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MaltaPost plc – Interim Results

Jonathan Falzon

May 29, 2025

29 May, 2025
4 min read
29 May, 2025
4 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 28 May 2025, MaltaPost plc published the Unaudited Interim Financial Statements for the six-month period ended 31 March 2025.

Revenue increased by 2.4% to €21.5 million from €20.9 million in the same period last year reflecting steady performance across key business areas.

Operating expenses decreased by 0.8% to €18.4 million. MaltaPost explained that it is mitigating losses incurred in delivering the single letter mail service under the Universal Service Obligation.

Consequently, operating profit surged by 32.2% to €3.11 million from €2.35 million in the same period last year. Excluding depreciation and amortisation charges, EBITDA increased by 27.2% to €4.28 million from €3.36 million in H1 2023/24 and the EBITDA margin improved to 19.9% (H1 2023/24: 16.1%).

After accounting for a minimal finance income and share of profit from the company’s life insurance associate IVALIFE Insurance Ltd, the postal operator reported a profit before tax of €3.18 million, which is 28% higher than the €2.49 million in the comparable period last year. After deducting a tax charge of €1.29 million and a non-controlling interest of €0.07 million, the net profit attributable to shareholders amounted to €1.82 million which translates into an annualised return on average shareholders’ funds of 11.7% (H1 2023/24: 11.1%).

The Statement of Financial Position as at 31 March 2025 compared to the position as at 30 September 2024 shows that total assets grew by 0.9% to €53.2 million, which include cash balances of €6.24 million. Meanwhile, total liabilities increased by 2.6% to €19.9 million reflecting larger trade payables as the postal operator remained free from any borrowings. Shareholders’ funds remained virtually unchanged at €32.6 million.

Outlook

In their commentary, the Directors explained that despite a tough environment of salary pressures and evolving customer expectations, MaltaPost remains focused on delivering sustainable growth, enhancing service delivery and digital transformation. For the second half of the year, the company is cautiously optimistic and remains fully committed to maintaining momentum while remaining agile in the face of global market uncertainties including the impact of tariff wars on cross-border commerce.

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 28 May 2025, MaltaPost plc published the Unaudited Interim Financial Statements for the six-month period ended 31 March 2025.

Revenue increased by 2.4% to €21.5 million from €20.9 million in the same period last year reflecting steady performance across key business areas.

Operating expenses decreased by 0.8% to €18.4 million. MaltaPost explained that it is mitigating losses incurred in delivering the single letter mail service under the Universal Service Obligation.

Consequently, operating profit surged by 32.2% to €3.11 million from €2.35 million in the same period last year. Excluding depreciation and amortisation charges, EBITDA increased by 27.2% to €4.28 million from €3.36 million in H1 2023/24 and the EBITDA margin improved to 19.9% (H1 2023/24: 16.1%).

After accounting for a minimal finance income and share of profit from the company’s life insurance associate IVALIFE Insurance Ltd, the postal operator reported a profit before tax of €3.18 million, which is 28% higher than the €2.49 million in the comparable period last year. After deducting a tax charge of €1.29 million and a non-controlling interest of €0.07 million, the net profit attributable to shareholders amounted to €1.82 million which translates into an annualised return on average shareholders’ funds of 11.7% (H1 2023/24: 11.1%).

The Statement of Financial Position as at 31 March 2025 compared to the position as at 30 September 2024 shows that total assets grew by 0.9% to €53.2 million, which include cash balances of €6.24 million. Meanwhile, total liabilities increased by 2.6% to €19.9 million reflecting larger trade payables as the postal operator remained free from any borrowings. Shareholders’ funds remained virtually unchanged at €32.6 million.

Outlook

In their commentary, the Directors explained that despite a tough environment of salary pressures and evolving customer expectations, MaltaPost remains focused on delivering sustainable growth, enhancing service delivery and digital transformation. For the second half of the year, the company is cautiously optimistic and remains fully committed to maintaining momentum while remaining agile in the face of global market uncertainties including the impact of tariff wars on cross-border commerce.