G3 Finance plc - Updated Financial Analysis Summary

On 27 June 2025, G3 Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of G3 Holdings Limited (the Guarantor) in 2025:

• Revenues are expected to surge by 26.0% to a record €19.0 million (2024: €15.1 million) driven by the full-year operations of the expanded Solana hotel. Additional accommodation revenue is also anticipated from the VITA Hotel in St Julians, which opened its doors in May 2025. Furthermore, turnover from restaurants is set to increase reflecting additional contributions from increased hotel occupancies.
• EBITDA is expected to rise by 55.9% to €5.7 million (2024: €3.7 million) as operating costs are anticipated to increase at a slower pace than revenue. As a result, the EBITDA margin is set to strengthen to 30% from 24% in 2024.
• Net finance costs are anticipated to almost double to €1.5 million from €0.87 million in the previous year, reflecting the additional bank borrowings in order to part-finance the Group’s investments and the lease payments for the VITA Hotel property. As a result, despite the improvement in EBITDA, the interest cover is expected to weaken to 3.7 times compared to 4.2 times in 2024.
• Total debt is projected to climb by 13.6% (or €3.65 million) to €30.5 million, including €11.5 million in lease liabilities. The gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to remain practically unchanged at 55%.
• When accounting for the forecasted cash balance of €0.5 million, the net debt-to-EBITDA multiple is projected to improve to 5.3 times compared to 7.3 times in 2024.