Sunborn International Plc Q3 Business Review 2025

Interim Report
Sunborn International Plc
20 October 2025 at 22:00 

Sunborn International Plc has published its Q3 business review for the period 1 July–30 September 2025. 

The complete version of Sunborn International Plc’s Q3 Business Review 2025 is attached to this release and is also available on the company’s website at https://www.sbih.group/reports 

Key events 1 July–30 September 2025 

The Group’s revenue for the reporting period was EUR 7.404 million (EUR 0.345 million). 

Sunborn Gibraltar’s Q3 was already the fourth consecutive quarter in which both revenue and EBITDAR grew by double-digit figures compared to the corresponding periods of the previous year. 

Hotel operations revenues Q3 2025: 

• Revenue: GBP 3.308m (GBP 3.006m) +10.1%
• EBITDAR: GBP 1.039m (GBP 0.761m) +36.5% 

Sunborn London’s revenue has grown during the year across all departments, as the positive development of the first half of the year also continued in the third quarter. EBITDAR, however, has remained weaker than expected. 

Hotel operations revenues Q3 2025: 

• Revenue: GBP 2.928m (GBP 2.626m) +11.5%
• EBITDAR: GBP 0.860m (GBP 0.852m) +1.0% 

Due to delays in the XNS joint venture, the company is negotiating the refinancing of the Sunborn Gibraltar Ltd bond, which matures on 27 October 2025. 

Key events 1 January–30 September 2025 

• The Group’s revenue for the reporting period (May–September 2025) was EUR 12.278 million (1–9/2024: EUR 0.577 million). 

The revenue for the 2025 reporting period consists of the revenues of the yacht hotels operating in London and Gibraltar for five months following the completion of the share exchange. 

CEO Hans Niemi 

The Group’s companies in London and Gibraltar continued their positive development during the third quarter of 2025. 

Revenue increased by 10.7% to GBP 6,235 thousand (Q3 2024: GBP 5,632 thousand), while operating profit increased by 17.8% to GBP 1,899 thousand (Q3 2024: GBP 1,613 thousand). 

The average occupancy rate in the third quarter of 2025 remained stable at 74%, in line with the previous year. The hotels’ average daily rate (ADR) increased by 12.2% to GBP 185.1 (GBP 164.9). 

Gibraltar achieved a strong quarter; revenue increased by 10.1% to GBP 3,308 thousand (Q3 2024: GBP 3,006 thousand) and operating profit by 36.5% to GBP 1,039 thousand (Q3 2024: GBP 761 thousand), reflecting steady operational improvement. 

London’s revenue increased by 11.5% to GBP 2,928 thousand (Q3 2024: GBP 2,626 thousand). However, due to ongoing cost pressures, operating profit growth remained modest at 1.0%, increasing to GBP 860 thousand (Q3 2024: GBP 852 thousand). Addressing cost challenges remains a key management priority going forward. 

From a financing perspective, a stabilised environment with lower interest rates has supported improved debt servicing capacity. However, profitability remains sensitive to favourable movements in the EURIBOR rate, highlighting the importance of maintaining a strong focus on financial discipline. 

The joint venture concerning the Gibraltar yacht hotel with XNS Holdings PTE. Ltd. has been delayed from the original schedule. Due to these delays, the company is in advanced negotiations to refinance the Sunborn Gibraltar Ltd bond maturing on 27 October 2025 with a major European bank. 

The Board of Directors of Sunborn Gibraltar Ltd reviewed the loan offer it received today, 20 October, for the repayment of the bond and decided to proceed with the implementation of the loan arrangement. 

However, the refinancing process and timetable are still dependent on the finalisation of the loan documentation. As a result, Sunborn Gibraltar Ltd is negotiating the necessary arrangements with bondholders. The company will issue a separate announcement on the matter before the bond’s maturity. 

The objective of the refinancing process is to ensure that the completion of the XNS transaction does not become the sole option for the repayment of the maturing bond. The company continues to advance both processes in parallel and prioritises actions that support the Group’s long-term strategy and financial stability. 

Key performance indicators for hotel operations 

The table below presents the key performance indicators of the yacht hotels of the Sunborn International Holding Group for different periods. 

It should be noted that, unlike what is presented below, the Group’s revenue for the reporting period 1 January–30 September 2025 includes hotel operations revenues for only five months (May–September 2025). 

The figures are presented in the original currency (GBP), but for clarity are also translated into euros in the table below using the same ECB exchange rate of 0.8734 as of 30 September 2025. 

Sunborn International Oyj – Operating Metrics 1,000 GBP 

 

	1 Jul–30 Sep 2025	1 Jul–30 Sep 2024	1 Jan–30 Sep 2025	1 Jan–30 Sep 2024	1 Jan–31 Dec 2024
Revenue, London	2,928	2,626	8,053	7,620	10,985
Revenue, Gibraltar	3,308	3,006	8,778	7,845	10,653
Total revenue	6,236	5,632	16,831	15,465	21,638
Average daily rate (ADR), £	185.1	164.9	171.3	166.7	166.3
Revenue per available room (RevPAR), £	137.0	122.3	120.9	111.5	118.5
Occupancy rate, %	74.0%	74.2%	70.6%	66.9%	71.3%

1,000 EUR*

 

	1 Jul–30 Sep 2025	1 Jul–30 Sep 2024	1 Jan–30 Sep 2025	1 Jan–30 Sep 2024	1 Jan–31 Dec 2024
Revenue, London	3,352	3,007	9,220	8,726	12,577
Revenue, Gibraltar	3,788	3,441	10,061	8,983	12,197
Total revenue	7,140	6,448	19,271	17,707	24,774
Average daily rate (ADR), €	212.0	188.8	196.2	190.8	190.4
Revenue per available room (RevPAR), €	156.8	140.1	138.5	127.7	135.7
Occupancy rate, %	74.0%	74.2%	70.6%	66.9%	71.3%

(At the EUR/GBP exchange rate on 30 September 2025: 0.8734)

Further information:

Hans Niemi

Chief Executive Officer Sunborn International Oyj

hans.niemi@sunborn.com

+358 2 445 4513

Approved Adviser: Nordic Certified Adviser AB, tel. +46 70 551 67 29

Distribution:

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

About Sunborn International

Sunborn International (Nasdaq: SBI) is an internationally operating, innovative developer, owner, and operator of high-end yacht hotels and other floating structures. Yacht hotels and floating structures enable the utilization of water areas in city harbors and prestigious waterfront locations.

Sunborn International currently owns two yacht hotels, one located in London and the other in Gibraltar. The yacht hotels combine exclusive accommodation with restaurant services as well as conference and event facilities. Sunborn International is a pioneer in its field and has long-standing experience in shipbuilding and ship design, as well as in the development of waterfront and harbor areas and related permitting processes in multiple countries. The company is actively expanding into new markets and has yacht hotel development projects underway in Vancouver, London, and around the world.

Further information: www.fi.sbih.group