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GO plc – Full-Year Results

Jonathan Falzon

March 25, 2026

Market News
25 March, 2026
5 min read
Market News
25 March, 2026
5 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 25 March 2026, GO plc published the Annual Report and Financial Statements for the year ended 31 December 2025.

Group revenue increased by 3.9% to a record €254.4 million (2024: €244.9 million), reflecting growth across the Group’s core segments. Telecommunication and data centre services climbed 3.7% to €217.4 million, sale of goods increased by 9.8% to €30.5 million, while other services declined by 13.0% to €6.5 million. The company highlighted that in Malta’s broadband market, GO accounted for the majority of new net connections. Meanwhile, within Malta’s mobile segment, GO gained approximately 11,000 additional new customers. Elsewhere, in Cyprus, Cablenet expanded its mobile subscriber base by approximately 9% to 171,000 customers, supported by the launch of 5G services.

Operating costs net of other income increased by 3.2% to €216.4 million reflecting the higher level of business activity and inflationary pressures. Excluding depreciation charges, EBITDA increased by 1.5% to €92.0 million compared to €90.6 million in 2024. Operating profit increased by 7.6% to a record of €37.9 million. The EBITDA margin eased to 36.2% (2024: 37.0%) while the EBIT margin strengthened to 14.9% (2024: 14.4%).

Meanwhile, net finance costs increased to €9.3 million from €8.5 million last year.

Overall, GO reported a pre-tax profit of €28.8 million, up from €26.7 million in the prior year. After accounting for a tax charge of €8.1 million and minority interests of €0.5 million, net profit attributable to GO’s shareholders surged by 39% to €20.1 million. This translates into earnings per share of €0.199 (2024: €0.143) and a return on average equity of 25.1% (2024: 17.0%).

The Statement of Financial Position as at 31 December 2025 shows that total assets increased by 9.1% (or €39.3 million) to €469.9 million. Total liabilities rose by 10.6% (or €36.6 million) to €381.0 million, with total debt at €232 million consisting of €190.5 million in borrowings and €41.7 million in lease liabilities. Shareholders’ funds increased by 4.8% (or €3.8 million) to €82.1 million.

Dividend

The Directors of GO are recommending the payment of a final net dividend of €0.09 per share, compared to last year’s final dividend of €0.08. Coupled with the interim net dividend of €0.07 (2024: €0.05) per share paid in September 2025, the total net dividend for financial year 2025 amounts to €0.16 per share, which is 23.1% higher than the previous year.

The final net dividend is payable on Thursday 2 June 2026, to all shareholders as at close of trading on Wednesday 15 April, subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 19 May 2026.

Outlook

Looking ahead, the Group will continue strengthening its core telecommunications services while expanding its digital and technology-driven offerings. Investment in network infrastructure will remain a priority to support growing demand for high-quality connectivity and data services. The Group will continue to pursue growth opportunities in other sectors, including digital infrastructure, cybersecurity services, technology retail and energy solutions.

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 25 March 2026, GO plc published the Annual Report and Financial Statements for the year ended 31 December 2025.

Group revenue increased by 3.9% to a record €254.4 million (2024: €244.9 million), reflecting growth across the Group’s core segments. Telecommunication and data centre services climbed 3.7% to €217.4 million, sale of goods increased by 9.8% to €30.5 million, while other services declined by 13.0% to €6.5 million. The company highlighted that in Malta’s broadband market, GO accounted for the majority of new net connections. Meanwhile, within Malta’s mobile segment, GO gained approximately 11,000 additional new customers. Elsewhere, in Cyprus, Cablenet expanded its mobile subscriber base by approximately 9% to 171,000 customers, supported by the launch of 5G services.

Operating costs net of other income increased by 3.2% to €216.4 million reflecting the higher level of business activity and inflationary pressures. Excluding depreciation charges, EBITDA increased by 1.5% to €92.0 million compared to €90.6 million in 2024. Operating profit increased by 7.6% to a record of €37.9 million. The EBITDA margin eased to 36.2% (2024: 37.0%) while the EBIT margin strengthened to 14.9% (2024: 14.4%).

Meanwhile, net finance costs increased to €9.3 million from €8.5 million last year.

Overall, GO reported a pre-tax profit of €28.8 million, up from €26.7 million in the prior year. After accounting for a tax charge of €8.1 million and minority interests of €0.5 million, net profit attributable to GO’s shareholders surged by 39% to €20.1 million. This translates into earnings per share of €0.199 (2024: €0.143) and a return on average equity of 25.1% (2024: 17.0%).

The Statement of Financial Position as at 31 December 2025 shows that total assets increased by 9.1% (or €39.3 million) to €469.9 million. Total liabilities rose by 10.6% (or €36.6 million) to €381.0 million, with total debt at €232 million consisting of €190.5 million in borrowings and €41.7 million in lease liabilities. Shareholders’ funds increased by 4.8% (or €3.8 million) to €82.1 million.

Dividend

The Directors of GO are recommending the payment of a final net dividend of €0.09 per share, compared to last year’s final dividend of €0.08. Coupled with the interim net dividend of €0.07 (2024: €0.05) per share paid in September 2025, the total net dividend for financial year 2025 amounts to €0.16 per share, which is 23.1% higher than the previous year.

The final net dividend is payable on Thursday 2 June 2026, to all shareholders as at close of trading on Wednesday 15 April, subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 19 May 2026.

Outlook

Looking ahead, the Group will continue strengthening its core telecommunications services while expanding its digital and technology-driven offerings. Investment in network infrastructure will remain a priority to support growing demand for high-quality connectivity and data services. The Group will continue to pursue growth opportunities in other sectors, including digital infrastructure, cybersecurity services, technology retail and energy solutions.