Malta Properties Company plc - Updated Financial Analysis Summary

On 6 May 2026, Malta Properties Company plc published an updated Financial Analysis Summary. The following are the main highlights of the company’s expected financial performance and position in 2026:

  • Revenues are expected to rebound by 16.5% to a record of €5.95 million (2025: €5.01 million). The Swatar property will be leased throughout the year, The Exchange at Spencer Hill became fully occupied in early 2026 and the Marsa Central property is also expected to be fully leased by mid-year. Office space was also increased at Ta’ Xbiex from an area previously occupied by the company.
  • EBITDA is anticipated to surge by 18.3% to €4.0 million and the EBITDA margin is expected to improve to 67.2% (2025: 65.4%).
  • Net finance costs are forecasted to rise by 13.7% to €1.35 million reflecting the use of an overdraft facility to fund some required capital expenditure across some properties.  Nonetheless, in view of the steeper increase in EBITDA, the interest cover is expected to improve to 3.0 times compared to 2.7 times in the previous year.
  • Although the Rabat Exchange is subject to a promise of sale agreement until 30 December 2026 and expected to be sold for €2 million, it is being assumed to be sold in 2027 in view of an automatic extension to the promise of sale by 2 months if the required permit is not issued. The property is accounted for as an asset held for sale at a carrying value of €1.2 million.
  • Total debt is projected to increase by 7% (or €2.1 million) to €31.5 million. As such, the gearing ratio is anticipated to rise slightly to 35.2% compared to 33.8% as at the end of 2025. However, the debt-to-asset ratio is forecasted to remain virtually unchanged at 0.31 times.
  • By the end of 2026, the net debt position is expected at €26.3 million (31 December 2025: €24.8 million), but the net debt to EBITDA multiple is expected to strengthen to 6.6 times from 7.6 times in the previous year.
  • The net asset value per share as at 31 December 2026 is anticipated to climb to €0.573 compared to €0.568 as at the end of 2025.