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Main Street Complex plc – Full-Year Results

Jonathan Falzon

April 24, 2026

24 April, 2026
4 min read
24 April, 2026
4 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.

Financial Performance

On 23 April 2026, Main Street Complex plc published its Annual Report and Financial Statements for the year ended 31 December 2025.

Revenue decreased by 12.0% to €0.63 million (2024: €0.72 million) reflecting reduced occupancy levels following the non-renewal of tenancy agreements and the temporary closure of large sections of the complex in anticipation of a major refurbishment.

Total operating costs increased by 26.7% to €0.45 million driven by accelerated repairs and maintenance and additional professional fees incurred in planning the refurbishment programme. Excluding depreciation, EBITDA slumped by 42.4% to €0.27 million. Meanwhile, operating profit (EBIT) dropped by 49.4% to €0.19 million compared to €0.37 million in 2024. As a result, the EBITDA margin fell to 43.5% (2024: 66.3%) while the EBIT margin decreased to 29.4% (2024: 51.1%).

Overall, Main Street Complex reported a pre-tax profit of €0.19 million (2024: €0.37 million). After accounting for a tax charge of €0.08 million, net profit amounted to €0.11 million which translates into a return on average equity of 1.14% (2024: 2.49%).

The Statement of Financial Position as at 31 December 2025 shows that total assets remained virtually unchanged at €10.8 million, property, plant and equipment of €9.9 million and a cash balance of €0.72 million. Total liabilities increased by 3.2% to €1.27 million due to higher trade and other payables as the company remained free from any borrowings. Total equity decreased by 0.4% to €9.48 million, which translates into a net asset value per share of €0.489 (31 December 2024: €0.491).

Dividend

In line with the guidance that the company had provided in the interim results, no dividend will be paid in respect to the current financial year 2025.

Outlook

In his commentary, the Chairman noted that the company has entered a period of major works, comprising a complete renovation of the public areas and conversion of the ground floor into the ‘Little Greens’ outlet, with its opening anticipated in late 2026. While some tenants and the car park remain in operation, the current year is expected to be a disrupted one, characterised by reduced levels of activity and limited revenue.

The Board and management are encouraged by a renewed interest in Main Street Complex and anticipate announcing the signing up of new tenants in the near future.

New leases with former tenants are scheduled to commence in July 2026, while discussions with prospective tenants remain ongoing. The Board remains cautiously optimistic that Main Street Complex will regain momentum and attract appropriate interest from prospective tenants and visitors over the short to medium term.

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 23 April 2026, Main Street Complex plc published its Annual Report and Financial Statements for the year ended 31 December 2025.

Revenue decreased by 12.0% to €0.63 million (2024: €0.72 million) reflecting reduced occupancy levels following the non-renewal of tenancy agreements and the temporary closure of large sections of the complex in anticipation of a major refurbishment.

Total operating costs increased by 26.7% to €0.45 million driven by accelerated repairs and maintenance and additional professional fees incurred in planning the refurbishment programme. Excluding depreciation, EBITDA slumped by 42.4% to €0.27 million. Meanwhile, operating profit (EBIT) dropped by 49.4% to €0.19 million compared to €0.37 million in 2024. As a result, the EBITDA margin fell to 43.5% (2024: 66.3%) while the EBIT margin decreased to 29.4% (2024: 51.1%).

Overall, Main Street Complex reported a pre-tax profit of €0.19 million (2024: €0.37 million). After accounting for a tax charge of €0.08 million, net profit amounted to €0.11 million which translates into a return on average equity of 1.14% (2024: 2.49%).

The Statement of Financial Position as at 31 December 2025 shows that total assets remained virtually unchanged at €10.8 million, property, plant and equipment of €9.9 million and a cash balance of €0.72 million. Total liabilities increased by 3.2% to €1.27 million due to higher trade and other payables as the company remained free from any borrowings. Total equity decreased by 0.4% to €9.48 million, which translates into a net asset value per share of €0.489 (31 December 2024: €0.491).

Dividend

In line with the guidance that the company had provided in the interim results, no dividend will be paid in respect to the current financial year 2025.

Outlook

In his commentary, the Chairman noted that the company has entered a period of major works, comprising a complete renovation of the public areas and conversion of the ground floor into the ‘Little Greens’ outlet, with its opening anticipated in late 2026. While some tenants and the car park remain in operation, the current year is expected to be a disrupted one, characterised by reduced levels of activity and limited revenue.

The Board and management are encouraged by a renewed interest in Main Street Complex and anticipate announcing the signing up of new tenants in the near future.

New leases with former tenants are scheduled to commence in July 2026, while discussions with prospective tenants remain ongoing. The Board remains cautiously optimistic that Main Street Complex will regain momentum and attract appropriate interest from prospective tenants and visitors over the short to medium term.