CPHCL Finance plc – Updated Financial Analysis Summary
Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.
On 26 June 2026, CPHCL Finance plc published an updated Financial Analysis Summary including forecasts for the financial year ending 31 December 2026. The following are the main highlights of the expected consolidated financial performance and position of CPHCL Company Limited (the Guarantor):
- Revenue is expected to rise by 15% to a record of €436 million (2025: €379 million), reflecting increased activity across the Group’s hotels. Particularly, the Group anticipates higher turnover from Corinthia Grand Hotel Astoria Brussels, as well as the first contributions from Corinthia Hotel Rome which opened its doors in March 2026.
- During the first half of 2026, CPHCL and IHI purchased the remaining 50% shareholding in Mediterranean Investments Holding plc for a total consideration of €74 million. As a result, CPHCL’s direct equity stake in MIH increased from 50% to 75%, while IHI (in which CPHCL Company holds a 57.82% shareholding), now holds the remaining 25%. Separately, the Group also increased its equity stake in Danish Bakery Limited from 65% to 100%.
- CPHCL is expecting to complete the sale of a plot of land in Marsa measuring 6,923 sqm for a total consideration of €15 million.
- EBITDA is anticipated to surge by 48% to a record of €89.9 million in 2026 from €60.6 million last year driven by the revenue growth as well as a more efficient cost structure. Consequently, the EBITDA margin is expected to improve to 20.6% from 16.0% last year. However, the forecasted EBITDA is lower than the projected EBITDA for 2026 of €93.9 million in the November 2025 bond prospectus.
- CPHCL is projecting net finance costs to increase by 14.0% to €51.0 million in 2026, from €44.7 million in 2025. Nonetheless, since the growth in EBITDA is higher than the increase finance costs, the interest cover is projected to improve to 1.8 times in 2026 from 1.4 times in 2025.
- CPHCL is forecasting share of results from associates to increase by 12.1% to €11.4 million in 2026 (2025: €10.2 million), reflecting initial contributions from Corinthia Hotel Lisbon following the reduction in the Group’s indirect consolidated shareholding to 28%.
- By the end of 2026, total assets are forecasted to increase by 14.2% (or €306 million) to €2.46 billion from €2.16 billion as at 31 December 2025.
- Total debt is anticipated to increase by 21.3% (or €184 million) to €1.05 billion from €867 million last year, principally reflecting a €130 million increase in lease liabilities, largely relating to the lease of Corinthia Hotel Rome.
- After accounting for expected cash balances totalling €104.1 million as at the end of 2026, the Group’s net debt is projected to be €947 million. Consequently, the net debt to EBITDA multiple is set to improve to 10.5 times from 12.4 times in 2025.
The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.
This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.
The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.
This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.