GPH Malta Finance plc – Updated Financial Analysis Summary

Jonathan Falzon

September 25, 2025

25 September, 2025
3 min read
25 September, 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 24 September 2025, GPH Malta Finance plc published an updated Financial Analysis Summary. The following are the main highlights on the expected financial performance and financial position of Global Ports Holding plc (the Guarantor) for the financial year ending 31 March 2026:

  • Revenue is expected to surge by 23.1% to USD293 million compared to USD238 million in FY2024/25, reflecting a busier programme of 7,002 cruise ship calls (+12.6% YoY) carrying a total of 19.0 million passengers (+7.5% YoY). Furthermore, FY2025/26 will also include the first full-year contribution from Bremerhaven Cruise Port and Greenock Cruise Port.
  • Adjusted EBITDA is anticipated to grow by 25.8% to USD188 million (FY2024/25: USD150 million).
  • Net finance costs are projected to surge by 24.3% (or USD12.0 million) to USD61.1 million from USD49.2 million last year principally reflecting lower interest income and reduced gains from foreign currency movements against broadly unchanged finance costs of around USD67.6 million. The improvement in EBITDA is anticipated to be offset by the higher net finance costs and therefore the interest cover is expected to remain practically unchanged at just over 3 times.
  • Total debt is expected to increase by 4.9% (or USD51 million) to USD1.09 billion. However, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to drop to 89.5% compared to 93.6% in the previous year due to the improved equity position to USD128 million.
  • The net debt-to-adjusted EBITDA multiple is projected to improve to 4.9 times from 5.8 times as at 31 March 2025.

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 24 September 2025, GPH Malta Finance plc published an updated Financial Analysis Summary. The following are the main highlights on the expected financial performance and financial position of Global Ports Holding plc (the Guarantor) for the financial year ending 31 March 2026:

  • Revenue is expected to surge by 23.1% to USD293 million compared to USD238 million in FY2024/25, reflecting a busier programme of 7,002 cruise ship calls (+12.6% YoY) carrying a total of 19.0 million passengers (+7.5% YoY). Furthermore, FY2025/26 will also include the first full-year contribution from Bremerhaven Cruise Port and Greenock Cruise Port.
  • Adjusted EBITDA is anticipated to grow by 25.8% to USD188 million (FY2024/25: USD150 million).
  • Net finance costs are projected to surge by 24.3% (or USD12.0 million) to USD61.1 million from USD49.2 million last year principally reflecting lower interest income and reduced gains from foreign currency movements against broadly unchanged finance costs of around USD67.6 million. The improvement in EBITDA is anticipated to be offset by the higher net finance costs and therefore the interest cover is expected to remain practically unchanged at just over 3 times.
  • Total debt is expected to increase by 4.9% (or USD51 million) to USD1.09 billion. However, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to drop to 89.5% compared to 93.6% in the previous year due to the improved equity position to USD128 million.
  • The net debt-to-adjusted EBITDA multiple is projected to improve to 4.9 times from 5.8 times as at 31 March 2025.