Sunborn International (SBI) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 reached EUR 7.404 million, a significant increase from EUR 0.345 million in Q3 2024, reflecting the impact of the share exchange and consolidation of yacht hotel operations in London and Gibraltar.

• Both London and Gibraltar subsidiaries showed positive development, with group net sales up 10.7% year-over-year to 6,235 tGBP and EBITDAR up 17.8% to 1,899 tGBP.

• Average occupancy for Q3 2025 was stable at 74.0%, and Average Daily Rate (ADR) increased by 12.2% to £185.1.

Financial highlights

• Gibraltar Q3 net sales rose 10.1% to 3,308 tGBP, with EBITDAR up 36.5% to 1,039 tGBP; London Q3 net sales grew 11.5% to 2,928 tGBP, with EBITDAR up 1.0% to 860 tGBP.

• Year-to-date (YTD) net sales for Gibraltar were 8,778 tGBP (+11.9%), and EBITDAR was 2,433 tGBP (+43.5%).

• London YTD net sales were 8,053 tGBP (+5.7%), but EBITDAR declined by 6.1% to 2,324 tGBP due to cost pressures.

• Food & Beverage revenue in both locations showed strong growth, with Gibraltar up 11% and London up 8.25% year-over-year.

Outlook and guidance

• Management remains optimistic for a strong Q4 2025, expecting to achieve or exceed full-year targets, with a narrowing EBITDA gap year-over-year.

• Forecasts for 2025 indicate continued growth in operating units and stable debt servicing capacity.