MedservRegis plc - Updated Financial Analysis Summary

On 20 June 2025, MedservRegis plc published an updated Financial Analysis Summary. The main highlights of the projected financial performance and position of MedservRegis for the 2025 financial year are as follows:

  • Revenues are expected to increase by 13.9% to €79.8 million compared to €70.0 million in 2024 driven by higher activity across the Mediterranean region, which will be the principal income generator from a geographical perspective representing 50.6% of revenues. Meanwhile, the Middle East is expected to generate 39.1% of income, with the remaining revenues expected from Sub-Sahara & East Africa (9.3%) and South America (1.0%).
  • In line with the higher revenues, EBITDA is forecasted to rise by 11.6% to €18.0 million (2024: €16.1 million). The EBITDA margin is anticipated to remain relatively unchanged at 22.5%.
  • MedservRegis is anticipating a 62.4% increase in net finance costs to €3.92 million from €2.41 million in 2024, reflecting the positive impact from foreign exchange in 2024 which is not expected to be repeated in 2025. As a result, the interest cover is expected to decrease to 4.6 times from 6.7 times in the previous year.
  • Total debt is expected to drop by 4.8% (or €3.5 million) to €68.0 million, mainly driven by a reduction in lease liabilities to €16.9 million from €20.1 million as at 31 December 2024. As a result, the company’s gearing ratio (calculated as total debt divided by total debt plus equity) is projected to ease to 53.7% compared to 55.4% as at the end of 2024.
  • Considering an expected cash balance of €15.8 million as at 31 December 2025, Medserv is anticipating a net debt position of €52.3 million, practically unchanged from a year earlier. In view of the improvement in EBITDA, the net debt-to-EBITDA multiple is expected to improve to 2.9 times (31 December 2024: 3.3 times).
  • Due to the heightened level of activity in Malta’s logistics hub, the Group managed to secure the lease of a further 5,000 square metre extension to the Hal Far pipe yard facility, which is expected to become utilisable as from the second half of 2025 following completion of the civil works. This additional area allows the Group to optimise the site’s efficiency for additional capacity required by the ongoing contracts.