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AX Real Estate plc – Full-Year Results

Jonathan Falzon

February 23, 2026

Market News
23 February, 2026
4 min read
Market News
23 February, 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 20 February 2026, AX Real Estate plc published its Annual Report and Financial Statements for the year ended 31 October 2025.

Revenue increased by 11.5% to €21.6 million (FY2023/24: €19.4 million) primarily driven by the hospitality segment. In this respect, the AX ODYCY continued to perform exceptionally well resulting in higher variable rent for the Group. Furthermore, the Verdala Wellness Hotel opened in August 2025 and has since started contributing rental income. The Directors noted that all other hotels have also exceeded expectations, outperforming their projected revenue and operating profits. The Directors also explained that almost all of the properties owned by the Group were fully taken up and leased out for periods between 6 months to 18 years.

Net operating expenses decreased by 10.1% to €0.87 million due to the non-recurrence of a one-off expense in the previous financial year.

Excluding the fair value movements of investment property, the Group’s operating profit increased by 12.7% to €20.8 million (FY2023/24: €18.4 million), which translates into an improved operating profit margin of 96% (FY2023/24: 95%).

The financial performance was also positively impacted by an upward movement on the fair value of investment property of €13.5 million, in contrast to the €0.7 million decline in fair value recognised in the previous financial year. The revaluation emanated from the Qawra properties following the outstanding performance of the AX ODYCY Hotel and Lido since its reopening.

Net finance costs increased by 1.4% to €6.5 million (FY2023/24: €6.4 million).

The pre-tax profit amounted to €27.7 million (FY2023/24: €11.3 million). After accounting for a tax charge of €6.0 million, AX Real Estate reported a net profit of €21.8 million compared to €7.6 million in the previous financial year.

The Statement of Financial Position as at 31 October 2025 shows that total assets increased by 8.0% (or €25.9 million) to €349.6 million, principally composed of investment property valued at €338 million. Total liabilities rose by 6.1% (or €11.4 million) to €197.8 million primarily driven by an increase of €10.0 million in total debt to €162.9 million. Total equity increased by 10.6% (or €14.6 million) to €151.7 million which translates into a net asset value per share of €0.553 (31 October 2024: €0.500).

Outlook

The Directors declared their intention to distribute a gross final dividend per share of €0.02586 (net: €0.02198), which will be proposed in the upcoming Annual General Meeting scheduled for Friday 24 April 2026.

Coupled with the net interim dividend of €0.0152 per share paid on 15 September 2025, the total net dividend per share attributable to the financial year 2024/25 amounts to €0.037181, which is more than double the dividends paid for financial year 2023/24.

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 20 February 2026, AX Real Estate plc published its Annual Report and Financial Statements for the year ended 31 October 2025.

Revenue increased by 11.5% to €21.6 million (FY2023/24: €19.4 million) primarily driven by the hospitality segment. In this respect, the AX ODYCY continued to perform exceptionally well resulting in higher variable rent for the Group. Furthermore, the Verdala Wellness Hotel opened in August 2025 and has since started contributing rental income. The Directors noted that all other hotels have also exceeded expectations, outperforming their projected revenue and operating profits. The Directors also explained that almost all of the properties owned by the Group were fully taken up and leased out for periods between 6 months to 18 years.

Net operating expenses decreased by 10.1% to €0.87 million due to the non-recurrence of a one-off expense in the previous financial year.

Excluding the fair value movements of investment property, the Group’s operating profit increased by 12.7% to €20.8 million (FY2023/24: €18.4 million), which translates into an improved operating profit margin of 96% (FY2023/24: 95%).

The financial performance was also positively impacted by an upward movement on the fair value of investment property of €13.5 million, in contrast to the €0.7 million decline in fair value recognised in the previous financial year. The revaluation emanated from the Qawra properties following the outstanding performance of the AX ODYCY Hotel and Lido since its reopening.

Net finance costs increased by 1.4% to €6.5 million (FY2023/24: €6.4 million).

The pre-tax profit amounted to €27.7 million (FY2023/24: €11.3 million). After accounting for a tax charge of €6.0 million, AX Real Estate reported a net profit of €21.8 million compared to €7.6 million in the previous financial year.

The Statement of Financial Position as at 31 October 2025 shows that total assets increased by 8.0% (or €25.9 million) to €349.6 million, principally composed of investment property valued at €338 million. Total liabilities rose by 6.1% (or €11.4 million) to €197.8 million primarily driven by an increase of €10.0 million in total debt to €162.9 million. Total equity increased by 10.6% (or €14.6 million) to €151.7 million which translates into a net asset value per share of €0.553 (31 October 2024: €0.500).

Dividend

The Directors declared their intention to distribute a gross final dividend per share of €0.02586 (net: €0.02198), which will be proposed in the upcoming Annual General Meeting scheduled for Friday 24 April 2026.

Coupled with the net interim dividend of €0.0152 per share paid on 15 September 2025, the total net dividend per share attributable to the financial year 2024/25 amounts to €0.037181, which is more than double the dividends paid for financial year 2023/24.