Plaza Centres plc – Interim Results
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 5 August 2026, Plaza Centres plc published its interim results covering the six-month period ended 30 June 2026.
Revenue declined by 6.4% to €1.50 million, compared to €1.60 million in H1 2025. Plaza’s occupancy level stood at 90% as at 30 June 2026, down from 96% a year earlier, with Plaza noting that active leasing discussions are ongoing across all vacant areas.
Operating costs rose by 4.3% to €0.78 million (H1 2025: €0.74 million). Consequently, operating profit (EBIT) fell by 15.7% to €0.72 million compared to €0.86 million in the corresponding period last year, and the EBIT margin narrowed to 48.2% from 53.5%.
Excluding depreciation of €0.24 million (H1 2025: €0.26 million), EBITDA dropped by 13.7% to €0.97 million and the EBITDA margin eased to 64.5% from 70.0%.
Net finance income fell by 62% to €0.03 million (H1 2025: €0.07 million). Plaza explained that it disposed of certain investments during the period, with the proceeds earmarked for reinvestment opportunities expected to generate enhanced returns.
Overall, Plaza reported a pre-tax profit of €0.75 million which is 19.4% lower than the previous corresponding figure of €0.93 million. Since the tax charge was little changed at €0.24 million, the effective tax rate rose to 31.4% from 25.9% and the decline at the net profit level was steeper, with the net profit for the period down 25.3% to €0.51 million. This translates into an annualised return on average equity of 3.6% (H1 2025: 5.0%).
The Statement of Financial Position as at 30 June 2026 shows that total assets stood at €37.9 million. Plaza’s asset base remains dominated by property, plant and equipment of €32.1 million whilst cash and cash equivalents stood at a higher level of €1.68 million.
Total liabilities declined by 2.0% (or €0.19 million) to €9.48 million.
Plaza’s borrowings comprise the 3.9% unsecured bonds 2026 with a nominal value of €4.90 million, which fall due for redemption on 22 September 2026. Plaza reiterated that it had received a sanction letter from a local credit institution for the refinancing of the bond.
Meanwhile, shareholders’ funds expanded by 0.7% (or €0.20 million) to €28.4 million, as the total comprehensive income for the period outweighed the dividend paid in respect of the year ended 31 December 2025. This translates into a net asset value per share of €1.115 (31 December 2025: €1.107).
Dividend
The Board of Directors declared an unchanged net interim dividend of €0.0098 per share, payable to shareholders as at close of trading on Monday 17 August 2026. The dividend represents a payout ratio of 49% (H1 2025: 36%) and will be paid on Wednesday 2 September 2026.
Outlook
In their commentary, the Directors explained that Plaza is engaging with prospective tenants across the retail and commercial sectors, whilst management maintains a disciplined approach to cost control. The Directors added that active leasing engagement is expected to support improved performance in the coming months.
The Board explained that it is formulating the company’s new short-term and long-term objectives and will keep the market informed. In this respect, the Board noted that the promise of sale agreement to acquire a childcare property in Sliema, which remains subject to conditions precedent, is consistent with its strategy of strengthening and diversifying its property portfolio.
Elsewhere, the share buy-back programme of up to 2.4 million shares is expected to commence on or around 6 August 2026, with all repurchased shares to be cancelled. The Board views this programme as an opportunity to return value to shareholders.
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.