Sunborn International (SBI) Q1 2026 earnings summary

Executive summary

• Net sales grew 1.8% year-over-year to EUR 5.23 million in Q1 2026, with strong London performance offsetting a weaker Gibraltar quarter.

• London yacht hotel net sales rose 14% to £2.435 million and EBITDAR increased 13% to £0.509 million, driven by robust demand across all segments.

• Gibraltar saw a 9% decline in net sales to £2.104 million and a 75% drop in EBITDAR to £0.104 million, impacted by lower room demand and geopolitical-related cancellations.

• The first quarter is seasonally weakest for hotels; Gibraltar's Q1 2025 was exceptionally strong, setting a high comparison base.

Financial highlights

• Consolidated net sales for Q1 2026: EUR 5.23 million (EUR 5.14 million in Q1 2025).

• London net sales: £2.435 million (+14% year-over-year); Gibraltar net sales: £2.104 million (-9% year-over-year).

• Average daily rate (ADR) declined to £146.60 from £152.84; occupancy improved to 64.6% from 63.2%.

• Revenue per available room (RevPar) decreased to £94.67 from £96.56.

Outlook and guidance

• Forecasts for 2026 indicate solid performance and continued revenue growth.

• Priorities include completing Gibraltar refinancing, advancing development in Vancouver, London, and Seville, and progressing joint venture strategy.

• EU-UK-Gibraltar treaty and border opening scheduled for July expected to boost Gibraltar demand.