Sunborn International (SBI) Q3 2026 earnings summary

Executive summary

• Jan–Sep net sales were €19.850m; comparable nine-month hotel revenue grew 1.8% in GBP, with London growth offsetting broadly flat Gibraltar trading.

• Occupancy rose to 72.3% from 70.6%; lower ADR left RevPAR down 0.8%, while combined Total RevPAR increased 1.8%.

• Strategic progress included Gibraltar refinancing, London and Vancouver planning approvals, and launch of a modular-property subsidiary.

Financial highlights

• Jan–Sep net sales were €19.850m vs €12.278m; 2025 included London and Gibraltar hotel sales for only May–September, while comparable GBP sales grew 1.8%.

• EBITDA was €3.589m vs €4.674m; the comparison period included €1.884m of non-recurring other operating income.

• Q3 combined hotel net sales rose 0.9% to GBP 6.295m; operational EBITDAR increased 16.2% in London and decreased 2.0% in Gibraltar.

Outlook and guidance

• FY2026 forecasts indicate year-on-year revenue growth in London and Gibraltar; new product initiatives and cost controls are expected to improve future margins.

• Construction of new London and Vancouver yacht hotels is targeted to start in 2027; London and Seville openings are expected in 2028.

• London and Vancouver projects aim to add 475 rooms by end-2028, taking total capacity to approximately 800 rooms, up 144%.