GAP Group plc - Updated Financial Analysis Summary

On 27 June 2025, Gap Group plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and financial position of Gap Group plc in 2025:

• Revenue is expected to fall to €25.2 million (2024: €48.2 million) as the Group recognises further the sales from the remaining stock of property at Qawra and Mosta. Furthermore, Gap is planning to put part of the Marsascala project on the market in Q3 2025, with the remaining part of the project expected to be completed and placed in the market in the first half of 2026.
• In line with the lower sales, EBITDA is forecasted to fall to €9.32 million from €17.7 million last year. In fact, the EBITDA margin is expected to remain unchanged at 37%.
• Gap Group is expecting finance income to exceed its finance costs, partly reflecting the capitalisation of interest expenses incurred on ongoing development projects.
• Total assets are projected to fall by 18.1% (or €15.4 million) to €69.6 million driven by the reduction in development inventory.
• Total debt is anticipated to drop by 72% (or €20.2 million) to €8.0 million as the Group intends to buyback most of the outstanding bonds from the secondary market and repay most of the bank borrowings. As such, the gearing ratio (calculated as total debt divided by total debt plus equity) is projected to decrease to 12.1% from 31.1% at the end of 2024.
• The debt to asset ratio is forecasted to decrease to 0.11 times from 0.33 times in 2024.
• Considering a forecasted cash balance of €6.3 million, the Group’s net debt is expected to drop to €1.7 million from €9.4 million at the end of last year.