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Mizzi Organisation Finance plc – Updated Financial Analysis Summary

Matthew Fabri

June 26, 2026

26 June, 2026
4 min read
26 June, 2026
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.

On 25 June 2026, Mizzi Organisation Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of the Mizzi Organisation (the Guarantors’ combined financial statements) in 2026:

  • Revenue is expected to increase by 4.7% to €237.9 million, with growth across the beverage segment (+10% or €6.4 million to €70.6 million), automotive (+5.5%, or €4.9 million to €93.6 million), hospitality (+5% or €0.8 million to €15.7 million) and contracting (+5% or €1.4 million to €28.8 million), which will outweigh the slowdown in real estate and retail sectors.
  • EBITDA is projected to increase by 18.3% to the €30.8 million level as the growth in revenue outweighs higher operating expenses. In fact, the EBITDA margin is expected to improve to 13.0% from 11.5% in 2025.
  • Net finance costs are also forecasted to decrease to €4.2 million, with interest cover strengthening to 7.3 times from 5.4 times last year.
  • The financial performance for 2026 is expected to benefit from a one-off gain of €5.0 million arising on the disposal of the ‘Suq tal-Belt’ concession.
  • The anticipated assets of the Guarantors include loans advanced to Mellieha Bay Hotel Limited, with a further €6.4 million to be advanced during 2026 to fund the redevelopment of the hotel for a total of €12.7 million. Mizzi Organisation holds a 51% stake in this associate, valued at €17.5 million at the end of 2025.
  • During 2026, Mizzi expects to invest approximately €17.6 million in CAPEX, most notably relating to the continuation of the ‘Hofra’ project in Blata l-Bajda.
  • Total debt is projected to decrease by 1.1% (or €1 million) to €113.1 million, which includes €16.1 million in lease liabilities. As a result, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to ease to 34.9% from 36.6% as at the end of 2025.
  • The debt-to-asset ratio is expected to remain virtually unchanged at 0.27 times.
  • When accounting for the anticipated cash balance of €12.1 million as at the end of 2026, which is lower than the €12.5 million as at the end of 2025, the net debt-to-EBITDA is forecasted to ease to 3.3 times compared to 3.9 times last 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 25 June 2026, Mizzi Organisation Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of the Mizzi Organisation (the Guarantors’ combined financial statements) in 2026:

  • Revenue is expected to increase by 4.7% to €237.9 million, with growth across the beverage segment (+10% or €6.4 million to €70.6 million), automotive (+5.5%, or €4.9 million to €93.6 million), hospitality (+5% or €0.8 million to €15.7 million) and contracting (+5% or €1.4 million to €28.8 million), which will outweigh the slowdown in real estate and retail sectors.
  • EBITDA is projected to increase by 18.3% to the €30.8 million level as the growth in revenue outweighs higher operating expenses. In fact, the EBITDA margin is expected to improve to 13.0% from 11.5% in 2025.
  • Net finance costs are also forecasted to decrease to €4.2 million, with interest cover strengthening to 7.3 times from 5.4 times last year.
  • The financial performance for 2026 is expected to benefit from a one-off gain of €5.0 million arising on the disposal of the ‘Suq tal-Belt’ concession.
  • The anticipated assets of the Guarantors include loans advanced to Mellieha Bay Hotel Limited, with a further €6.4 million to be advanced during 2026 to fund the redevelopment of the hotel for a total of €12.7 million. Mizzi Organisation holds a 51% stake in this associate, valued at €17.5 million at the end of 2025.
  • During 2026, Mizzi expects to invest approximately €17.6 million in CAPEX, most notably relating to the continuation of the ‘Hofra’ project in Blata l-Bajda.
  • Total debt is projected to decrease by 1.1% (or €1 million) to €113.1 million, which includes €16.1 million in lease liabilities. As a result, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to ease to 34.9% from 36.6% as at the end of 2025.
  • The debt-to-asset ratio is expected to remain virtually unchanged at 0.27 times.
  • When accounting for the anticipated cash balance of €12.1 million as at the end of 2026, which is lower than the €12.5 million as at the end of 2025, the net debt-to-EBITDA is forecasted to ease to 3.3 times compared to 3.9 times last year.