Exalco Finance plc - Updated Financial Analysis Summary

On 2 June 2025, Exalco Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and financial position of Exalco Properties Limited (the Guarantor) in 2025:

  • Net revenues from property leasing activities are estimated to remain relatively unchanged at around €4.9 million as all centres except the Golden Mile are set to remain fully occupied.   Meanwhile, the single tenant occupying the Golden Mile centre will be downscaling and the business centre will shift toward hosting several tenants. In this context, management is assuming that some space in the business centre will not be occupied in the second half of 2025. Nonetheless, the company received encouraging demand and a number of contracts have already been signed.
  • EBITDA is expected to decrease by 1.9% to €4.08 million. As a result, the EBITDA margin is anticipated to decrease to 83.4% (FY2024: 86.1%).
  • Net finance costs are projected to remain unchanged at €0.76 million. Consequently, the interest cover is expected to weaken slightly to 5.5 times from 5.3 times in 2024.
  • In terms of financial position, total assets are projected to increase by 2.4% to €81.7 million (31 December 2024: €79.8 million). On the other hand, total debt is anticipated to remain at €15.3 million.
  • Total equity is anticipated to rise by 3.6% to €56.7 million, consequently the gearing ratio (calculated as total debt divided by total debt plus equity) is expected to improve slightly to 21.2% from 21.8% as at the end of 2024.
  • Given an anticipated lower cash balance of €2.50 million (end of 2024: €3.17 million), the net debt is estimated to climb to €12.8 million. Consequently, the net debt to EBITDA multiple is forecasted to worsen to 3.1 times compared to 2.9 times as at 31 December 2024.
  • Exalco expects to incur additional borrowings in the coming years relating to the development of the Savoy property, which is an €11 million project. Ongoing works are being funded from internal cash resources and generation while the balance will require external financing. The project is expected to be fully completed by December 2027.