On 25 September 2025, SD Finance plc announced the publication of an updated Financial Analysis Summary. The report outlines the financial performance of SD Holdings Limited (the “Group” or “Guarantor”) for the period from FY2023 to FY2025, and also provides projections for FY2026 and FY2027.

In FY2026, revenue is projected to increase by 9.66% to €108.78 million, with EBITDA expected at €32.21 million and net profit forecast at €27.57 million. In FY2027, revenue is anticipated to rise sharply to €377.96 million, supported by organic growth and major new projects, with EBITDA projected at €180.91 million and net profit expected to reach €119.19 million.

Total assets are forecast to grow to €794.95 million in FY2026 and €817.05 million in FY2027, whilst equity is projected to rise to €264.69 million and €391.04 million respectively. Total debt is expected to increase to €364.82 million in FY2026 before easing to €323.09 million in FY2027. Net debt is forecast at €276.71 million in FY2026, declining to €130.96 million by FY2027.

The net debt-to-EBITDA multiple is expected to rise to 8.59 times in FY2026 from 2.98 times in FY2025, before improving markedly to 0.72 times in FY2027. Interest cover is projected to decline to 2.87 times in FY2026 from 5.41 times in FY2025, before strengthening to 12.61 times in FY2027. Net gearing is expected to increase to 51.11% in FY2026 from 30.68% in FY2025, before easing to 25.09% in FY2027. The debt-to-assets ratio is forecast at 0.46 times in FY2026, compared to 0.33 times in FY2025, before improving to 0.40 times in FY2027.

Download:

Financial Analysis Summary dated 25 September 2025

Important Information:

This post is intended for the general public and is for information purposes only. The contents of this post should not be construed as investment advice or any offer or agreement to buy or sell investments.

M.Z. Investment Services Limited of 63, MZ House, St Rita Street, Rabat RBT 1523, Malta, is regulated by the Malta Financial Services Authority and licensed to conduct investment services business in terms of the Investment Services Act (Cap. 370 of the Laws of Malta).