Main Street Complex plc - Full-Year Results

On 23 April 2026, Main Street Complex plc published its Annual Report and Financial Statements for the year ended 31 December 2025.

Revenue decreased by 12.0% to €0.63 million (2024: €0.72 million) reflecting reduced occupancy levels following the non-renewal of tenancy agreements and the temporary closure of large sections of the complex in anticipation of a major refurbishment.

Total operating costs increased by 26.7% to €0.45 million driven by accelerated repairs and maintenance and additional professional fees incurred in planning the refurbishment programme. Excluding depreciation, EBITDA slumped by 42.4% to €0.27 million. Meanwhile, operating profit (EBIT) dropped by 49.4% to €0.19 million compared to €0.37 million in 2024. As a result, the EBITDA margin fell to 43.5% (2024: 66.3%) while the EBIT margin decreased to 29.4% (2024: 51.1%).

Overall, Main Street Complex reported a pre-tax profit of €0.19 million (2024: €0.37 million). After accounting for a tax charge of €0.08 million, net profit amounted to €0.11 million which translates into a return on average equity of 1.14% (2024: 2.49%).

The Statement of Financial Position as at 31 December 2025 shows that total assets remained virtually unchanged at €10.8 million, property, plant and equipment of €9.9 million and a cash balance of €0.72 million. Total liabilities increased by 3.2% to €1.27 million due to higher trade and other payables as the company remained free from any borrowings. Total equity decreased by 0.4% to €9.48 million, which translates into a net asset value per share of €0.489 (31 December 2024: €0.491).

Dividend

In line with the guidance that the company had provided in the interim results, no dividend will be paid in respect to the current financial year 2025.

Outlook

In his commentary, the Chairman noted that the company has entered a period of major works, comprising a complete renovation of the public areas and conversion of the ground floor into the ‘Little Greens’ outlet, with its opening anticipated in late 2026. While some tenants and the car park remain in operation, the current year is expected to be a disrupted one, characterised by reduced levels of activity and limited revenue.

The Board and management are encouraged by a renewed interest in Main Street Complex and anticipate announcing the signing up of new tenants in the near future.

New leases with former tenants are scheduled to commence in July 2026, while discussions with prospective tenants remain ongoing. The Board remains cautiously optimistic that Main Street Complex will regain momentum and attract appropriate interest from prospective tenants and visitors over the short to medium term.