GO plc - Updated Financial Analysis Summary

On 14 May 2025, GO plc published an updated Financial Analysis Summary. GO explained that during 2024, it took a strategic decision to separate its intellectual property (IP) assets consisting of the GO brand, copyright works, database rights, trade secrets, domain names, software and other IP to a new wholly-owned subsidiary GO IP Holdings Limited at a valuation of €158.6 million. As a result, the financial performance of GO as a stand-alone company will change materially in 2025 reflecting this transaction. The following are the main highlights of the expected financial performance and position of GO (relating to the Group’s telecoms operations in Malta) in 2025:

  • Revenues are expected to decrease by 5.2% to €132.3 million driven by the absence of one-off hardware, equipment and mobile devices sales that were recorded in the previous year. Nonetheless, GO expects growth in core revenues through an increase in subscribers and higher average revenue per user. In fact, income from telecom services is expected to increase by a further €3.2 million during the year to €116.2 million.
  • EBITDA is anticipated to drop by 27.4% to €40.2 million as the company will incur a full-year of licence fees (€14.3 million) to its subsidiary GO IP Holdings Limited. As a result, the EBITDA margin is forecasted to ease to 30.4% compared to 39.7% in 2023. Excluding the impact of IP licence fees, EBITDA is forecasted to fall by 3% to €54.5 million while the adjusted EBITDA margin is anticipated to strengthen to 41.2% compared to 40.3% in 2024.
  • GO is expecting dividend income from subsidiaries of €4.5 million.
  • GO is anticipated to generate net finance income of €2.36 million (FY2024: net finance costs of €3.46 million), through the recognition of finance income receivable from GO IP Holdings Limited.
  • Borrowings are anticipated to drop by 11.1% (or €10.5 million) to €83.8 million, while lease liabilities are forecasted to fall by 6.5% (or €2.1 million) to €30.6 million
  • Net debt is anticipated to decrease by 6.9% to €114.1 million. Consequently, GO’s net debt to EBITDA is set to remain relatively unchanged at 2.1 times.