LifeStar Holding plc – Full-Year Results

On 30 April 2026, LifeStar Holding plc published its Annual Report and Financial Statements for the financial year ended 31 December 2025.

The insurance service result stood at €2.11 million (2024: €2.08 million) while the net insurance financial result amounted to €0.54 million (2024: €0.84 million).

The Group also registered a marginal increase in commissions and fees receivable to €2.24 million and other income of €1.07 million.

Meanwhile, administrative and other expenses increased to €6.93 million compared to €6.55 million in 2024. In contrast, finance costs eased to €0.14 million from €0.18 million a year earlier.

Overall, the Group registered a pre-tax loss of €1.12 million (2024: loss of €0.91 million). The net loss attributable to shareholders amounted to €0.90 million (2024: net loss of €0.44 million).

In terms of financial position, the total assets as at the end of 2025 amounted to €158.6 million whilst total liabilities stood at €143.3 million. Meanwhile, shareholders’ funds amounted to €9.19 million, which translates into a net asset value of €0.381 per share.

Malita Investments plc – Full-Year Results

On 30 April 2026, Malita Investments plc published its Annual Report and Financial Statements for the year ended 31 December 2025.

Rental income increased by 11% to €10.6 million (2024: 9.56 million) reflecting the temporary emphyteusis granted to the sites of Malta International Airport (MIA) and Valletta Cruise Port (VCP), rental income from the sublease of City Gate, and rents from garages and other properties.

Meanwhile, the company recorded a loss of €9.84 million (2024: income of €2.04 million) related to the accounting treatment of the income and costs from service concession arrangements.

Administrative expenses more than doubled to €2.35 million (2024: €1.08 million), while an additional €1.08 million (2024: €0.35 million) was included in operating expenses as a provision for liabilities and charges.

As a result, the company recorded an operating loss of €2.65 million compared to an operating profit of €10.2 million in 2024.

Meanwhile, the financial performance was positively impacted by a net fair value gain on investment property amounting to €5.19 million compared to a fair value loss of €4.72 million in 2024. The uplift was driven by higher fair values of the MIA and VCP properties.

Finance income from the Housing Concession Agreements surged by 23% to €5.18 million (2024: €4.23 million). Meanwhile, net finance costs remained relatively unchanged from the previous year at €3.50 million.

Overall, Malita registered a pre-tax profit of €4.21 million compared to €6.14 million in 2024. After accounting for a tax charge of €2.31 million, the net profit for the year amounted to €1.91 million.

The Statement of Financial Position as at 31 December 2025 shows that total assets increased by 0.8% (or €2.7 million) to €349 million mainly reflecting a higher value attributed to investment property (+€5.2 million to €258 million) and the housing project asset (+€4.8 million to €83.3 million.

Meanwhile, total liabilities increased by 3.4% (or €4.9 million) to €149 million. As at the end of 2025, Malita had borrowings of €83.3 million and lease liabilities of €3.7 million. Total equity fell by 1% (or €2.2 million) to €200 million which translates into a net asset value of €0.959 (31 December 2024: €0.970 per share.

Dividend

The Directors are not recommending the payment of a dividend to direct the available resources towards the completion of the company’s remaining development obligations. The Board stated that it recognises the priority to restore dividend payments as soon as possible.

Financing of Affordable Housing Project

The Directors explained that the company obtained the requisite consents from its institutional lenders, thereby satisfying the outstanding conditions precedent to the financing facility obtained by the company.

The company is engaging with its contractors to restart works on the three open sites, which are at Qrendi, Cospicua, and Luqa. The Luqa project is the largest development and comprises three blocks, with Block A expected to be completed in 2026, Block B in 2027 and Block C by 2028.

The Convenience Shop (Holding) plc – Full-Year Results

On 30 April 2026, The Convenience Shop (Holding) plc published its Annual Report and Financial Statements for the financial year ended 31 December 2025.

Revenue surged by 14% to €53.0 million (2024: €46.4 million), which partially reflect the impact of high inflation. The company explained that the combined turnover of the Group and its franchisees amounted to €97.4 million. As at the end of 2025, the Group operated 49 shops and another 54 shops were franchised.

Operating costs increased by 16% to €51.6 million (2024: €44.4 million) as the company transitioned the entire pool of subcontracted staff to direct employees to ensure a more engaged, skilled, and loyal team amid an expansion strategy.

As a result, operating profit slumped by 28% to €1.39 million (2024: €1.94 million) and the operating profit margin fell to 2.6% from 4.2% in the previous year. Excluding depreciation and amortisation charges, EBITDA declined by 4% to €4.08 million compared to €4.25 million in the previous year and the EBITDA margin eased to 7.7% from 9.2% in 2024.

After accounting for other income of €0.86 million, net finance costs of €1.19 million, a tax charge of €0.15 million, and minimal losses attributable to non-controlling interests, the Group reported a net profit attributable to shareholders of €0.94 million, which is 31% lower than the €1.36 million reported in 2024, resulting in a return on average shareholders’ funds of 9.7% (2024: 14%).

In terms of financial position, total assets increased by 19% (or €7.9 million) to €49.7 million reflecting higher right-of-use assets and trade receivables. Similarly, total liabilities increased by 25% (or €8.0 million) to €40.1 million, which include borrowings of €8.3 million and lease liabilities of €17.6 million. Meanwhile, shareholders’ funds eased by 1.1% (or €0.1 million) to €9.62 million.

Dividend

The Directors will propose an unchanged net final dividend of €0.024 at the upcoming Annual General Meeting.

Coupled with the net interim dividend of €0.010 per share paid in September 2025, the total net dividend attributable for the 2025 financial year amounts to €0.034 per share, unchanged from the previous year, and represents a payout ratio of 112% (2024: 77%).

Outlook

In their commentary, the Directors explained that in 2026, the Group is well positioned to deliver a step change in performance following the structural investments made in 2025. Revenue is expected to increase by 10% to €58.3 million while operating profit is forecasted to nearly double to €2.66 million.

The Board highlighted that since the restructuring and brand investment are now largely complete, the Group enters a phase of realisation where improved sales leverage, margin discipline, and cost efficiencies are expected to translate into meaningfully higher returns for shareholders.