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Malta International Airport plc – Interim Results

Matthew Fabri

August 6, 2025

6 August, 2025
7 min read
6 August, 2025
7 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 5 August 2025, Malta International Airport plc published its interim financial statements covering the six-month period ended 30 June 2025.

Revenues for the interim period reached a record €71.9 million, representing an increase of 11.6% compared to the previous interim record of €64.4 million achieved in the corresponding period of 2024. This growth was driven by growth of 11.7% in passenger movements between January and June 2025 to 4.54 million. ‘Aviation’ revenue grew by 11.1% to €49.2 million (+11.1%), whilst ‘Retail and Property’ revenue increasing by 11.7% to €22.4 million.

Total operating costs rose by 12.2% to €33.8 million, resulting in an operating profit of €38.2 million (2024: €34.5 million). Excluding depreciation and amortisation, EBITDA reached €45.7 million, an increase of 11.4% over the €41.0 million recorded in the first half of 2024. In H1 2025, the airport operator achieved EBITDA and EBIT margins of 63.5% (H1 2024: 63.6%) and 53.2% (H1 2024: 53.5%).

After accounting for minimal net finance costs and a tax charge of €13.3 million, MIA reported a record interim net profit of €24.5 million, resulting in a return on average equity of 23.5% (H1 2024: 24.0%).

The Statement of Financial Position as at 30 June 2025, when compared to the financial position as at 31 December 2024, shows that total assets increased by 6.6% (or +€24.6 million) to €395 million, which includes cash and term deposit balances of €52.8 million. Total liabilities increased by 10.4% (or +€16.4 million) to €174 million primarily reflecting higher levels of current tax liabilities as well as payables. Notably, MIA remains without any borrowings and all of its €55 million in outstanding debt relates to lease liabilities. Overall, MIA’s equity base expanded by 3.8% (or +€8.2 million) to €221 million.

Dividend

The Board of Directors declared a net interim dividend of €0.06 per share, which is unchanged from the previous year. The dividend is payable by no later than Friday 12 September 2025 to all shareholders as at close of trading on Tuesday 19 August 2025.

Share Buyback Program:

MIA announced that, effective Monday 2 June 2025, it commenced the Share Buyback Program proposed on 16 January 2025 and approved at the latest Annual General Meeting. MIA repurchased 17,692 shares at a weighted average price of €5.95 per share, all of which will be cancelled.

Infrastructural Investments

Capital expenditure for the first six months of 2025 amounted to €34.4 million, up from €28.2 million in the same period of the previous year. The Directors’ Report highlighted the completion of the new VIP terminal in Q2 2025 and the first phase of the Terminal Expansion Project, which included a 1,550 sqm westward extension. Additionally, the second set of four aircraft parking stands under the Apron 8 project (formerly Apron X) became operational during the reporting period. Together with the four stands completed in Q3 2024, MIA’s total aircraft parking capacity increased by 40%. Ancillary buildings servicing the new apron, including ground handling facilities, are in their final stages and are expected to be completed by year-end 2025.

A 5,700 sqm eastward terminal extension is also currently under way, which, when completed, will accommodate 32 new check-in desks, six departure gates, and an additional 2,600 sqm of circulation space.

Construction of the Sky Parks Business Centre 2 is scheduled to commence in Q3 2025, with preparation works nearing completion. The hotel building within this development is expected to be handed over to an operator by the end of 2026, with the full project handover to tenants targeted for 2027.

Significant progress was also made on the airport’s fifth photovoltaic farm, with panel structure installation beginning in Q1 2025 and commissioning expected in Q3 2025

Outlook

The Directors’ Report noted a positive outlook, supported by robust travel demand, particularly to Southern European destinations, despite ongoing challenges related to air traffic management disruptions, geopolitical uncertainty, and strict environmental sustainability targets.

Notably, the Southern European region registered a 5% increase in passenger traffic between January and May 2025 compared to the same period in 2024. Malta emerged as the best-performing destination within its peer group, with a 13% growth rate, outperforming six comparable destinations.

Reflecting a strong half-year performance and improved outlook, MIA revised its FY2025 forecasts upwards from those issued in January and now expects:

  • Passenger movements of 9.7 million (previous forecast: 9.3 million)
  • Revenue of €151 million (previous forecast: €147 million)
  • EBITDA of €93 million (previous forecast: €91 million)
  • Net profit of €49 million (previous forecast: €48 million)
  • Capital investments of €70 million (unchanged)

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 5 August 2025, Malta International Airport plc published its interim financial statements covering the six-month period ended 30 June 2025.

Revenues for the interim period reached a record €71.9 million, representing an increase of 11.6% compared to the previous interim record of €64.4 million achieved in the corresponding period of 2024. This growth was driven by growth of 11.7% in passenger movements between January and June 2025 to 4.54 million. ‘Aviation’ revenue grew by 11.1% to €49.2 million (+11.1%), whilst ‘Retail and Property’ revenue increasing by 11.7% to €22.4 million.

Total operating costs rose by 12.2% to €33.8 million, resulting in an operating profit of €38.2 million (2024: €34.5 million). Excluding depreciation and amortisation, EBITDA reached €45.7 million, an increase of 11.4% over the €41.0 million recorded in the first half of 2024. In H1 2025, the airport operator achieved EBITDA and EBIT margins of 63.5% (H1 2024: 63.6%) and 53.2% (H1 2024: 53.5%).

After accounting for minimal net finance costs and a tax charge of €13.3 million, MIA reported a record interim net profit of €24.5 million, resulting in a return on average equity of 23.5% (H1 2024: 24.0%).

The Statement of Financial Position as at 30 June 2025, when compared to the financial position as at 31 December 2024, shows that total assets increased by 6.6% (or +€24.6 million) to €395 million, which includes cash and term deposit balances of €52.8 million. Total liabilities increased by 10.4% (or +€16.4 million) to €174 million primarily reflecting higher levels of current tax liabilities as well as payables. Notably, MIA remains without any borrowings and all of its €55 million in outstanding debt relates to lease liabilities. Overall, MIA’s equity base expanded by 3.8% (or +€8.2 million) to €221 million.

Dividend

The Board of Directors declared a net interim dividend of €0.06 per share, which is unchanged from the previous year. The dividend is payable by no later than Friday 12 September 2025 to all shareholders as at close of trading on Tuesday 19 August 2025.

Share Buyback Program:

MIA announced that, effective Monday 2 June 2025, it commenced the Share Buyback Program proposed on 16 January 2025 and approved at the latest Annual General Meeting. MIA repurchased 17,692 shares at a weighted average price of €5.95 per share, all of which will be cancelled.

Infrastructural Investments

Capital expenditure for the first six months of 2025 amounted to €34.4 million, up from €28.2 million in the same period of the previous year. The Directors’ Report highlighted the completion of the new VIP terminal in Q2 2025 and the first phase of the Terminal Expansion Project, which included a 1,550 sqm westward extension. Additionally, the second set of four aircraft parking stands under the Apron 8 project (formerly Apron X) became operational during the reporting period. Together with the four stands completed in Q3 2024, MIA’s total aircraft parking capacity increased by 40%. Ancillary buildings servicing the new apron, including ground handling facilities, are in their final stages and are expected to be completed by year-end 2025.

A 5,700 sqm eastward terminal extension is also currently under way, which, when completed, will accommodate 32 new check-in desks, six departure gates, and an additional 2,600 sqm of circulation space.

Construction of the Sky Parks Business Centre 2 is scheduled to commence in Q3 2025, with preparation works nearing completion. The hotel building within this development is expected to be handed over to an operator by the end of 2026, with the full project handover to tenants targeted for 2027.

Significant progress was also made on the airport’s fifth photovoltaic farm, with panel structure installation beginning in Q1 2025 and commissioning expected in Q3 2025

Outlook

The Directors’ Report noted a positive outlook, supported by robust travel demand, particularly to Southern European destinations, despite ongoing challenges related to air traffic management disruptions, geopolitical uncertainty, and strict environmental sustainability targets.

Notably, the Southern European region registered a 5% increase in passenger traffic between January and May 2025 compared to the same period in 2024. Malta emerged as the best-performing destination within its peer group, with a 13% growth rate, outperforming six comparable destinations.

Reflecting a strong half-year performance and improved outlook, MIA revised its FY2025 forecasts upwards from those issued in January and now expects:

  • Passenger movements of 9.7 million (previous forecast: 9.3 million)
  • Revenue of €151 million (previous forecast: €147 million)
  • EBITDA of €93 million (previous forecast: €91 million)
  • Net profit of €49 million (previous forecast: €48 million)
  • Capital investments of €70 million (unchanged)