MIDI plc - Updated Financial Analysis Summary

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.