Sunborn International (SBI) Q2 2026 earnings summary

Executive summary

• Net sales for H1 2026 reached EUR 12.5 million, up 2.3% on a comparable six-month basis, with London revenues rising 7.0% and Gibraltar declining 2.1% year-over-year.

• EBITDA fell to EUR 1.7 million from EUR 3.0 million, mainly due to non-recurring income in the prior year; adjusted operating profit excluding goodwill amortisation was EUR 0.5 million.

• Significant strategic progress included planning approvals for new yacht hotels in London and Vancouver, and refinancing of major debt facilities.

• The company received the Nasdaq Green Equity Designation and began trading on the US OTCID Market.

Financial highlights

• Net sales: EUR 12.5 million (H1 2026), up from EUR 5.1 million (H1 2025, which included only 2 months of full operations).

• EBITDA: EUR 1.7 million (14% margin), down from EUR 3.0 million (59% margin) in H1 2025.

• EBITA without goodwill amortisation: EUR 0.5 million (4% margin), down from EUR 2.7 million (54% margin).

• Result for the period: EUR -2.4 million, compared to EUR 0.4 million in H1 2025.

Outlook and guidance

• Management expects stable operations in London and Gibraltar, with a focus on revenue growth, EBITDA improvement, and property renovations.

• Forecasts for 2026 indicate growth in both operating units, with new hotels in London and Vancouver targeted to open by 2028, increasing capacity by 475 rooms.

• Construction of the new London yacht hotel is targeted to start in 2027, with Seville and Vancouver projects also advancing.