SBINasdaq HelsinkiLodgingIFRS · EUR

Sunborn International Plc

Sunborn International develops, owns, and operates yacht hotels and other floating structures that are designed to use waterfront locations in city harbors and premium coastal sites. The company’s portfolio combines accommodation, restaurants, and conference and event space, with operations centered on its existing properties in London and Gibraltar and development projects in other international markets.

Revenue19.1m EUR
+451.3 %y/y
Operating profit (EBIT)2.4m EUR
+45.7 %y/y
EBIT margin12.8%
−35.5 ppy/y
Net income0.0m EUR
−95.4 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

05101520m EUR2020: 2.7 m EUR2020: EBIT 5.7 m EUR20202021: 2.7 m EUR2021: EBIT 1.2 m EUR20212022: 4.0 m EUR2022: EBIT 2.1 m EUR20222023: 3.2 m EUR2023: EBIT 1.4 m EUR20232024: 3.5 m EUR2024: EBIT 1.7 m EUR20242025: 19 m EUR2025: EBIT 2.4 m EUR2025192.4
RevenueOperating profit (EBIT)

Business

Share of revenue
Yacht hotel operations70 %

Operating floating hotels that provide rooms, hospitality, and guest services.

Food and beverage15 %

Restaurant, bar, and catering services tied to hotel guests and events.

Meetings and events10 %

Conference, banquet, and event space sold to corporate and private clients.

Development and project services5 %

Design, planning, permitting, and development of new floating hotel projects.

Customers

Sunborn sells primarily to leisure travelers, business travelers, and event organizers who want premium waterfront accommodation and venue space. Its development activity also serves public and private counterparties involved in harbor, coastal, and mixed-use site projects. Demand is tied to destination appeal, event calendars, and the attractiveness of the underlying waterfront location.

Leisure travelers

Guests booking upscale rooms and waterfront experiences for short stays and holidays.

Business travelers

Corporate and individual travelers using hotel rooms and business-friendly amenities.

Event and conference clients

Organizations renting meeting rooms, banquet space, and hospitality packages.

Development partners

Municipalities, port authorities, and counterparties involved in new floating hotel projects.

Strategy

Sunborn’s strategy is to expand its floating-hotel platform into additional waterfront markets while advancing new project pipelines. The company is also focused on securing sites, permits, and project financing so that new yacht hotels can move from concept to construction and operation.

Advance new yacht hotel projectsMedium term

Growth depends on converting development pipelines into operating assets.

Secure project financingShort term

Large waterfront developments require committed funding before construction.

Maintain and reposition existing assetsMedium term

Existing hotels provide the operating base and cash-generating platform.

Geography

Sunborn’s operating base is international, with current hotel assets in London and Gibraltar and development activity referenced in Vancouver and other markets. The business depends on access to waterfront sites, local permitting, and city-specific tourism and event demand, so geography is central to both operations and growth. Because the company’s assets are location-specific, each market has distinct regulatory and execution exposure.

Risks

Sunborn faces project execution risk because its growth depends on permits, site access, and construction delivery for highly customized floating assets. It is also exposed to hospitality demand cycles, local tourism trends, and financing risk, while its asset-heavy model creates sensitivity to occupancy, event volumes, and long development lead times.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Planning and permitting delays1Project financing risk2Occupancy and event demand volatility3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Planning and permitting delaysImpact: HighLikelihood: Medium

    New yacht hotels require local approvals, rezoning, and harbor access rights.

    ExposureLondonVancouverSevilla
  2. Project financing riskImpact: HighLikelihood: Medium

    Development projects need substantial external funding before revenue starts.

    Exposure: New hotel pipeline

  3. Occupancy and event demand volatilityImpact: MediumLikelihood: Medium

    Hotel and conference revenue depend on travel, tourism, and event activity.

    Exposure: London and Gibraltar operations

  4. Asset concentrationImpact: Medium

    A small number of properties means each site has a large impact on results.

    Exposure: Existing hotel portfolio

Accounting

Judgemental items
Seasonality in hotel revenue

Room nights, restaurant sales, and events can vary materially by quarter.

Impact: Affects comparability across reporting periods

Capitalization of development costs

Project-stage spending may be recorded as assets before opening.

Impact: Can materially affect profit timing and asset values

Impairment of goodwill and fixed assets

Hotel assets and project-related goodwill depend on future cash flows.

Impact: Could create large non-cash charges if assumptions weaken

Debt and financing costs

The company uses project and corporate financing for asset development.

Impact: Interest expense and refinancing terms affect earnings and liquidity

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026