Sunborn International (SBI) Q2 2025 earnings summary

Executive summary

• Completed share exchange with Rush Factory Plc, rebranding as Sunborn International Plc and listing on Nasdaq First North on 29 April 2025.

• H1 2025 marked by strong operational momentum, with hotel revenue up 7.7% to €12.4 million and operating EBITDAR up 11.9%.

• Gibraltar led growth with revenue up 13% and EBITDAR up 49%; London saw revenue up 2.6% but margin pressure from wage inflation and event timing.

• Active refinancing and growth projects in London, Vancouver, and Seville are progressing.

Financial highlights

• Net sales for May–June 2025: €5.1 million (vs. €0.7 million in 2024); H1 hotel business net sales: €12.6 million (+9.3% y/y).

• EBITDA: €3.0 million (59% of revenue); EBITA: €2.1 million (41% of revenue).

• Net profit: €396,000 (vs. -€347,000 y/y); EPS: €0.001.

• Equity ratio: 47.4%; net gearing: 91.5%.

• Cash and cash equivalents: €5.5 million; total assets: €181.8 million.

• Non-recurring other operating income of €1.88 million included in results.

Outlook and guidance

• Stable operational footing in London and Gibraltar; positive demand trend in Gibraltar expected to continue.

• Management confident for H2 2025, with DSEI event in London expected to boost results.

• Construction of new London yacht hotel to start in 2025, opening in 2027; Vancouver and Seville projects advancing.