Nasdaq HelsinkiIFRS · EUR

Sunborn London Oyj

Sunborn London Oyj is a Finnish holding company that owns the Sunborn London floating hotel in London and leases it onward within the Sunborn group. The company’s business is centered on holding the hotel asset, receiving rental income, and managing related financing and group arrangements through its subsidiary structure.

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Operating profit (EBIT)2.4m EUR
+45.7 %y/y
Net income0.0m EUR
−95.4 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

0246m 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: EBIT 2.4 m EUR20252.4
RevenueOperating profit (EBIT)
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Business

Share of revenue
Investment property leasing100 %

Ownership and leasing of the Sunborn London hotel asset to an operating group company.

Customers

The direct customer is the Sunborn International (UK) Ltd operating company, which leases the hotel asset and uses it to run the hospitality business. Economic demand ultimately comes from hotel guests staying at the Sunborn London ship-hotel, but the reporting company itself earns income through intra-group leasing rather than direct guest sales. Related-party counterparties also matter because financing, administration, and group services are part of the operating structure.

Intra-group hotel operator

Sunborn International (UK) Ltd leases the ship-hotel and operates the hospitality business, generating the rental base for Sunborn London Oyj.

End hotel guests

Business and leisure travelers staying at the Sunborn London hotel drive the operating affiliate’s ability to pay rent.

Sunborn group counterparties

Group companies and related parties provide administration, financing, and other internal services.

Strategy

The company’s strategy is to hold the Sunborn London hotel asset and lease it within the group under a structure that supports stable rental income. It also relies on group financing and capital structure management to support the asset base and related obligations. The business is tied to preserving the hotel’s operating quality and the long-term value of the London property.

Protect and monetize the London hotel assetLong term

The company’s value and income depend on the hotel property and its lease structure.

Manage financing and capital structureMedium term

Debt service and refinancing affect the company’s ability to hold and develop the asset.

Geography

The company is incorporated in Finland, but its core asset is located in London, United Kingdom. Revenue is tied to the London hotel property, while financing and group administration are anchored in the Sunborn group structure in Finland. This creates exposure to GBP/EUR exchange movements and to the operating performance of the London hospitality market.

Risks

The company is exposed to concentration risk because it depends on a single hotel asset and a small number of related-party counterparties. Its reported results are also sensitive to GBP/EUR exchange rates, hotel operating performance at the lessee level, and the valuation of the investment property. Financing, refinancing, and related-party dependence are material because the business model relies on internal cash flows and group support.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Single-asset concentration1Related-party dependency2Financing and refinancing risk3Property valuation sensitivity4Foreign exchange volatility5
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. Single-asset concentrationImpact: HighLikelihood: Medium

    The company’s value and income are tied to one hotel property in London.

    Exposure: Sunborn London ship-hotel

  2. Related-party dependencyImpact: HighLikelihood: Medium

    Rental income and services depend on affiliated Sunborn entities.

    Exposure: Sunborn International (UK) Ltd and group companies

  3. Financing and refinancing riskImpact: HighLikelihood: Medium

    The structure includes loans and bond-related obligations that must be serviced.

    Exposure: Debt amortization and related-party funding

  4. Property valuation sensitivityImpact: HighLikelihood: Low

    Investment property fair value depends on discounted cash flow assumptions and market inputs.

    Exposure: London hotel valuation

  5. Foreign exchange volatilityImpact: MediumLikelihood: Medium

    The asset and operating cash flows are linked to GBP while reporting is in EUR.

    Exposure: GBP/EUR

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Accounting

Judgemental items
Investment property valuation

The ship-hotel is measured using discounted cash flow assumptions and level 3 inputs.

Impact: Can materially change asset carrying value and equity

Foreign currency translation

The hotel operates in the UK but reports in euros, creating translation effects.

Impact: Affects reported rental income, asset values, and liabilities

Depreciation of fixed assets

The company applies straight-line depreciation over long useful lives.

Impact: Influences operating profit and carrying amounts

Related-party balances

Receivables, payables, and service fees are largely intra-group.

Impact: Affects liquidity presentation and counterparty concentration

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Last updated: 24/09/2026