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Hili Properties plc – Full-Year Results

Jonathan Falzon

April 28, 2026

28 April, 2026
4 min read
28 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 27 April 2026, Hili Properties plc published its Annual Report and Financial Statements for the year ended 31 December 2025.

Total revenue, inclusive of other operating income remained unchanged at €17 million as the Group reported a stable performance across its portfolio of commercial properties in Estonia, Latvia, Lithuania, Malta and Romania.

On the expenditure side, operating costs decreased by 8.9% to €3.60 million (2024: €3.95 million) amid lower administrative expenses. Consequently, the operating profit (EBIT) increased by 2.6% to €13.4 million from €13.1 million in the previous year. The EBIT margin climbed to 78.9% (2024: 76.8%).

The financial performance was positively impacted by a net fair value increase on property assets of €2.81 million (2024: net decrease of €0.42 million).

Meanwhile, net finance costs increased by 10.9% to €7.25 million from €6.54 million in the previous year reflecting higher processing fees.

The profit before tax rose by 46.6% to €8.99 million. After accounting for a tax charge of €2.38 million, the net profit attributable to shareholders amounted to €6.60 million, which translates into a return on average equity of 5.4% (2024: 3.68%).

The Statement of Financial Position as of 31 December 2025 shows that total assets decreased by 1.1% (or €2.7 million) to €250.2 million, largely composed of investment property, including assets held for sale, totalling €236 million.

Meanwhile, total liabilities decreased by 7.1% (or €9.4 million) to €123.3 million.  Shareholders’ funds increased by 5.6% (or €6.7 million) to €126.9 million, which translates into a net asset value of €0.317 (2024: €0.300) per share.

Dividend

The Directors are recommending the payment of a final net dividend of €0.0052 per share on 29 May 2026 to all shareholders as at the close of trading on Wednesday 6 May 2026.

Outlook

The Board of Hili Properties expects steady demand across its key markets and will continue to focus on operational efficiency, selective acquisitions, and sustainable initiatives. While macroeconomic and geopolitical factors may present challenges, the Directors believe that the Group is well-positioned to manage risks and support long-term growth.

On 16 April 2026, the company submitted an application to the MFSA for the discontinuation of listing of all the company’s shares from the Official List of the Malta Stock Exchange.

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 27 April 2026, Hili Properties plc published its Annual Report and Financial Statements for the year ended 31 December 2025.

Total revenue, inclusive of other operating income remained unchanged at €17 million as the Group reported a stable performance across its portfolio of commercial properties in Estonia, Latvia, Lithuania, Malta and Romania.

On the expenditure side, operating costs decreased by 8.9% to €3.60 million (2024: €3.95 million) amid lower administrative expenses. Consequently, the operating profit (EBIT) increased by 2.6% to €13.4 million from €13.1 million in the previous year. The EBIT margin climbed to 78.9% (2024: 76.8%).

The financial performance was positively impacted by a net fair value increase on property assets of €2.81 million (2024: net decrease of €0.42 million).

Meanwhile, net finance costs increased by 10.9% to €7.25 million from €6.54 million in the previous year reflecting higher processing fees.

The profit before tax rose by 46.6% to €8.99 million. After accounting for a tax charge of €2.38 million, the net profit attributable to shareholders amounted to €6.60 million, which translates into a return on average equity of 5.4% (2024: 3.68%).

The Statement of Financial Position as of 31 December 2025 shows that total assets decreased by 1.1% (or €2.7 million) to €250.2 million, largely composed of investment property, including assets held for sale, totalling €236 million.

Meanwhile, total liabilities decreased by 7.1% (or €9.4 million) to €123.3 million.  Shareholders’ funds increased by 5.6% (or €6.7 million) to €126.9 million, which translates into a net asset value of €0.317 (2024: €0.300) per share.

Dividend

The Directors are recommending the payment of a final net dividend of €0.0052 per share on 29 May 2026 to all shareholders as at the close of trading on Wednesday 6 May 2026.

Outlook

The Board of Hili Properties expects steady demand across its key markets and will continue to focus on operational efficiency, selective acquisitions, and sustainable initiatives. While macroeconomic and geopolitical factors may present challenges, the Directors believe that the Group is well-positioned to manage risks and support long-term growth.

On 16 April 2026, the company submitted an application to the MFSA for the discontinuation of listing of all the company’s shares from the Official List of the Malta Stock Exchange.