db Group forecasts €104 million EBITDA as St George’s Bay enters operation

db Group is forecasting earnings before interest, tax, depreciation and amortisation (EBITDA) of €104 million for the financial year ending 31 March 2027, as Hard Rock Hotel Malta and anticipated residential deliveries at ORA Residences begin to translate its investment in St George’s Bay into income.

The Group expects the St George’s Bay project to generate €300 million in revenue over its first two years of operation, adding to the income generated by its established operating business.

The expansion follows a financial year in which the Group invested €123 million in property, plant and equipment, while its total assets increased to €750 million. Cash and cash equivalents stood at €99 million at March 2026, reflecting the Group’s emphasis on financial discipline and liquidity planning during the delivery of major projects.

The established business also continued to improve its profitability, with gross operating profit from existing properties increasing by €5 million over the previous year.

As reported in July, annual revenue grew by 12.2% to €111 million, supported by db Seabank Resort and Spa, db San Antonio Hotel and Spa, a full year’s contribution from Xemxija Bay Hotel and the expansion of the restaurant portfolio, including Aki London.

The inauguration of the 397-room Hard Rock Hotel Malta on 2 September marked a major milestone in the Group’s expansion. Forming part of the St George’s Bay development alongside St George’s Mall and ORA Residences, the hotel adds restaurants, bars, wellness facilities and event spaces to the Group’s hospitality portfolio.

The latest Financial Analysis Summary, published by SD Finance plc, projects Group revenue of €237 million for the financial year ending 31 March 2027, compared with €111 million in the previous year.

The updated outlook reflects the later commencement of operations at St George’s Bay and the timing of residential deliveries, including ORA Tower East. These factors principally explain the revision from the previous forecasts of €378 million in revenue and €181 million in EBITDA for the year ending March 2027.

Explaining the revised timetable, CEO Robert Debono said: “A delay of one or two months can move a residential delivery across our financial year-end, shifting the associated income into the following year. Our revised forecasts reflect that change in timing.”

“Seabank and San Antonio remain very profitable foundations of our business. St George’s Bay builds on that established base and itself brings together several sources of income, including hotel accommodation, restaurants, bars, retail and residential sales,” Debono added.

Alongside the development of its Malta operations, db Group continues to pursue international expansion through its planned Hard Rock development in Ras Al Khaimah.