Tumas Investments plc – Updated Financial Analysis Summary

Jonathan Falzon

June 27, 2025

27 June, 2025
3 min read
27 June, 2025
3 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.

On 26 June 2025, Tumas Investments plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Spinola Development Company Limited (the Guarantor) for 2025:

  • Revenues are expected to increase by 4.0% to €55.0 million as the Group expects unchanged level of income from hotel operations (€44 million) and rentals (€5.8 million), and higher revenue from complex management (€5.2 million compared to €3.7 million in 2024).
  • EBITDA is expected to decline by 1.3% to €20.6 million reflecting the higher level of direct costs and administrative expenses. As a result, the EBITDA margin is anticipated to ease to 37.4% compared to 39.4% in 2024.
  • Net finance costs are expected to decrease to €0.3 million from €1.7 million in 2024. This reflects the reduction in interest expenses following the maturity of the 5.00% €25 million bond in July 2024, as well as income generated from excess cash. As a result, the interest cover is expected to improve significantly to 62.1 times, compared to 12.2 times in 2024.
  • Total debt is projected to increase by 8.1% (or €3 million) to €39.7 million reflecting the draw downs on facilities that are specific for the development and finishing of the Halland Residences. Nonetheless, the gearing ratio (calculated as total debt divided by total debt plus equity) is expected to remain largely unchanged at the 20.0% level.
  • When accounting for cash and equivalents, the net borrowings of the Group as at the end of 2025 are anticipated at €28.6 million, which translate into a net debt to EBITDA multiple of just over 1.3 times.

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 26 June 2025, Tumas Investments plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Spinola Development Company Limited (the Guarantor) for 2025:

  • Revenues are expected to increase by 4.0% to €55.0 million as the Group expects unchanged level of income from hotel operations (€44 million) and rentals (€5.8 million), and higher revenue from complex management (€5.2 million compared to €3.7 million in 2024).
  • EBITDA is expected to decline by 1.3% to €20.6 million reflecting the higher level of direct costs and administrative expenses. As a result, the EBITDA margin is anticipated to ease to 37.4% compared to 39.4% in 2024.
  • Net finance costs are expected to decrease to €0.3 million from €1.7 million in 2024. This reflects the reduction in interest expenses following the maturity of the 5.00% €25 million bond in July 2024, as well as income generated from excess cash. As a result, the interest cover is expected to improve significantly to 62.1 times, compared to 12.2 times in 2024.
  • Total debt is projected to increase by 8.1% (or €3 million) to €39.7 million reflecting the draw downs on facilities that are specific for the development and finishing of the Halland Residences. Nonetheless, the gearing ratio (calculated as total debt divided by total debt plus equity) is expected to remain largely unchanged at the 20.0% level.
  • When accounting for cash and equivalents, the net borrowings of the Group as at the end of 2025 are anticipated at €28.6 million, which translate into a net debt to EBITDA multiple of just over 1.3 times.