SD Holdings grows revenue 12% to €111.3 million as Hard Rock Hotel Malta nears opening

SD Holdings Limited, the parent company of db Group, has reported a 12 per cent increase in revenue to a record €111.3 million for the financial year ended 31st March 2026, as the Group's hotel and hospitality operations delivered their strongest trading performance to date and its flagship St George's Bay development moved into its final stages.

Revenue rose by €12.1 million on the prior year's €99.2 million. Group hotel occupancy increased to 87 per cent, up from 84 per cent, and food and beverage turnover grew to €44.2 million from €38.7 million.

Total assets increased to €750 million from €592 million, reflecting the scale of the Group's ongoing investment programme. Net Profit after Tax for the year was €17.4 million.

The Group closed the year with cash and cash equivalents of €98.5 million, up from €89.5 million a year earlier.

"This has been a record year for the Group," said Silvio Debono, Chairman of SD Holdings. "Revenue grew to its highest level ever, our hotels achieved occupancy better than any year before the pandemic, and our food and beverage business continued to expand strongly. We also realised significant value from our subsidiary holdings and will reinvest it where we see the greatest long-term return.”

In April 2025 the Group completed the disposal of its interests in Malta Healthcare Caterers Limited, Kore Air Services Limited and Kore Inflight Services Limited, realising total consideration of €42.1 million and a gain on disposal of €33.6 million. Reported EBITDA of €66.7 million for the year includes this one-off gain.

The Group’s expanded portfolio, combined with sustained demand across the Group's restaurant and franchise operations, including Hard Rock Cafe, Starbucks, GROM and the C&R Café outlets, underpinned the year's revenue growth.

The Group also acquired a commercial laundry during the year and is converting it into an industrial facility with tunnel-washer technology and fully automated systems, expanding capacity to serve both the Group's growing hotel estate and third-party clients.

The Group's flagship St George's Bay development – Hard Rock Hotel Malta, ORA Residences and St George's Mall – is approaching completion. Representing a total investment of nearly €260 million, it is the most significant hospitality development undertaken in Malta in recent years. The Group also opened AKI London during the year, its first restaurant outside Malta and a platform for further international growth which has already been included in the Michelin Guide.

Hard Rock Hotel Malta is expected to commence operations shortly. Its opening will be accompanied by a portfolio of dining and lifestyle concepts at the site, including TATEL, Hard Rock Cafe, Tanvi, C&R, Starbucks and Matto, materially expanding the Group's premium hospitality offering.

In the United Arab Emirates, SD Holdings advanced its joint venture with Marjan, the master developer of Al Marjan Island, to bring the Hard Rock Hotel and Branded Residences to Ras Al Khaimah, one of the Middle East's fastest-growing tourism destinations.

In 2026, SD Finance plc, the Group's financing arm, successfully concluded an unsecured bond issuance programme of up to €60 million guaranteed by SD Holdings Limited. The bonds carry a coupon of 5.20 per cent payable annually and are due for redemption at par on 15th February 2031. Proceeds are supporting the Group's developments and general corporate funding requirements.