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PG plc – Interim Results

Jonathan Falzon

December 22, 2025

22 December, 2025
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22 December, 2025
0 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.

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 19 December 2025, PG plc published its interim financial results for the six-month period ended 31 October 2025.

Revenue increased by 8.4% to €104.8 million compared to €96.7 million in the first six-months of the previous financial year.

Operating costs also increased by 8.4% to €94.3 million as the Group’s operations continued to be affected by inflationary cost pressures, geopolitical instability and stronger competitive activity in the local market.

As a result, the operating profit rose by 7.7% to €10.5 million compared to €9.78 million in H1 2024/25 and the EBIT margin remained practically unchanged at 10%.

Net finance costs amounted to €0.41 million.

Overall, PG reported a pre-tax profit of €10.1 million (H1 2024/25: €9.32 million). After accounting for a tax charge of €2.27 million, PG’s net profit for the period amounted to €7.79 million, which is 12.1% higher than the €6.95 million figure reported for H1 2024/25. The net profit reported during the period under review translates into an annualised return on equity of 21.0% compared to 20.4% in H1 2024/25.

The condensed statement of financial position as at 31 October 2025, when compared to the corresponding figures as at 30 April 2025, shows that total assets increased by 14.5% (or €23.5 million) to €185.7 million whilst total liabilities increased by 22.9% (or €20.2 million) to €108.5 million. Total equity expanded by 4.5% (or €3.3 million) to €77.2 million.

Dividend

On 5 December 2025, PG paid out a net interim dividend of €0.025463 per share, unchanged from the net interim dividend paid out for the first half of the 2024/25 financial year. PG’s payout ratio decreased to 35.3% compared to 39.6% in H1 2024/25.

Outlook

In their commentary, the Directors explained that the Group remains focused on its long-term strategic initiatives. Significant progress has been made on major projects, including the ongoing development and future operation of a shopping mall featuring diverse retail outlets, a PAVI-PAMA supermarket, multiple catering establishments, and a dedicated car park for patrons. Furthermore, the development of the land adjacent to PAVI is ongoing.

The Directors highlighted that turnover maintained its upward trend as it increased by 10% after the period ended 31 October 2025.