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MaltaPost plc – Full-Year Results

Jonathan Falzon

December 19, 2025

19 December, 2025
6 min read
19 December, 2025
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 18 December 2025, MaltaPost plc published its Annual Report and Financial Statements for the financial year ended 30 September 2025.

Revenues increased by 6.3% to €42.7 million reflecting the 7.3% increase in local revenues to €21.3 million as well as the 5.2% increase in international cross-border postal sales to €21.4 million. Postal revenues remained the predominant source of income at 85% of total group revenues, with the rest of the income emanating from document management, insurance commissions, and philatelic sales.

Operating costs excluding depreciation increased by 2.7% to €34.3 million, as the decrease in foreign direct mail costs was outweighed by the rise in employee costs. As a result, MaltaPost registered a record EBITDA of €8.65 million compared to €7.0 million in the previous year.

Depreciation and amortisation expenses remained relatively unchanged at €2.46 million. Consequently, operating profit amounted to €6.19 million compared to the €4.53 million figure in the previous financial year, which translates into a higher EBIT margin of 14.5% compared to 11.3% in FY2023/24.

MaltaPost also reported a share of profit of €0.19 million (FY2023/24: €0.06 million) from its life insurance associate IVALIFE Insurance Limited, in which MaltaPost has a 25% stake.

MaltaPost’s pre-tax profit surged by 36.8% to €6.40 million (FY2023/24: €4.68 million). After accounting for a tax charge of €2.28 million and profits to non-controlling interests of €0.10 million, the net profit attributable to MaltaPost’s shareholders amounted to a record €4.02 million compared to €2.90 million in the previous financial year, which translates into a return on shareholders’ funds of 11.9% (FY2023/24: 9.5%).

The Statement of Financial Position as at 30 September 2025, when compared to the corresponding figures as at 30 September 2024, shows that total assets increased by 10.2% (or €5.4 million) to €58.1 million, which include cash and deposits with financial institutions totalling €10.3 million and financial investments of €2.0 million.  Total liabilities rose by 16.4% (or €3.2 million) to €22.6 million, which include lease liabilities of €4.2 million as the company remained free from any borrowings. Overall, shareholders’ funds increased by 6.3% (or €2.1 million) to €34.8 million.

Dividend

The Directors declared an unchanged final net dividend of €0.024 per share, resulting in a payout ratio of 48% compared to 67% last year. The dividend will be paid on 18 March 2026 to all shareholders as at close of trading on 16 January 2026 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 19 February 2026.

Recent developments

In his commentary, the Chairman of MaltaPost noted that as e-commerce accelerated, the shift from letter mail to parcels continued alongside greater automation and digitalisation. Moreover, despite a challenging global environment shaped by economic pressures, US tariffs, technological advances and evolving consumer behaviour, MaltaPost made solid progress and delivered a resilient, positive performance. He further noted that the year marked the first full financial year under the Automated Tariff Revision Mechanism for USO services. However, no USO tariffs were revised and domestic entry-level rates remained the second lowest in Europe, and MaltaPost continued to bear the cost of subsidising single-piece local mail.

Outlook

The CEO of MaltaPost stated that the Group will remain focused on sustainable growth, service excellence, and continued digital and operational transformation. While remaining cautious amid global uncertainties, MaltaPost will strengthen last-mile delivery, expand its regional logistics network, refine its insurance strategy and pursue innovation to support fair working conditions and deliver value to shareholders.

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 18 December 2025, MaltaPost plc published its Annual Report and Financial Statements for the financial year ended 30 September 2025.

Revenues increased by 6.3% to €42.7 million reflecting the 7.3% increase in local revenues to €21.3 million as well as the 5.2% increase in international cross-border postal sales to €21.4 million. Postal revenues remained the predominant source of income at 85% of total group revenues, with the rest of the income emanating from document management, insurance commissions, and philatelic sales.

Operating costs excluding depreciation increased by 2.7% to €34.3 million, as the decrease in foreign direct mail costs was outweighed by the rise in employee costs. As a result, MaltaPost registered a record EBITDA of €8.65 million compared to €7.0 million in the previous year.

Depreciation and amortisation expenses remained relatively unchanged at €2.46 million. Consequently, operating profit amounted to €6.19 million compared to the €4.53 million figure in the previous financial year, which translates into a higher EBIT margin of 14.5% compared to 11.3% in FY2023/24.

MaltaPost also reported a share of profit of €0.19 million (FY2023/24: €0.06 million) from its life insurance associate IVALIFE Insurance Limited, in which MaltaPost has a 25% stake.

MaltaPost’s pre-tax profit surged by 36.8% to €6.40 million (FY2023/24: €4.68 million). After accounting for a tax charge of €2.28 million and profits to non-controlling interests of €0.10 million, the net profit attributable to MaltaPost’s shareholders amounted to a record €4.02 million compared to €2.90 million in the previous financial year, which translates into a return on shareholders’ funds of 11.9% (FY2023/24: 9.5%).

The Statement of Financial Position as at 30 September 2025, when compared to the corresponding figures as at 30 September 2024, shows that total assets increased by 10.2% (or €5.4 million) to €58.1 million, which include cash and deposits with financial institutions totalling €10.3 million and financial investments of €2.0 million.  Total liabilities rose by 16.4% (or €3.2 million) to €22.6 million, which include lease liabilities of €4.2 million as the company remained free from any borrowings. Overall, shareholders’ funds increased by 6.3% (or €2.1 million) to €34.8 million.

Dividend

The Directors declared an unchanged final net dividend of €0.024 per share, resulting in a payout ratio of 48% compared to 67% last year. The dividend will be paid on 18 March 2026 to all shareholders as at close of trading on 16 January 2026 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 19 February 2026.

Recent developments

In his commentary, the Chairman of MaltaPost noted that as e-commerce accelerated, the shift from letter mail to parcels continued alongside greater automation and digitalisation. Moreover, despite a challenging global environment shaped by economic pressures, US tariffs, technological advances and evolving consumer behaviour, MaltaPost made solid progress and delivered a resilient, positive performance. He further noted that the year marked the first full financial year under the Automated Tariff Revision Mechanism for USO services. However, no USO tariffs were revised and domestic entry-level rates remained the second lowest in Europe, and MaltaPost continued to bear the cost of subsidising single-piece local mail.

Outlook

The CEO of MaltaPost stated that the Group will remain focused on sustainable growth, service excellence, and continued digital and operational transformation. While remaining cautious amid global uncertainties, MaltaPost will strengthen last-mile delivery, expand its regional logistics network, refine its insurance strategy and pursue innovation to support fair working conditions and deliver value to shareholders.