Grand Harbour Marina plc – Interim Results
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 24 August 2026, Grand Harbour Marina plc published its interim financial statements covering the six-month period ended 30 June 2026.
Revenue advanced by 3% to €2.59 million (H1 2025: €2.51 million) reflecting an increase in pontoon annuals, superyacht seasonals and superyacht visitors, making up for the drop in pontoon seasonals.
Meanwhile, total operating costs remained practically unchanged at €1.68 million. As a result, operating profit grew by 9% to €0.91 million (H1 2025: €0.84 million) and the EBIT margin improved to 35% from 33% in the same period last year. Excluding depreciation charges, EBITDA climbed by 7% to €1.13 million, which translates into an EBITDA margin of 44%.
Net finance costs increased by 3% to €0.41 million, reflecting lower levels of interest income.
The financial performance was dented by the absence of the share of profit from the associate IC Çeşme Marina, in contrast to the share of profit of €1.19 million in the same period last year. The performance of the Turkish marina was affected by a decline in seaside revenue, higher operating expenses an increase in the Turkish corporate income tax rate from 25% to 30%.
Overall, GHM reported a pre-tax profit of €0.51 million (H1 2025: €1.63 million). After accounting for a tax charge of €0.22 million, the net profit for the period under review amounted to €0.28 million.
The condensed Statement of Financial Position as at 30 June 2026, compared to the corresponding figures as at 31 December 2025, shows that total assets increased by 4.8% to €40.4 million, which includes cash balances of €11.5 million and investments in debt securities of €1.0 million.
Meanwhile, total liabilities increased by 2.3% to €25.2 million, whilst the equity attributable to shareholders surged by 9.3% to €15.2 million.
Outlook
In their commentary, the Directors noted that GHM continues to monitor closely the direct and indirect effects of prevailing geopolitical tensions and global trade uncertainty on the Group’s operations and cash flows. The Board explained that the company is supported by a stable base of recurring berthing revenue and sound liquidity, which provides confidence that the Group is well-positioned to navigate this uncertainty over the remainder of the year.
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.