilities are on fixed rates.
\n \n\n iii) Foreign currency risk management\n
\n \nThe Group publishes its consolidated financial statements in euro and conducts business in different foreign currencies. As a result, it is subject to foreign exchange risk due to exchange rate movements which will affect the Group\u2019s transaction costs and the translation of the results and underlying net assets of its foreign operations.
\n \nSterling denominated profits are translated to euro at the average rate of exchange for the financial year. The average rate at which sterling profits were translated during the year was \u20ac1:\u00a30.8568 (2024: \u20ac1:\u00a30.8466).
\n \nExchange rate exposures are managed within approved policy parameters. The Group did not utilise forward foreign exchange contracts during the year ended 31 December 2025 or 31 December 2024.
\n \n\n \n Sensitivity\n \n
\n \nThe currency risk sensitivity analysis is set out below:
\n \nUnder the assumptions; (i) a 10% strengthening in euro exchange rates against all currencies, profit before tax would have decreased by \u20ac0.7 million (2024: decrease of \u20ac0.3 million) and equity (before tax effects) would have decreased by \u20ac3.7 million (2024: decrease of \u20ac3.4 million); (ii) a 10% weakening in euro exchange rates against all currencies, profit before tax would have increased by \u20ac1.8 million (2024: increase of \u20ac0.4 million) and equity (before tax effects) would have increased by \u20ac5.4 million (2024: increase of \u20ac4.2 million). The above movements for financial year 2025 include the embedded mitigating effects of fuel surcharges and the prior year movements have been recalculated accordingly.
\n \nThe Group\u2019s exposure to transactional foreign currency risk is as follows:
\n \n| \n \n 2025\n \n | \n \n Euro \n | \n \n Sterling \n | \n \n US Dollar \n | \n \n Total \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n Trade receivables (net) \n | \n \n - \n | \n \n 7.3 \n | \n \n 0.4 \n | \n \n 7.7 \n | \n
| \n Cash and cash equivalents \n | \n \n 2.3 \n | \n \n 7.0 \n | \n \n 0.2 \n | \n \n 9.5 \n | \n
| \n Total assets \n | \n \n 2.3 \n | \n \n 14.3 \n | \n \n 0.6 \n | \n \n 17.2 \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n
| \n Trade and other payables \n | \n \n - \n | \n \n 26.1 \n | \n \n 6.1 \n | \n \n 32.2 \n | \n
| \n Lease liabilities \n | \n \n - \n | \n \n 0.1 \n | \n \n 0.4 \n | \n \n 0.5 \n | \n
| \n Total liabilities \n | \n \n - \n | \n \n 26.2 \n | \n \n 6.5 \n | \n \n 32.7 \n | \n
| \n \n Net assets / (liabilities) \n \n | \n \n \n 2.3\n \n | \n \n \n (11.9)\n \n | \n \n \n (5.9)\n \n | \n \n \n (15.5)\n \n | \n
| \n \n 2024\n \n | \n \n Euro \n | \n \n Sterling \n | \n \n US Dollar \n | \n \n Total \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n Trade receivables (net) \n | \n \n 0.8 \n | \n \n 5.6 \n | \n \n 0.8 \n | \n \n 6.4 \n | \n
| \n Cash and cash equivalents \n | \n \n 2.6 \n | \n \n 4.5 \n | \n \n 0.7 \n | \n \n 7.8 \n | \n
| \n Total assets \n | \n \n 3.4 \n | \n \n 10.1 \n | \n \n 1.5 \n | \n \n 14.2 \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n
| \n Trade and other payables \n | \n \n 0.8 \n | \n \n 13.7 \n | \n \n 7.1 \n | \n \n 20.8 \n | \n
| \n Lease liabilities \n | \n \n - \n | \n \n - \n | \n \n 0.7 \n | \n \n 0.7 \n | \n
| \n Total liabilities \n | \n \n 0.8 \n | \n \n 13.7 \n | \n \n 7.8 \n | \n \n 21.5 \n | \n
| \n \n Net assets / (liabilities)\n \n | \n \n \n 2.6\n \n | \n \n \n (3.6)\n \n | \n \n \n (6.3)\n \n | \n \n \n (7.3)\n \n | \n
\n iv) Commodity price risk\n
\n \nIn terms of commodity price risk, the Group\u2019s vessels consume heavy fuel oil (HFO), marine diesel / gas oil (MDO / MGO) and lubricating oils, all of which continue to be subject to price volatility. The Group must also manage the risks inherent in changes to the specification of fuel oil which are introduced under international and EU law from time to time.
\n \nThe Group\u2019s policy has been to purchase these commodities in the spot markets and to remain unhedged. In the Container and Terminal Division, movements in fuel costs are offset to a large extent by the application of pre-arranged price adjustments with our customers. Similar arrangements are in place with freight customers in the Ferries Division. In the passenger sector, changes in fuel costs are included in the ticket price to the extent that market conditions will allow.
\n \n \n\n v) Liquidity risk\n
\n \n \n \nThe Group and Company are exposed to liquidity risk which arises primarily from the maturing of short-term and long-term debt obligations. There were no open derivative contracts at 31 December 2025 or 31 December 2024. The Group and Company\u2019s policy is to ensure that sufficient resources are available either from cash balances, cash flows or undrawn committed bank facilities, to ensure all obligations can be met as they fall due. To achieve this objective, the Group and Company:
\n \n \n \nAt each year-end, the Group\u2019s rolling liquidity reserve (which comprises cash and undrawn committed facilities and which represents the amount of available cash headroom in the Group funding structure) was as follows:
\n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Cash and cash equivalents \n | \n \n 36.7 \n | \n \n 41.3 \n | \n
| \n Committed undrawn facilities \n | \n \n 31.9 \n | \n \n 63.4 \n | \n
| \n \n Liquidity reserve\n \n | \n \n \n 68.6\n \n | \n \n \n 104.7\n \n | \n
Management monitors rolling cash flow forecasts on an ongoing basis to determine the adequacy of the liquidity position of the Group. This process also incorporates a longer term liquidity review to ensure refinancing risks are adequately catered for as part of the Group\u2019s strategic planning.
\n \n \n \n\n \n Liquidity analysis\n \n
\n \n \n \nThe following table sets out the maturity and liquidity analysis of the Group\u2019s financial liabilities into the relevant maturity groupings based on the remaining period at the reporting date to the contractual maturity date:
\n \n \n \n| \n \n Liquidity Table 2025\n \n | \n \n Weighted average period until maturity \n | \n \n Carrying amount \n | \n \n Contractual amount \n | \n \n Less than 1 year \n | \n \n Between 1 \u2013 2 years \n | \n \n Between 2 \u2013 5 years \n | \n \n Between 5 \u2013 10 years \n | \n \n More than 10 years \n | \n
| \n | \n\n Years \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n \n Liabilities\n \n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Trade and other payables \n | \n \n - \n | \n \n 121.8 \n | \n \n 121.8 \n | \n \n 121.8 \n | \n \n - \n | \n \n - \n | \n \n - \n | \n \n - \n | \n
| \n Borrowings \n | \n \n 4.2 \n | \n \n 170.2 \n | \n \n 173.1 \n | \n \n 9.4 \n | \n \n 7.7 \n | \n \n 18.6 \n | \n \n 137.4 \n | \n \n - \n | \n
| \n Lease liabilities \n | \n \n 9.0 \n | \n \n 122.6 \n | \n \n 171.6 \n | \n \n 87.9 \n | \n \n 8.6 \n | \n \n 14.4 \n | \n \n 8.9 \n | \n \n 51.8 \n | \n
| \n \n Total liabilities\n \n | \n \n | \n\n \n 414.6\n \n | \n \n \n 466.5\n \n | \n \n \n 219.1\n \n | \n \n \n 16.3\n \n | \n \n \n 33.0\n \n | \n \n \n 146.3\n \n | \n \n \n 51.8\n \n | \n
| \n \n Liquidity Table 2024\n \n | \n \n Weighted average period until maturity \n | \n \n Carrying amount \n | \n \n Contractual amount \n | \n \n Less than 1 year \n | \n \n Between 1 \u2013 2 years \n | \n \n Between 2 \u2013 5 years \n | \n \n Between 5-10 years \n | \n \n More than 10 years \n | \n
| \n | \n\n Years \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n \n Liabilities\n \n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Trade and other payables \n | \n \n - \n | \n \n 98.9 \n | \n \n 98.9 \n | \n \n 98.9 \n | \n \n - \n | \n \n - \n | \n \n - \n | \n \n - \n | \n
| \n Borrowings \n | \n \n 4.8 \n | \n \n 96.4 \n | \n \n 99.1 \n | \n \n 8.6 \n | \n \n 7.8 \n | \n \n 79.0 \n | \n \n 3.7 \n | \n \n - \n | \n
| \n Lease liabilities \n | \n \n 12.3 \n | \n \n 107.1 \n | \n \n 157.7 \n | \n \n 12.6 \n | \n \n 81.7 \n | \n \n 5.8 \n | \n \n 4.9 \n | \n \n 52.7 \n | \n
| \n \n Total liabilities\n \n | \n \n | \n\n \n 302.4\n \n | \n \n \n 355.7\n \n | \n \n \n 120.1\n \n | \n \n \n 89.5\n \n | \n \n \n 84.8\n \n | \n \n \n 8.6\n \n | \n \n \n 52.7\n \n | \n
\n vi) Credit risk \n
\n \n \n \nThe Group and Company monitors its credit exposure to its counterparties via their credit ratings (where applicable) and where possible limits its exposure to any one party to ensure that there are no significant concentrations of credit risk. Credit risk in relation to trade and other receivables and cash and cash equivalents has been discussed in notes 17 and 18 respectively. The maximum exposure to credit risk is represented by the carrying amounts in the Statement of Financial Position.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfLiquidityRiskExplanatory0": { "value": "\n\n v) Liquidity risk\n
\n \nThe Group and Company are exposed to liquidity risk which arises primarily from the maturing of short-term and long-term debt obligations. There were no open derivative contracts at 31 December 2025 or 31 December 2024. The Group and Company\u2019s policy is to ensure that sufficient resources are available either from cash balances, cash flows or undrawn committed bank facilities, to ensure all obligations can be met as they fall due. To achieve this objective, the Group and Company:
\n \nAt each year-end, the Group\u2019s rolling liquidity reserve (which comprises cash and undrawn committed facilities and which represents the amount of available cash headroom in the Group funding structure) was as follows:
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Cash and cash equivalents \n | \n \n 36.7 \n | \n \n 41.3 \n | \n
| \n Committed undrawn facilities \n | \n \n 31.9 \n | \n \n 63.4 \n | \n
| \n \n Liquidity reserve\n \n | \n \n \n 68.6\n \n | \n \n \n 104.7\n \n | \n
Management monitors rolling cash flow forecasts on an ongoing basis to determine the adequacy of the liquidity position of the Group. This process also incorporates a longer term liquidity review to ensure refinancing risks are adequately catered for as part of the Group\u2019s strategic planning.
\n \n\n \n Liquidity analysis\n \n
\n \nThe following table sets out the maturity and liquidity analysis of the Group\u2019s financial liabilities into the relevant maturity groupings based on the remaining period at the reporting date to the contractual maturity date:
\n \n| \n \n Liquidity Table 2025\n \n | \n \n Weighted average period until maturity \n | \n \n Carrying amount \n | \n \n Contractual amount \n | \n \n Less than 1 year \n | \n \n Between 1 \u2013 2 years \n | \n \n Between 2 \u2013 5 years \n | \n \n Between 5 \u2013 10 years \n | \n \n More than 10 years \n | \n
| \n | \n\n Years \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n \n Liabilities\n \n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Trade and other payables \n | \n \n - \n | \n \n 121.8 \n | \n \n 121.8 \n | \n \n 121.8 \n | \n \n - \n | \n \n - \n | \n \n - \n | \n \n - \n | \n
| \n Borrowings \n | \n \n 4.2 \n | \n \n 170.2 \n | \n \n 173.1 \n | \n \n 9.4 \n | \n \n 7.7 \n | \n \n 18.6 \n | \n \n 137.4 \n | \n \n - \n | \n
| \n Lease liabilities \n | \n \n 9.0 \n | \n \n 122.6 \n | \n \n 171.6 \n | \n \n 87.9 \n | \n \n 8.6 \n | \n \n 14.4 \n | \n \n 8.9 \n | \n \n 51.8 \n | \n
| \n \n Total liabilities\n \n | \n \n | \n\n \n 414.6\n \n | \n \n \n 466.5\n \n | \n \n \n 219.1\n \n | \n \n \n 16.3\n \n | \n \n \n 33.0\n \n | \n \n \n 146.3\n \n | \n \n \n 51.8\n \n | \n
| \n \n Liquidity Table 2024\n \n | \n \n Weighted average period until maturity \n | \n \n Carrying amount \n | \n \n Contractual amount \n | \n \n Less than 1 year \n | \n \n Between 1 \u2013 2 years \n | \n \n Between 2 \u2013 5 years \n | \n \n Between 5-10 years \n | \n \n More than 10 years \n | \n
| \n | \n\n Years \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n \n \n Liabilities\n \n \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n Trade and other payables \n | \n \n - \n | \n \n 98.9 \n | \n \n 98.9 \n | \n \n 98.9 \n | \n \n - \n | \n \n - \n | \n \n - \n | \n \n - \n | \n
| \n Borrowings \n | \n \n 4.8 \n | \n \n 96.4 \n | \n \n 99.1 \n | \n \n 8.6 \n | \n \n 7.8 \n | \n \n 79.0 \n | \n \n 3.7 \n | \n \n - \n | \n
| \n Lease liabilities \n | \n \n 12.3 \n | \n \n 107.1 \n | \n \n 157.7 \n | \n \n 12.6 \n | \n \n 81.7 \n | \n \n 5.8 \n | \n \n 4.9 \n | \n \n 52.7 \n | \n
| \n \n Total liabilities\n \n | \n \n | \n\n \n 302.4\n \n | \n \n \n 355.7\n \n | \n \n \n 120.1\n \n | \n \n \n 89.5\n \n | \n \n \n 84.8\n \n | \n \n \n 8.6\n \n | \n \n \n 52.7\n \n | \n
\n vi) Credit risk \n
\n \nThe Group and Company monitors its credit exposure to its counterparties via their credit ratings (where applicable) and where possible limits its exposure to any one party to ensure that there are no significant concentrations of credit risk. Credit risk in relation to trade and other receivables and cash and cash equivalents has been discussed in notes 17 and 18 respectively. The maximum exposure to credit risk is represented by the carrying amounts in the Statement of Financial Position.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory0": { "value": "\n\n vii) Capital management\n
\n \nThe objective when managing capital is to safeguard the Group\u2019s ability to continue in business and provide returns for shareholders together with maintaining the confidence of all stakeholders. No changes were made in the objectives, policies or processes for managing capital during the financial years ended 31 December 2025 and 31 December 2024.
\n \nThe capital structure of the Group consists of net debt (borrowings as detailed in note 21 offset by cash and cash equivalents) and equity of the Group (comprising issued capital, reserves and retained earnings as detailed in notes 19 and 20). The Group seeks to maintain an optimal capital structure to reduce the overall cost of capital while balancing the benefits of different capital sources. Within this framework the Group considers the amount and tenor of borrowings and distributions to shareholders either through dividends or buybacks.
\n \nDuring the year, the Company bought back 17.8 million ICG units at a cost of \u20ac97.7 million. The Group\u2019s bank borrowings rose by \u20ac73.8 million, net of repayments, lease liabilities increased by \u20ac15.5 million (driven primarily by the addition of the Ensemble vessel and extension of BCT Concession by 6 years) and cash and cash equivalents decreased by \u20ac4.6 million.
\n \nThe Group actively monitors the externally imposed capital requirements contained in our debt facilities which set a maximum leverage ratio of net debt to earnings before interest tax depreciation and amortisation. Having agreed a temporary increase in this leverage ratio against the background of the Covid-19 pandemic to 4 times which applied during the financial year ended 2021, this reverted to 3 times for testing dates after 1 January 2022. At 31 December 2025, the leverage ratio under covenant definitions was 1.0 times (2024: 0.5 times).
\n \nAt 31 December 2025, the net debt position of the Group was \u20ac256.1 million (2024: net debt of \u20ac162.2 million) and total equity balances amounted to \u20ac283.6 million (2024: \u20ac322.3 million).
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfDeferredTaxesExplanatory0": { "value": "\n\n 24. Deferred tax \n
\n \nCompanies within the Group where appropriate, have elected to be taxed under the Irish tonnage tax scheme in respect of all eligible shipping activities. Certain activities will not fall within the tonnage tax scheme and will continue therefore to be subject to standard rates of corporation tax. These activities give rise to deferred tax assets and liabilities and the impact of these is shown below.
\n \nDeferred tax assets arise where taxable losses in excess of expected future reversing taxable temporary differences have been incurred that are available for offset against future taxable profits. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilised. A deferred tax asset of \u20ac0.1 million (2024: \u20ac0.1 million) has not been recognised in respect of tax losses as suitable taxable profits are not expected to arise. The Group estimates the probable amount of future taxable profits, using assumptions consistent with those employed in the Group\u2019s financial planning process, and taking into consideration applicable tax legislation in the relevant jurisdiction. These calculations require the use of estimates.
\n \nThe Group has not provided deferred tax in relation to temporary differences applicable to investments in subsidiaries on the basis that the Group can control the timing and realisation of these temporary differences and it is probable that the temporary difference would be immaterial and will not reverse in the foreseeable future.
\n \nThe following are the deferred tax liabilities and assets recognised by the Group, and the movements thereon, during the current and prior reporting periods:
\n \n| \n \n 2025\n \n | \n \n Net balance at 1 January \n | \n \n Recognised in Income Statement \n | \n \n Recognised in SOCI \n | \n \n Currency translation adjustment \n | \n \n Net balance at 31 December \n | \n \n Non-current deferred tax assets \n | \n \n Non-current deferred tax liabilities \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n Accelerated tax depreciation (including ROU assets) \n | \n \n (3.8) \n | \n \n (3.7) \n | \n \n - \n | \n \n - \n | \n \n (7.5) \n | \n \n - \n | \n \n (7.5) \n | \n
| \n Lease liabilities \n | \n \n 3.2 \n | \n \n 3.7 \n | \n \n - \n | \n \n - \n | \n \n 6.9 \n | \n \n 6.9 \n | \n \n - \n | \n
| \n Retirement benefit obligation \n | \n \n (4.5) \n | \n \n (0.5) \n | \n \n 0.4 \n | \n \n (0.2) \n | \n \n (4.8) \n | \n \n - \n | \n \n (4.8) \n | \n
| \n Tax assets / (liabilities) before set-off \n | \n \n (5.1) \n | \n \n (0.5) \n | \n \n 0.4 \n | \n \n (0.2) \n | \n \n (5.4) \n | \n \n 6.9 \n | \n \n (12.3) \n | \n
| \n Set-off tax \u2013 ROU Asset \n | \n \n - \n | \n \n - \n | \n \n - \n | \n \n - \n | \n \n - \n | \n \n (6.7) \n | \n \n 6.7 \n | \n
| \n \n Net tax assets / (liabilities)\n \n | \n \n \n (5.1)\n \n | \n \n \n (0.5)\n \n | \n \n \n 0.4\n \n | \n \n \n (0.2)\n \n | \n \n \n (5.4)\n \n | \n \n \n 0.2\n \n | \n \n \n (5.6)\n \n | \n
| \n \n 2024\n \n | \n \n Net balance at 1 January \n | \n \n Recognised in Income Statement \n | \n \n Recognised in SOCI \n | \n \n Currency translation adjustment \n | \n \n Net balance at 31 December \n | \n \n Non-current deferred tax assets \n | \n \n Non-current deferred tax liabilities \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n Accelerated tax depreciation (including ROU assets) \n | \n \n (3.4) \n | \n \n (0.4) \n | \n \n - \n | \n \n - \n | \n \n (3.8) \n | \n \n - \n | \n \n (3.8) \n | \n
| \n Lease liabilities \n | \n \n 3.0 \n | \n \n 0.2 \n | \n \n - \n | \n \n - \n | \n \n 3.2 \n | \n \n 3.2 \n | \n \n - \n | \n
| \n Retirement benefit obligation \n | \n \n (3.8) \n | \n \n (0.3) \n | \n \n (0.2) \n | \n \n (0.2) \n | \n \n (4.5) \n | \n \n - \n | \n \n (4.5) \n | \n
| \n Tax assets / (liabilities) before set-off \n | \n \n (4.2) \n | \n \n (0.5) \n | \n \n (0.2) \n | \n \n (0.2) \n | \n \n (5.1) \n | \n \n 3.2 \n | \n \n (8.3) \n | \n
| \n Set-off tax - ROU Asset \n | \n \n - \n | \n \n - \n | \n \n - \n | \n \n - \n | \n \n - \n | \n \n (3.0) \n | \n \n 3.0 \n | \n
| \n \n Net tax assets / (liabilities)\n \n | \n \n \n (4.2)\n \n | \n \n \n (0.5)\n \n | \n \n \n (0.2)\n \n | \n \n \n (0.2)\n \n | \n \n \n (5.1)\n \n | \n \n \n 0.2\n \n | \n \n \n (5.3)\n \n | \n
Deferred tax is recognised in the Consolidated Statement of Comprehensive Income to the extent it arises on profits or losses recognised in that statement.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfDeferredIncomeExplanatory0": { "value": "\n \n \n\n 25. Trade and other payables\n
\n \n \n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Within one year\n \n | \n \n | \n\n | \n
| \n Trade and other payables \n | \n \n 65.3 \n | \n \n 53.9 \n | \n
| \n Accruals \n | \n \n 50.3 \n | \n \n 40.4 \n | \n
| \n | \n\n \n 115.6\n \n | \n \n \n 94.3\n \n | \n
| \n Deferred revenue \n | \n \n 9.2 \n | \n \n 7.4 \n | \n
| \n Payroll taxes \n | \n \n 1.6 \n | \n \n 1.4 \n | \n
| \n Social insurance cost \n | \n \n 0.5 \n | \n \n 0.6 \n | \n
| \n Corporation tax \n | \n \n 1.0 \n | \n \n 0.3 \n | \n
| \n Value-added tax \n | \n \n 3.1 \n | \n \n 2.3 \n | \n
| \n | \n\n \n 131.0\n \n | \n \n \n 106.3\n \n | \n
Trade payables and accruals comprise amounts outstanding for trade purchases and ongoing costs and are non-interest bearing. Accruals include an amount of \u20ac20.7 million (2024: \u20ac10.3 million) for EU ETS surrender obligations under which the Group is in scope for. They also include deferred revenue amounts of \u20ac9.2 million (2024: \u20ac7.4 million) relating to cash received in respect of performance obligations outstanding not yet complete by the Group. Movements in deferred revenue balances during the period were as follows:
\n \n \n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n At 1 January \n | \n \n 7.4 \n | \n \n 9.2 \n | \n
| \n Passenger revenue \n | \n \n (210.9) \n | \n \n (196.5) \n | \n
| \n Cash received \n | \n \n 212.7 \n | \n \n 194.7 \n | \n
| \n \n At 31 December\n \n | \n \n \n 9.2\n \n | \n \n \n 7.4\n \n | \n
The average trade credit period outstanding was 84 days at 31 December 2025 (2024: 78 days). Certain suppliers reserve the right to charge interest on balances past their due date.
\n \n \n \n \n \nThe Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe.
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory0": { "value": "\n \n\n 25. Trade and other payables\n
\n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Within one year\n \n | \n \n | \n\n | \n
| \n Trade and other payables \n | \n \n 65.3 \n | \n \n 53.9 \n | \n
| \n Accruals \n | \n \n 50.3 \n | \n \n 40.4 \n | \n
| \n | \n\n \n 115.6\n \n | \n \n \n 94.3\n \n | \n
| \n Deferred revenue \n | \n \n 9.2 \n | \n \n 7.4 \n | \n
| \n Payroll taxes \n | \n \n 1.6 \n | \n \n 1.4 \n | \n
| \n Social insurance cost \n | \n \n 0.5 \n | \n \n 0.6 \n | \n
| \n Corporation tax \n | \n \n 1.0 \n | \n \n 0.3 \n | \n
| \n Value-added tax \n | \n \n 3.1 \n | \n \n 2.3 \n | \n
| \n | \n\n \n 131.0\n \n | \n \n \n 106.3\n \n | \n
Trade payables and accruals comprise amounts outstanding for trade purchases and ongoing costs and are non-interest bearing. Accruals include an amount of \u20ac20.7 million (2024: \u20ac10.3 million) for EU ETS surrender obligations under which the Group is in scope for. They also include deferred revenue amounts of \u20ac9.2 million (2024: \u20ac7.4 million) relating to cash received in respect of performance obligations outstanding not yet complete by the Group. Movements in deferred revenue balances during the period were as follows:
\n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n At 1 January \n | \n \n 7.4 \n | \n \n 9.2 \n | \n
| \n Passenger revenue \n | \n \n (210.9) \n | \n \n (196.5) \n | \n
| \n Cash received \n | \n \n 212.7 \n | \n \n 194.7 \n | \n
| \n \n At 31 December\n \n | \n \n \n 9.2\n \n | \n \n \n 7.4\n \n | \n
The average trade credit period outstanding was 84 days at 31 December 2025 (2024: 78 days). Certain suppliers reserve the right to charge interest on balances past their due date.
\n \n \n \nThe Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfTradeAndOtherPayablesExplanatory0": { "value": "\n\n 25. Trade and other payables\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Within one year\n \n | \n \n | \n\n | \n
| \n Trade and other payables \n | \n \n 65.3 \n | \n \n 53.9 \n | \n
| \n Accruals \n | \n \n 50.3 \n | \n \n 40.4 \n | \n
| \n | \n\n \n 115.6\n \n | \n \n \n 94.3\n \n | \n
| \n Deferred revenue \n | \n \n 9.2 \n | \n \n 7.4 \n | \n
| \n Payroll taxes \n | \n \n 1.6 \n | \n \n 1.4 \n | \n
| \n Social insurance cost \n | \n \n 0.5 \n | \n \n 0.6 \n | \n
| \n Corporation tax \n | \n \n 1.0 \n | \n \n 0.3 \n | \n
| \n Value-added tax \n | \n \n 3.1 \n | \n \n 2.3 \n | \n
| \n | \n\n \n 131.0\n \n | \n \n \n 106.3\n \n | \n
Trade payables and accruals comprise amounts outstanding for trade purchases and ongoing costs and are non-interest bearing. Accruals include an amount of \u20ac20.7 million (2024: \u20ac10.3 million) for EU ETS surrender obligations under which the Group is in scope for. They also include deferred revenue amounts of \u20ac9.2 million (2024: \u20ac7.4 million) relating to cash received in respect of performance obligations outstanding not yet complete by the Group. Movements in deferred revenue balances during the period were as follows:
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n At 1 January \n | \n \n 7.4 \n | \n \n 9.2 \n | \n
| \n Passenger revenue \n | \n \n (210.9) \n | \n \n (196.5) \n | \n
| \n Cash received \n | \n \n 212.7 \n | \n \n 194.7 \n | \n
| \n \n At 31 December\n \n | \n \n \n 9.2\n \n | \n \n \n 7.4\n \n | \n
The average trade credit period outstanding was 84 days at 31 December 2025 (2024: 78 days). Certain suppliers reserve the right to charge interest on balances past their due date.
\n \nThe Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfProvisionsExplanatory0": { "value": "\n\n 26. Provisions \n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Claims provision\n \n | \n \n | \n\n | \n
| \n At beginning of the financial year \n | \n \n 1.2 \n | \n \n 1.8 \n | \n
| \n Increase / (Decrease) in provision \n | \n \n 0.1 \n | \n \n (0.6) \n | \n
| \n \n At end of the financial year\n \n | \n \n \n 1.3\n \n | \n \n \n 1.2\n \n | \n
| \n Analysed as follows: \n | \n \n | \n\n | \n
| \n Current liabilities \n | \n \n 0.5 \n | \n \n 0.6 \n | \n
| \n Non-current liabilities \n | \n \n 0.8 \n | \n \n 0.6 \n | \n
| \n | \n\n \n 1.3\n \n | \n \n \n 1.2\n \n | \n
The claims provision comprises;
\n \n(i) the insurance excess payable by the Group and Company in a number of potential compensation claims, arising in the normal course of business. Provision is made for incidents reported prior to the reporting date but for which no claim has been received. No provision has been recognised for incidents that may have occurred prior to the reporting date, but which had not been reported to the Group, as based on past experience these are not expected to be material;
\n \n(ii) claims lodged and expected to be lodged with the Group based on events which have occurred prior to the reporting date, where a future cash flow is expected to occur.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfCommitmentsExplanatory0": { "value": "\n\n 27. Commitments\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Commitments for the acquisition of property, plant and equipment \u2013 approved and contracted for, but not accrued \n \n | \n \n | \n\n | \n
| \n Approved and contracted \n | \n \n 12.6 \n | \n \n 2.1 \n | \n
| \n Less accrued at 31 December \n | \n \n (2.4) \n | \n \n (0.7) \n | \n
| \n \n Approved and contracted for not accrued\n \n | \n \n \n 10.2\n \n | \n \n \n 1.4\n \n | \n
\n 28. Short-term lease obligations \n
\n \nThere was \u20acnil of outstanding commitments at 31 December 2025 (2024: \u20acnil) relating to a short-term vessel charter. An expense of \u20ac6.2 million (2024: \u20ac7.5 million) was recognised in the period where the related rights were not recognised as a right-of-use asset. The 2025 expense is analysed in note 9.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfSharebasedPaymentArrangementsExplanatory0": { "value": "\n\n 30. Share-based payments \n
\n \nThe Group operated two equity-settled share option schemes under which certain employees have been issued with share options as described below.
\n \nThe Performance Share Plan (PSP) is the active plan under which option awards may be granted. Details of the award and vesting conditions are set out in the Report of the Remuneration Committee. Vesting is contingent on a market condition based on total shareholder return and non-market conditions including earnings per share, free cash flow and return on average capital employed. During the year, 1,220,500 (2024: 1,338,500) options were granted under the PSP with vesting measured over a performance period of three years.
\n \nThe 2009 Share Option Plan concluded during the year with the remaining options either vesting or lapsing with respect to outstanding grants made prior to 2016, no new grants were made following the adoption of the PSP. The number of shares over which options may be granted may not exceed 10 per cent of the shares of the Company in issue.
\n \nOptions are forfeited where the grantee ceases employment with the Group unless retention, is permitted by the Remuneration Committee under good leaver rules. The Scheme Rules allow for the early exercise of outstanding options upon a change in control of the Company.
\n \nThe number and weighted average exercise price of share options granted under the above plans is as follows:
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n ||
| \n | \n\n Number of share options \n | \n \n Weighted average exercise price \n | \n \n Number of share options \n | \n \n Weighted average exercise price \n | \n
| \n | \n\n | \n\n \u20ac \n | \n \n | \n\n \u20ac \n | \n
| \n Outstanding at 1 January \n | \n \n 5,689,860 \n | \n \n 1.02 \n | \n \n 5,621,987 \n | \n \n 1.167 \n | \n
| \n Granted during the year \n | \n \n 1,220,500 \n | \n \n 0.065 \n | \n \n 1,338,500 \n | \n \n 0.065 \n | \n
| \n Exercised during the year \n | \n \n (3,064,580) \n | \n \n 0.83 \n | \n \n (1,060,051) \n | \n \n 0.756 \n | \n
| \n Forfeited during the year \n | \n \n (76,076) \n | \n \n 0.065 \n | \n \n (210,576) \n | \n \n 0.065 \n | \n
| \n \n Outstanding at 31 December\n \n | \n \n \n 3,769,704\n \n | \n \n | \n\n \n 5,689,860\n \n | \n \n \n 1.02\n \n | \n
| \n Exercisable at 31 December \n | \n \n - \n | \n \n | \n\n 1,550,000 \n | \n \n 3.58 \n | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n
| \n Weighted average share price at date of exercise of options \n | \n \n | \n\n 5.28 \n | \n \n | \n\n 4.75 \n | \n
| \n Weighted average remaining contractual life of options outstanding at year-end \n | \n \n | \n\n 0.9 years \n | \n \n | \n\n 0.9 years \n | \n
In settlement of the options exercised during the year, the Company issued 1,608,000 (2024: 257,341) new ICG units with the balance of 1,456,580 (2024: 801,842) settled through market purchase.
\n \nThe exercise prices of options outstanding at 31 December are as follows:
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n \n Price \n | \n
| \n | \n\n Options \n | \n \n Options \n | \n \n \u20ac \n | \n
| \n \n Exercisable:\n \n | \n \n | \n\n | \n\n | \n
| \n \n 2009 Share Option Plan\n \n | \n \n | \n\n | \n\n | \n
| \n \u2002Vested Options \n | \n \n - \n | \n \n 1,550,000 \n | \n \n 3.58 \n | \n
| \n \n Exercisable at 31 December\n \n | \n \n - \n | \n \n \n 1,550,000\n \n | \n \n | \n
| \n | \n\n | \n\n | \n\n | \n
| \n \n Not Exercisable:\n \n | \n \n | \n\n | \n\n | \n
| \n Performance Share Plan \n | \n \n 3,769,704 \n | \n \n 4,139,860 \n | \n \n 0.065 \n | \n
| \n \n Outstanding at 31 December\n \n | \n \n 3,769,704 \n | \n \n \n 5,689,860\n \n | \n \n | \n
Options issued under the 2009 Share Option Plan were market priced options with a maximum life of 10 years. These had been measured at fair value using a binomial option pricing model. All options issued under the 2009 Option Plan have vested to participants and the fair value of these has been expensed to the Income Statement over the period from date of grant to date of vesting determination.
\n \nOptions granted under the PSP are priced at the nominal price of the shares comprised in an ICG unit. Vesting of options under the PSP are contingent on the achievement of certain market and non-market performance hurdles. The fair value of options subject to market conditions is estimated using Monte-Carlo simulation. The fair value of options subject to non-market conditions is estimated based on the market value at date of grant adjusted for the effects of non-transferability, exercise restrictions and behavioural considerations. The fair value is expensed to the Income Statement evenly over the performance period of three years with an adjustment made at each reporting period for the estimated vesting rate for those options subject to non-market vesting conditions.
\n \nOutstanding options had been granted on 10 March 2023, 8 March 2024 and 04 March 2025. The estimated fair values of the options are as follows:
\n \n| \n \n Year of Grant\n \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2023 \n | \n
| \n \n Share Plan\n \n | \n \n PSP \n | \n \n PSP \n | \n \n PSP \n | \n
| \n Fair value of option at grant date: \n | \n \n | \n\n | \n\n | \n
| \n Options subject to market performance conditions \n | \n \n \u20ac2.05 \n | \n \n \u20ac1.93 \n | \n \n \u20ac2.04 \n | \n
| \n Options subject to non-market performance conditions \n | \n \n \u20ac3.65 \n | \n \n \u20ac3.31 \n | \n \n \u20ac3.34 \n | \n
The inputs into the valuation model in the respective years of grant were as follows:
\n \n| \n \n Year of Grant\n \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2023 \n | \n
| \n | \n\n | \n\n | \n\n | \n
| \n At date of grant: \n | \n \n | \n\n | \n\n | \n
| \n Weighted average share price \n | \n \n \u20ac5.08 \n | \n \n \u20ac4.64 \n | \n \n \u20ac4.71 \n | \n
| \n Weighted average exercise price \n | \n \n \u20ac0.065 \n | \n \n \u20ac0.065 \n | \n \n \u20ac0.065 \n | \n
| \n Expected volatility \n | \n \n 27% \n | \n \n 31% \n | \n \n 35% \n | \n
| \n Expected life \n | \n \n 3 years \n | \n \n 3 years \n | \n \n 3 years \n | \n
| \n Risk free rate \n | \n \n 2.15% \n | \n \n 2.55% \n | \n \n 2.90% \n | \n
| \n Expected dividend yield \n | \n \n 3.38% \n | \n \n 3.51% \n | \n \n 3.32% \n | \n
Expected volatility was determined by calculating the historical volatility of the Company\u2019s share price.
\n \nIn 2025, the share-based payment expense recognised in the Consolidated Income Statement was \u20ac3.8 million (2024: \u20ac3.6 million).
\n \nThe share-based payment expense has been classified in the Consolidated Income Statement as follows:
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Employee benefits expense \n | \n \n 3.8 \n | \n \n 3.6 \n | \n
Share-based payment expense of \u20ac1.3 million (2024: \u20ac1.3 million) relates to the Directors of the Company. The balance on the share option reserve in the Consolidated Statement of Financial Position at 31 December 2025 is \u20ac7.7 million (2024: \u20ac7.8 million).
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfDefinedBenefitPlansExplanatory0": { "value": "\n\n 31. Retirement benefit schemes\n
\n \nThe Group operates defined contribution pension schemes in all of its main operating locations. The Group also has defined benefit obligations as set out below. Scheme assets are held in separate trustee administered funds.
\n \n\n Defined Contribution Scheme\n
\n \nThe Group operates a defined contribution pension scheme, which provides retirement and death benefits for all recently hired employees. The total cost charged in the Consolidated Income Statement of \u20ac0.3 million (2024: \u20ac0.7 million) represents employer contributions payable to the externally administered defined contribution pension scheme at rates specified in the rules of the scheme. There was \u20acnil in outstanding contributions included in trade and other payables at 31 December 2025 (2024: \u20acnil).
\n \n\n Defined Benefit Obligations\n
\n \n\n \n i) Group sponsored schemes\n \n
\n \nThe Group operates contributory defined benefit obligations, which provide retirement and death benefits for other employees who are not members of the defined contribution pension scheme. The defined benefit obligations provide benefits to members in the form of a guaranteed level of pension payable for life, where the level of the benefits depend on the member\u2019s length of service and salary.
\n \nThe assets of these schemes are held separately from those of the Group in schemes under the control of trustees. The trustees are responsible for ensuring the schemes are run in accordance with the applicable trust deed and the pension laws of the relevant jurisdiction. The trustees invest the funds in a range of assets with the objective of maximising the fund return whilst minimising the cost of funding the scheme at an acceptable risk profile. In assessing the risk profile, the trustees take account of the nature and duration of the liabilities and review investment strategy regularly.
\n \nThe pension charges and payments in respect of the schemes are in accordance with the advice of professionally qualified actuaries. The latest actuarial valuation reports for these schemes, which are not available for public inspection, are dated between 31 October 2021 and 31 March 2024. The valuations employed for disclosure purposes have been based on the most recent funding valuations for each scheme adjusted by the independent actuaries to allow for the accrual of liabilities up to 31 December 2025 and to take account of financial conditions at this date. The present value of the defined benefit obligation, and the related current service cost and past service credit, were measured using the projected unit credit method and assets have been valued at bid value.
\n \nThe Group recognised a \u20ac0.3 million curtailment gain following a mandatory transfer of certain deferred member liabilities to an external insurer. In accordance with Section 35 of the Pensions Act, the Trustees moved benefits valued at under \u20ac20,000 to a third-party arrangement. The total consideration paid was \u20ac0.6 million, which was less than the carrying value of the transferred obligations.
\n \nThe pension contributions paid in the year ended 31 December 2025 amounted to \u20ac0.5 million (2024: \u20ac0.4 million) while the current service cost charged to the Consolidated Income Statement amounted to \u20ac0.6 million (2024: \u20ac0.7 million). A past service cost of \u20acnil (2024:\u20ac nil) was also charged to the Consolidated Income Statement.
\n \nThe profile of membership across all schemes at 31 December was as follows;
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n Current employees \n | \n \n 74 \n | \n \n 82 \n | \n
| \n Members with deferred benefits \n | \n \n 243 \n | \n \n 305 \n | \n
| \n Pensioners \n | \n \n 206 \n | \n \n 194 \n | \n
| \n \n Total\n \n | \n \n \n 523\n \n | \n \n \n 581\n \n | \n
\n \n Netherlands Scheme\n \n
\n \nThe Group operates a defined benefit pension scheme for certain employees based in The Netherlands. All the liabilities of this scheme are matched by insurance contracts other than for inflation adjustment to accrued benefits for current employees.
\n \n\n The Irish Ferries Limited (Ex MNOPF) Pension Scheme\n
\n \nIn a previous year, the Group completed an annuity buyout of its small defined benefit scheme for certain former employees. At the date of buyout, scheme assets totalled \u20ac1.8 million, of which \u20ac0.8 million was paid to an insurance provider to fully settle pensioner liabilities, and a settlement cost of \u20ac0.2 million was recognised. The remaining \u20ac1.0 million surplus was returned to the Group in the prior year and the scheme was subsequently wound up.
\n \n\n \n ii) Merchant Navy Officers Pension Fund (MNOPF)\n \n
\n \nIn addition to the pension schemes operated by the Group, the Group has obligations in respect of past service of certain former employees who are members of the MNOPF, an industry wide multi-employer scheme and which is closed to future accrual. The latest actuarial valuation of the scheme, which is available for public inspection, is dated 31 March 2024 and disclosed a net past service deficit of \u00a311.0 million, equivalent to a gross funding level of 99%. The Group\u2019s share of the MNOPF obligations, as most recently advised by the trustees, is 1.04% (2024: 1.04%). The obligation valuation in these financial statements at 31 December 2025 is based on the actuarial deficit contribution demands notified to the Group and which remain outstanding at the reporting date. The last deficit demand received by the Group was dated May 2013 and has been fully paid.
\n \nOn this basis, the share of the overall deficit in the MNOPF estimated to be attributable to the Group at 31 December 2025 is \u20acnil (2024: \u20acnil). During the year, the Group made payments of \u20acnil (2024: \u20acnil) to the trustees.
\n \n\n \n iii) Principal risks and assumptions\n \n
\n \nThe Group is exposed to a number of actuarial risks as set out below:
\n \n\n \n Investment risk\n \n
\n \nThe pension schemes hold investments in asset classes such as equities which are expected to provide higher returns than other asset classes over the long term, but may create volatility and risk in the short term. The present value of the defined benefit obligations liability is calculated using a discount rate by reference to high quality corporate bond yields; if the future achieved return on scheme assets is below this rate, it will create a deficit. IAS 19 Employee Benefits provides that the discount rate used to value retirement benefits should be determined by reference to market yields on high quality corporate bonds consistent with the duration of the liabilities. Due to a narrow bond universe, the Group defines high quality bonds in the Eurozone as those rated AA or higher by at least one rating agency. In respect of sterling schemes, corporate bonds must be rated AA, or higher, by at least two rating agencies.
\n \n\n \n Salary risk\n \n
\n \nThe present value of the defined benefit liability is calculated by reference to the projected salaries of scheme participants at retirement based on salary inflation assumptions. As such, any variation in salary versus assumption will vary the schemes\u2019 liabilities.
\n \n\n \n Life expectancy risk\n \n
\n \nThe present value of the defined benefit obligations liability is calculated by reference to the best estimate of the mortality of scheme participants both during and after their employment. An increase in the life expectancy of the scheme participants will change the scheme liabilities.
\n \n\n \n Inflation risk\n \n
\n \nA significant proportion of the benefits under the plans are linked to inflation with higher inflation leading to higher liabilities.
\n \nThe Directors have taken independent actuarial advice on the key judgements used in the estimate of retirement benefit scheme assets and liabilities.
\n \nThe principal assumptions used for the purpose of the actuarial valuations were as follows:
\n \n| \n | \n\n Sterling liabilities \n | \n \n Euro liabilities \n | \n ||
| \n | \n\n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n
| \n Discount rate \n | \n \n 5.50% \n | \n \n 5.45% \n | \n \n 4.30% \n | \n \n 3.45% \n | \n
| \n Inflation rate \n | \n \n 2.90% \n | \n \n 2.85% \n | \n \n 2.10% \n | \n \n 2.20% \n | \n
| \n Rate of annual increase of pensions in payment \n | \n \n 2.10% - 3.05% \n | \n \n 2.20% - 3.25% \n | \n \n 1.10% \n | \n \n 1.20% \n | \n
| \n Rate of increase of pensionable salaries \n | \n \n 1.15% \n | \n \n 1.15% \n | \n \n 0.00% - 1.20% \n | \n \n 0.00% - 1.30% \n | \n
The euro and sterling discount rates have been determined in consultation with the Group\u2019s independent actuary, who has devised proprietary models referencing market yields at the balance sheet date on high quality corporate bonds consistent with the duration of the liabilities. For 31 December 2025, the high quality corporate bond population include those rated AA or higher by at least two rating agencies.
\n \nSterling obligations include the effects of the UK GMP equalisation court decisions, which has the effect of increasing the estimate of the UK scheme obligations by 0.1%.
\n \nThe average life expectancy used in the principal Group schemes at age 60 is as follows:
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n ||
| \n | \n\n Male \n | \n \n Female \n | \n \n Male \n | \n \n Female \n | \n
| \n \n Irish Schemes:\n \n | \n \n | \n\n | \n\n | \n\n | \n
| \n Current retirees \n | \n \n 26.8 years \n | \n \n 29.7 years \n | \n \n 26.8 years \n | \n \n 29.7 years \n | \n
| \n Future retirees \n | \n \n 29.2 years \n | \n \n 31.7 years \n | \n \n 29.2 years \n | \n \n 31.7 years \n | \n
| \n \n UK Schemes:\n \n | \n \n | \n\n | \n\n | \n\n | \n
| \n Current retirees \n | \n \n 27.8 years \n | \n \n 29.5 years \n | \n \n 27.8 years \n | \n \n 29.7 years \n | \n
| \n Future retirees \n | \n \n 29.3 years \n | \n \n 31.0 years \n | \n \n 29.4 years \n | \n \n 31.2 years \n | \n
Assumptions regarding life expectancies are set based on actuarial advice in accordance with published statistics and experience in each jurisdiction.
\n \n\n \n Sensitivity of pension liability judgemental assumptions\n \n
\n \nThe Group\u2019s total obligation in respect of defined benefit obligations is calculated by independent, qualified actuaries, updated at least annually and totals \u20ac70.2 million at 31 December 2025 (2024: \u20ac80.2 million). At 31 December 2025, the Group also has scheme assets totalling \u20ac133.5 million (2024: \u20ac132.0 million), giving a net pension surplus of \u20ac63.3 million (2024: surplus of \u20ac51.8 million). The size of the obligation is sensitive to actuarial assumptions. The sensitivity analyses below are based on a change in an assumption while holding all other assumptions constant with the exception of the rate of inflation assumption which impacts other inflation linked assumptions. The sensitivity analysis intends to provide assistance in understanding the sensitivity of the valuation of pension liabilities to market movements on discount rates, inflation rates and mortality assumptions for scheme beneficiaries. The analyses are for illustrative purposes only as in practice assumptions rarely change in isolation.
\n \nThere has been no change from the prior year in the methods and assumptions used in preparing the sensitivity analyses below.
\n \n\n 2025\n
\n \n| \n Assumption \n | \n \n Change in assumption \n | \n \n Impact on euro schemes liabilities \n | \n \n Impact on sterling scheme liabilities \n | \n \n Combined impact on liabilities \n | \n
| \n Discount rate \n | \n \n 0.5% increase in discount rate \n | \n \n 7.4% decrease in liabilities \n | \n \n 5.5% decrease in liabilities \n | \n \n 7.0% decrease in liabilities \n | \n
| \n Rate of inflation* \n | \n \n 0.5% increase in price inflation \n | \n \n 6.5% increase in liabilities \n | \n \n 4.7% increase in liabilities \n | \n \n 6.1% increase in liabilities \n | \n
| \n Rate of mortality \n | \n \n Members assumed to live one year longer \n | \n \n 2.8% increase in liabilities \n | \n \n 2.7% increase in liabilities \n | \n \n 2.8% increase in liabilities \n | \n
\n 2024\n
\n \n| \n Assumption \n | \n \n Change in assumption \n | \n \n Impact on euro schemes liabilities \n | \n \n Impact on sterling scheme liabilities \n | \n \n Combined impact on liabilities \n | \n
| \n Discount rate \n | \n \n 0.5% increase in discount rate \n | \n \n 7.7% decrease in liabilities \n | \n \n 5.8% decrease in liabilities \n | \n \n 7.3% decrease in liabilities \n | \n
| \n Rate of inflation* \n | \n \n 0.5% increase in price inflation \n | \n \n 7.7% increase in liabilities \n | \n \n 5.0% increase in liabilities \n | \n \n 7.1% increase in liabilities \n | \n
| \n Rate of mortality \n | \n \n Members assumed to live one year longer \n | \n \n 3.1% increase in liabilities \n | \n \n 2.8% increase in liabilities \n | \n \n 3.0% increase in liabilities \n | \n
* The rate of inflation sensitivity includes its impact on the rate of annual increase of pensions in payment assumption and the rate of increase of pensionable salaries assumption as they are both inflation linked assumptions.
\n \nThe size of the scheme assets which are also sensitive to asset return levels and the level of contributions from the Group are analysed by asset class in part (iv) of this note.
\n \n\n \n iv) Retirement benefit assets and liabilities\n \n
\n \nThe amount recognised in the Consolidated Statement of Financial Position in respect of the Group\u2019s defined benefit obligations is as follows:
\n \n| \n | \n\n Scheme with liabilities in sterling \n | \n \n Schemes with liabilities in euro \n | \n \n Total \n | \n |||
| \n | \n\n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n \n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n Equities \n | \n \n 9.8 \n | \n \n 10.8 \n | \n \n 32.9 \n | \n \n 50.7 \n | \n \n 42.7 \n | \n \n 61.5 \n | \n
| \n Bonds \n | \n \n 23.2 \n | \n \n 22.1 \n | \n \n 59.6 \n | \n \n 40.1 \n | \n \n 82.8 \n | \n \n 62.2 \n | \n
| \n Insurance contracts \n | \n \n - \n | \n \n - \n | \n \n 7.0 \n | \n \n 7.7 \n | \n \n 7.0 \n | \n \n 7.7 \n | \n
| \n Other \n | \n \n 0.1 \n | \n \n 0.1 \n | \n \n 0.8 \n | \n \n 0.5 \n | \n \n 0.9 \n | \n \n 0.6 \n | \n
| \n Fair value of scheme assets \n | \n \n 33.1 \n | \n \n 33.0 \n | \n \n 100.3 \n | \n \n 99.0 \n | \n \n 133.4 \n | \n \n 132.0 \n | \n
| \n Present value of scheme liabilities \n | \n \n (16.2) \n | \n \n (17.3) \n | \n \n (53.9) \n | \n \n (62.9) \n | \n \n (70.1) \n | \n \n (80.2) \n | \n
| \n \n Surplus in schemes\n \n | \n \n \n 16.9\n \n | \n \n \n 15.7\n \n | \n \n \n 46.4\n \n | \n \n \n 36.1\n \n | \n \n \n 63.3\n \n | \n \n \n 51.8\n \n | \n
Two of the defined benefit obligation schemes accounted for by the Group are in a net surplus position and are shown in non-current assets in the Consolidated Statement of Financial Position. One of the defined benefit obligation schemes accounted for by the Group is in a net deficit position and is shown in non-current liabilities.
\n \nThe overall weighted average duration of the Group\u2019s defined benefit obligations is 14.4 years (2024: 15.8 years). The weighted average duration of euro scheme obligations was 15.0 years (2024: 16.5 years) and of sterling scheme obligations was 12.4 years (2024: 13.2 years).
\n \nThe split between the amounts shown in each category is as follows:
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Non-current assets \u2013 retirement benefit surplus \n | \n \n 63.6 \n | \n \n 52.3 \n | \n
| \n Non-current liabilities \u2013 retirement benefit obligation \n | \n \n (0.3) \n | \n \n (0.5) \n | \n
| \n \n Net surplus in pension schemes\n \n | \n \n \n 63.3\n \n | \n \n \n 51.8\n \n | \n
\n \n v) Movements in retirement benefit assets\n \n
\n \nMovements in the fair value of scheme assets in the current year were as follows:
\n \n| \n \n 2025\n \n | \n \n Schemes in sterling \n | \n \n Schemes in euro \n | \n \n Total \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n At beginning of the financial year \n | \n \n 33.0 \n | \n \n 99.0 \n | \n \n 132.0 \n | \n
| \n Interest income \n | \n \n 1.8 \n | \n \n 3.2 \n | \n \n 5.0 \n | \n
| \n Actuarial gain \n | \n \n 0.7 \n | \n \n 0.9 \n | \n \n 1.6 \n | \n
| \n Exchange difference \n | \n \n (1.7) \n | \n \n - \n | \n \n (1.7) \n | \n
| \n Employer contributions \n | \n \n 0.1 \n | \n \n 0.2 \n | \n \n 0.3 \n | \n
| \n Contributions from scheme members \n | \n \n - \n | \n \n 0.2 \n | \n \n 0.2 \n | \n
| \n Benefits paid \n | \n \n (0.9) \n | \n \n (3.1) \n | \n \n (4.0) \n | \n
| \n \n At end of the financial year\n \n | \n \n \n 33.0\n \n | \n \n \n 100.4\n \n | \n \n \n 133.4\n \n | \n
| \n \n 2024\n \n | \n \n Schemes in sterling \n | \n \n Schemes in euro \n | \n \n Total \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n At beginning of the financial year \n | \n \n 32.2 \n | \n \n 103.6 \n | \n \n 135.8 \n | \n
| \n Interest income \n | \n \n 1.4 \n | \n \n 3.0 \n | \n \n 4.4 \n | \n
| \n Actuarial (loss) / gain \n | \n \n (1.5) \n | \n \n 8.9 \n | \n \n 7.4 \n | \n
| \n Exchange difference \n | \n \n 1.6 \n | \n \n - \n | \n \n 1.6 \n | \n
| \n Employer contributions \n | \n \n 0.2 \n | \n \n 0.2 \n | \n \n 0.4 \n | \n
| \n Contributions from scheme members \n | \n \n - \n | \n \n 0.2 \n | \n \n 0.2 \n | \n
| \n Refund of employer contributions \n | \n \n - \n | \n \n (1.0) \n | \n \n (1.0) \n | \n
| \n Transfer of assets \n | \n \n - \n | \n \n (12.7) \n | \n \n (12.7) \n | \n
| \n Benefits paid \n | \n \n (0.9) \n | \n \n (3.2) \n | \n \n (4.1) \n | \n
| \n \n At end of the financial year\n \n | \n \n \n 33.0\n \n | \n \n \n 99.0\n \n | \n \n \n 132.0\n \n | \n
\n \n vi) Movement in retirement benefit liabilities\n \n
\n \nMovements in the present value of defined benefit obligations in the year were as follows:
\n \n| \n \n 2025\n \n | \n \n Schemes in sterling \n | \n \n Schemes in euro \n | \n \n Total \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n At beginning of the financial year \n | \n \n 17.3 \n | \n \n 62.9 \n | \n \n 80.2 \n | \n
| \n Service cost \n | \n \n 0.1 \n | \n \n 0.5 \n | \n \n 0.6 \n | \n
| \n Interest cost \n | \n \n 0.9 \n | \n \n 2.1 \n | \n \n 3.0 \n | \n
| \n Contributions from scheme members \n | \n \n - \n | \n \n 0.2 \n | \n \n 0.2 \n | \n
| \n Actuarial (loss) / gain \n | \n \n (0.3) \n | \n \n (8.3) \n | \n \n (8.6) \n | \n
| \n Curtailment gain \n | \n \n - \n | \n \n (0.3) \n | \n \n (0.3) \n | \n
| \n Exchange difference \n | \n \n (0.9) \n | \n \n - \n | \n \n (0.9) \n | \n
| \n Benefits paid \n | \n \n (0.9) \n | \n \n (3.2) \n | \n \n (4.1) \n | \n
| \n \n At end of the financial year\n \n | \n \n \n 16.2\n \n | \n \n \n 53.9\n \n | \n \n \n 70.1\n \n | \n
| \n \n 2024\n \n | \n \n Schemes in sterling \n | \n \n Schemes in euro \n | \n \n Total \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n At beginning of the financial year \n | \n \n 18.2 \n | \n \n 78.7 \n | \n \n 96.9 \n | \n
| \n Service cost \n | \n \n 0.1 \n | \n \n 0.6 \n | \n \n 0.7 \n | \n
| \n Interest cost \n | \n \n 0.8 \n | \n \n 2.2 \n | \n \n 3.0 \n | \n
| \n Contributions from scheme members \n | \n \n - \n | \n \n 0.2 \n | \n \n 0.2 \n | \n
| \n Actuarial gain \n | \n \n (1.7) \n | \n \n (2.3) \n | \n \n (4.0) \n | \n
| \n Curtailment gain \n | \n \n - \n | \n \n (0.6) \n | \n \n (0.6) \n | \n
| \n Exchange difference \n | \n \n 0.8 \n | \n \n - \n | \n \n 0.8 \n | \n
| \n Transfer of liabilities \n | \n \n - \n | \n \n (12.7) \n | \n \n (12.7) \n | \n
| \n Benefits paid \n | \n \n (0.9) \n | \n \n (3.2) \n | \n \n (4.1) \n | \n
| \n \n At end of the financial year\n \n | \n \n \n 17.3\n \n | \n \n \n 62.9\n \n | \n \n \n 80.2\n \n | \n
\n \n vii) Amounts recognised in the Consolidated Income Statement\n \n
\n \nAmounts recognised in the Consolidated Income Statement in respect of the defined benefit obligations are as follows:
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Charges to employee benefits expense\n \n | \n \n | \n\n | \n
| \n Current service cost \n | \n \n 0.6 \n | \n \n 0.7 \n | \n
| \n Curtailment gain \n | \n \n (0.3) \n | \n \n (0.6) \n | \n
| \n | \n\n \n 0.3\n \n | \n \n \n 0.1\n \n | \n
| \n | \n\n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Recognised in finance income\n \n | \n \n | \n\n | \n|
| \n Interest income on scheme assets \n | \n \n (5.0) \n | \n \n (4.4) \n | \n |
| \n Interest on scheme liabilities \n | \n \n 3.0 \n | \n \n 3.0 \n | \n |
| \n \n Net interest income on defined benefit obligations (note 6)\n \n | \n \n \n (2.0)\n \n | \n \n \n (1.4)\n \n | \n
The estimated amounts of employer contributions expected to be paid to the schemes during 2026 is \u20ac0.3 million based on current funding agreements.
\n \n\n \n viii) Amounts recognised in the Consolidated Statement of Comprehensive Income \n \n
\n \nAmounts recognised in the Consolidated Statement of Comprehensive Income in respect of the defined benefit obligations are as follows:
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Actuarial gains and losses\n \n | \n \n | \n\n | \n
| \n Actual total return on scheme assets \n | \n \n 10.2 \n | \n \n 11.6 \n | \n
| \n Interest income on scheme assets \n | \n \n (2.0) \n | \n \n (4.4) \n | \n
| \n Return on scheme assets (excluding amounts included in net interest cost) \n | \n \n 8.2 \n | \n \n 7.2 \n | \n
| \n | \n\n | \n\n | \n
| \n Remeasurement adjustments on scheme liabilities: \n | \n \n | \n\n | \n
| \n Losses arising from changes in demographic assumptions \n | \n \n - \n | \n \n (0.3) \n | \n
| \n Gains arising from changes in financial assumptions \n | \n \n 2.1 \n | \n \n 5.9 \n | \n
| \n Losses arising from experience adjustments \n | \n \n (0.1) \n | \n \n (1.4) \n | \n
| \n \n Actuarial gain recognised in the Consolidated Statement of Comprehensive Income\n \n | \n \n \n 10.2\n \n | \n \n \n 11.4\n \n | \n
| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Exchange movement\n \n | \n \n | \n\n | \n
| \n Exchange (loss) / gain on scheme assets \n | \n \n (1.7) \n | \n \n 1.6 \n | \n
| \n Exchange gain / (loss) on scheme liabilities \n | \n \n 0.9 \n | \n \n (0.8) \n | \n
| \n \n Net exchange (loss) / gain recognised in the Consolidated Statement of Comprehensive Income\n \n | \n \n \n (0.8)\n \n | \n \n \n 0.8\n \n | \n
\n 32. Related party transactions\n
\n \n \n \nDuring the financial year, Group entities incurred costs of \u20ac0.5 million (2024: \u20ac0.5 million) through provision of administration and accounting services to Irish Ferries Limited Pension Scheme and Irish Ferries (UK) Limited Pension Scheme, related parties that are not members of the Group. These related parties provide pension benefits to employees of the Group.
\n \n \n \n\n Compensation of key management personnel\n
\n \n \n \nThe Group\u2019s key management comprise the Board of Directors and senior management having authority and responsibility for planning, directing and controlling the activities of the Group.
\n \n \n \nThe remuneration of key management, including Directors, during the financial year was as follows:
\n \n \n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Short-term benefits \n | \n \n 7.3 \n | \n \n 6.6 \n | \n
| \n Post-employment benefits \n | \n \n 0.3 \n | \n \n 0.3 \n | \n
| \n Share-based payment expense \n | \n \n 2.5 \n | \n \n 2.5 \n | \n
| \n | \n\n \n 10.1\n \n | \n \n \n 9.4\n \n | \n
The above amounts relate to 13 (2024: 13) individuals. Short-term benefits comprise salary, performance pay and other short-term employee benefits. Post-employment benefits comprise the past and current service cost calculated in accordance with IAS 19 Employee Benefits. Share-based payment expense represents the cost charged in respect of equity-settled share-based payments.
\n \n \n \nIn the prior period, Dan Clague, NonExecutive Director, was a director of European Marine Advisors Limited, which received fees of \u20ac35,000 for services provided to the Group. No services were provided, and no fees were incurred in the current year.
\n \n \n \nThe remuneration of Directors and key management is determined by the Remuneration Committee having regard to the performance of individuals, market trends and the performance of the Group and Company.
\n \n \n \nDetails of the remuneration of the Group\u2019s individual Directors, together with the number of ICG shares owned by them and their outstanding share options are set out in the Report of the Remuneration Committee and the Report of the Directors
\n \n \n \n\n Dividends\n
\n \n \n \nThe Company paid a final dividend in respect of 2024 on 6 June 2025 and an interim dividend in respect of 2025 on 3 October 2025. The total amounts received by key management including Directors in respect of these dividend payments was \u20ac5.1 million (2024: \u20ac4.9 million).
\n \n \n \n\n Share options\n
\n \n \n \nShare options exercised by the Company\u2019s Directors are set out in the Report of the Remuneration Committee.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfRelatedPartyExplanatory0": { "value": "\n\n 32. Related party transactions\n
\n \nDuring the financial year, Group entities incurred costs of \u20ac0.5 million (2024: \u20ac0.5 million) through provision of administration and accounting services to Irish Ferries Limited Pension Scheme and Irish Ferries (UK) Limited Pension Scheme, related parties that are not members of the Group. These related parties provide pension benefits to employees of the Group.
\n \n\n Compensation of key management personnel\n
\n \nThe Group\u2019s key management comprise the Board of Directors and senior management having authority and responsibility for planning, directing and controlling the activities of the Group.
\n \nThe remuneration of key management, including Directors, during the financial year was as follows:
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n Short-term benefits \n | \n \n 7.3 \n | \n \n 6.6 \n | \n
| \n Post-employment benefits \n | \n \n 0.3 \n | \n \n 0.3 \n | \n
| \n Share-based payment expense \n | \n \n 2.5 \n | \n \n 2.5 \n | \n
| \n | \n\n \n 10.1\n \n | \n \n \n 9.4\n \n | \n
The above amounts relate to 13 (2024: 13) individuals. Short-term benefits comprise salary, performance pay and other short-term employee benefits. Post-employment benefits comprise the past and current service cost calculated in accordance with IAS 19 Employee Benefits. Share-based payment expense represents the cost charged in respect of equity-settled share-based payments.
\n \nIn the prior period, Dan Clague, NonExecutive Director, was a director of European Marine Advisors Limited, which received fees of \u20ac35,000 for services provided to the Group. No services were provided, and no fees were incurred in the current year.
\n \nThe remuneration of Directors and key management is determined by the Remuneration Committee having regard to the performance of individuals, market trends and the performance of the Group and Company.
\n \nDetails of the remuneration of the Group\u2019s individual Directors, together with the number of ICG shares owned by them and their outstanding share options are set out in the Report of the Remuneration Committee and the Report of the Directors
\n \n\n Dividends\n
\n \nThe Company paid a final dividend in respect of 2024 on 6 June 2025 and an interim dividend in respect of 2025 on 3 October 2025. The total amounts received by key management including Directors in respect of these dividend payments was \u20ac5.1 million (2024: \u20ac4.9 million).
\n \n\n Share options\n
\n \nShare options exercised by the Company\u2019s Directors are set out in the Report of the Remuneration Committee.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfCashFlowStatementExplanatory0": { "value": "\n\n 33. Cash flow components\n
\n \n| \n | \n\n 2025 \n | \n \n 2024 \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n
| \n \n Retirement benefit scheme movements\n \n | \n \n | \n\n | \n
| \n Retirement benefit obligations \u2013 current service cost \n | \n \n 0.6 \n | \n \n 0.7 \n | \n
| \n Retirement benefit obligations \u2013 past service cost \n | \n \n - \n | \n \n - \n | \n
| \n Retirement benefit obligations \u2013 curtailment gain \n | \n \n (0.3) \n | \n \n (0.6) \n | \n
| \n Retirement benefit obligations \u2013 refund of contributions on scheme wind up \n | \n \n - \n | \n \n 1.0 \n | \n
| \n Retirement benefit obligations \u2013 payments \n | \n \n (0.3) \n | \n \n (0.4) \n | \n
| \n \n Total retirement benefit scheme movements \n \n | \n \n \n -\n \n | \n \n \n 0.7\n \n | \n
| \n | \n\n | \n\n | \n
| \n \n Repayments of lease liabilities \n \n | \n \n | \n\n | \n
| \n Lease payments (note 22) \n | \n \n (13.2) \n | \n \n (18.4) \n | \n
| \n Interest element of lease payments (note 7 & 22) \n | \n \n 5.2 \n | \n \n 3.8 \n | \n
| \n \n Capital element of lease payments\n \n | \n \n \n (8.0)\n \n | \n \n \n (14.6)\n \n | \n
| \n \n Purchases of property, plant and equipment and intangible assets\n \n | \n \n | \n\n | \n
| \n Purchases of property, plant and equipment (note 12) \n | \n \n (99.6) \n | \n \n (28.5) \n | \n
| \n Purchases of intangible assets (note 13) \n | \n \n (0.8) \n | \n \n (1.2) \n | \n
| \n Increase in capital asset prepayments (note 17) \n | \n \n (1.6) \n | \n \n (0.2) \n | \n
| \n \n Total purchases of property, plant and equipment and intangible assets\n \n | \n \n \n (102.0)\n \n | \n \n \n (29.9)\n \n | \n
| \n | \n\n | \n\n | \n
| \n \n Changes in working capital\n \n | \n \n | \n\n | \n
| \n (Increase) / decrease in inventories \n | \n \n (2.0) \n | \n \n (7.1) \n | \n
| \n (Increase) / decrease in receivables \n | \n \n (15.1) \n | \n \n (0.3) \n | \n
| \n Increase / (decrease) in payables \n | \n \n 24.9 \n | \n \n 12.7 \n | \n
| \n \n Total working capital movements\n \n | \n \n \n 7.8\n \n | \n \n \n 5.3\n \n | \n
\n 34. Change in financing liabilities\n
\n \nThe changes in liabilities arising from financing activities during the year ended 31 December 2025 were as follows:
\n \n| \n | \n\n Bank loans \n | \n \n Loan notes \n | \n \n Origination fees \n | \n \n Lease liabilities \n | \n \n Total \n | \n
| \n | \n\n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n \n \u20acm \n | \n
| \n At 1 January 2025 \n | \n \n 97.3 \n | \n \n - \n | \n \n (0.9) \n | \n \n 107.1 \n | \n \n 203.5 \n | \n
| \n Changes from cash flows \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n
| \n Repayment of borrowings \n | \n \n (30.0) \n | \n \n - \n | \n \n - \n | \n \n - \n | \n \n (30.0) \n | \n
| \n Lease payments \n | \n \n - \n | \n \n - \n | \n \n - \n | \n \n (13.2) \n | \n \n (13.2) \n | \n
| \n Interest on lease liabilities \n | \n \n - \n | \n \n - \n | \n \n - \n | \n \n 5.2 \n | \n \n 5.2 \n | \n
| \n Loan drawdown \n | \n \n 104.0 \n | \n \n - \n | \n \n - \n | \n \n - \n | \n \n 104.0 \n | \n
| \n Arrangement expenses \n | \n \n - \n | \n \n - \n | \n \n (0.9) \n | \n \n - \n | \n \n (0.9) \n | \n
| \n Non-cash flow changes \n | \n \n | \n\n | \n\n | \n\n | \n\n | \n
| \n \u2002Amortisation \n | \n \n - \n | \n \n - \n | \n \n 0.7 \n | \n \n - \n | \n \n 0.7 \n | \n
| \n \u2002Lease liabilities recognised \n | \n \n - \n | \n \n - \n | \n \n - \n | \n \n 23.9 \n | \n \n 23.9 \n | \n
| \n \u2002Currency adjustment \n | \n \n - \n | \n \n - \n | \n \n - \n | \n \n (0.4) \n | \n \n (0.4) \n | \n
| \n \n At 31 December 2025\n \n | \n \n \n 171.3\n \n | \n \n \n -\n \n | \n \n \n (1.1)\n \n | \n \n \n 122.6\n \n | \n \n \n 292.8\n \n | \n
Bank loans comprise amounts drawn under the revolving credit and amortising facilities.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfContingentLiabilitiesExplanatory0": { "value": "\n \n\n 35. Contingent liabilities\n
\n \n \n \nThe Group has issued counter indemnities to Allied Irish Banks plc in relation to bonds required by regulatory authorities and suppliers amounting to \u20ac0.6 million (2024: \u20ac0.6 million). The Group has classified these as financial guarantee contracts and are treated as financial instruments (note 23). No claims have been notified to the Group in respect of these contracts.
\n \n \n \nThe Group is a participating employer in the Merchant Navy Officer Pension Fund (MNOPF), a multi-employer defined benefit pension scheme. The MNOPF is closed to future accrual. Under the rules of the fund, all employers are jointly and severally liable for any past service deficit of the fund. The last notification from the trustees showed that the Group\u2019s share of any deficit would be 1.04%. Should other participating employers\u2019 default on their obligations, the Group will be required to absorb a larger share of the scheme deficit. If the Group were to terminate their obligations to the fund, voluntarily or otherwise, the Group may incur a statutory debt under Section 75 of the United Kingdom Pensions Act 1995 amended by the Pensions Act 2004. The calculation of such statutory debt is prescribed in legislation and is on a different basis from the current deficit calculations. This would likely be a greater amount than the net position included in these financial statements and the Directors consider that this amount is not quantifiable unless and until such an event occurs.
\n \n \n \nIn the ordinary course of business, the Group is exposed to legal proceedings from various sources including employees, customers, suppliers and regulatory authorities. It is the opinion of the Directors that losses, if any, arising in connection with these matters will not be materially in excess of provisions made in the financial statements.
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory0": { "value": "\n\n 35. Contingent liabilities\n
\n \nThe Group has issued counter indemnities to Allied Irish Banks plc in relation to bonds required by regulatory authorities and suppliers amounting to \u20ac0.6 million (2024: \u20ac0.6 million). The Group has classified these as financial guarantee contracts and are treated as financial instruments (note 23). No claims have been notified to the Group in respect of these contracts.
\n \nThe Group is a participating employer in the Merchant Navy Officer Pension Fund (MNOPF), a multi-employer defined benefit pension scheme. The MNOPF is closed to future accrual. Under the rules of the fund, all employers are jointly and severally liable for any past service deficit of the fund. The last notification from the trustees showed that the Group\u2019s share of any deficit would be 1.04%. Should other participating employers\u2019 default on their obligations, the Group will be required to absorb a larger share of the scheme deficit. If the Group were to terminate their obligations to the fund, voluntarily or otherwise, the Group may incur a statutory debt under Section 75 of the United Kingdom Pensions Act 1995 amended by the Pensions Act 2004. The calculation of such statutory debt is prescribed in legislation and is on a different basis from the current deficit calculations. This would likely be a greater amount than the net position included in these financial statements and the Directors consider that this amount is not quantifiable unless and until such an event occurs.
\n \nIn the ordinary course of business, the Group is exposed to legal proceedings from various sources including employees, customers, suppliers and regulatory authorities. It is the opinion of the Directors that losses, if any, arising in connection with these matters will not be materially in excess of provisions made in the financial statements.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DisclosureOfEventsAfterReportingPeriodExplanatory0": { "value": "\n\n 36. Events after the reporting period \n
\n \nThe Board is proposing a final dividend of 10.95 cent per ordinary share amounting to \u20ac16.3 million out of the distributable reserves of the Company.
\n \nThere have been no other material events affecting the Group since 31 December 2025.
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:635400FQKB6QXERQOC74", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }