VBL plc - Interim Results

On 21 August 2025, VBL plc published its interim financial statements covering the six-month period ended 30 June 2025.

Revenues increased by 25.2% to €2.13 million (H1 2024: €1.70 million) driven by improvements in rental income and additional service fee revenue.

Operating expenditure climbed 7.3% higher to €1.66 million (H1 2024: €1.55 million) as a result of higher depreciation and amortization. Excluding a depreciation and amortisation charge of €0.31 million, EBITDA more than doubled to €0.78 million (H1 2024: €0.31 million) and the EBITDA margin improved to 36.9% from 18.3% in the previous year. The operating profit amounted to €0.47 million compared to €0.16 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 rose to €0.35 million from €0.09 million in the comparable period last year largely reflecting the issuance of €10 million 5.20% secured bonds in October 2024.

After accounting for a minimal tax charge, VBL recorded a net profit for the period of €0.12 million, compared to €0.07 million in the first half of 2024.

The Statement of Financial Position as at 30 June 2025, when compared to the corresponding figures as at 31 December 2024, shows that total assets stood at €95.9 million, broadly unchanged from the previous year. Investment property accounted for 88% of assets at €84.5 million. VBL also held financial investments totalling €7.46 million and cash balances of €1.97 million. Total liabilities increased minimally to €28.0 million, which include borrowings of €19.6 million and lease liabilities of €1.48 million. Total equity also remained relatively unchanged at €67.9 million, which translates into a net asset value per share of €0.2725 (31 December 2024: €0.2718).

Outlook

In their commentary, the Directors explained that currently only 30% of the Group’s properties are renovated and operational. This ratio is expected to rise with the completion of the Silver Horse Block Phase 2, which is anticipated to start generating revenue in H2 2026. The remaining properties are either under renovation or being prepared for future development.

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.