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.