GRUPO PESTANA SGPS SA

EthiFinance Ratings upgrades Grupo Pestana, SGPS S.A s rating from BBB- to BBB , changing its outlook from Positive to Stable. Grupo Pestana, SGPS S.A is a Portuguese company, founded in 1972, which focuses its activity on the tourist sector. The company is the Portuguese subsidiary of Pestana International Holding (PIH), the largest Portuguese group in the hospitality business in Portugal. The company manages 82 facilities in Portugal under Pestana Hotels, Pestana Collection, Pestana CR7, Pousadas de Portugal and Pestana Residences brands. The group s offer is complemented by real estate activities, golf courses and the Casino da Madeira. The company s turnover in 2022 amounted to € 375.4m (+43.2% YoY), with EBITDA of € 128.9m and an EBITDA margin of 34.3%. NFD/EBITDA stood at 2.2x. In 9M 2023, the company s turnover amounted to € 363.8m, with EBITDA of € 131.7m and an EBITDA margin of 36.2%. NFD/EBITDA LTM was down to 1.7x.