Hili Finance Company plc - Updated Financial Analysis Summary

On 26 June 2025, Hili Finance Company plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Hili Ventures Limited (the Guarantor of the bonds) in 2025:

• Revenue is expected to increase by 10.9% to a record of €1.21 billion (2024: €1.07 billion). The improvement is largely driven by higher income from restaurant operations (+€60.7 million) and retail sales (+€30.4 million).
• EBITDA is forecasted to increase by 7.9% to €146.7 million. Nonetheless, the EBITDA margin is expected to fall marginally to 12.2% from 12.5% in the previous year.
• Net finance costs are expected to increase by 9.7% to €30.5 million. However, in view of the similar growth in EBITDA, the interest cover is forecasted to remain virtually unchanged at 4.8 times.
• The Group is not expecting to record investment gains in 2025, in contrast to investment gains of €15.6 million in 2024.
• Total debt is anticipated to decrease by 2.7% (or €18 million) to €648 million, which include €182 million in lease liabilities. As a result, the gearing ratio (calculated as total debt divided by total debt plus equity) is projected to decline to 68.6% from 70.3% in the previous financial year.
• When accounting for an expected cash balance of around €65 million as at 31 December 2025, the net debt is forecasted to be at €583 million. Consequently, the net debt-to-EBITDA multiple is projected to improve to 4.0 times, compared to 4.3 times in 2024.