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GO plc – Updated Financial Analysis Summary

Jonathan Falzon

May 14, 2025

14 May, 2025
4 min read
14 May, 2025
4 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 14 May 2025, GO plc published an updated Financial Analysis Summary. GO explained that during 2024, it took a strategic decision to separate its intellectual property (IP) assets consisting of the GO brand, copyright works, database rights, trade secrets, domain names, software and other IP to a new wholly-owned subsidiary GO IP Holdings Limited at a valuation of €158.6 million. As a result, the financial performance of GO as a stand-alone company will change materially in 2025 reflecting this transaction. The following are the main highlights of the expected financial performance and position of GO (relating to the Group’s telecoms operations in Malta) in 2025:

  • Revenues are expected to decrease by 5.2% to €132.3 million driven by the absence of one-off hardware, equipment and mobile devices sales that were recorded in the previous year. Nonetheless, GO expects growth in core revenues through an increase in subscribers and higher average revenue per user. In fact, income from telecom services is expected to increase by a further €3.2 million during the year to €116.2 million.
  • EBITDA is anticipated to drop by 27.4% to €40.2 million as the company will incur a full-year of licence fees (€14.3 million) to its subsidiary GO IP Holdings Limited. As a result, the EBITDA margin is forecasted to ease to 30.4% compared to 39.7% in 2023. Excluding the impact of IP licence fees, EBITDA is forecasted to fall by 3% to €54.5 million while the adjusted EBITDA margin is anticipated to strengthen to 41.2% compared to 40.3% in 2024.
  • GO is expecting dividend income from subsidiaries of €4.5 million.
  • GO is anticipated to generate net finance income of €2.36 million (FY2024: net finance costs of €3.46 million), through the recognition of finance income receivable from GO IP Holdings Limited.
  • Borrowings are anticipated to drop by 11.1% (or €10.5 million) to €83.8 million, while lease liabilities are forecasted to fall by 6.5% (or €2.1 million) to €30.6 million
  • Net debt is anticipated to decrease by 6.9% to €114.1 million. Consequently, GO’s net debt to EBITDA is set to remain relatively unchanged at 2.1 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 14 May 2025, GO plc published an updated Financial Analysis Summary. GO explained that during 2024, it took a strategic decision to separate its intellectual property (IP) assets consisting of the GO brand, copyright works, database rights, trade secrets, domain names, software and other IP to a new wholly-owned subsidiary GO IP Holdings Limited at a valuation of €158.6 million. As a result, the financial performance of GO as a stand-alone company will change materially in 2025 reflecting this transaction. The following are the main highlights of the expected financial performance and position of GO (relating to the Group’s telecoms operations in Malta) in 2025:

  • Revenues are expected to decrease by 5.2% to €132.3 million driven by the absence of one-off hardware, equipment and mobile devices sales that were recorded in the previous year. Nonetheless, GO expects growth in core revenues through an increase in subscribers and higher average revenue per user. In fact, income from telecom services is expected to increase by a further €3.2 million during the year to €116.2 million.
  • EBITDA is anticipated to drop by 27.4% to €40.2 million as the company will incur a full-year of licence fees (€14.3 million) to its subsidiary GO IP Holdings Limited. As a result, the EBITDA margin is forecasted to ease to 30.4% compared to 39.7% in 2023. Excluding the impact of IP licence fees, EBITDA is forecasted to fall by 3% to €54.5 million while the adjusted EBITDA margin is anticipated to strengthen to 41.2% compared to 40.3% in 2024.
  • GO is expecting dividend income from subsidiaries of €4.5 million.
  • GO is anticipated to generate net finance income of €2.36 million (FY2024: net finance costs of €3.46 million), through the recognition of finance income receivable from GO IP Holdings Limited.
  • Borrowings are anticipated to drop by 11.1% (or €10.5 million) to €83.8 million, while lease liabilities are forecasted to fall by 6.5% (or €2.1 million) to €30.6 million
  • Net debt is anticipated to decrease by 6.9% to €114.1 million. Consequently, GO’s net debt to EBITDA is set to remain relatively unchanged at 2.1 times.