At the beginning of September, 2TDK signed two contract addenda to account for statutory and contractual adjustments to contract values resulting from price increases during the implementation of multi-year contracts. These adjustments do not increase the cost of the project or its overall investment value. Even in the final stage of construction, the Divača–Koper Second Track project remains within the financial framework set out in the investment programme at the start of project implementation in 2019.
Due to the effects of inflation, an addendum worth EUR 8.9 million was signed to the contract for the construction of Section 2, originally signed in 2021, and an addendum worth EUR 17 million to the Lot 3 contract, originally signed in 2023.
It should be emphasised that price adjustments due to inflation are not at the discretion of the contracting authority, but constitute a statutory and contractual obligation arising from the applicable legislation (Article 656 of the Slovenian Code of Obligations) and the contracts concluded. 2TDK has no influence over changes in the prices of materials, energy, labour and other input costs. Therefore, when calculating price adjustments and concluding contract addenda, the company acts in accordance with applicable public procurement legislation, the Code of Obligations and the provisions of the respective contracts.
Price adjustment mechanisms in multi-year construction contracts are not specific to the Second Track project, but are an established practice in long-term infrastructure projects.
Six Years of Significant Price Growth
The project implementation period coincided with a period of significant price increases in Slovenia and across Europe. The extent to which price conditions changed during this period is also illustrated by the real estate market: in 2020, the median selling price of a second-hand apartment in Slovenia was approximately EUR 1,750 per square metre, compared with around EUR 3,200 per square metre in 2025. This represents an increase of approximately 83% in five years. Although price trends in the real estate and construction markets are not directly comparable, these figures illustrate the general increase in prices during the project implementation period. While prices rose considerably across many sectors, the investment value of the Second Track project has remained within the planned financial framework.
The main construction works on the Second Track project have been underway since 2021. During this period, the project has faced numerous unforeseen circumstances, including the COVID-19 pandemic, the war in Ukraine and the resulting energy and inflation crisis, financial difficulties of one of the project partners, challenging geological and geotechnical conditions, a landslide in the Glinščica Valley, and numerous karst phenomena.
Despite all these circumstances and several years of inflationary pressures, the Divača–Koper Second Track remains within its originally defined investment framework. The 2019 Investment Programme set the project value at EUR 1.150 billion, and this financial framework has not been exceeded even as the project approaches completion.