db Group has forecast EBITDA of €104 million for the financial year ending 31st March 2027, as revenues from Hard Rock Hotel Malta and anticipated residential sales at ORA Residences begin to flow through from its St George’s Bay development in Malta.

The Maltese hospitality and property group projects total revenue of €237 million for that financial year, according to a Financial Analysis Summary published by SD Finance plc. That figure represents a substantial step up from the €111 million recorded in the previous year, though it falls short of an earlier forecast of €378 million in revenue and €181 million in EBITDA. The group attributed the revision primarily to timing: delays in the start of St George’s Bay operations and the phasing of residential deliveries including ORA Tower East, pushed some income across financial year-end boundaries.

“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,” said Robert Debono Chief executive.

The group expects St George’s Bay to generate €300 million in revenue across its first two years of operation. The Hard Rock Hotel Malta, a 397-room property inaugurated on 2nd September, sits at the centre of the development alongside St George’s Mall and ORA Residences, adding restaurants, bars, wellness facilities and event spaces to the portfolio.

The revised outlook arrives against a backdrop of continued growth in db Group’s existing business. Annual revenue rose 12.2 per cent to €111 million in the most recent financial year, supported by db Seabank Resort and Spa, db San Antonio Hotel and Spa, a full year’s contribution from Xemxija Bay Hotel and a growing restaurant portfolio that includes Aki London. Gross operating profit from existing properties improved by €5 million year on year.

Over the same period, the group invested €123 million in property, plant and equipment. Total assets reached €750 million, with cash and cash equivalents of €99 million at March 2026.

“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,” said Debono.

Beyond Malta, db Group is also pursuing a planned Hard Rock development in Ras Al Khaimah as part of its international growth strategy.