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MIDI plc – Updated Financial Analysis Summary

cyber

June 26, 2025

26 June, 2025
4 min read
26 June, 2025
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 24 June 2025, MIDI plc published an updated Financial Analysis Summary. In the announcement, MIDI specified that the FAS does not reflect the material developments relating to the Manoel Island project including:  the withdrawal of Government support for the Manoel Island project and the judicial letter from the Government of Malta threatening the recission of the concession granted by the deed. MIDI re-iterated that they are in discussions with the Government to voluntarily terminate the concession as part of an equitable settlement, and that any compensation received from the termination of the concession will be first applied to meet the repayment obligations of the Bond. Meanwhile, the Company stated that the Company’s initial strategy to repay part of the bond through a new bank facility is no longer viable since the development on Manoel Island can no longer be pursued. The following are the main highlights of the expected financial performance and position in 2025:

  • Revenues are expected to amount to €36.1 million (2024: €3.35 million) as MIDI is anticipated to sign the final deed of sale for a good number of its Q3 Fortress Gardens residential units during FY2025.  The remaining final deeds, including the penthouses, are anticipated to be signed in FY2026.
  • Consequently, EBITDA is expected to be €6.49 million compared to a negative EBITDA of €0.68 million in the previous year.
  • Net finance costs are expected to increase by 4.3% to €2.62 million from €2.51 million in 2024, reflecting a marginal increase in interest payable on borrowings drawn down by the Company during FY2025 in relation to the ongoing operations of the Group.
  • The share of profit from the joint venture that operates ‘The Centre’ at Tigné Point is anticipated to amount to €1.90 million compared to €1.72 million in 2024 as a result of contractual increases in rent.
  • Total debt is projected to increase by 4.6% to €78.6 million, when including €16.7 million in lease liabilities. Consequently, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to remain practically unchanged at 45.1% from 45.0% as at the end of 2024.
  • Total assets are anticipated to decline by 6.9% to €241 million (31 December 2024: €259 million) following the sale of units at Q3 – Fortress Gardens. Consequently, MIDI’s debt-to-asset ratio is expected to increase to 0.33 times from 0.30 times in the previous financial 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 24 June 2025, MIDI plc published an updated Financial Analysis Summary. In the announcement, MIDI specified that the FAS does not reflect the material developments relating to the Manoel Island project including:  the withdrawal of Government support for the Manoel Island project and the judicial letter from the Government of Malta threatening the recission of the concession granted by the deed. MIDI re-iterated that they are in discussions with the Government to voluntarily terminate the concession as part of an equitable settlement, and that any compensation received from the termination of the concession will be first applied to meet the repayment obligations of the Bond. Meanwhile, the Company stated that the Company’s initial strategy to repay part of the bond through a new bank facility is no longer viable since the development on Manoel Island can no longer be pursued. The following are the main highlights of the expected financial performance and position in 2025:

  • Revenues are expected to amount to €36.1 million (2024: €3.35 million) as MIDI is anticipated to sign the final deed of sale for a good number of its Q3 Fortress Gardens residential units during FY2025.  The remaining final deeds, including the penthouses, are anticipated to be signed in FY2026.
  • Consequently, EBITDA is expected to be €6.49 million compared to a negative EBITDA of €0.68 million in the previous year.
  • Net finance costs are expected to increase by 4.3% to €2.62 million from €2.51 million in 2024, reflecting a marginal increase in interest payable on borrowings drawn down by the Company during FY2025 in relation to the ongoing operations of the Group.
  • The share of profit from the joint venture that operates ‘The Centre’ at Tigné Point is anticipated to amount to €1.90 million compared to €1.72 million in 2024 as a result of contractual increases in rent.
  • Total debt is projected to increase by 4.6% to €78.6 million, when including €16.7 million in lease liabilities. Consequently, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to remain practically unchanged at 45.1% from 45.0% as at the end of 2024.
  • Total assets are anticipated to decline by 6.9% to €241 million (31 December 2024: €259 million) following the sale of units at Q3 – Fortress Gardens. Consequently, MIDI’s debt-to-asset ratio is expected to increase to 0.33 times from 0.30 times in the previous financial year.