GO plc – Interim Results
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 7 August 2026, GO plc published its interim consolidated financial statements covering the six-month period ended 30 June 2026.
Revenue rose by 8.7% to €135 million (H1 2025: €124 million), with all three operating segments contributing to the increase of €10.7 million.
GO explained that despite a highly competitive local telecommunications market, the Malta segment continued to register solid growth, with revenue increasing by 8.8% to €80.2 million (H1 2025: €73.7 million) on the back of higher subscriber numbers across both fixed and mobile services as well as the contribution from the Klikk acquisition. Segment profit before tax, however, declined by 7.5% to €13.2 million (H1 2025: €14.2 million), due to higher cost of sales and administrative expenses.
In Cyprus, Cablenet recorded a year-on-year revenue increase of 7.6% to €37.0 million (H1 2025: €34.4 million). The segment nonetheless registered a loss before tax of €1.41 million, broadly in line with the loss of €1.33 million a year earlier, which GO attributed to ongoing investment in network expansion and subscriber acquisition alongside competitive pricing pressures.
Meanwhile, BMIT generated revenue from external customers of €17.5 million, an increase of 10.6% (or €1.67 million) over the €15.8 million registered in the same period of 2025, with the company noting that cloud service adoption again remained the segment’s primary growth driver. Segment profit before tax nevertheless fell by 12.8% to €3.05 million (H1 2025: €3.50 million).
The GO Group’s consolidated cost of sales grew by 12.5% to €87.4 million (H1 2025: €77.7 million), which the company attributed to higher activity levels across all segments. The gross profit margin contracted to 35.1% from 37.3%, reflecting the change in revenue mix with the growing contribution of lower-margin product sales.
Administrative and other related expenses increased by 5.4% to €28.9 million (H1 2025: €27.4 million), largely reflecting the higher commercial costs associated with the revenue growth, whilst other income dropped by 63% to €0.74 million (H1 2025: €2.03 million).
EBITDA declined by 3.7% to €46.0 million (H1 2025: €47.8 million), which GO explained was primarily driven by the non-recurrence of one-off income recognised in the prior year. After a depreciation and amortisation charge of €26.8 million (H1 2025: €26.9 million), operating profit dropped by 8.3% to €19.2 million (H1 2025: €20.9 million). The EBITDA margin eased to 34.1% (H1 2025: 38.5%) and the operating profit margin fell to 14.2% (H1 2025: 16.9%).
Net finance costs increased by 10.4% to €4.94 million (H1 2025: €4.48 million), which GO attributed to the cost of financing its acquisition of a non-controlling stake in Malta Properties Company plc (MPC). The Group’s share of MPC’s profit amounted to €0.58 million.
Profit before tax declined by 9.8% to €14.8 million (H1 2025: €16.4 million).
After accounting for a tax charge of €4.45 million (H1 2025: €4.91 million) and a minimal profit attributable to non-controlling interests, the net profit for the period attributable to shareholders amounted to €10.3 million (H1 2025: €11.3 million). This translates into earnings per share of €0.102 (H1 2025: €0.111) and an annualised return on average shareholders’ funds of 25.3% (H1 2025: 28.3%).
The Statement of Financial Position as at 30 June 2026 shows that total assets stood at €465 million. The Group’s asset base remains dominated by property, plant and equipment of €190 million and right-of-use assets of €43.8 million, alongside intangible assets of €98.7 million, largely consisting of goodwill arising on acquisitions in previous years, and an investment in associate of €27.4 million representing the Group’s stake in MPC. Trade and other receivables amounted to €60.9 million whilst cash and cash equivalents stood at €14.4 million.
When compared to the position as at 31 December 2025, total liabilities eased by 1.1% (or €4.04 million) to €377 million, with total debt at €233 million (31 December 2025: €232 million) consisting of €194 million in borrowings and €38.7 million in lease liabilities. Shareholders’ funds edged 0.6% (or €0.51 million) higher to €82.6 million as the profit for the period outweighed the final dividend paid during the period.
Dividend
The Board of Directors declared a net interim dividend of €0.07 per share, unchanged from last year’s interim dividend. The dividend represents a payout ratio of 68.9% (H1 2025: 62.9%) and is payable on Tuesday 6 October 2026 to all shareholders as at the close of trading on Monday 14 September 2026.
Outlook
In their commentary, the Directors explained that the Group’s strategic focus continues to centre on strengthening its core telecommunications business whilst further developing its adjacent activities across data centre services, cybersecurity and renewable energy. They added that management remained focused on the integration and organic development of the businesses acquired in prior periods.
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.