Tumas Investments plc - Updated Financial Analysis Summary

On 26 June 2025, Tumas Investments plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Spinola Development Company Limited (the Guarantor) for 2025:

• Revenues are expected to increase by 4.0% to €55.0 million as the Group expects unchanged level of income from hotel operations (€44 million) and rentals (€5.8 million), and higher revenue from complex management (€5.2 million compared to €3.7 million in 2024).
• EBITDA is expected to decline by 1.3% to €20.6 million reflecting the higher level of direct costs and administrative expenses. As a result, the EBITDA margin is anticipated to ease to 37.4% compared to 39.4% in 2024.
• Net finance costs are expected to decrease to €0.3 million from €1.7 million in 2024. This reflects the reduction in interest expenses following the maturity of the 5.00% €25 million bond in July 2024, as well as income generated from excess cash. As a result, the interest cover is expected to improve significantly to 62.1 times, compared to 12.2 times in 2024.
• Total debt is projected to increase by 8.1% (or €3 million) to €39.7 million reflecting the draw downs on facilities that are specific for the development and finishing of the Halland Residences. Nonetheless, the gearing ratio (calculated as total debt divided by total debt plus equity) is expected to remain largely unchanged at the 20.0% level.
• When accounting for cash and equivalents, the net borrowings of the Group as at the end of 2025 are anticipated at €28.6 million, which translate into a net debt to EBITDA multiple of just over 1.3 times.