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M&Z plc – Interim Results

Jonathan Falzon

August 27, 2025

27 August, 2025
3 min read
27 August, 2025
3 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 26 August 2025, M&Z plc published its interim financial statements covering the six-month period ended 30 June 2025.

Revenue increased by 3.1% to €15.1 million (H1 2024: €14.7 million) as the company continued to focus on brand strength, operational efficiency, and responsiveness to evolving consumer demand.

In contrast, operating costs fell by 3.1% to €12.6 million (H1 2024: €13.0 million) as the company managed to incur lower cost of sales despite the increase in revenue. Consequently, operating profit surged by 51% to €2.52 million compared to €1.67 million in the corresponding period last year. In this respect, the operating profit margin improved to 16.7% compared to 11.4% in the first half of 2024.

After accounting for finance costs of €0.13 million and a tax charge of €0.87 million, M&Z registered a net profit for the period of €1.52 million which is 60% higher than the €0.95 million figure recorded in the same period last year.

The Condensed Statement of Financial Position as at 30 June 2025, compared to figures as at 31 December 2024, shows that total assets remained virtually unchanged at just under €17 million. Total liabilities decreased by 7% (or €0.56 million) to €7.7 million. Meanwhile, total equity rose by 7.7% (or €0.67 million) to €9.2 million.

Dividend

The Directors approved an unchanged net interim dividend of €0.009 per share which translates into a payout ratio of 26% (H1 2024: 42%). The dividend will be paid on Tuesday 30 September 2025 to all shareholders as at the close of trading on Wednesday 27 August 2025.

Outlook

The directors of M&Z noted that the encouraging signals across key channels and sustained demand for core categories support a positive momentum heading into the second half of the year. The Board maintains a cautiously optimistic view while ensuring that management remains firmly focused on driving value creation, maintaining financial discipline, and capturing growth opportunities as they arise.

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 26 August 2025, M&Z plc published its interim financial statements covering the six-month period ended 30 June 2025.

Revenue increased by 3.1% to €15.1 million (H1 2024: €14.7 million) as the company continued to focus on brand strength, operational efficiency, and responsiveness to evolving consumer demand.

In contrast, operating costs fell by 3.1% to €12.6 million (H1 2024: €13.0 million) as the company managed to incur lower cost of sales despite the increase in revenue. Consequently, operating profit surged by 51% to €2.52 million compared to €1.67 million in the corresponding period last year. In this respect, the operating profit margin improved to 16.7% compared to 11.4% in the first half of 2024.

After accounting for finance costs of €0.13 million and a tax charge of €0.87 million, M&Z registered a net profit for the period of €1.52 million which is 60% higher than the €0.95 million figure recorded in the same period last year.

The Condensed Statement of Financial Position as at 30 June 2025, compared to figures as at 31 December 2024, shows that total assets remained virtually unchanged at just under €17 million. Total liabilities decreased by 7% (or €0.56 million) to €7.7 million. Meanwhile, total equity rose by 7.7% (or €0.67 million) to €9.2 million.

Dividend

The Directors approved an unchanged net interim dividend of €0.009 per share which translates into a payout ratio of 26% (H1 2024: 42%). The dividend will be paid on Tuesday 30 September 2025 to all shareholders as at the close of trading on Wednesday 27 August 2025.

Outlook

The directors of M&Z noted that the encouraging signals across key channels and sustained demand for core categories support a positive momentum heading into the second half of the year. The Board maintains a cautiously optimistic view while ensuring that management remains firmly focused on driving value creation, maintaining financial discipline, and capturing growth opportunities as they arise.