Sunborn International (SBI) Q4 2025 earnings summary

Executive summary

• Completed a transformative share exchange in April 2025, making yacht hotels in London and Gibraltar core assets.

• Listed on Nasdaq First North in April 2025, strengthening equity and balance sheet.

• Net sales for May–December 2025 reached EUR 19.1 million, with EBITDA at EUR 6.3 million (33% margin).

• Operational performance remained resilient despite cost pressures and macroeconomic uncertainty.

Financial highlights

• H2 2025 net sales: EUR 14.1 million (vs. EUR 0.16 million in H2 2024); full period net sales: EUR 19.1 million.

• EBITDA for May–December 2025: EUR 6.3 million (vs. EUR -0.56 million prior year).

• Adjusted EBITA (excluding goodwill amortization): EUR 4.6 million.

• Result for the period: EUR -4.0 million, impacted by non-cash goodwill amortization and EUR 1.9 million unrealized FX loss.

• Equity ratio improved to 45.8%; net gearing at 71.4%.

Outlook and guidance

• Stable operational footing in London and Gibraltar expected for 2026.

• Revenue and EBITDA growth targeted, with ongoing renovations and new project development.

• London: Q1 2026 occupancy pacing at 75%, with strong event pipeline for the year.

• Gibraltar: January 2026 up 12% YoY, but corporate demand moderated by gaming tax changes.

• Targeting EUR 70 million revenue and EUR 28–30 million EBITDA by 2028, subject to project timelines.