Back to Market News

VBL plc – Full-Year Results

Jonathan Falzon

April 30, 2026

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

Revenue surged by 15.4% to €4.69 million (2024: €4.07 million) principally reflecting the growth in rental income from its property portfolio. The company highlighted that by the end of 2025, only about 30% of the Group’s owned assets, based on square meters, were operational and revenue generating. The remaining part of the Group owned assets are under development or are being prepared for development.

Operating costs (net of other income) increased by 7.0% to €3.61 million (2024: €3.37 million) due to higher cost of sales and administrative expenses in line with the growth in business. Excluding depreciation and amortisation charges, EBITDA increased by 49% to €1.73 million compared to €1.16 million in the previous year. Meanwhile, operating profit amounted to €1.09 million compared to €0.70 million in 2024.

The financial performance was boosted by the increase in fair value of investment property of €1.42 million, which however was lower than the increase of €2.56 million recorded in the previous year.

After accounting for net finance costs of €0.70 million and a tax expense of €0.29 million, the net profit for the year amounted to €1.57 million compared to €2.48 million in 2024.

The Statement of Financial Position as at 31 December 2025 shows that total assets increased by 1.1% (or €1.08 million) to €96.5 million, mostly consisting of investment property (€87.3 million) as well as financial investments (€6.0 million).

Meanwhile, total liabilities eased by 1.2% to €27.3 million with total debt amounting to €20.9 million when including lease liabilities of €1.4 million.

Total equity increased by 2.1% (or 1.43 million) to €69.1 million, which translates into a net asset value of €0.2775 per share.

Outlook

The Directors explained that alongside the possible future expansion of its asset base, the Group continues to focus on further enhancing operational efficiencies and optimising the utilisation of its already developed properties, in line with its long-term business strategy and financial objectives.

The completion of the Silver Horse Block Phase 2 property is scheduled for the second half of 2026, with the interim project development delays and usual complications resulting from the nature of the renovation and regeneration of old, historic properties expected to be largely resolved during the process. Through the revenue generation expected from this asset, the Group’s financial and operational profile is projected to further improve.

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

Revenue surged by 15.4% to €4.69 million (2024: €4.07 million) principally reflecting the growth in rental income from its property portfolio. The company highlighted that by the end of 2025, only about 30% of the Group’s owned assets, based on square meters, were operational and revenue generating. The remaining part of the Group owned assets are under development or are being prepared for development.

Operating costs (net of other income) increased by 7.0% to €3.61 million (2024: €3.37 million) due to higher cost of sales and administrative expenses in line with the growth in business. Excluding depreciation and amortisation charges, EBITDA increased by 49% to €1.73 million compared to €1.16 million in the previous year. Meanwhile, operating profit amounted to €1.09 million compared to €0.70 million in 2024.

The financial performance was boosted by the increase in fair value of investment property of €1.42 million, which however was lower than the increase of €2.56 million recorded in the previous year.

After accounting for net finance costs of €0.70 million and a tax expense of €0.29 million, the net profit for the year amounted to €1.57 million compared to €2.48 million in 2024.

The Statement of Financial Position as at 31 December 2025 shows that total assets increased by 1.1% (or €1.08 million) to €96.5 million, mostly consisting of investment property (€87.3 million) as well as financial investments (€6.0 million).

Meanwhile, total liabilities eased by 1.2% to €27.3 million with total debt amounting to €20.9 million when including lease liabilities of €1.4 million.

Total equity increased by 2.1% (or 1.43 million) to €69.1 million, which translates into a net asset value of €0.2775 per share.

Outlook

The Directors explained that alongside the possible future expansion of its asset base, the Group continues to focus on further enhancing operational efficiencies and optimising the utilisation of its already developed properties, in line with its long-term business strategy and financial objectives.

The completion of the Silver Horse Block Phase 2 property is scheduled for the second half of 2026, with the interim project development delays and usual complications resulting from the nature of the renovation and regeneration of old, historic properties expected to be largely resolved during the process. Through the revenue generation expected from this asset, the Group’s financial and operational profile is projected to further improve.