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Grand Harbour Marina plc – Full-Year Results

cyber

April 1, 2026

1 April, 2026
5 min read
1 April, 2026
5 min read

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.

Financial Performance

On 30 March 2026, Grand Harbour Marina plc published its Annual Report and Financial Statements for the year ended 31 December 2025.

Revenues fell to €5.16 million (2024: €8.23 million), reflecting the absence of the one-time €3.75 million long-term berth sale that was recorded in the prior year. Total revenue increased by 15.2% to €5.16 million in 2025 excluding the non-recurring berth sale, driven by higher income from annual contracts reflecting tariff increases and higher traffic levels.

On the expenditure side, operating expenses fell by 33.8% to €3.46 million from €5.22 million in the previous year, primarily reflecting operator fees associated with the absence of the prior-year berth sale.

Operating profit fell by 43.5% to €1.70 million (2024: €3.0 million). Excluding depreciation and amortisation charges of €0.44 million, EBITDA fell to €2.14 million (FY2024: €3.44 million), mainly reflecting the absence of the one-time long-term berth sale contribution.

Net finance costs remained broadly stable at €0.85 million.

Furthermore, GHM recorded a profit of €2.01 million from its joint venture in Turkey (IC Çeşme Marina), which is higher than the €1.50 million profit reported in the previous year. In this respect, GHM explained that IC Çeşme registered improved revenues from both landside and seaside activities notwithstanding that its performance was impacted by the continued depreciation of the Turkish Lira against the euro. The increase in profit is mainly due to a tax charge of €0.9 million compared to a tax charge of €2.6 million in 2024.

Overall, GHM reported a pre-tax profit of €2.86 million, which is 25.9% lower than the previous year. After accounting for a tax charge of €0.44 million, the net profit for the year amounted to €2.42 million.

The Statement of Financial Position as at 31 December 2025 shows that total assets increased by 1.2% (or €0.5 million) to €38.6 million, reflecting an increase in the book value of the Group’s shareholding in IC Çeşme Marina to €12.7 million compared to €11.4 million as at 31 December 2024. Total liabilities decreased by 2.1% to €24.7 million, which include the outstanding bonds of €15 million and lease liabilities of €6 million. GHM’s equity base increased by 7.8% to €13.9 million compared to €12.9 million as at the end of 2024.

Dividend

GHM paid a net interim dividend of €0.035 per share on 20 June 2025.

Outlook

The Board of Directors explained that the Group’s results reflect the stability of the company’s business model, despite the uncertainties caused by the geopolitical tensions around the world and the potential global trade war. The Board noted that it will continue to monitor the direct and indirect impacts of these situations on the business model and cash flow generation and reaffirmed that the Group is well-positioned to meet the challenges posed by economic uncertainties.

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.

On 30 March 2026, Grand Harbour Marina plc published its Annual Report and Financial Statements for the year ended 31 December 2025.

Revenues fell to €5.16 million (2024: €8.23 million), reflecting the absence of the one-time €3.75 million long-term berth sale that was recorded in the prior year. Total revenue increased by 15.2% to €5.16 million in 2025 excluding the non-recurring berth sale, driven by higher income from annual contracts reflecting tariff increases and higher traffic levels.

On the expenditure side, operating expenses fell by 33.8% to €3.46 million from €5.22 million in the previous year, primarily reflecting operator fees associated with the absence of the prior-year berth sale.

Operating profit fell by 43.5% to €1.70 million (2024: €3.0 million). Excluding depreciation and amortisation charges of €0.44 million, EBITDA fell to €2.14 million (FY2024: €3.44 million), mainly reflecting the absence of the one-time long-term berth sale contribution.

Net finance costs remained broadly stable at €0.85 million.

Furthermore, GHM recorded a profit of €2.01 million from its joint venture in Turkey (IC Çeşme Marina), which is higher than the €1.50 million profit reported in the previous year. In this respect, GHM explained that IC Çeşme registered improved revenues from both landside and seaside activities notwithstanding that its performance was impacted by the continued depreciation of the Turkish Lira against the euro. The increase in profit is mainly due to a tax charge of €0.9 million compared to a tax charge of €2.6 million in 2024.

Overall, GHM reported a pre-tax profit of €2.86 million, which is 25.9% lower than the previous year. After accounting for a tax charge of €0.44 million, the net profit for the year amounted to €2.42 million.

The Statement of Financial Position as at 31 December 2025 shows that total assets increased by 1.2% (or €0.5 million) to €38.6 million, reflecting an increase in the book value of the Group’s shareholding in IC Çeşme Marina to €12.7 million compared to €11.4 million as at 31 December 2024. Total liabilities decreased by 2.1% to €24.7 million, which include the outstanding bonds of €15 million and lease liabilities of €6 million. GHM’s equity base increased by 7.8% to €13.9 million compared to €12.9 million as at the end of 2024.

Dividend 

GHM paid a net interim dividend of €0.035 per share on 20 June 2025.

Outlook

The Board of Directors explained that the Group’s results reflect the stability of the company’s business model, despite the uncertainties caused by the geopolitical tensions around the world and the potential global trade war. The Board noted that it will continue to monitor the direct and indirect impacts of these situations on the business model and cash flow generation and reaffirmed that the Group is well-positioned to meet the challenges posed by economic uncertainties.