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MedservRegis plc – Interim Results

Jonathan Falzon

September 1, 2025

1 September, 2025
5 min read
1 September, 2025
5 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 29 August 2025, MedservRegis plc published its interim financial statements covering the six-month period ended 30 June 2025.

Revenue surged by 39% to €44.7 million mainly driven by the higher level of income from the provision of Integrated Logistics Support Services (ILSS) (+86% to €28.0 million), arising from entities operating in Malta and Cyprus which outweighed a slight decline in turnover from the Oil Country Tubular Goods (OCTG) segment (-2.5% to €16.5 million).

On the expenditure side, total operating costs (net of other income) increased by 31.2% to €38.5 million. Consequently, the Group’s operating profit rose to €6.22 million compared to €2.88 million in the first half of 2024. MedservRegis reported an adjusted EBITDA of €10.8 million, which is 34.2% higher than the €8.07 million figure reported for the same period last year. This translates into an EBITDA margin of 24.2% (H1 2024: 25.0%).

Meanwhile, net finance costs fell by 22.7% to €1.96 million (H1 2024: €2.53 million) due to lower foreign exchange losses.

MedservRegis registered a profit before tax of €4.26 million compared to €0.35 million in the same period last year. After accounting for tax charges of €0.85 million, and a profit attributable to minority interest of €0.48 million, the net profit for the period attributable to shareholders amounted to €2.93 million in contrast to the net loss of €0.17 million recognised in the first half of 2024.

The Statement of Financial Position as at 30 June 2025, when compared to the corresponding figures as at the end of 2024, shows that total assets dropped by 2.2% (or €3.2 million) to €142.6 million. Meanwhile, total liabilities decreased by 3.0% (or €1.7 million) to €85.4 million. Shareholders’ funds fell by 1.2% (or €0.7 million) to €55.7 million, which translates into a net asset value per share of €0.548 (31 December 2024: €0.555).

Dividend

The Board of Directors will meet on Monday 29 September 2025 to consider the declaration of an interim dividend.

Update on the Bonds maturing in 2026

The Board of Directors announced that it is evaluating a range of options to refinance the €30 million in bonds maturing on 5 February 2026, including through a fresh issuance of debt securities on the Malta Stock Exchange. Moreover, Medserv stated that it intends to repurchase up to €4 million in bonds, subject to terms that will be communicated in due course.

Outlook

The Board is confident that the company will exceed the recently published 2025 forecast and is optimistic about the company’s business pipeline in view of the significant increase of activity in the Mediterranean basin and the new contracts secured. Medserv is set to benefit from recent agreements between Cyprus and Egypt that enable exports of gas for liquefaction and onward sale. In their commentary, the Directors explained that operations in the Middle East are anticipated to remain stable due to unchanged rig activity. With these factors in place, the Board anticipates a steady level of business volume during the second half of the year and beyond.

The Directors also stated that priorities remain centred around delivery of improved profitability with a balanced approach of dividend payments, reducing debt, and further investment in information systems and market growth.

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 29 August 2025, MedservRegis plc published its interim financial statements covering the six-month period ended 30 June 2025.

Revenue surged by 39% to €44.7 million mainly driven by the higher level of income from the provision of Integrated Logistics Support Services (ILSS) (+86% to €28.0 million), arising from entities operating in Malta and Cyprus which outweighed a slight decline in turnover from the Oil Country Tubular Goods (OCTG) segment (-2.5% to €16.5 million).

On the expenditure side, total operating costs (net of other income) increased by 31.2% to €38.5 million. Consequently, the Group’s operating profit rose to €6.22 million compared to €2.88 million in the first half of 2024. MedservRegis reported an adjusted EBITDA of €10.8 million, which is 34.2% higher than the €8.07 million figure reported for the same period last year. This translates into an EBITDA margin of 24.2% (H1 2024: 25.0%).

Meanwhile, net finance costs fell by 22.7% to €1.96 million (H1 2024: €2.53 million) due to lower foreign exchange losses.

MedservRegis registered a profit before tax of €4.26 million compared to €0.35 million in the same period last year. After accounting for tax charges of €0.85 million, and a profit attributable to minority interest of €0.48 million, the net profit for the period attributable to shareholders amounted to €2.93 million in contrast to the net loss of €0.17 million recognised in the first half of 2024.

The Statement of Financial Position as at 30 June 2025, when compared to the corresponding figures as at the end of 2024, shows that total assets dropped by 2.2% (or €3.2 million) to €142.6 million. Meanwhile, total liabilities decreased by 3.0% (or €1.7 million) to €85.4 million. Shareholders’ funds fell by 1.2% (or €0.7 million) to €55.7 million, which translates into a net asset value per share of €0.548 (31 December 2024: €0.555).

Dividend

The Board of Directors will meet on Monday 29 September 2025 to consider the declaration of an interim dividend.

Update on the Bonds maturing in 2026

The Board of Directors announced that it is evaluating a range of options to refinance the €30 million in bonds maturing on 5 February 2026, including through a fresh issuance of debt securities on the Malta Stock Exchange. Moreover, Medserv stated that it intends to repurchase up to €4 million in bonds, subject to terms that will be communicated in due course.

Outlook

The Board is confident that the company will exceed the recently published 2025 forecast and is optimistic about the company’s business pipeline in view of the significant increase of activity in the Mediterranean basin and the new contracts secured. Medserv is set to benefit from recent agreements between Cyprus and Egypt that enable exports of gas for liquefaction and onward sale. In their commentary, the Directors explained that operations in the Middle East are anticipated to remain stable due to unchanged rig activity. With these factors in place, the Board anticipates a steady level of business volume during the second half of the year and beyond.

The Directors also stated that priorities remain centred around delivery of improved profitability with a balanced approach of dividend payments, reducing debt, and further investment in information systems and market growth.