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Virtu Finance plc – Updated Financial Analysis Summary

cyber

June 26, 2025

26 June, 2025
5 min read
26 June, 2025
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.

On 25 June 2025, Virtu Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Virtu Maritime Limited (the Guarantor) in 2025:

  • Revenues are expected to decrease by 20.0% to €56.1 million compared to €70.1 million in the last financial year due to a normalisation of charter activities. Most of the income for FY2025 is forecasted to be generated from the ‘Ferry Service, Accommodation & Excursions’ segment which is expected to remain at €48.8 million, practically unchanged from the previous year. The Company is expecting to operate 1,536 trips between Malta and Sicily (FY2024: 1,498 trips). Meanwhile, income from Charter Hire segment is expected to slump by 71% to €5.62 million from €19.4 million in the previous year. Last year there was an additional charter which was satisfied through the lease of another vessel from a third party which is not anticipated to be repeated in FY2025. Furthermore, during the current financial year, the HSC Maria Dolores (the vessel operating the Spain-Morocco charter), is anticipated to have two months of inactivity for maintenance purposes. Revenue from ‘Food & Beverage sales’ is forecasted to increase by 3.8% to €1.64 million.
  • EBITDA is projected to be €18.4 million compared to €30.0 million in FY2024 and €17.3 million in 2023, driven by the aforementioned normalisation of the Group’s charter activities.
  • Net finance costs are forecasted to drop by 15.2% to €2.45 million (FY2024: €2.89 million following further scheduled borrowing repayments of circa €8 million during the current financial year. The interest cover is anticipated to be 7.5 times from 10.4 times in 2024 and 5.3 times in 2023.
  • Total debt is forecasted to drop by 11.6% (or €8.0 million) to €61.5 million when including €6.87 million in lease liabilities. Consequently, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to drop to 43.2% compared to 49.4% as at the end of 2024.
  • When accounting for an expected cash balance of €13.8 million as at the end of 2024, the net debt is expected to fall by 14.7% (or €8.2 million) to €47.6 million. Therefore, the net debt to EBITDA multiple for FY2025 is anticipated to be 2.6 times compared to 1.9 times in 2024 and 4.5 times in 2023.
  • On 15 May 2025, Virtu Ferries Limited completed the acquisition of a strategically located 24,000 square meter site in Pozzallo aimed at creating a regional logistics infrastructure hub as part of a broader series of strategic initiatives aimed at maintaining and expanding its role as a key player in maritime transport between Sicily and Malta. Capital expenditure on the project is expected to total €6 million spread over a two-year period.
  • The Company stated that Gozo Fast Ferries service will no longer be operated by a subsidiary of Virtu Maritime Limited and that the forecasts for FY2025 and beyond will not incorporate any business generated by the route.

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 25 June 2025, Virtu Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Virtu Maritime Limited (the Guarantor) in 2025:

  • Revenues are expected to decrease by 20.0% to €56.1 million compared to €70.1 million in the last financial year due to a normalisation of charter activities. Most of the income for FY2025 is forecasted to be generated from the ‘Ferry Service, Accommodation & Excursions’ segment which is expected to remain at €48.8 million, practically unchanged from the previous year. The Company is expecting to operate 1,536 trips between Malta and Sicily (FY2024: 1,498 trips). Meanwhile, income from Charter Hire segment is expected to slump by 71% to €5.62 million from €19.4 million in the previous year. Last year there was an additional charter which was satisfied through the lease of another vessel from a third party which is not anticipated to be repeated in FY2025. Furthermore, during the current financial year, the HSC Maria Dolores (the vessel operating the Spain-Morocco charter), is anticipated to have two months of inactivity for maintenance purposes. Revenue from ‘Food & Beverage sales’ is forecasted to increase by 3.8% to €1.64 million.
  • EBITDA is projected to be €18.4 million compared to €30.0 million in FY2024 and €17.3 million in 2023, driven by the aforementioned normalisation of the Group’s charter activities.
  • Net finance costs are forecasted to drop by 15.2% to €2.45 million (FY2024: €2.89 million following further scheduled borrowing repayments of circa €8 million during the current financial year. The interest cover is anticipated to be 7.5 times from 10.4 times in 2024 and 5.3 times in 2023.
  • Total debt is forecasted to drop by 11.6% (or €8.0 million) to €61.5 million when including €6.87 million in lease liabilities. Consequently, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to drop to 43.2% compared to 49.4% as at the end of 2024.
  • When accounting for an expected cash balance of €13.8 million as at the end of 2024, the net debt is expected to fall by 14.7% (or €8.2 million) to €47.6 million. Therefore, the net debt to EBITDA multiple for FY2025 is anticipated to be 2.6 times compared to 1.9 times in 2024 and 4.5 times in 2023.
  • On 15 May 2025, Virtu Ferries Limited completed the acquisition of a strategically located 24,000 square meter site in Pozzallo aimed at creating a regional logistics infrastructure hub as part of a broader series of strategic initiatives aimed at maintaining and expanding its role as a key player in maritime transport between Sicily and Malta. Capital expenditure on the project is expected to total €6 million spread over a two-year period.
  • The Company stated that Gozo Fast Ferries service will no longer be operated by a subsidiary of Virtu Maritime Limited and that the forecasts for FY2025 and beyond will not incorporate any business generated by the route.