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MedservRegis plc – Updated Financial Analysis Summary

Matthew Fabri

June 20, 2025

20 June, 2025
4 min read
20 June, 2025
4 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 20 June 2025, MedservRegis plc published an updated Financial Analysis Summary. The main highlights of the projected financial performance and position of MedservRegis for the 2025 financial year are as follows:

  • Revenues are expected to increase by 13.9% to €79.8 million compared to €70.0 million in 2024 driven by higher activity across the Mediterranean region, which will be the principal income generator from a geographical perspective representing 50.6% of revenues. Meanwhile, the Middle East is expected to generate 39.1% of income, with the remaining revenues expected from Sub-Sahara & East Africa (9.3%) and South America (1.0%).
  • In line with the higher revenues, EBITDA is forecasted to rise by 11.6% to €18.0 million (2024: €16.1 million). The EBITDA margin is anticipated to remain relatively unchanged at 22.5%.
  • MedservRegis is anticipating a 62.4% increase in net finance costs to €3.92 million from €2.41 million in 2024, reflecting the positive impact from foreign exchange in 2024 which is not expected to be repeated in 2025. As a result, the interest cover is expected to decrease to 4.6 times from 6.7 times in the previous year.
  • Total debt is expected to drop by 4.8% (or €3.5 million) to €68.0 million, mainly driven by a reduction in lease liabilities to €16.9 million from €20.1 million as at 31 December 2024. As a result, the company’s gearing ratio (calculated as total debt divided by total debt plus equity) is projected to ease to 53.7% compared to 55.4% as at the end of 2024.
  • Considering an expected cash balance of €15.8 million as at 31 December 2025, Medserv is anticipating a net debt position of €52.3 million, practically unchanged from a year earlier. In view of the improvement in EBITDA, the net debt-to-EBITDA multiple is expected to improve to 2.9 times (31 December 2024: 3.3 times).
  • Due to the heightened level of activity in Malta’s logistics hub, the Group managed to secure the lease of a further 5,000 square metre extension to the Hal Far pipe yard facility, which is expected to become utilisable as from the second half of 2025 following completion of the civil works. This additional area allows the Group to optimise the site’s efficiency for additional capacity required by the ongoing contracts.

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 20 June 2025, MedservRegis plc published an updated Financial Analysis Summary. The main highlights of the projected financial performance and position of MedservRegis for the 2025 financial year are as follows:

  • Revenues are expected to increase by 13.9% to €79.8 million compared to €70.0 million in 2024 driven by higher activity across the Mediterranean region, which will be the principal income generator from a geographical perspective representing 50.6% of revenues. Meanwhile, the Middle East is expected to generate 39.1% of income, with the remaining revenues expected from Sub-Sahara & East Africa (9.3%) and South America (1.0%).
  • In line with the higher revenues, EBITDA is forecasted to rise by 11.6% to €18.0 million (2024: €16.1 million). The EBITDA margin is anticipated to remain relatively unchanged at 22.5%.
  • MedservRegis is anticipating a 62.4% increase in net finance costs to €3.92 million from €2.41 million in 2024, reflecting the positive impact from foreign exchange in 2024 which is not expected to be repeated in 2025. As a result, the interest cover is expected to decrease to 4.6 times from 6.7 times in the previous year.
  • Total debt is expected to drop by 4.8% (or €3.5 million) to €68.0 million, mainly driven by a reduction in lease liabilities to €16.9 million from €20.1 million as at 31 December 2024. As a result, the company’s gearing ratio (calculated as total debt divided by total debt plus equity) is projected to ease to 53.7% compared to 55.4% as at the end of 2024.
  • Considering an expected cash balance of €15.8 million as at 31 December 2025, Medserv is anticipating a net debt position of €52.3 million, practically unchanged from a year earlier. In view of the improvement in EBITDA, the net debt-to-EBITDA multiple is expected to improve to 2.9 times (31 December 2024: 3.3 times).
  • Due to the heightened level of activity in Malta’s logistics hub, the Group managed to secure the lease of a further 5,000 square metre extension to the Hal Far pipe yard facility, which is expected to become utilisable as from the second half of 2025 following completion of the civil works. This additional area allows the Group to optimise the site’s efficiency for additional capacity required by the ongoing contracts.