ClearFlowPlus plc – Updated Financial Analysis Summary

Jonathan Falzon

June 18, 2025

Market News
18 June, 2025
2 min read
Market News
18 June, 2025
2 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 16 June 2025, ClearFlowPlus plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Water Services Corporation (WSC, the Guarantor) in 2025:

  • Revenue is expected to increase by 6.7% to €108.4 million reflecting continued demand for water and better consumption monitoring through the ongoing rollout of smart metering.
  • WSC is anticipating a 2.4% increase in Government subsidies to €36.3 million principally related to treatment and re-use of wastewater.
  • EBITDA is forecasted to rise by 3.9% to €46.7 million, which translates into an EBITDA margin of 43.1% (FY2024: 44.2%)
  • Net finance costs are expected to amount to €0.24 million compared to a minimal amount of €0.09 million in 2024, reflecting the impact of finance income that WSC also generates.
  • Total debt is expected to drop by 18.7% (or €10.4 million) to €45.0 million.
  • WSC’s cash balance is projected to drop to €9.0 million from €54.4 million as at 31 December 2024 as the Group continued to make significant investments in property plant and equipment. Consequently, net debt to EBITDA is anticipated to amount to 0.77 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 16 June 2025, ClearFlowPlus plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Water Services Corporation (WSC, the Guarantor) in 2025:

  • Revenue is expected to increase by 6.7% to €108.4 million reflecting continued demand for water and better consumption monitoring through the ongoing rollout of smart metering.
  • WSC is anticipating a 2.4% increase in Government subsidies to €36.3 million principally related to treatment and re-use of wastewater.
  • EBITDA is forecasted to rise by 3.9% to €46.7 million, which translates into an EBITDA margin of 43.1% (FY2024: 44.2%)
  • Net finance costs are expected to amount to €0.24 million compared to a minimal amount of €0.09 million in 2024, reflecting the impact of finance income that WSC also generates.
  • Total debt is expected to drop by 18.7% (or €10.4 million) to €45.0 million.
  • WSC’s cash balance is projected to drop to €9.0 million from €54.4 million as at 31 December 2024 as the Group continued to make significant investments in property plant and equipment. Consequently, net debt to EBITDA is anticipated to amount to 0.77 times.