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Malta International Airport plc – Full-Year Results

Jonathan Falzon

February 26, 2026

Market News
26 February, 2026
6 min read
Market News
26 February, 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 25 February 2026, Malta International Airport plc published its Annual Report & Financial Statements for the year ended 31 December 2025.

Revenue rose by 9.9% to a record of €157.0 million compared to the previous record of €142.9 million last year. Both main operating segments registered higher income with the ‘Airport’ segment increasing by 7.6% to €106.7 million (representing 68% of total revenues) while revenue from the ‘Retail & Property’ segment climbed 14.5% higher to €49.7 million in revenue (representing around 32% of revenue). The company explained that 12% growth in passenger movements to a new record of 10.1 million during 2025 was the principal driver for the higher income.

Operating costs increased by 12.3% to €79.2 million (2024: €70.6 million) reflecting the growth in the number of employees as well as the higher variable costs resulting from the greater passenger volumes. Operating profit increased by 7.5% to €77.7 million (2024: €72.3 million). Excluding depreciation and amortisation charges of €17.3 million, EBITDA amounted to €95.0 million, which is 9.1% higher than the EBITDA figure of €87.1 million recorded in 2024. However, the EBITDA margin eased slightly to 60.5% from 60.9% in the previous year.

After accounting for finance costs amounting to €2.09 million and investment income of €1.05 million, MIA reported a record pre-tax profit of €77.0 million (2024: €72.2 million). Following a tax charge of €27.2 million, MIA reported a record net profit of €49.8 million, which is 7.5% higher than the 2024 record of €46.2 million. Nonetheless, the return on average equity dropped slightly to 22.1% from 23.0% in the previous year.

The Statement of Financial Position shows that total assets increased by 0.6% to €372 million, including property, plant and equipment amounting to €269 million, investment property of €46 million, and cash balances of €20 million. Meanwhile, total liabilities decreased by 14.5% to €134 million as the Group remained without any borrowings. When including €55.1 million in lease liabilities, MIA ended the 2025 financial year in a net debt position of €35.0 million. Total equity grew by 11.8% to €238 million.

Dividend

The Board of Directors is recommending a final net dividend per share of €0.13 (compared to the €0.12 final dividend of last year) which will be paid by not later than Friday 5 June 2026 to all shareholders as at the close of trading on Thursday 16 April 2026, subject to approval at the upcoming Annual General Meeting scheduled for Wednesday 20 May 2026.

Coupled with the net interim dividend of €0.06 per share paid in September 2025, the total net dividend attributable to the 2025 amounts to a record of €0.19 per share, which is 5.5% higher than the previous year and amounts to a payout ratio of 51.6% (2024: 52.6%).

Infrastructural Investments

The Directors’ Report highlighted that the capital expenditure for 2025 amounted to €61.6 million (2024: €68.4 million).

In Q1 2025, the first phase of the terminal expansion was completed, delivering a westward extension, a new Schengen Arrivals Corridor, and a modernised Baggage Reclaim Hall. The non-Schengen Arrivals Area was also extended to prepare for the EU Entry/Exit System launching in October 2025.

Towards the end of 2025, works began on the next terminal expansion phase, including a new 6,000sqm eastern building which will introduce additional check-in desks, departure gates and baggage sorting space.

On the airfield, Apron 8 (formerly Apron X) was fully completed in Q2 2025, increasing aircraft parking capacity from 20 to 28 stands.

The construction of SkyParks Business Centre 2 began in July 2025, which will include a business hotel, offices and commercial space. The hotel building is planned to be handed over to the selected operator by the end of 2026, with the full project handover to tenants slated for 2027.

Outlook

The Directors noted MIA is looking ahead to 2026 with cautious optimism given the mix of positive developments and challenges that continue to dominate the aviation environment. The Directors also reiterated the 2026 financial targets:

  • Revenue of €162 million (+3.2% compared to FY2025)
  • EBITDA of €98 million (+3.1%)
  • Net profit of €51 million (+2.4%)
  • Capital expenditure of €90 million

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 February 2026, Malta International Airport plc published its Annual Report & Financial Statements for the year ended 31 December 2025.

Revenue rose by 9.9% to a record of €157.0 million compared to the previous record of €142.9 million last year. Both main operating segments registered higher income with the ‘Airport’ segment increasing by 7.6% to €106.7 million (representing 68% of total revenues) while revenue from the ‘Retail & Property’ segment climbed 14.5% higher to €49.7 million in revenue (representing around 32% of revenue). The company explained that 12% growth in passenger movements to a new record of 10.1 million during 2025 was the principal driver for the higher income.

Operating costs increased by 12.3% to €79.2 million (2024: €70.6 million) reflecting the growth in the number of employees as well as the higher variable costs resulting from the greater passenger volumes. Operating profit increased by 7.5% to €77.7 million (2024: €72.3 million). Excluding depreciation and amortisation charges of €17.3 million, EBITDA amounted to €95.0 million, which is 9.1% higher than the EBITDA figure of €87.1 million recorded in 2024. However, the EBITDA margin eased slightly to 60.5% from 60.9% in the previous year.

After accounting for finance costs amounting to €2.09 million and investment income of €1.05 million, MIA reported a record pre-tax profit of €77.0 million (2024: €72.2 million). Following a tax charge of €27.2 million, MIA reported a record net profit of €49.8 million, which is 7.5% higher than the 2024 record of €46.2 million. Nonetheless, the return on average equity dropped slightly to 22.1% from 23.0% in the previous year.

The Statement of Financial Position shows that total assets increased by 0.6% to €372 million, including property, plant and equipment amounting to €269 million, investment property of €46 million, and cash balances of €20 million. Meanwhile, total liabilities decreased by 14.5% to €134 million as the Group remained without any borrowings. When including €55.1 million in lease liabilities, MIA ended the 2025 financial year in a net debt position of €35.0 million. Total equity grew by 11.8% to €238 million.

Dividend

The Board of Directors is recommending a final net dividend per share of €0.13 (compared to the €0.12 final dividend of last year) which will be paid by not later than Friday 5 June 2026 to all shareholders as at the close of trading on Thursday 16 April 2026, subject to approval at the upcoming Annual General Meeting scheduled for Wednesday 20 May 2026.

Coupled with the net interim dividend of €0.06 per share paid in September 2025, the total net dividend attributable to the 2025 amounts to a record of €0.19 per share, which is 5.5% higher than the previous year and amounts to a payout ratio of 51.6% (2024: 52.6%).

Infrastructural Investments

The Directors’ Report highlighted that the capital expenditure for 2025 amounted to €61.6 million (2024: €68.4 million).

In Q1 2025, the first phase of the terminal expansion was completed, delivering a westward extension, a new Schengen Arrivals Corridor, and a modernised Baggage Reclaim Hall. The non-Schengen Arrivals Area was also extended to prepare for the EU Entry/Exit System launching in October 2025.

Towards the end of 2025, works began on the next terminal expansion phase, including a new 6,000sqm eastern building which will introduce additional check-in desks, departure gates and baggage sorting space.

On the airfield, Apron 8 (formerly Apron X) was fully completed in Q2 2025, increasing aircraft parking capacity from 20 to 28 stands.

The construction of SkyParks Business Centre 2 began in July 2025, which will include a business hotel, offices and commercial space. The hotel building is planned to be handed over to the selected operator by the end of 2026, with the full project handover to tenants slated for 2027.

Outlook

The Directors noted MIA is looking ahead to 2026 with cautious optimism given the mix of positive developments and challenges that continue to dominate the aviation environment. The Directors also reiterated the 2026 financial targets:

  • Revenue of €162 million (+3.2% compared to FY2025)
  • EBITDA of €98 million (+3.1%)
  • Net profit of €51 million (+2.4%)
  • Capital expenditure of €90 million