Back to Market News

Plaza Centres plc – Full-Year Results

Jonathan Falzon

April 28, 2026

28 April, 2026
5 min read
28 April, 2026
5 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, Plaza Centres plc published its Annual Report and Financial Statements for the year ended 31 December 2025.

Revenue decreased by 2.7% to €3.16 million (2024: €3.25 million). The company explained that demand for office space at the Plaza Business Centre remained strong, with occupancy at full capacity throughout the first nine months of the year, though one office became available late in the year. Plaza stated that as at the end of 2025, the occupancy rate within the Shopping Centre stood at 84% whilst the overall occupancy rate of the Commercial Centre stood at 90%.

On the expenditure side, total operating costs decreased by 3.6% to €1.54 million (2024: €1.60 million) as the reduction in administrative expenses offset the increase in marketing and maintenance costs.

Operating profit fell by 1.8% to €1.62 million, which translates into an EBIT margin of 51.2% (2024: 50.8%). Excluding depreciation and amortisation charges, EBITDA edged down to €2.18 million, and the EBITDA margin stood at 69.1% (2024: 67.7%).

After accounting for net finance costs of €0.08 million, tax charges of €0.49 million, and a minimal profit attributable to non-controlling interest, the net profit for the year attributable to shareholders amounted to €1.11 million, which translates into a return on average equity of 4.0% (2024: 4.1%).

The Statement of Financial Position as at 31 December 2025 shows that total assets increased by 1.3% (or €0.46 million) to €37.9 million, largely reflecting a higher cash balance of €1.18 million. Meanwhile, total liabilities remained virtually unchanged at €9.67 million. Overall, shareholders’ funds rose by 1.5% (or €0.42 million) to €28.2 million, which translates into a net asset value of €1.107 per share (December 2024: €1.091).

Dividend

The Directors are recommending the payment of a final net dividend of €0.0137 per share, to all shareholders as at close of trading on 14 May 2026, subject to shareholders’ approval at the upcoming Annual General Meeting scheduled to be held on Wednesday 17 June 2026.

Coupled with the net interim dividend of €0.0098 per share paid out in August 2025, the total net dividend for the year amounts to €0.0235 per share, unchanged from the previous year, and translates into a payout ratio of 54%.

Bond Redemption

Plaza explained that following several bond buybacks from the market, the outstanding balance of its bond stands at €4.9 million. The bond will mature on 22 September 2026 and the company plans to refinance the bond with a standard bank facility, for which a sanction letter was issued by a local credit institution

Outlook

In their commentary, the Directors noted that Plaza continues to face headwinds due to competition in both the retail and office sectors in Malta, particularly as the influx of foreign businesses relocating to Malta remains slow. Nonetheless, demand for The Plaza Commercial Centre remains resilient due to its prime location. The Board will continue to explore the feasibility and attractiveness of growth opportunities which make economic sense to the business.

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

Revenue decreased by 2.7% to €3.16 million (2024: €3.25 million). The company explained that demand for office space at the Plaza Business Centre remained strong, with occupancy at full capacity throughout the first nine months of the year, though one office became available late in the year. Plaza stated that as at the end of 2025, the occupancy rate within the Shopping Centre stood at 84% whilst the overall occupancy rate of the Commercial Centre stood at 90%.

On the expenditure side, total operating costs decreased by 3.6% to €1.54 million (2024: €1.60 million) as the reduction in administrative expenses offset the increase in marketing and maintenance costs.

Operating profit fell by 1.8% to €1.62 million, which translates into an EBIT margin of 51.2% (2024: 50.8%). Excluding depreciation and amortisation charges, EBITDA edged down to €2.18 million, and the EBITDA margin stood at 69.1% (2024: 67.7%).

After accounting for net finance costs of €0.08 million, tax charges of €0.49 million, and a minimal profit attributable to non-controlling interest, the net profit for the year attributable to shareholders amounted to €1.11 million, which translates into a return on average equity of 4.0% (2024: 4.1%).

The Statement of Financial Position as at 31 December 2025 shows that total assets increased by 1.3% (or €0.46 million) to €37.9 million, largely reflecting a higher cash balance of €1.18 million. Meanwhile, total liabilities remained virtually unchanged at €9.67 million. Overall, shareholders’ funds rose by 1.5% (or €0.42 million) to €28.2 million, which translates into a net asset value of €1.107 per share (December 2024: €1.091).

Dividend

The Directors are recommending the payment of a final net dividend of €0.0137 per share, to all shareholders as at close of trading on 14 May 2026, subject to shareholders’ approval at the upcoming Annual General Meeting scheduled to be held on Wednesday 17 June 2026.

Coupled with the net interim dividend of €0.0098 per share paid out in August 2025, the total net dividend for the year amounts to €0.0235 per share, unchanged from the previous year, and translates into a payout ratio of 54%.

Esports Subsidiary

In September 2025, Plaza decided to shut down the operations of Esports Avenue Limited after seeing the need for further investment to boost the business. The subsidiary has been placed into voluntary liquidation.

Bond Redemption

Plaza explained that following several bond buybacks from the market, the outstanding balance of its bond stands at €4.9 million. The bond will mature on 22 September 2026 and the company plans to refinance the bond with a standard bank facility, for which a sanction letter was issued by a local credit institution.

Outlook

In their commentary, the Directors noted that Plaza continues to face headwinds due to competition in both the retail and office sectors in Malta, particularly as the influx of foreign businesses relocating to Malta remains slow. Nonetheless, demand for The Plaza Commercial Centre remains resilient due to its prime location. The Board will continue to explore the feasibility and attractiveness of growth opportunities which make economic sense to the business.