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Malta International Airport plc – Quarterly Update & April Traffic Results

Jonathan Falzon

May 13, 2025

13 May, 2025
5 min read
13 May, 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: January to March 2025

Revenues during the first three months of 2025 amounted to €29.2 million, which is 13.7% higher than the comparable figure of €25.7 million in 2024.

Operating costs excluding depreciation increased by 13.0% to €12.3 million. MIA explained that this reflected the airport’s busier operations and the company’s strategic focus on talent development.

Since income increased at a faster pace than costs, EBITDA surged by 14.1% to €16.9 million compared to €14.9 million in the same period last year.

The profit before tax increased by 15.5% to €13.1 million compared to €11.3 million in the first quarter of 2024.

Overall, MIA generated a net profit of €8.5 million in the first quarter of the year compared to €7.3 million in the comparable period in 2024.

In terms of financial position as at 31 March 2025, when compared to 31 December 2024, total assets increased by 5.1% (or €18.8 million) to €389 million, which includes cash and other short-term investments totalling €70.8 million. Meanwhile, the airport operator remained free from any borrowings and the equity position strengthened by 4.0% (or €8.5 million) to €221 million.

MIA explained that capital expenditure for the quarter amounted to €15.8 million, principally related to ongoing major infrastructural projects, including Apron 8 South, SkyParks Business Centre II, and the VIP Terminal.

April 2025 Traffic Results

Malta International Airport plc stated that passenger movements in April 2025 amounted to a record 896,769, which is 15.8% above the comparable figure of 774,562 registered last year. This was the first time that passenger movements surpassed the 800,000 level in the month of April.

The seat load factor for April 2025 increased by 2.2 percentage points to 86.0% despite that the seat capacity rose by 12.8% when compared to last year.

MIA stated that for the first time since February 2022, the United Kingdom was the most popular destination, with a market share of 21.2%. This was closely followed by Italy, which captured 21.1% market share. The other key markets were Germany (7.9%), Poland (7.2%) and France (7.0%). MIA noted that Poland registered the highest year-on-year growth at 51.0%, due in part to LOT Polish extending its winter route to Warsaw into the summer season for the first time, and the launch of a new route to Rzeszów, operated by Ryanair.

The passenger movements during the four-month period ended April 2025 amounted to 2.69 million, representing an increase of 14.6% over the corresponding period last year.

MIA stated that when considering the airport’s traffic performance in the first four months of the year and the developments secured for the upcoming summer season, which will see over 100 routes in operation, the company remains confident that it can deliver its forecast of hosting 9.3 million passengers by the end of 2025.

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 13 May 2025, Malta International Airport plc published the financial results for the first three months of 2025. MIA also announced the traffic results for April.

Financial Performance: January to March 2025

Revenues during the first three months of 2025 amounted to €29.2 million, which is 13.7% higher than the comparable figure of €25.7 million in 2024.

Operating costs excluding depreciation increased by 13.0% to €12.3 million. MIA explained that this reflected the airport’s busier operations and the company’s strategic focus on talent development.

Since income increased at a faster pace than costs, EBITDA surged by 14.1% to €16.9 million compared to €14.9 million in the same period last year.

The profit before tax increased by 15.5% to €13.1 million compared to €11.3 million in the first quarter of 2024.

Overall, MIA generated a net profit of €8.5 million in the first quarter of the year compared to €7.3 million in the comparable period in 2024.

In terms of financial position as at 31 March 2025, when compared to 31 December 2024, total assets increased by 5.1% (or €18.8 million) to €389 million, which includes cash and other short-term investments totalling €70.8 million. Meanwhile, the airport operator remained free from any borrowings and the equity position strengthened by 4.0% (or €8.5 million) to €221 million.

MIA explained that capital expenditure for the quarter amounted to €15.8 million, principally related to ongoing major infrastructural projects, including Apron 8 South, SkyParks Business Centre II, and the VIP Terminal.

April 2025 Traffic Results

Malta International Airport plc stated that passenger movements in April 2025 amounted to a record 896,769, which is 15.8% above the comparable figure of 774,562 registered last year. This was the first time that passenger movements surpassed the 800,000 level in the month of April.

The seat load factor for April 2025 increased by 2.2 percentage points to 86.0% despite that the seat capacity rose by 12.8% when compared to last year.

MIA stated that for the first time since February 2022, the United Kingdom was the most popular destination, with a market share of 21.2%. This was closely followed by Italy, which captured 21.1% market share. The other key markets were Germany (7.9%), Poland (7.2%) and France (7.0%). MIA noted that Poland registered the highest year-on-year growth at 51.0%, due in part to LOT Polish extending its winter route to Warsaw into the summer season for the first time, and the launch of a new route to Rzeszów, operated by Ryanair.

The passenger movements during the four-month period ended April 2025 amounted to 2.69 million, representing an increase of 14.6% over the corresponding period last year.

MIA stated that when considering the airport’s traffic performance in the first four months of the year and the developments secured for the upcoming summer season, which will see over 100 routes in operation, the company remains confident that it can deliver its forecast of hosting 9.3 million passengers by the end of 2025.