MIDI plc - Full-Year Results

On 29 April 2026, MIDI plc published its Annual Report and Financial Statements for the year ended 31 December 2025.

Revenue increased by 2.0% to €3.41 million as rental operations in the property and rental management segment remained relatively unchanged. Meanwhile, MIDI did not recognise the sale of any residential apartments.

Administrative expenses increased by 29.0% to €3.72 million (2024: €2.89 million) driven by higher property management fees. During the year MIDI was impacted by three exceptional charges including an impairment of €27.4 million on inventories relating to the Manoel Island and Fort Tigné concession following the Government’s rescission, an impairment of €1.1 million on other Group property no longer available for use, and a €9.9 million write-down of the carrying amount of remaining investment properties reflecting offers received in a weakened market.

Consequently, MIDI reported an operating loss of €41.4 million, compared to the operating loss of €2.91 million recorded in 2024.

Net finance costs remained practically unchanged at €2.5 million.

MIDI’s share of profit from its 50% shareholding in Mid Knight Holdings Limited increased by 3.8% to €1.78 million from €1.72 million in 2024.

Overall, MIDI reported a pre-tax loss of €42.0 million (2024: €3.70 million) and a net loss of €41.8 million (2024: €3.78 million).

The Statement of Financial Position as at 31 December 2025 shows that total assets decreased by 19.0% (or €49.0 million) to €209.7 million, reflecting the impairments on inventories relating to Manoel Island and Fort Tigné.

Total liabilities decreased by 4.3% (or €7.1 million) to €158.2 million, which included borrowings of €67.1 million and lease liabilities of €0.7 million.

Total equity fell by 44.9% (or €41.9 million) to €51.5 million which translates into a net asset value per share of €0.240 (31 December 2024: €0.436).

Update on Manoel Island and Fort Tigné

Following the Government’s decision to withdraw its support for the Manoel Island project in 2025 and its subsequent threat to rescind the entire Emphyteutical Concession, and after months of negotiations, the company was compelled to accept, and recommended for shareholder approval, Government’s offer for the rescission of the Emphyteutical Concession on Manoel Island and the Fort Tigné Site. This received shareholder approval at the EGM held on 28 April 2026. In connection with the partial rescission, a reimbursement amount of €47.32 million was established, which net of VAT of €4.59 million, results in a net amount receivable by MIDI of €42.70 million. This has given rise to an impairment of €28.33 million on the carrying amounts of Manoel Island and Fort Tigné, equivalent to €0.132 per share.

Bond Redemption

The €50 million bond is expected to be fully redeemed on 27 July 2026, funded by the combination of the reimbursement from Government and proceeds from Tigné Point asset sales.

Outlook

The Directors confirmed that the Q3 – Fortress Gardens residential development, comprising 63 apartments and 2 commercial units, is now close to completion, with 59 units subject to a promise of sale agreement as at the end of December 2025. Once the settlement deed with Government is signed, MIDI will be able to deliver these apartments to their prospective owners during 2026.

The Directors forecast that 2026 revenues will amount to circa €148.6 million, including the reimbursable amount from Government, resulting in a profit before tax of €21.6 million and a profit after tax €11.2 million. The sales from the project are expected to increase the Group’s equity from €51.5 million to €62.7 million, with net asset value rising from €0.24 per share to €0.29 per share.