VBL plc - Full-Year Results

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

Revenue surged by 15.4% to €4.69 million (2024: €4.07 million) principally reflecting the growth in rental income from its property portfolio. The company highlighted that by the end of 2025, only about 30% of the Group’s owned assets, based on square meters, were operational and revenue generating. The remaining part of the Group owned assets are under development or are being prepared for development.

Operating costs (net of other income) increased by 7.0% to €3.61 million (2024: €3.37 million) due to higher cost of sales and administrative expenses in line with the growth in business. Excluding depreciation and amortisation charges, EBITDA increased by 49% to €1.73 million compared to €1.16 million in the previous year. Meanwhile, operating profit amounted to €1.09 million compared to €0.70 million in 2024.

The financial performance was boosted by the increase in fair value of investment property of €1.42 million, which however was lower than the increase of €2.56 million recorded in the previous year.

After accounting for net finance costs of €0.70 million and a tax expense of €0.29 million, the net profit for the year amounted to €1.57 million compared to €2.48 million in 2024.

The Statement of Financial Position as at 31 December 2025 shows that total assets increased by 1.1% (or €1.08 million) to €96.5 million, mostly consisting of investment property (€87.3 million) as well as financial investments (€6.0 million).

Meanwhile, total liabilities eased by 1.2% to €27.3 million with total debt amounting to €20.9 million when including lease liabilities of €1.4 million.

Total equity increased by 2.1% (or 1.43 million) to €69.1 million, which translates into a net asset value of €0.2775 per share.

Outlook

The Directors explained that alongside the possible future expansion of its asset base, the Group continues to focus on further enhancing operational efficiencies and optimising the utilisation of its already developed properties, in line with its long-term business strategy and financial objectives.

The completion of the Silver Horse Block Phase 2 property is scheduled for the second half of 2026, with the interim project development delays and usual complications resulting from the nature of the renovation and regeneration of old, historic properties expected to be largely resolved during the process. Through the revenue generation expected from this asset, the Group’s financial and operational profile is projected to further improve.