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Malta Properties Company plc – Full-Year Results

Jonathan Falzon

March 9, 2026

9 March, 2026
6 min read
9 March, 2026
6 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 6 March 2026, Malta Properties Company plc published its Annual Report and Financial Statements for the financial year ended 31 December 2025.

Revenue decreased by 11.9% to €5.0 million (2024: €5.69 million) as several properties were temporarily closed for refurbishment during the year following a number of lease terminations during the second half of 2024. The CEO noted that a large portion of the Marsa Central building was leased out to the Planning Authority as well as the Ministry for Inclusion and Voluntary Sector during the year. Moreover, the Swatar property was fully leased to the Ministry of Health. Furthermore, the second phase of construction works were completed at The Exchange at Spencer Hill and lease income from these areas commenced in the year as the space was handed over to the Building and Construction Authority.

Administrative expenses remained broadly unchanged at €1.8 million despite increased salaries and maintenance expenditure. Excluding depreciation charges, EBITDA fell by 17% to €3.28 million compared to €3.95 million in the previous financial year. Similarly, operating profit (EBIT) decreased by 16.5% to €3.28 million which translates into an EBIT margin of 65% (2024: 69%).

Meanwhile, net finance costs increased by 11.7% to €1.20 million, reflecting the lower amount of finance income generated from cash balances, since these were used for capital expenditure.

The financial performance was positively impacted by a fair value gain on investment property of €0.43 million, which however was lower than the gain of €0.82 million in the previous year.

Overall, MPC reported a pre-tax profit of €2.50 million which is 32% lower than the €3.68 million which was reported last year. After accounting for a tax charge of €1.0 million, the net profit figure for the year amounted to €1.48 million (2024: €2.54 million).

The Statement of Financial Position as at 31 December 2025 shows that total assets remained relatively unchanged at €99.5 million mainly consisting of Investment Property (€92.0 million) as well as €1.2 million in assets held for sale relating to the property in Rabat, which is subject to a promise of sale agreement. The consideration for the sale of this property is €2 million and the agreement is valid until December 2026.  Moreover, cash and equivalents amounted to €4.6 million. Meanwhile, total liabilities remained practically unchanged at €42.0 million, while total debt declined by 2.8% to €29.4 million driven by a €0.9 million reduction in bank borrowings. Shareholders’ funds remained practically unchanged at €57.6 million which translates into a net asset value per share of €0.5684 (31 December 2024: €0.5677).

Dividend

The Board of Directors recommended a final net dividend of €0.015 per share which is 7.1% higher than the dividend of €0.014 per share distributed last year. Shareholders as at the close of trading on Wednesday 15 April 2026 will be entitled to receive this dividend on Tuesday 19 May 2026, subject to the approval at the forthcoming Annual General Meeting to be held on 18 May 2026.

Outlook

The Chairman noted that the works completed in 2025 provide a solid foundation for future growth, underpinned by a stable revenue base and high-quality government and corporate tenants, with MPC well-positioned to maintain high occupancy and resume its long-term growth trajectory.

The CEO explained that higher revenues are expected in 2026 and 2027 as renovations conclude and new tenants are onboarded. Notably, the final phase of works at The Exchange is due for completion in H1 2026 and is already pre-leased to the Building and Construction Authority.

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 6 March 2026, Malta Properties Company plc published its Annual Report and Financial Statements for the financial year ended 31 December 2025.

Revenue decreased by 11.9% to €5.0 million (2024: €5.69 million) as several properties were temporarily closed for refurbishment during the year following a number of lease terminations during the second half of 2024. The CEO noted that a large portion of the Marsa Central building was leased out to the Planning Authority as well as the Ministry for Inclusion and Voluntary Sector during the year. Moreover, the Swatar property was fully leased to the Ministry of Health. Furthermore, the second phase of construction works were completed at The Exchange at Spencer Hill and lease income from these areas commenced in the year as the space was handed over to the Building and Construction Authority.

Administrative expenses remained broadly unchanged at €1.8 million despite increased salaries and maintenance expenditure. Excluding depreciation charges, EBITDA fell by 17% to €3.28 million compared to €3.95 million in the previous financial year. Similarly, operating profit (EBIT) decreased by 16.5% to €3.28 million which translates into an EBIT margin of 65% (2024: 69%).

Meanwhile, net finance costs increased by 11.7% to €1.20 million, reflecting the lower amount of finance income generated from cash balances, since these were used for capital expenditure.

The financial performance was positively impacted by a fair value gain on investment property of €0.43 million, which however was lower than the gain of €0.82 million in the previous year.

Overall, MPC reported a pre-tax profit of €2.50 million which is 32% lower than the €3.68 million which was reported last year. After accounting for a tax charge of €1.0 million, the net profit figure for the year amounted to €1.48 million (2024: €2.54 million).

The Statement of Financial Position as at 31 December 2025 shows that total assets remained relatively unchanged at €99.5 million mainly consisting of Investment Property (€92.0 million) as well as €1.2 million in assets held for sale relating to the property in Rabat, which is subject to a promise of sale agreement. The consideration for the sale of this property is €2 million and the agreement is valid until December 2026.  Moreover, cash and equivalents amounted to €4.6 million. Meanwhile, total liabilities remained practically unchanged at €42.0 million, while total debt declined by 2.8% to €29.4 million driven by a €0.9 million reduction in bank borrowings. Shareholders’ funds remained practically unchanged at €57.6 million which translates into a net asset value per share of €0.5684 (31 December 2024: €0.5677).

Dividend

The Board of Directors recommended a final net dividend of €0.015 per share which is 7.1% higher than the dividend of €0.014 per share distributed last year. Shareholders as at the close of trading on Wednesday 15 April 2026 will be entitled to receive this dividend on Tuesday 19 May 2026, subject to the approval at the forthcoming Annual General Meeting to be held on 18 May 2026.

Outlook

The Chairman noted that the works completed in 2025 provide a solid foundation for future growth, underpinned by a stable revenue base and high-quality government and corporate tenants, with MPC well-positioned to maintain high occupancy and resume its long-term growth trajectory.

The CEO explained that higher revenues are expected in 2026 and 2027 as renovations conclude and new tenants are onboarded. Notably, the final phase of works at The Exchange is due for completion in H1 2026 and is already pre-leased to the Building and Construction Authority.