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CPHCL Finance plc – Updated Financial Analysis Summary

Jonathan Falzon

November 14, 2025

14 November, 2025
6 min read
14 November, 2025
6 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 November 2025, CPHCL Finance plc published an updated Financial Analysis Summary including forecasts for the financial year ending 31 December 2025 and projections the year ending 31 December 2026. The following are the main highlights of the expected financial performance and position of CPHCL:

  • In 2025, revenue is expected to rise by 10.9% to a record of €387 million (2024: €349 million) reflecting the first full year of operations of the Corinthia Grand Hotel Astoria Brussels and The Surrey Corinthia Hotel New York, and 10-month operational activity of the two hotels in Beverly Hills.
  • Corinthia Grand Hotel Du Boulevard Bucharest and the Corinthia Hotel & Residences Doha are set to join the Group’s hospitality portfolio in 2025, while the commencement of operations of the Corinthia Hotel Rome has been postponed to Q1 2026.
  • CPHCL sold 75% of its shareholding in Malta Fairs and Conventions Centre Limited (MFCC). Furthermore, the Group expects to dispose of a significant portion of the Corinthia Hotel Lisbon by the end of 2025. These disposals are expected to translate into a net cash inflow of circa €150 million.
  • EBITDA is anticipated to increase by 6.3% to €66.6 million in 2025 (2024: €62.7 million), albeit the EBITDA margin is anticipated to decrease to 17.2% (2024: 18.0%) reflecting the impact of around €7 million in hotel pre-opening costs.
  • In 2026, revenue is expected to grow by a further 6.8% to €413 million. The Group is expecting improved performance from hotels and the additional income following the opening of Corinthia Hotel Rome, which will outweigh the removal of revenue from the Corinthia Hotel Lisbon following its expected sale in 2025. Revenue from management of third party owned hotels is also expected to increase.
  • EBITDA is expected to surge by 41.0% to €93.9 million in 2026 as the new properties are projected to achieve positive results in contrast to the pre-opening costs incurred in prior years. Consequently, the EBITDA margin is expected to improve to 22.7% from 17.2% in the previous year.
  • CPHCL is projecting net finance costs to remain practically unchanged at just under €46 million. As a result, given the growth in EBITDA in both years the interest cover is projected to improve to around 1.5 times and 2.1 times in 2025 and 2026 respectively.
  • CPHCL is forecasting share of results from associates of €7.0 million in 2025, largely reflecting its 50% shareholding in Mediterranean Investments Holding plc. In 2026, results from associates are projected to surge by 25% to €8.7 million reflecting the anticipated minority stake in the holding company of Corinthia Hotel Lisbon.
  • CPHCL signed a promise of sale agreement for the sale of a plot of land in Marsa measuring a total of 6,923 sqm. The total sale price of €15 million was payable as to €3.75 million on 17 May 2025 and the balance of €11.25 million is payable by 31 August 2026.
  • By the end of 2026, total assets are expected to remain unchanged at €2.09 billion compared to 31 December 2024. The Group is expecting to hold cash balances totalling €87.9 million as at 31 December 2026, largely reflecting the proceeds from the expected sale of property and non-core businesses.
  • Total debt is anticipated to increase to €845 million by the end of 2026 from €833 million in 2024 as the €72.5 million decline in borrowings is expected to be offset by an €83.8 million increase in lease liabilities largely relating to the Corinthia Hotel Rome.

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 November 2025, CPHCL Finance plc published an updated Financial Analysis Summary including forecasts for the financial year ending 31 December 2025 and projections the year ending 31 December 2026. The following are the main highlights of the expected financial performance and position of CPHCL:

  • In 2025, revenue is expected to rise by 10.9% to a record of €387 million (2024: €349 million) reflecting the first full year of operations of the Corinthia Grand Hotel Astoria Brussels and The Surrey Corinthia Hotel New York, and 10-month operational activity of the two hotels in Beverly Hills.
  • Corinthia Grand Hotel Du Boulevard Bucharest and the Corinthia Hotel & Residences Doha are set to join the Group’s hospitality portfolio in 2025, while the commencement of operations of the Corinthia Hotel Rome has been postponed to Q1 2026.
  • CPHCL sold 75% of its shareholding in Malta Fairs and Conventions Centre Limited (MFCC). Furthermore, the Group expects to dispose of a significant portion of the Corinthia Hotel Lisbon by the end of 2025. These disposals are expected to translate into a net cash inflow of circa €150 million.
  • EBITDA is anticipated to increase by 6.3% to €66.6 million in 2025 (2024: €62.7 million), albeit the EBITDA margin is anticipated to decrease to 17.2% (2024: 18.0%) reflecting the impact of around €7 million in hotel pre-opening costs.
  • In 2026, revenue is expected to grow by a further 6.8% to €413 million. The Group is expecting improved performance from hotels and the additional income following the opening of Corinthia Hotel Rome, which will outweigh the removal of revenue from the Corinthia Hotel Lisbon following its expected sale in 2025. Revenue from management of third party owned hotels is also expected to increase.
  • EBITDA is expected to surge by 41.0% to €93.9 million in 2026 as the new properties are projected to achieve positive results in contrast to the pre-opening costs incurred in prior years. Consequently, the EBITDA margin is expected to improve to 22.7% from 17.2% in the previous year.
  • CPHCL is projecting net finance costs to remain practically unchanged at just under €46 million. As a result, given the growth in EBITDA in both years the interest cover is projected to improve to around 1.5 times and 2.1 times in 2025 and 2026 respectively.
  • CPHCL is forecasting share of results from associates of €7.0 million in 2025, largely reflecting its 50% shareholding in Mediterranean Investments Holding plc. In 2026, results from associates are projected to surge by 25% to €8.7 million reflecting the anticipated minority stake in the holding company of Corinthia Hotel Lisbon.
  • CPHCL signed a promise of sale agreement for the sale of a plot of land in Marsa measuring a total of 6,923 sqm. The total sale price of €15 million was payable as to €3.75 million on 17 May 2025 and the balance of €11.25 million is payable by 31 August 2026.
  • By the end of 2026, total assets are expected to remain unchanged at €2.09 billion compared to 31 December 2024. The Group is expecting to hold cash balances totalling €87.9 million as at 31 December 2026, largely reflecting the proceeds from the expected sale of property and non-core businesses.
  • Total debt is anticipated to increase to €845 million by the end of 2026 from €833 million in 2024 as the €72.5 million decline in borrowings is expected to be offset by an €83.8 million increase in lease liabilities largely relating to the Corinthia Hotel Rome.
  • As a result, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to remain relatively unchanged at 45.7% as at 31 December 2026 from 46.2% as at the end of FY2024.
  • Meanwhile the net debt-to-EBITDA multiple is anticipated to drop to 9.8 times in 2025 and improve further to 8.1 times in 2026, from 12.0 times in 2024.