Simonds Farsons Cisk plc – Full-Year 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 27 May 2026, Simonds Farsons Cisk plc published its Annual Report & Financial Statements for the year ended 31 January 2026. During the year under review, the Group completed the spin-off of its food businesses into a separately listed entity, Quinco Holdings plc, which was admitted to the Official List of the Malta Stock Exchange in October 2025 after being distributed to Farsons shareholders as a dividend in kind. Consequently, the financial results of the food businesses are reported as discontinued operations, and the continuing operations of the Group relate solely to the beverage businesses.
Revenue from the beverage businesses grew by 4.6% to €106.5 million, continuing the positive trajectory recorded in recent years.
Operating profit increased by 7.5% to €16.8 million from €15.6 million in the prior year, and the operating profit margin improved to 15.8% compared to the previous 15.3%. The improvement was largely driven from a net impairment reversal of €1.1 million compared to a net impairment charge of €0.4 million in the previous year. Excluding depreciation and amortisation charges, EBITDA of the beverage businesses stood at €24.3 million, which is 5.8% higher than the previous year.
After accounting for net finance costs of €0.8 million and a tax charge of €0.9 million, Farsons reported a net profit from continuing operations of €15.0 million, which is lower than the comparable figure of €16.9 million recognised in the previous year which was boosted by higher level of tax credits. The directors explained that the year ended 31 January 2026 also benefitted from the impact of accumulated investment tax credits, which led to higher net profits than the forecasts provided in July 2025.
The Group also recognised a gain of €21.9 million arising from the fair value adjustment upon distribution of the food business, as well as net profit from discontinued operations of €2.2 million for the eight-month period, bringing the total net profit for the year to €39.1 million.
The Statement of Financial Position as at 31 January 2026 shows that total assets stood at €205.2 million, principally consisting of property, plant and equipment of €115.8 million. Total liabilities amounted to €55 million, which include borrowings of €19.9 million and lease liabilities of €2.12 million. Total equity stood at €150.1 million.
Dividend
The Directors of Farsons resolved to recommend the distribution out of tax-exempt profits of a final net dividend of €0.145 (FY2024/25: €0.14) per share. The dividend will be paid on 25 June 2026 to shareholders as at the close of trading on Friday 29 May 2026, subject to approval at the upcoming AGM to be held on Wednesday 24 June 2026.
When including the net interim dividend of €0.065 per share paid in October 2025, the total net cash dividend attributable to FY2025/26 amounts to €0.21 per share, which is 5% higher than the €0.20 per share attributable to the prior year.
Shareholders also received a dividend in kind of €1.30 per share through the distribution of the Group’s entire shareholding in Quinco Holdings plc in October 2025.
Investments
The Group continued to invest in operational infrastructure and commenced the construction of a new automated logistics facility in Mrieħel dedicated to the storage and handling of returnable and refillable products. This is scheduled for completion in 2027. During the year, the Group also commissioned a CO2 recovery plant at the brewery.
Outlook
The Directors noted that the local beverage market remains characterised by a challenging operating environment, as global geopolitical developments and macro-economic volatility continue to shape consumer behaviour, input costs, and supply chain reliability. The domestic economy is also subject to a sustained labour cost inflation, ongoing skills shortages, and heightened competitive activity across both retail and on-trade channels.
The Directors explained that notwithstanding these headwinds, the Group remains well positioned to navigate the evolving market landscape. Its strategic emphasis on supplier diversification, efficient inventory management, strong brand equity, and agile pricing and product strategies provides a solid foundation for resilience. In particular, the Group’s ability to balance value accessibility with product quality, while maintaining operational flexibility and cost discipline, is expected to underpin its capacity to sustain performance and continue delivering value to both consumers and shareholders in a challenging and dynamic environment.
Meanwhile, the Chairman explained that the Group is evaluating further strategic operational developments on land adjacent to Trident Park. Preliminary studies are underway to assess development opportunities and are intended to support the ongoing strategic evaluation process.
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.