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VBL plc – Financial Performance Update

cyber

November 19, 2025

Market News
19 November, 2025
3 min read
Market News
19 November, 2025
3 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

On 17 November 2025, VBL plc announced that its end of year revenue outlook for FY2025 is set to be in line with what was projected in the financial analysis summary dated 25 June 2025. Revenue is anticipated to increase by 5.8% to €4.3 million and the revenue split for the hospitality segment in FY2025 would be composed to approximately 41% to hotels, 32% to own rented properties, 12% to managed assets, while other revenues and management fees accounting for 13% and 2% respectively. Meanwhile, operational property yields are anticipated to be circa 7.0%. EBITDA is expected at around €1.1 million, in line with the previous year.

Total debt is expected at around €22 million. As projected in the financial analysis summary, the Group is projected to have a net debt to EBITDA of 15.8 times and a debt to asset ratio of around 0.23 times.

By the end of the year, the portfolio is expected to exceed the 17,500 sqm level after completion of the development of owned properties and possibly some new additions. The figure is exclusive of properties under promise of sale and the leased third-party managed properties, which the Group is managing on the hospitality and rental markets.  Moreover, the book value of its investment property is set to be around €90 million.

Furthermore, VBL also explained that all relevant conditions to the development of the Silver Horse Project are on track, and it is anticipated to be completed in H2 2026, in line with was announced in the H1 2025 interim results. The project will result in an 88-room internationally-branded hotel. From the development, VBL is anticipated to generate an additional €2.0-2.5 million of recurring operational EBITDA per annum.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 17 November 2025, VBL plc announced that its end of year revenue outlook for FY2025 is set to be in line with what was projected in the financial analysis summary dated 25 June 2025. Revenue is anticipated to increase by 5.8% to €4.3 million and the revenue split for the hospitality segment in FY2025 would be composed to approximately 41% to hotels, 32% to own rented properties, 12% to managed assets, while other revenues and management fees accounting for 13% and 2% respectively. Meanwhile, operational property yields are anticipated to be circa 7.0%. EBITDA is expected at around €1.1 million, in line with the previous year.

Total debt is expected at around €22 million. As projected in the financial analysis summary, the Group is projected to have a net debt to EBITDA of 15.8 times and a debt to asset ratio of around 0.23 times.

By the end of the year, the portfolio is expected to exceed the 17,500 sqm level after completion of the development of owned properties and possibly some new additions. The figure is exclusive of properties under promise of sale and the leased third-party managed properties, which the Group is managing on the hospitality and rental markets.  Moreover, the book value of its investment property is set to be around €90 million.

Furthermore, VBL also explained that all relevant conditions to the development of the Silver Horse Project are on track, and it is anticipated to be completed in H2 2026, in line with was announced in the H1 2025 interim results. The project will result in an 88-room internationally-branded hotel. From the development, VBL is anticipated to generate an additional €2.0-2.5 million of recurring operational EBITDA per annum.