Phoenicia Finance Company plc - Updated Financial Analysis Summary

On 24 June 2025, Phoenicia Finance Company plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Phoenicia Group (combined financial statements of the Guarantors) in 2025:

• Revenues are expected to increase by 8.2% to a record €25.6 million (2024: €23.6 million) driven by higher room rates. In fact, revenue per available room (RevPAR) is anticipated to rise to €364, up from €321 in the previous year. Meanwhile, occupancy levels are expected to remain in line with the previous year at 73%.
• EBITDA is expected to surge by 44.7% to €9.0 million (2024: €6.2 million) as operating expenditure is forecasted to grow at a slower pace than income. In fact, the EBITDA margin is expected to improve to 35.3%, from 26.4% in 2024.
• Net finance costs are expected to remain unchanged from last year at €2.8 million. Consequently, the interest cover will improve to 3.2 times from 2.2 times.
• Total debt is expected to decrease by 1.4% (or €0.9 million) to €66.1 million. As a result, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to decrease to 45.2% compared to 46.5% as at the end of 2024.
• When accounting for a forecasted cash balance of €3.8 million as at the end of 2024, the net debt is expected to drop by 5.8% (or €3.9 million) to €62.4 million. Coupled with the anticipated growth in EBITDA, the net debt-to-EBITDA multiple is anticipated to improve to 6.9 times from 10.6 times as at the end of 2024.
• The Group applied for a permit to extend the hotel’s facilities within St John’s Ditch to add 51 additional guestrooms. The Group expects the project to be completed in 2028 for an estimated cost of around €35 million and could potentially result in an expected incremental average annual EBITDA of €7.5 million.