Plaza Centres plc - Full-Year Results

On 27 April 2026, Plaza Centres plc published its Annual Report and Financial Statements for the year ended 31 December 2025.

Revenue decreased by 2.7% to €3.16 million (2024: €3.25 million). The company explained that demand for office space at the Plaza Business Centre remained strong, with occupancy at full capacity throughout the first nine months of the year, though one office became available late in the year. Plaza stated that as at the end of 2025, the occupancy rate within the Shopping Centre stood at 84% whilst the overall occupancy rate of the Commercial Centre stood at 90%.

On the expenditure side, total operating costs decreased by 3.6% to €1.54 million (2024: €1.60 million) as the reduction in administrative expenses offset the increase in marketing and maintenance costs.

Operating profit fell by 1.8% to €1.62 million, which translates into an EBIT margin of 51.2% (2024: 50.8%). Excluding depreciation and amortisation charges, EBITDA edged down to €2.18 million, and the EBITDA margin stood at 69.1% (2024: 67.7%).

After accounting for net finance costs of €0.08 million, tax charges of €0.49 million, and a minimal profit attributable to non-controlling interest, the net profit for the year attributable to shareholders amounted to €1.11 million, which translates into a return on average equity of 4.0% (2024: 4.1%).

The Statement of Financial Position as at 31 December 2025 shows that total assets increased by 1.3% (or €0.46 million) to €37.9 million, largely reflecting a higher cash balance of €1.18 million. Meanwhile, total liabilities remained virtually unchanged at €9.67 million. Overall, shareholders’ funds rose by 1.5% (or €0.42 million) to €28.2 million, which translates into a net asset value of €1.107 per share (December 2024: €1.091).

Dividend

The Directors are recommending the payment of a final net dividend of €0.0137 per share, to all shareholders as at close of trading on 14 May 2026, subject to shareholders’ approval at the upcoming Annual General Meeting scheduled to be held on Wednesday 17 June 2026.

Coupled with the net interim dividend of €0.0098 per share paid out in August 2025, the total net dividend for the year amounts to €0.0235 per share, unchanged from the previous year, and translates into a payout ratio of 54%.

Esports Subsidiary

In September 2025, Plaza decided to shut down the operations of Esports Avenue Limited after seeing the need for further investment to boost the business. The subsidiary has been placed into voluntary liquidation.

Bond Redemption

Plaza explained that following several bond buybacks from the market, the outstanding balance of its bond stands at €4.9 million. The bond will mature on 22 September 2026 and the company plans to refinance the bond with a standard bank facility, for which a sanction letter was issued by a local credit institution.

Outlook

In their commentary, the Directors noted that Plaza continues to face headwinds due to competition in both the retail and office sectors in Malta, particularly as the influx of foreign businesses relocating to Malta remains slow. Nonetheless, demand for The Plaza Commercial Centre remains resilient due to its prime location. The Board will continue to explore the feasibility and attractiveness of growth opportunities which make economic sense to the business.