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M&Z plc – Full-Year Results

Jonathan Falzon

April 30, 2026

Market News
30 April, 2026
5 min read
Market News
30 April, 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 29 April 2026, M&Z plc published its Annual Report and Financial Statements for the year ended 31 December 2025.

Revenue increased by 5.7% to €31.6 million (2024: €29.9 million) reflecting higher sales volumes across the company’s product portfolio of over 100 brands across 11 product categories.

On the expenditure side, operating costs increased by 1.0% to €26.7 million driven by higher cost of goods sold and employee salaries which offset the lower levels of other administrative expenses and depreciation.

As a result, operating profit (EBIT) rose by 41.0% to €4.90 million compared to €3.47 million in 2024 and the EBIT margin improved to 15.5% compared to 11.6% in the previous year. Excluding depreciation and amortisation charges of €0.7 million, EBITDA increased by 26.7% to €5.58 million which translates into an EBITDA margin of 17.6% (2024: 14.7%).

After accounting for net finance costs of €0.26 million and tax charges of €1.65 million, the net profit for the year amounted to €2.99 million which is 47.7% higher than the previous year and translates into a return on equity of 31.4% (2024: 23.8%)

The Statement of Financial Position as at 31 December 2025 shows that total assets increased by 9.7% (or €1.6 million) to €18.5 million, largely composed of trade and other receivables of €8.4 million, inventories of €5.5 million and cash totalling €1.6 million.

Total liabilities decreased marginally by 1.3% (or €0.1 million) to €8.2 million, which include a bank overdraft of €3.88 million, lease liabilities of €1.06 million and preference share capital of €0.75 million. Overall, the company’s equity base advanced by 20.3% (or €1.7 million) to €10.3 million.

Dividend

The Directors are recommending a final net dividend per share of €0.0162 to all shareholders on the register as at the close of trading on Thursday 28 May 2026, subject to shareholders’ approval during the Annual General Meeting, which was rescheduled to be held on 3 June 2026. The final dividend is expected to be paid by not later than 26 June 2026.

Coupled with the net interim dividend per share of €0.009 paid in September 2025, the total net dividend per share for the year amounts to €0.0252, which is unchanged compared to the previous year and translates into a payout ratio of 37% (2024: 56%).

Outlook

In their commentary, the Directors explained that in the current financial year, the company is anticipating continued growth, albeit within a more challenging and dynamic market environment characterised by persistent cost pressures and evolving consumer behaviour. The company is also actively implementing ongoing initiatives focused on optimising procurement, logistics and internal processes to support overall performance and mitigate the impact of inflationary pressures.

The Directors explained that in addition to continuously actively sourcing key suppliers, another growth strategy that has been identified is the extension of the brand portfolio through several successful mergers and acquisitions. This activity has been key in driving M&Z into new product segments, allowing it to increase and diversify its product range. The Board continues to regard this strategy as a key growth driver to penetrate new market segments and to continue to strengthen the company’s position within existing segments.

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 29 April 2026, M&Z plc published its Annual Report and Financial Statements for the year ended 31 December 2025.

Revenue increased by 5.7% to €31.6 million (2024: €29.9 million) reflecting higher sales volumes across the company’s product portfolio of over 100 brands across 11 product categories.

On the expenditure side, operating costs increased by 1.0% to €26.7 million driven by higher cost of goods sold and employee salaries which offset the lower levels of other administrative expenses and depreciation.

As a result, operating profit (EBIT) rose by 41.0% to €4.90 million compared to €3.47 million in 2024 and the EBIT margin improved to 15.5% compared to 11.6% in the previous year. Excluding depreciation and amortisation charges of €0.7 million, EBITDA increased by 26.7% to €5.58 million which translates into an EBITDA margin of 17.6% (2024: 14.7%).

After accounting for net finance costs of €0.26 million and tax charges of €1.65 million, the net profit for the year amounted to €2.99 million which is 47.7% higher than the previous year and translates into a return on equity of 31.4% (2024: 23.8%)

The Statement of Financial Position as at 31 December 2025 shows that total assets increased by 9.7% (or €1.6 million) to €18.5 million, largely composed of trade and other receivables of €8.4 million, inventories of €5.5 million and cash totalling €1.6 million.

Total liabilities decreased marginally by 1.3% (or €0.1 million) to €8.2 million, which include a bank overdraft of €3.88 million, lease liabilities of €1.06 million and preference share capital of €0.75 million. Overall, the company’s equity base advanced by 20.3% (or €1.7 million) to €10.3 million.

Dividend

The Directors are recommending a final net dividend per share of €0.0162 to all shareholders on the register as at the close of trading on Thursday 28 May 2026, subject to shareholders’ approval during the Annual General Meeting, which was rescheduled to be held on 3 June 2026. The final dividend is expected to be paid by not later than 26 June 2026.

Coupled with the net interim dividend per share of €0.009 paid in September 2025, the total net dividend per share for the year amounts to €0.0252, which is unchanged compared to the previous year and translates into a payout ratio of 37% (2024: 56%).

Outlook

In their commentary, the Directors explained that in the current financial year, the company is anticipating continued growth, albeit within a more challenging and dynamic market environment characterised by persistent cost pressures and evolving consumer behaviour. The company is also actively implementing ongoing initiatives focused on optimising procurement, logistics and internal processes to support overall performance and mitigate the impact of inflationary pressures.

The Directors explained that in addition to continuously actively sourcing key suppliers, another growth strategy that has been identified is the extension of the brand portfolio through several successful mergers and acquisitions. This activity has been key in driving M&Z into new product segments, allowing it to increase and diversify its product range. The Board continues to regard this strategy as a key growth driver to penetrate new market segments and to continue to strengthen the company’s position within existing segments.