Virtu Finance plc - Updated Financial Analysis Summary

June 26, 2025

On 25 June 2025, Virtu Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Virtu Maritime Limited (the Guarantor) in 2025:

Revenues are expected to decrease by 20.0% to €56.1 million compared to €70.1 million in the last financial year due to a normalisation of charter activities. Most of the income for FY2025 is forecasted to be generated from the ‘Ferry Service, Accommodation & Excursions’ segment which is expected to remain at €48.8 million, practically unchanged from the previous year. The Company is expecting to operate 1,536 trips between Malta and Sicily (FY2024: 1,498 trips). Meanwhile, income from Charter Hire segment is expected to slump by 71% to €5.62 million from €19.4 million in the previous year. Last year there was an additional charter which was satisfied through the lease of another vessel from a third party which is not anticipated to be repeated in FY2025. Furthermore, during the current financial year, the HSC Maria Dolores (the vessel operating the Spain-Morocco charter), is anticipated to have two months of inactivity for maintenance purposes. Revenue from ‘Food & Beverage sales’ is forecasted to increase by 3.8% to €1.64 million.

EBITDA is projected to be €18.4 million compared to €30.0 million in FY2024 and €17.3 million in 2023, driven by the aforementioned normalisation of the Group’s charter activities.
Net finance costs are forecasted to drop by 15.2% to €2.45 million (FY2024: €2.89 million following further scheduled borrowing repayments of circa €8 million during the current financial year. The interest cover is anticipated to be 7.5 times from 10.4 times in 2024 and 5.3 times in 2023.
Total debt is forecasted to drop by 11.6% (or €8.0 million) to €61.5 million when including €6.87 million in lease liabilities. Consequently, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to drop to 43.2% compared to 49.4% as at the end of 2024.
When accounting for an expected cash balance of €13.8 million as at the end of 2024, the net debt is expected to fall by 14.7% (or €8.2 million) to €47.6 million. Therefore, the net debt to EBITDA multiple for FY2025 is anticipated to be 2.6 times compared to 1.9 times in 2024 and 4.5 times in 2023.
On 15 May 2025, Virtu Ferries Limited completed the acquisition of a strategically located 24,000 square meter site in Pozzallo aimed at creating a regional logistics infrastructure hub as part of a broader series of strategic initiatives aimed at maintaining and expanding its role as a key player in maritime transport between Sicily and Malta. Capital expenditure on the project is expected to total €6 million spread over a two-year period.
The Company stated that Gozo Fast Ferries service will no longer be operated by a subsidiary of Virtu Maritime Limited and that the forecasts for FY2025 and beyond will not incorporate any business generated by the route.