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Quinco Holdings plc – Full-Year Results

Jonathan Falzon

April 27, 2026

Market News
27 April, 2026
5 min read
Market News
27 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 24 April 2026, Quinco Holdings plc published its Annual Report and Financial Statements for the period from incorporation on 8 May 2025 to 31 December 2025. However, the two operating subsidiaries, namely Food Chain Limited and Quintano Foods Limited were consolidated with effect from September 2025 when they were transferred from Simonds Farsons Cisk plc. Effectively, the consolidated performance reflects only the business activity of the last four months of 2025.

During the period, the Group recorded revenues of €13.3 million and generated a gross profit of €3.43 million and a gross profit margin of approximately 26%. After accounting for selling and distribution costs of €0.69 million and administrative expenses of €1.66 million, operating profit amounted to €1.37 million, which translates into an operating margin of 10.3%.

Profit before tax stood at €1.30 million and net profit amounted to €1.05 million.

The annual report also provided a year-on-year profit before tax comparison for the period between September and December 2024 and 2025 for the operating subsidiaries. Quintano and Food Chain generated pre-tax profits of €1.39 million in the final four months of 2025 compared to €0.76 million in the final four months of 2024.

The Statement of Financial Position as at 31 December 2025 showed total assets of €72.2 million, which includes €25.4 million property, plant and equipment, €25.8 million intangible assets and goodwill, €7.8 million right-of-use assets and €5.6 million in cash. Total liabilities amounted to €24.3 million, largely composed of payables of €10.8 million and lease liabilities of €6.4 million. Total equity amounted to €47.9 million, which translates into a net asset value per share of €1.329 compared to the spin-off attribution price of €1.30 per share.

Dividend

In view of significant capital being committed to long-term investments, most notably the development of the Ħandaq head office and logistics centre, the Board of Directors stated that retained earnings would best support the Group’s strategy and thus no dividend was proposed.

New Head Office and Logistics Complex

The Directors stated that the Group will relocate to the new Ħandaq head office and logistics centre in summer 2026. The Board believes that this investment of over €21 million conveys a strong statement of intent and will give the capacity to upscale and elevate operations. The facility has been engineered for approximately 3,000 ambient, 1,000 chilled and 1,000 frozen pallet positions, serviced by 12 docking stations and a dedicated marshalling area, and is designed to deliver a step change in storage density, cold chain resilience, and throughput.

Outlook

In his commentary, the Chairman stated that the key priorities for 2026 include the completion of the Ħandaq logistics hub, the continued rollout of enterprise-wide IT systems, the introduction of new brands, and additional quick-service restaurant outlets. The directors expect 2026 to be characterised by continued commercial momentum across both subsidiaries, with planned initiatives expected to contribute positively to performance while maintaining a prudent approach to risk and capital management.

In the first months of 2026, Quinco also entered into new bank facilities for a maximum of €15 million, which are aimed to further enhance the Group’s liquidity headroom and financial flexibility. No amounts had been drawn down under these facilities by 24 April 2026.

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 24 April 2026, Quinco Holdings plc published its Annual Report and Financial Statements for the period from incorporation on 8 May 2025 to 31 December 2025. However, the two operating subsidiaries, namely Food Chain Limited and Quintano Foods Limited were consolidated with effect from September 2025 when they were transferred from Simonds Farsons Cisk plc. Effectively, the consolidated performance reflects only the business activity of the last four months of 2025.

During the period, the Group recorded revenues of €13.3 million and generated a gross profit of €3.43 million and a gross profit margin of approximately 26%. After accounting for selling and distribution costs of €0.69 million and administrative expenses of €1.66 million, operating profit amounted to €1.37 million, which translates into an operating margin of 10.3%.

Profit before tax stood at €1.30 million and net profit amounted to €1.05 million.

The annual report also provided a year-on-year profit before tax comparison for the period between September and December 2024 and 2025 for the operating subsidiaries. Quintano and Food Chain generated pre-tax profits of €1.39 million in the final four months of 2025 compared to €0.76 million in the final four months of 2024.

The Statement of Financial Position as at 31 December 2025 showed total assets of €72.2 million, which includes €25.4 million property, plant and equipment, €25.8 million intangible assets and goodwill, €7.8 million right-of-use assets and €5.6 million in cash. Total liabilities amounted to €24.3 million, largely composed of payables of €10.8 million and lease liabilities of €6.4 million. Total equity amounted to €47.9 million, which translates into a net asset value per share of €1.329 compared to the spin-off attribution price of €1.30 per share.

Dividend

In view of significant capital being committed to long-term investments, most notably the development of the Ħandaq head office and logistics centre, the Board of Directors stated that retained earnings would best support the Group’s strategy and thus no dividend was proposed.

New Head Office and Logistics Complex

The Directors stated that the Group will relocate to the new Ħandaq head office and logistics centre in summer 2026. The Board believes that this investment of over €21 million conveys a strong statement of intent and will give the capacity to upscale and elevate operations. The facility has been engineered for approximately 3,000 ambient, 1,000 chilled and 1,000 frozen pallet positions, serviced by 12 docking stations and a dedicated marshalling area, and is designed to deliver a step change in storage density, cold chain resilience, and throughput.

Outlook

In his commentary, the Chairman stated that the key priorities for 2026 include the completion of the Ħandaq logistics hub, the continued rollout of enterprise-wide IT systems, the introduction of new brands, and additional quick-service restaurant outlets. The directors expect 2026 to be characterised by continued commercial momentum across both subsidiaries, with planned initiatives expected to contribute positively to performance while maintaining a prudent approach to risk and capital management.

In the first months of 2026, Quinco also entered into new bank facilities for a maximum of €15 million, which are aimed to further enhance the Group’s liquidity headroom and financial flexibility. No amounts had been drawn down under these facilities by 24 April 2026.