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Simonds Farsons Cisk plc – Updated Financial Analysis Summary

Jonathan Falzon

July 23, 2025

23 July, 2025
3 min read
23 July, 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 23 July 2025, Simonds Farsons Cisk plc published an updated Financial Analysis Summary. Farsons explained that the spin-off of its food business into a separately listed company – Quinco Holdings plc – is expected to be implemented by October 2025. As such, the projected financial performance of Farsons for the financial year ending in January 2026 incorporates the continuing operations of the beverage segment. Meanwhile, the discontinued operations (food segment) in the 8 months prior to the spin-off are expected to generate a net profit of €1.1 million. The main highlights of the projected financial performance and position of the continuing operations of Farsons for the 2025/26 financial year are as follows:

  • Revenues are expected to increase by 6.1% to €108 million from €102 million in the previous year, supported by record tourist numbers and general population growth that is expected to boost consumption.
  • EBITDA is anticipated to climb by 3.4% to €26.4 million (2024/25: €25.6 million). In this respect, the EBITDA margin is anticipated to decline slightly to 24.5% compared to 25.1% in the previous year, as the cost of sales and administrative expenses are forecasted to increase at a faster pace than income.
  • Net Finance costs are anticipated to remain relatively unchanged at €0.88 million. As such, the interest cover is anticipated to improve further to 30.1 times compared to 29.6 times in the previous financial year.
  • Total debt is projected to increase by 29.9% (or €7.0 million) to €30.3 million, which includes €2.0 million in lease liabilities. The increase in debt relates to the investment in an automated returnable container facility in Mrieħel. The Group’s net debt is also anticipated to amount to €30.3 million.
  •  The gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to climb to 17.1% from 12.4% as at the end of January 2025.
  • The net debt-to-EBITDA multiple is expected to remain at just 1.1 times (31 January 2025: 0.7 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 23 July 2025, Simonds Farsons Cisk plc published an updated Financial Analysis Summary. Farsons explained that the spin-off of its food business into a separately listed company – Quinco Holdings plc – is expected to be implemented by October 2025. As such, the projected financial performance of Farsons for the financial year ending in January 2026 incorporates the continuing operations of the beverage segment. Meanwhile, the discontinued operations (food segment) in the 8 months prior to the spin-off are expected to generate a net profit of €1.1 million. The main highlights of the projected financial performance and position of the continuing operations of Farsons for the 2025/26 financial year are as follows:

  • Revenues are expected to increase by 6.1% to €108 million from €102 million in the previous year, supported by record tourist numbers and general population growth that is expected to boost consumption.
  • EBITDA is anticipated to climb by 3.4% to €26.4 million (2024/25: €25.6 million). In this respect, the EBITDA margin is anticipated to decline slightly to 24.5% compared to 25.1% in the previous year, as the cost of sales and administrative expenses are forecasted to increase at a faster pace than income.
  • Net Finance costs are anticipated to remain relatively unchanged at €0.88 million. As such, the interest cover is anticipated to improve further to 30.1 times compared to 29.6 times in the previous financial year.
  • Total debt is projected to increase by 29.9% (or €7.0 million) to €30.3 million, which includes €2.0 million in lease liabilities. The increase in debt relates to the investment in an automated returnable container facility in Mrieħel. The Group’s net debt is also anticipated to amount to €30.3 million.
  •  The gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to climb to 17.1% from 12.4% as at the end of January 2025.
  • The net debt-to-EBITDA multiple is expected to remain at just 1.1 times (31 January 2025: 0.7 times).