Mediterranean Investments Holding plc - Updated Financial Analysis Summary

On 24 June 2025, Mediterranean Investments Holding plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of MIH in 2025:

• Revenues are expected to increase by 6.2% to a record €33.2 million (2024: €31.2 million) reflecting the anticipated improvement in the occupancy of Palm City to 65.7% compared to 60.6% last year. In fact, monthly revenue per available unit is projected to grow by 7.4% to €6,227 (FY2024: €5,799).
• EBITDA is projected to climb by 3.5% to €22.6 million compared to €21.8 million in 2024. However, the EBITDA margin is forecasted to fall to 68.2% from 69.9% last year due to a faster increase in operating expenses driven by repairs at Palm Residences.
• Net finance costs are expected to drop by 25% to €2.8 million driven by a reduction in borrowings. As a result of the higher EBITDA and lower finance costs, the interest cover is projected to improve to 8.0 times compared to 5.8 times in 2024.
• Total debt is projected to fall by 17.9% to €49.6 million as MIH anticipates to repay the €11 million unlisted bonds maturing in October 2025. Coupled with the 4.1% increase in total equity to €221 million, the gearing ratio is anticipated to decline to 18.3% (31 December 2024: 22.1%).
• When accounting for the projected cash balance of €16.4 million as at 31 December 2025, the net debt position is expected to amount to €33.2 million. Consequently, the net debt-to-EBITDA multiple is anticipated to improve to 1.5 times compared to 2.5 times as at the end of 2024.