Mizzi Organisation Finance plc - Updated Financial Analysis Summary

On 27 June 2025, Mizzi Organisation Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of the Mizzi Organisation (the Guarantors’ combined financial statements) in 2025:

• Revenue is expected to increase by 5.9% to €245 million, as growth in the beverage segment (+12.5%, or €7.5 million to €60.3 million), hospitality (+60.8%, or €5.5 million to €14.6 million) and contracting (+45%, or €9.5 million to €30.5 million) is anticipated to outweigh the decline in the automotive segment (-8.7%, or €9.3 million to €97.1 million).
• EBITDA is projected to remain virtually unchanged at the €24.4 million level as the increase in revenue is offset by higher operating expenses. In fact, the EBITDA margin is expected to ease to 10.0% from 10.5% in 2024.
• Net finance costs are also forecasted to remain largely unchanged at €6.5 million, with a stable interest cover at 3.8 times.
• The assets of the Guarantors include loans advanced to Mellieha Bay Hotel Limited totalling €9.4 million as at the end of 2025 to fund the redevelopment of the hotel. Mizzi Organisation holds a 51% stake in this associate, valued at €18.6 million at the end of 2024.
• Total debt is projected to decrease by 2% (or €2.6 million) to €132.1 million, which includes €31 million in lease liabilities. As a result, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to ease to 39.7% from 40.6% as at the end of 2024.
• The debt-to-asset ratio is expected remain virtually unchanged at 0.31 times.
• When accounting for the anticipated cash balance of €4.2 million as at the end of 2025, which is lower than the €14 million as at the end of 2024, the net debt-to-EBITDA is forecasted to rise slightly 5.2 times compared to 5.0 times last year.