GPH Malta Finance plc - Updated Financial Analysis Summary

On 24 September 2025, GPH Malta Finance plc published an updated Financial Analysis Summary. The following are the main highlights on the expected financial performance and financial position of Global Ports Holding plc (the Guarantor) for the financial year ending 31 March 2026:

• Revenue is expected to surge by 23.1% to USD293 million compared to USD238 million in FY2024/25, reflecting a busier programme of 7,002 cruise ship calls (+12.6% YoY) carrying a total of 19.0 million passengers (+7.5% YoY). Furthermore, FY2025/26 will also include the first full-year contribution from Bremerhaven Cruise Port and Greenock Cruise Port.
• Adjusted EBITDA is anticipated to grow by 25.8% to USD188 million (FY2024/25: USD150 million).
• Net finance costs are projected to surge by 24.3% (or USD12.0 million) to USD61.1 million from USD49.2 million last year principally reflecting lower interest income and reduced gains from foreign currency movements against broadly unchanged finance costs of around USD67.6 million. The improvement in EBITDA is anticipated to be offset by the higher net finance costs and therefore the interest cover is expected to remain practically unchanged at just over 3 times.
• Total debt is expected to increase by 4.9% (or USD51 million) to USD1.09 billion. However, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to drop to 89.5% compared to 93.6% in the previous year due to the improved equity position to USD128 million.
• The net debt-to-adjusted EBITDA multiple is projected to improve to 4.9 times from 5.8 times as at 31 March 2025.