AX Real Estate plc - Full-Year Results

On 20 February 2026, AX Real Estate plc published its Annual Report and Financial Statements for the year ended 31 October 2025.

Revenue increased by 11.5% to €21.6 million (FY2023/24: €19.4 million) primarily driven by the hospitality segment. In this respect, the AX ODYCY continued to perform exceptionally well resulting in higher variable rent for the Group. Furthermore, the Verdala Wellness Hotel opened in August 2025 and has since started contributing rental income. The Directors noted that all other hotels have also exceeded expectations, outperforming their projected revenue and operating profits. The Directors also explained that almost all of the properties owned by the Group were fully taken up and leased out for periods between 6 months to 18 years.

Net operating expenses decreased by 10.1% to €0.87 million due to the non-recurrence of a one-off expense in the previous financial year.

Excluding the fair value movements of investment property, the Group’s operating profit increased by 12.7% to €20.8 million (FY2023/24: €18.4 million), which translates into an improved operating profit margin of 96% (FY2023/24: 95%).

The financial performance was also positively impacted by an upward movement on the fair value of investment property of €13.5 million, in contrast to the €0.7 million decline in fair value recognised in the previous financial year. The revaluation emanated from the Qawra properties following the outstanding performance of the AX ODYCY Hotel and Lido since its reopening.

Net finance costs increased by 1.4% to €6.5 million (FY2023/24: €6.4 million).

The pre-tax profit amounted to €27.7 million (FY2023/24: €11.3 million). After accounting for a tax charge of €6.0 million, AX Real Estate reported a net profit of €21.8 million compared to €7.6 million in the previous financial year.

The Statement of Financial Position as at 31 October 2025 shows that total assets increased by 8.0% (or €25.9 million) to €349.6 million, principally composed of investment property valued at €338 million. Total liabilities rose by 6.1% (or €11.4 million) to €197.8 million primarily driven by an increase of €10.0 million in total debt to €162.9 million. Total equity increased by 10.6% (or €14.6 million) to €151.7 million which translates into a net asset value per share of €0.553 (31 October 2024: €0.500).

Dividend

The Directors declared their intention to distribute a gross final dividend per share of €0.02586 (net: €0.02198), which will be proposed in the upcoming Annual General Meeting scheduled for Friday 24 April 2026.

Coupled with the net interim dividend of €0.0152 per share paid on 15 September 2025, the total net dividend per share attributable to the financial year 2024/25 amounts to €0.037181, which is more than double the dividends paid for financial year 2023/24.