Sunborn International Plc (SBI) Half-Year Report 1 January - 30 June 2025

Half Year Report
Sunborn International Plc
26 August 2025 at 22:30

This is a summary of the half-year report of Sunborn International Plc for the period 1 January–30 June 2025. The full report is attached to this release and is also available at: https://www.sbih.group/reports

The half-year report of Sunborn International Plc includes the figures of the Sunborn International Holding Group for two months (May–June 2025) following the completion of the share exchange. Comparative figures present Rush Factory Plc’s published H1 2024 figures and audited financial year 2024 figures.

Figures presented in parentheses refer to the corresponding period of the previous year, unless otherwise stated.

Key Events 1 January–30 June 2025

 

• Sunborn International Holding Ltd (SBIH) and Rush Factory Plc completed a share exchange on 28 April 2025, as a result of which Rush Factory Plc was renamed Sunborn International Plc and SBIH became a subsidiary of SBI.
• Trading in the shares of Sunborn International Plc (SBI) on the Nasdaq First North Growth Market began on 29 April 2025.
• Group revenue for the reporting period (May–June 2025) amounted to EUR 5.103 million (EUR 0.667 million). The reporting period revenue comprises the revenue of the floating hotels operating in London and Gibraltar for two months following the share exchange.

• EBITDA for the reporting period increased to EUR 3.034 million (-0.197 million).
• Goodwill amortisation during the reporting period amounted to EUR 0.619 million. Adjusted operating profit excluding goodwill amortisation was EUR 2.744 million.

Key Figures

EUR 1,000	1.1.–30.6.2025[1]	1.1.–30.6.2024	31.12.2024[2]
Revenue	5,103	667	1,037
EBITDA	3,034	-197	-564
% of revenue	59 %	neg.	neg.
Operating profit (EBITA) excl. goodwill amortisation	2,744	-232	-614
% of revenue	54 %	neg.	neg.
Operating profit / loss (EBITA)	2,113	-232	-614
% of revenue	41 %	neg.	neg.
Profit for the period	396	-347	-1,135
Total assets	181,759	2,783	2,128
Current ratio, %	10.0 %	29.5 %	18.2 %
Equity ratio, %	47.4 %	-57.4 %	-143.2 %
Gearing, %	91.5 %	-63.5 %	-6.2 %
Diluted and undiluted EPS, EUR	0.001	-0.147	-0.481
Equity per share, EUR	0.150	-0.409	-0.754
Number of shares outstanding at period end	568,596,697	2,360,798	2,360,798
Average number of shares outstanding	285,478,748	2,360,798	2,360,798
Personnel	305	14	11

1. Figures include Sunborn International Holding Group May–June 2025
2. Audited

 

CEO Hans Niemi

H1 2025 was a turning point for our company: we completed the share exchange and trading in our shares began on Nasdaq First North. Hotel sales in H1 were strong and increased to EUR 12.4 million. Operating EBITDAR increased by +11.9%, and hotel occupancy rose to 69%. Gibraltar acted as the growth engine (revenue +13%, EBITDAR +49%), while in London revenue increased by +2.6%, although profitability was impacted by wage inflation and the timing of events.

Financing activities are progressing with refinancing measures, and the softening interest rate environment supports earnings. The company’s growth strategy continues: planning of a new low-carbon floating hotel in London is underway, and projects in Seville and Vancouver are progressing favorably. The outlook for H2 operational performance is solid.

 

Development of Operating Activities

Operational development: Hotel operations in London and Gibraltar developed strongly.

• H1 hotel revenue increased by +7.7% to GBP 10.595 million (GBP 9.834 million).
• Operating EBITDAR increased by +11.9% to GBP 2.860 million (GBP 2.557 million).
• Average occupancy rate in H1 was 69% (+5.7 percentage points year-on-year).

Gibraltar: Strong revenue growth in H1 with revenue of GBP 5.470 million (GBP 4.840 million), +13%, and profitability EBITDAR of GBP 1.394 million (GBP 0.935 million), +49%.

London: Positive revenue development in H1 of +2.6%, GBP 5.125 million (GBP 4.994 million), and EBITDAR of GBP 1.466 million (GBP 1.608 million), -8.8%, due to H1 cost pressures, London Living Wage salary increases, and the rescheduling of Q1 trade fair events.

Interest rate environment: The decline in euro area reference rates has improved the company’s debt servicing capacity and is reflected in improved financing cost outlooks. The company’s result is sensitive to changes in interest rates.

The table below presents the key performance indicators of the Sunborn International Holding Group’s floating hotels over different periods. Reporting period H1 2025 revenue includes hotel business income for two months (May–June 2025).

Figures are presented in original currency (GBP) and converted into euros using the ECB exchange rate of 0.8555 as of 30 June 2025.

EUR 1,000*	1.5.–30.6.2025	1.5.–30.6.2024	1.1.–30.6.2025	1.1.–30.6.2024	31.12.2024
Revenue, London	2,358	2,165	5,991	5,838	12,840
Revenue, Gibraltar	2,676	2,282	6,394	5,658	12,452
Average Daily Rate (ADR), EUR	208.3	211.1	191.5	196.0	194.4
Revenue per Available Room (RevPAR), EUR	158.9	139.0	131.9	123.9	138.5
Occupancy rate, %	76.3 %	65.8 %	68.9 %	63.2 %	71.3 %

*Converted using EUR/GBP exchange rate 0.8555 on 30 June 2025

 

Financial Development 1 January–30 June 2025

Revenue, profitability and result

The revenue of the Sunborn International Plc (SBI) Group during the reporting period consisted of revenue from the Sunborn International Holding Group’s floating hotels for two months (May–June 2025) following the completion of the share exchange. Revenue for the reporting period amounted to EUR 5.103 thousand (EUR 667 thousand). For comparison, hotel business revenue for the full period 1–6/2025 was EUR 12.579 thousand (EUR 11.507 thousand), representing growth of 9.3%. Revenue in previous periods consisted solely of Rush Factory’s event business income. The change in revenue was +665% year-on-year.

EBITDA increased to EUR 3.304 thousand (-197), representing 59% of revenue, and EBITA amounted to EUR 2.113 thousand (-232), representing 41% of revenue. Goodwill arising from the restructuring of the group is amortised over 20 years, with amortisation of EUR 619 thousand recognised during the reporting period. Operating profit excluding goodwill amortisation was EUR 2.744 thousand (-232), representing 17% of revenue. The result for the reporting period was EUR 396 thousand (-347), or EUR 0.001 (-0.147) per share. The result includes non-recurring other operating income of EUR 1.884 thousand.

 

Balance Sheet, Financing and Cash Flow

The balance sheet total of Sunborn International Plc on 30 June 2025 was EUR 181.759 thousand (EUR 2.783 thousand). Cash and cash equivalents amounted to EUR 5.537 thousand (EUR 56 thousand). The equity ratio was 47.4% (-57.4%). Interest-bearing bonds and bank loans amounted to EUR 83.228 thousand (EUR 668 thousand).

In September 2024, the maturity of the EUR 24.5 million bond issued by subsidiary Sunborn London Plc was extended to 5 February 2026. The maturity of the EUR 58.0 million bond issued by group company Sunborn Gibraltar Ltd was extended to 15 September 2025.

Preparations are underway for the restructuring of the company’s bonds. Refinancing of the Sunborn London Plc bond listed on Nasdaq Helsinki is planned to be completed during 2025 by issuing a new secured bond, which will also support preparations for relocating the current London floating hotel to Seville in 2027. The Sunborn Gibraltar Ltd bond is intended to be repaid in connection with the sale of the Gibraltar floating hotel XNS, financed by capital of the new project company, or alternatively by arranging a three-year bridge financing to support operational continuity in Gibraltar until 2028, when a new replacement hotel vessel is planned to open.

Operating cash flow during the reporting period was EUR -2.482 thousand (EUR 181 thousand). Cash flow from investments was EUR -380 thousand (-40), and cash flow from financing was EUR 8.384 thousand (-78). As a result of the share exchange, group equity increased significantly to EUR 85.123 thousand (-965).

The most significant assets of the Group are the floating hotels in London and Gibraltar. The carrying amount of the London floating hotel in the balance sheet of Sunborn London Plc was EUR 6.6 million, which is low compared to its fair value of EUR 49.9 million according to the valuation report dated 3 March 2025. The carrying amount of the Gibraltar floating hotel in the balance sheet of Sunborn Gibraltar Ltd was EUR 88.4 million, with a fair value of USD 135.7 million (approximately EUR 130.0 million) according to the valuation report dated 20 February 2025.

 

Sunborn International Plc Board of Directors

This is a summary of the half-year report of Sunborn International Plc for the period 1 January–30 June 2025. The full report is attached to this release and is also available at: https://www.sbih.group/reports

For further information, please contact:
Hans Niemi, CEO Sunborn International Plc
hans.niemi@sunborn.com
+358 2 445 4513

Certified advisor: Nordic Certified Adviser AB, puh. +46 70 551 67 29

 

Distribution:

Nasdaq Helsinki
Key media
www.fi.sbih.group
www.sbih.group

 

Sunborn International

Sunborn International is an innovative developer, owner and operator of high-quality yacht hotels and other floating real estate with global operations. Yacht hotels and floating real estate offer an opportunity to utilise unused water space in city harbours and prestigious waterfront locations.

Sunborn International currently owns two yacht hotels located in London and Gibraltar, which combine exclusive accommodation, restaurant services, conference and event venues. Sunborn International is an industry pioneer, with extensive experience in shipbuilding and vessel design as well as developing waterfront areas and harbours and tackling permitting processes in various countries. The company is actively expanding into new markets, with yacht hotel development projects in London, Vancouver and around the world.

Further information: www.sbih.group