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Main Street Complex plc – Interim Results

Jonathan Falzon

August 21, 2025

21 August, 2025
4 min read
21 August, 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 21 August 2025, Main Street Complex plc published its interim financial statements covering the six-month period ended 30 June 2025.

Revenues decreased by 6.8% to €0.34 million (H1 2024: €0.36 million) as the footfall dropped by 21% when compared to the same period last year. The occupancy level of the retail and entertainment complex as at 30 June 2025 stood at the 90% level, in line with the previous year.

Meanwhile, operating costs surged by 19% to €0.20 million driven by higher upkeep expenses and an additional cost for the replacement of key components of the industrial chillers. As a result, operating profit fell by 28% to €0.14 million. Excluding depreciation, EBITDA decreased by 21% to €0.20 million (H1 2024: €0.25 million). Moreover, the EBITDA margin also fell to 58% from 69% in the same period last year.

After accounting for minimal finance costs and a tax charge of €0.05 million, the net profit for the period amounted to €0.09 million (H1 2024: €0.14 million).

The Statement of Financial Position as at 30 June 2025, compared to figures as at 31 December 2024, shows that total assets declined by 1.1% (or €0.12 million) to €10.6 million, principally composed of property, plant and equipment with a value of €9.9 million. Total liabilities dropped by 4.6% (or €0.06 million) to €1.17 million as the company remained debt free. The company’s equity base remained virtually unchanged at €9.5 million which translates into a net asset value per share of €0.488.

Dividend

The Board of Directors stated that no dividend will be paid in respect to the current financial year 2025.

Outlook

In their commentary, the Directors noted that the current year continues to be challenging, with a decline in footfall expected to persist, adversely affecting revenues and profitability. Furthermore, the majority of the concession agreements are set to expire between December 2025 and March 2026. The company is having negotiations with existing and potential tenants, which may require reconfiguration of spaces and a change in the business concepts of tenants operating within Main Street Complex.

Furthermore, the Board is also exploring alternative strategies aimed at revitalising the complex, including through expert evaluations, and with a longer execution period.

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 21 August 2025, Main Street Complex plc published its interim financial statements covering the six-month period ended 30 June 2025.

Revenues decreased by 6.8% to €0.34 million (H1 2024: €0.36 million) as the footfall dropped by 21% when compared to the same period last year. The occupancy level of the retail and entertainment complex as at 30 June 2025 stood at the 90% level, in line with the previous year.

Meanwhile, operating costs surged by 19% to €0.20 million driven by higher upkeep expenses and an additional cost for the replacement of key components of the industrial chillers. As a result, operating profit fell by 28% to €0.14 million. Excluding depreciation, EBITDA decreased by 21% to €0.20 million (H1 2024: €0.25 million). Moreover, the EBITDA margin also fell to 58% from 69% in the same period last year.

After accounting for minimal finance costs and a tax charge of €0.05 million, the net profit for the period amounted to €0.09 million (H1 2024: €0.14 million).

The Statement of Financial Position as at 30 June 2025, compared to figures as at 31 December 2024, shows that total assets declined by 1.1% (or €0.12 million) to €10.6 million, principally composed of property, plant and equipment with a value of €9.9 million. Total liabilities dropped by 4.6% (or €0.06 million) to €1.17 million as the company remained debt free. The company’s equity base remained virtually unchanged at €9.5 million which translates into a net asset value per share of €0.488.

Dividend

The Board of Directors stated that no dividend will be paid in respect to the current financial year 2025.

Outlook

In their commentary, the Directors noted that the current year continues to be challenging, with a decline in footfall expected to persist, adversely affecting revenues and profitability. Furthermore, the majority of the concession agreements are set to expire between December 2025 and March 2026. The company is having negotiations with existing and potential tenants, which may require reconfiguration of spaces and a change in the business concepts of tenants operating within Main Street Complex.

Furthermore, the Board is also exploring alternative strategies aimed at revitalising the complex, including through expert evaluations, and with a longer execution period.