VBL 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 24 August 2026, VBL plc published its interim financial statements covering the six-month period ended 30 June 2026.
Revenues increased by 16.8% to €2.49 million (H1 2025: €2.13 million) driven by improvements in rental income reflecting growth in number of units operated and the positive impact from the tourism sector.
Operating expenditure climbed 15% higher to €1.90 million as a result of higher cost of sales and administrative expenses. Excluding a depreciation and amortisation charge of €0.31 million, EBITDA increased by 14.5% to €0.90 million (H1 2025: €0.78 million) but the EBITDA margin eased marginally to 36.1% from 36.8% in the previous year. Operating profit surged by 25% to €0.59 million compared to €0.47 million in the corresponding period last year.
VBL noted that it does not recognise fair value changes in investment property in the interim results as the revaluation exercise will be recorded in the annual financial statements.
Net finance costs dropped by 12.5% to €0.31 million reflecting the impact of higher interest receivable from financial investments.
VBL recorded a net profit for the period of €0.28 million compared to €0.12 million in the first half of 2025.
The Statement of Financial Position as at 30 June 2026, when compared to the corresponding figures as at 31 December 2025, shows that total assets increased by 1% to €97.4 million largely made up of the €90 million investment property portfolio. VBL also held financial investments totalling €1.1 million and cash balances of €3.9 million.
Total liabilities remained at just under €28 million, which include borrowings of €19.7 million and lease liabilities of €1.3 million.
Total equity also remained relatively unchanged at €69.4 million, which translates into a net asset value per share of €0.2784.
Outlook
In their commentary, the Directors explained that the company continues to implement its ongoing development projects, including the completion of the current flagship development Silver Horse Block Phase 2. The company is also undertaking the planning and assessment of development options relating to part of the properties comprising Silver Horse Phase 3, which may potentially be utilised as an extension to the Phase 2 development.
VBL also continues to progress with the planning and preparation of the Coliseum Shopping Arcade, which is expected to be redeveloped into a mixed office and retail development, in line with the Group’s diversification objectives.
The Directors noted that VBL continues to seek new acquisition opportunities and also strategic options, including raising further capital or carrying out equity transactions that might change the shareholding structure.
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.