CPHCL Finance plc – Updated Financial Analysis Summary

Jonathan Falzon

July 1, 2025

1 July, 2025
3 min read
1 July, 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 30 June 2025, CPHCL Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of CPHCL Company Limited (the Guarantor) for 2025:

  • Revenues are expected to increase by 12.1% to a record of €391 million (2024: €349 million) driven by the full-year income from the Corinthia Grand Hotel Astoria Brussels and The Surrey Corinthia Hotel New York, which opened towards the end of 2024 and management income from two hotels in Beverly Hills and Corinthia Grand Hotel Du Boulevard Bucharest, which opened in the beginning of 2025.
  • EBITDA is forecasted to rise by 10.8% to €69.4 million (2024: €62.7 million). As a result, the EBITDA margin is set to remain practically unchanged at about 18%.
  • The Group is expecting €6.9 million as a share of profit from equity accounted investments, largely reflecting the performance of Mediterranean Investments Holding plc.
  • Net finance costs are expected to decrease by 3.0% to €45.0 million. Consequently, the interest cover is anticipated to improve slightly to 1.54 times compared to 1.35 times in 2024.
  • The Group anticipates other gains of €14.1 million reflecting the impact of the proposed sale of a significant portion of IHI’s Corinthia Hotel Lisbon and the sale of 75% shareholding in Malta Fairs and Conventions Centre Limited (MFCC).
  • Total debt is projected to decline by 1.3% (or €11 million) to €822 million. The gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to improve marginally to 45%.
  • After accounting for expected cash balances totalling €169 million as at the end of 2025, the Group’s net debt is projected at €653 million. Consequently, the net debt to EBITDA multiple is set to improve to 9.4 times compared to 11.3 times last December.

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 30 June 2025, CPHCL Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of CPHCL Company Limited (the Guarantor) for 2025:

  • Revenues are expected to increase by 12.1% to a record of €391 million (2024: €349 million) driven by the full-year income from the Corinthia Grand Hotel Astoria Brussels and The Surrey Corinthia Hotel New York, which opened towards the end of 2024 and management income from two hotels in Beverly Hills and Corinthia Grand Hotel Du Boulevard Bucharest, which opened in the beginning of 2025.
  • EBITDA is forecasted to rise by 10.8% to €69.4 million (2024: €62.7 million). As a result, the EBITDA margin is set to remain practically unchanged at about 18%.
  • The Group is expecting €6.9 million as a share of profit from equity accounted investments, largely reflecting the performance of Mediterranean Investments Holding plc.
  • Net finance costs are expected to decrease by 3.0% to €45.0 million. Consequently, the interest cover is anticipated to improve slightly to 1.54 times compared to 1.35 times in 2024.
  • The Group anticipates other gains of €14.1 million reflecting the impact of the proposed sale of a significant portion of IHI’s Corinthia Hotel Lisbon and the sale of 75% shareholding in Malta Fairs and Conventions Centre Limited (MFCC).
  • Total debt is projected to decline by 1.3% (or €11 million) to €822 million. The gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to improve marginally to 45%.
  • After accounting for expected cash balances totalling €169 million as at the end of 2025, the Group’s net debt is projected at €653 million. Consequently, the net debt to EBITDA multiple is set to improve to 9.4 times compared to 11.3 times last December.