Back to Market News

MIDI plc – Full-Year Results

Jonathan Falzon

April 30, 2026

30 April, 2026
6 min read
30 April, 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 29 April 2026, MIDI plc published its Annual Report and Financial Statements for the year ended 31 December 2025.

Revenue increased by 2.0% to €3.41 million as rental operations in the property and rental management segment remained relatively unchanged. Meanwhile, MIDI did not recognise the sale of any residential apartments.

Administrative expenses increased by 29.0% to €3.72 million (2024: €2.89 million) driven by higher property management fees. During the year MIDI was impacted by three exceptional charges including an impairment of €27.4 million on inventories relating to the Manoel Island and Fort Tigné concession following the Government’s rescission, an impairment of €1.1 million on other Group property no longer available for use, and a €9.9 million write-down of the carrying amount of remaining investment properties reflecting offers received in a weakened market.

Consequently, MIDI reported an operating loss of €41.4 million, compared to the operating loss of €2.91 million recorded in 2024.

Net finance costs remained practically unchanged at €2.5 million.

MIDI’s share of profit from its 50% shareholding in Mid Knight Holdings Limited increased by 3.8% to €1.78 million from €1.72 million in 2024.

Overall, MIDI reported a pre-tax loss of €42.0 million (2024: €3.70 million) and a net loss of €41.8 million (2024: €3.78 million).

The Statement of Financial Position as at 31 December 2025 shows that total assets decreased by 19.0% (or €49.0 million) to €209.7 million, reflecting the impairments on inventories relating to Manoel Island and Fort Tigné.

Total liabilities decreased by 4.3% (or €7.1 million) to €158.2 million, which included borrowings of €67.1 million and lease liabilities of €0.7 million.

Total equity fell by 44.9% (or €41.9 million) to €51.5 million which translates into a net asset value per share of €0.240 (31 December 2024: €0.436).

Update on Manoel Island and Fort Tigné

Following the Government’s decision to withdraw its support for the Manoel Island project in 2025 and its subsequent threat to rescind the entire Emphyteutical Concession, and after months of negotiations, the company was compelled to accept, and recommended for shareholder approval, Government’s offer for the rescission of the Emphyteutical Concession on Manoel Island and the Fort Tigné Site. This received shareholder approval at the EGM held on 28 April 2026. In connection with the partial rescission, a reimbursement amount of €47.32 million was established, which net of VAT of €4.59 million, results in a net amount receivable by MIDI of €42.70 million. This has given rise to an impairment of €28.33 million on the carrying amounts of Manoel Island and Fort Tigné, equivalent to €0.132 per share.

Bond Redemption

The €50 million bond is expected to be fully redeemed on 27 July 2026, funded by the combination of the reimbursement from Government and proceeds from Tigné Point asset sales.

Outlook

The Directors confirmed that the Q3 – Fortress Gardens residential development, comprising 63 apartments and 2 commercial units, is now close to completion, with 59 units subject to a promise of sale agreement as at the end of December 2025. Once the settlement deed with Government is signed, MIDI will be able to deliver these apartments to their prospective owners during 2026.

The Directors forecast that 2026 revenues will amount to circa €148.6 million, including the reimbursable amount from Government, resulting in a profit before tax of €21.6 million and a profit after tax €11.2 million. The sales from the project are expected to increase the Group’s equity from €51.5 million to €62.7 million, with net asset value rising from €0.24 per share to €0.29 per share.

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, MIDI plc published its Annual Report and Financial Statements for the year ended 31 December 2025.

Revenue increased by 2.0% to €3.41 million as rental operations in the property and rental management segment remained relatively unchanged. Meanwhile, MIDI did not recognise the sale of any residential apartments.

Administrative expenses increased by 29.0% to €3.72 million (2024: €2.89 million) driven by higher property management fees. During the year MIDI was impacted by three exceptional charges including an impairment of €27.4 million on inventories relating to the Manoel Island and Fort Tigné concession following the Government’s rescission, an impairment of €1.1 million on other Group property no longer available for use, and a €9.9 million write-down of the carrying amount of remaining investment properties reflecting offers received in a weakened market.

Consequently, MIDI reported an operating loss of €41.4 million, compared to the operating loss of €2.91 million recorded in 2024.

Net finance costs remained practically unchanged at €2.5 million.

MIDI’s share of profit from its 50% shareholding in Mid Knight Holdings Limited increased by 3.8% to €1.78 million from €1.72 million in 2024.

Overall, MIDI reported a pre-tax loss of €42.0 million (2024: €3.70 million) and a net loss of €41.8 million (2024: €3.78 million).

The Statement of Financial Position as at 31 December 2025 shows that total assets decreased by 19.0% (or €49.0 million) to €209.7 million, reflecting the impairments on inventories relating to Manoel Island and Fort Tigné.

Total liabilities decreased by 4.3% (or €7.1 million) to €158.2 million, which included borrowings of €67.1 million and lease liabilities of €0.7 million.

Total equity fell by 44.9% (or €41.9 million) to €51.5 million which translates into a net asset value per share of €0.240 (31 December 2024: €0.436).

Update on Manoel Island and Fort Tigné

Following the Government’s decision to withdraw its support for the Manoel Island project in 2025 and its subsequent threat to rescind the entire Emphyteutical Concession, and after months of negotiations, the company was compelled to accept, and recommended for shareholder approval, Government’s offer for the rescission of the Emphyteutical Concession on Manoel Island and the Fort Tigné Site. This received shareholder approval at the EGM held on 28 April 2026. In connection with the partial rescission, a reimbursement amount of €47.32 million was established, which net of VAT of €4.59 million, results in a net amount receivable by MIDI of €42.70 million. This has given rise to an impairment of €28.33 million on the carrying amounts of Manoel Island and Fort Tigné, equivalent to €0.132 per share.

Bond Redemption

The €50 million bond is expected to be fully redeemed on 27 July 2026, funded by the combination of the reimbursement from Government and proceeds from Tigné Point asset sales.

Outlook

The Directors confirmed that the Q3 – Fortress Gardens residential development, comprising 63 apartments and 2 commercial units, is now close to completion, with 59 units subject to a promise of sale agreement as at the end of December 2025. Once the settlement deed with Government is signed, MIDI will be able to deliver these apartments to their prospective owners during 2026.

The Directors forecast that 2026 revenues will amount to circa €148.6 million, including the reimbursable amount from Government, resulting in a profit before tax of €21.6 million and a profit after tax €11.2 million. The sales from the project are expected to increase the Group’s equity from €51.5 million to €62.7 million, with net asset value rising from €0.24 per share to €0.29 per share.