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Grand Harbour Marina plc – Updated Financial Analysis Summary

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June 4, 2025

4 June, 2025
3 min read
4 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 4 June 2025, Grand Harbour Marina plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and financial position of GHM in 2025:

  • Revenues are expected to increase by 1.6% to €4.55 million from €4.48 million last year, when excluding the 2024 one-off long-term berth sale totalling €3.75 million. The increase in berthing revenue reflects the increased rates on the annual subscriptions of pontoons and the anticipated increase in superyacht visitors given that a number of superyacht berths were substantially disrupted during the first five months of 2024.
  • EBITDA is forecasted to fall by 46.6% to €1.84 million compared to €3.44 million last year. However, when excluding last year’s one-off berthing sale income, EBITDA is expected to be roughly in line with the previous year.
  • Net finance costs are projected to remain largely in line with the previous year at €0.79 million.
  • Likewise, the interest cover is anticipated to remain at 2.3 times when compared to the adjusted EBITDA of 2024.
  • GHM’s share of profits from its investment in the Turkish marina ‘IC Cesme’ is expected to amount to €2.22 million compared to €1.50 million in 2024, principally reflecting the expectations of a better impact from foreign exchange movements.
  • Total debt is anticipated to be maintained at €21 million level when including €6.2 million in lease liabilities. However, due to an expected improvement in total equity to €14.8 million, the gearing ratio (calculated as total debt dividend by the summation of total debt and equity) is expected to improve to 58.8% compared to 61.7% as at 31 December 2024.
  • As at the end of 2025, GHM is also expected to hold cash balances totalling €7.0 million, investments in debt securities of €4.6 million, and loan receivables from its parent company of €1.0 million.

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 4 June 2025, Grand Harbour Marina plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and financial position of GHM in 2025:

  • Revenues are expected to increase by 1.6% to €4.55 million from €4.48 million last year, when excluding the 2024 one-off long-term berth sale totalling €3.75 million. The increase in berthing revenue reflects the increased rates on the annual subscriptions of pontoons and the anticipated increase in superyacht visitors given that a number of superyacht berths were substantially disrupted during the first five months of 2024.
  • EBITDA is forecasted to fall by 46.6% to €1.84 million compared to €3.44 million last year. However, when excluding last year’s one-off berthing sale income, EBITDA is expected to be roughly in line with the previous year.
  • Net finance costs are projected to remain largely in line with the previous year at €0.79 million.
  • Likewise, the interest cover is anticipated to remain at 2.3 times when compared to the adjusted EBITDA of 2024.
  • GHM’s share of profits from its investment in the Turkish marina ‘IC Cesme’ is expected to amount to €2.22 million compared to €1.50 million in 2024, principally reflecting the expectations of a better impact from foreign exchange movements.
  • Total debt is anticipated to be maintained at €21 million level when including €6.2 million in lease liabilities. However, due to an expected improvement in total equity to €14.8 million, the gearing ratio (calculated as total debt dividend by the summation of total debt and equity) is expected to improve to 58.8% compared to 61.7% as at 31 December 2024.
  • As at the end of 2025, GHM is also expected to hold cash balances totalling €7.0 million, investments in debt securities of €4.6 million, and loan receivables from its parent company of €1.0 million.