On 24 September 2025, GPH Malta Finance p.l.c. announced the publication of an updated Financial Analysis Summary. The report outlines the financial performance of Global Ports Holding Limited (the “Group” or “Guarantor”) for the period from FY2023 to FY2025, and also provides forecasts for FY2026.
In FY2026, adjusted revenue is now expected to increase by 23.07% to USD292.68 million compared to USD237.82 million in FY2025. This represents an upward revision from the previous projection of USD268.21 million, reflecting a busier programme of 7,002 cruise ship calls, up 12.55% year-on-year, with an average volume-weighted occupancy ratio of 102%, translating into a total of 18.97 million passengers (+7.47%). FY2026 will also include the first full-year contribution from Bremerhaven Cruise Port and Greenock Cruise Port, both recently added to the Group’s expanding network.
Adjusted EBITDA is expected to rise by 25.75% to USD188.23 million compared to USD149.69 million in FY2025, resulting in an anticipated improvement in profitability. Net profit is projected to reach USD68.94 million, up 52.19% from USD45.30 million recorded in FY2025, underscoring the robust growth momentum across the Group’s global cruise port portfolio.
Total assets are forecast to increase by 8.77% to USD1.38 billion, whilst total equity is expected to strengthen sharply to USD128.41 million. Total debt is projected to rise modestly by 4.88% to USD1.09 billion, while net borrowings are anticipated to grow by 6.71% to USD833.41 million.
Interest cover is expected to remain stable at 3.08 times, whilst the net borrowings-to-adjusted EBITDA multiple (excluding IFRS 16 – Leases) is projected at 4.67 times. Meanwhile, the net gearing ratio (excluding IFRS 16 – Leases) is expected to improve to 86.65% from 91.67% as at the end of FY2025, and the debt-to-assets ratio to ease to 0.79 times from 0.82 times as at 31 MArch 2025.
Download:
Financial Analysis Summary dated 24 September 2025
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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).