Grand Harbour Marina plc - Updated Financial Analysis Summary

On 4 June 2025, Grand Harbour Marina plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and financial position of GHM in 2025:

• Revenues are expected to increase by 1.6% to €4.55 million from €4.48 million last year, when excluding the 2024 one-off long-term berth sale totalling €3.75 million. The increase in berthing revenue reflects the increased rates on the annual subscriptions of pontoons and the anticipated increase in superyacht visitors given that a number of superyacht berths were substantially disrupted during the first five months of 2024.
• EBITDA is forecasted to fall by 46.6% to €1.84 million compared to €3.44 million last year. However, when excluding last year’s one-off berthing sale income, EBITDA is expected to be roughly in line with the previous year.
• Net finance costs are projected to remain largely in line with the previous year at €0.79 million.
• Likewise, the interest cover is anticipated to remain at 2.3 times when compared to the adjusted EBITDA of 2024.
• GHM’s share of profits from its investment in the Turkish marina ‘IC Cesme’ is expected to amount to €2.22 million compared to €1.50 million in 2024, principally reflecting the expectations of a better impact from foreign exchange movements.
• Total debt is anticipated to be maintained at €21 million level when including €6.2 million in lease liabilities. However, due to an expected improvement in total equity to €14.8 million, the gearing ratio (calculated as total debt dividend by the summation of total debt and equity) is expected to improve to 58.8% compared to 61.7% as at 31 December 2024.
• As at the end of 2025, GHM is also expected to hold cash balances totalling €7.0 million, investments in debt securities of €4.6 million, and loan receivables from its parent company of €1.0 million.