VBL plc - Financial Performance Update

On 17 November 2025, VBL plc announced that its end of year revenue outlook for FY2025 is set to be in line with what was projected in the financial analysis summary dated 25 June 2025. Revenue is anticipated to increase by 5.8% to €4.3 million and the revenue split for the hospitality segment in FY2025 would be composed to approximately 41% to hotels, 32% to own rented properties, 12% to managed assets, while other revenues and management fees accounting for 13% and 2% respectively. Meanwhile, operational property yields are anticipated to be circa 7.0%. EBITDA is expected at around €1.1 million, in line with the previous year.

Total debt is expected at around €22 million. As projected in the financial analysis summary, the Group is projected to have a net debt to EBITDA of 15.8 times and a debt to asset ratio of around 0.23 times.

By the end of the year, the portfolio is expected to exceed the 17,500 sqm level after completion of the development of owned properties and possibly some new additions. The figure is exclusive of properties under promise of sale and the leased third-party managed properties, which the Group is managing on the hospitality and rental markets.  Moreover, the book value of its investment property is set to be around €90 million.

Furthermore, VBL also explained that all relevant conditions to the development of the Silver Horse Project are on track, and it is anticipated to be completed in H2 2026, in line with was announced in the H1 2025 interim results. The project will result in an 88-room internationally-branded hotel. From the development, VBL is anticipated to generate an additional €2.0-2.5 million of recurring operational EBITDA per annum.