Grand Harbour Marina plc - Full-Year Results

On 30 March 2026, Grand Harbour Marina plc published its Annual Report and Financial Statements for the year ended 31 December 2025.

Revenues fell to €5.16 million (2024: €8.23 million), reflecting the absence of the one-time €3.75 million long-term berth sale that was recorded in the prior year. Total revenue increased by 15.2% to €5.16 million in 2025 excluding the non-recurring berth sale, driven by higher income from annual contracts reflecting tariff increases and higher traffic levels.

On the expenditure side, operating expenses fell by 33.8% to €3.46 million from €5.22 million in the previous year, primarily reflecting operator fees associated with the absence of the prior-year berth sale.

Operating profit fell by 43.5% to €1.70 million (2024: €3.0 million). Excluding depreciation and amortisation charges of €0.44 million, EBITDA fell to €2.14 million (FY2024: €3.44 million), mainly reflecting the absence of the one-time long-term berth sale contribution.

Net finance costs remained broadly stable at €0.85 million.

Furthermore, GHM recorded a profit of €2.01 million from its joint venture in Turkey (IC Çeşme Marina), which is higher than the €1.50 million profit reported in the previous year. In this respect, GHM explained that IC Çeşme registered improved revenues from both landside and seaside activities notwithstanding that its performance was impacted by the continued depreciation of the Turkish Lira against the euro. The increase in profit is mainly due to a tax charge of €0.9 million compared to a tax charge of €2.6 million in 2024.

Overall, GHM reported a pre-tax profit of €2.86 million, which is 25.9% lower than the previous year. After accounting for a tax charge of €0.44 million, the net profit for the year amounted to €2.42 million.

The Statement of Financial Position as at 31 December 2025 shows that total assets increased by 1.2% (or €0.5 million) to €38.6 million, reflecting an increase in the book value of the Group’s shareholding in IC Çeşme Marina to €12.7 million compared to €11.4 million as at 31 December 2024. Total liabilities decreased by 2.1% to €24.7 million, which include the outstanding bonds of €15 million and lease liabilities of €6 million. GHM’s equity base increased by 7.8% to €13.9 million compared to €12.9 million as at the end of 2024.

Dividend 

GHM paid a net interim dividend of €0.035 per share on 20 June 2025.

Outlook

The Board of Directors explained that the Group’s results reflect the stability of the company’s business model, despite the uncertainties caused by the geopolitical tensions around the world and the potential global trade war. The Board noted that it will continue to monitor the direct and indirect impacts of these situations on the business model and cash flow generation and reaffirmed that the Group is well-positioned to meet the challenges posed by economic uncertainties.