IHI targets EBITDA exceeding €100m in 2027
Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.
The MSE Equity Price Index rose by 2.5% to 4,072.3 points as the gains in IHI, the ordinary and preference shares of RS2, Farsons, Trident, FIMBank, MIA, HSBC and BOV outweighed the declines in MaltaPost and GO. Meanwhile, eight other equities closed unchanged as today’s total trading activity amounted to €0.26 million. Download today’s Equity Market Summary.
International Hotel Investments plc surged by 16.4% to a three-year high of €0.64 across nine trades totalling 82,500 shares, albeit the weighted average traded price of the day stood at yesterday’s closing price of €0.55.
Today, IHI published a Base Prospectus following regulatory approval for the admissibility to listing on the Official List of the Malta Stock Exchange of an Unsecured Bond Issuance Programme of up to €115 million. The Final Terms dated 10 June 2026 stated that Series 1 Tranche 1 consists of the issuance of €30 million 5.25% unsecured bonds maturing in 2036.
IHI’s updated Financial Analysis Summary included forecasts for the financial year ending 31 December 2026 and projections for the year ending 31 December 2027. In 2026, revenue is forecasted to increase by 9.1% to €366.0 million (2025: €335.3 million) and EBITDA is forecasted to rise by 22.2% to €75.7 million. In 2027, revenue is projected to grow by a further 8.7% to €398.0 million mainly reflecting continued improvement in hotel operations and EBITDA is projected to surge by a further 35% to €102.1 million. The net asset value per share of IHI is projected at €1.141 per share as at 31 December 2026 and €1.175 per share in 2027, compared to €1.162 per share as at 31 December 2025.
The ordinary shares of RS2 plc surged by 30.8% to the €0.34 level across ten trades totalling 185,700 shares.
Similarly, the preference shares of RS2 plc rose by 6.7% to the €0.32 level on a single deal of 2,250 shares.
Simonds Farsons Cisk plc advanced by 15.9% to the €6.20 level across four deals amounting to 1,650 shares.
Trident Estates plc gained 10.6% to the €1.15 level across three trades totalling 538 shares. Today’s weighted average trading price was €1.05.
HSBC Bank Malta plc rose by 0.7% to the €1.44 level across seven trades totalling 40,803 shares.
Also in the banking sector, Bank of Valletta plc advanced by 0.5% to the €2.04 level across three deals amounting to 3,675 shares.
FIMBank plc advanced by 2.8% to the USD0.185 level across three trades totalling 44,280 shares.
Malta International Airport plc gained 0.8% to the €6.10 level across ten deals amounting to 2,385 shares.
On the other hand, MaltaPost plc declined by 3.2% to the €0.43 level on a single deal of 1,000 shares.
GO plc shed 1.6% to the €2.46 level across three deals amounting to 7,194 shares.
Meanwhile, APS Bank plc held the €0.57 level across six trades totalling 2,030 shares.
BMIT Technologies plc closed unchanged at the €0.26 level across five deals amounting to 32,711 shares.
Hili Properties plc traded flat at the €0.27 level across four trades totalling 54,500 shares.
Harvest Technologies plc closed unchanged at the €1.10 level across two deals amounting to 5,000 shares.
Lombard Bank Malta plc remained at the €0.73 level as 2,842 shares changed hands.
Mapfre Middlesea plc held the €1.35 level over trivial volumes.
Malta Properties Company plc stayed at the €0.364 level on a single deal of 2,060 shares.
M&Z plc traded flat at the €0.58 level across two deals amounting to 3,592 shares.
The RF MGS Index fell by 0.15% to 890.666 points. Today, the ECB raised its deposit facility rate by 25 basis points to 2.25% in line with expectations. This marked the first rate increase since 2023. The decision was driven by rising energy costs and persistent inflationary pressures stemming from the Iran conflict. Following the meeting the ECB revised its inflation projections materially higher. The ECB is forecasting headline inflation of 3.0% in 2026, up from a prior estimate of 2.6%, and 2.3% in 2027 (previous estimate 2.0%). Meanwhile, core inflation forecasts were also raised to 2.5% for both 2026 and 2027, from 2.3% and 2.2% respectively. The ECB also slightly lowered its eurozone GDP projections and it now anticipates growth of 0.8% in 2026, down from 0.9%, and 1.2% in 2027 down from 1.3%.
This report contains only public information and is not to be construed as investment advice or an offer to buy or sell securities. Information contained herein is based on data obtained from sources considered to be reliable, but no representations or guarantees are made with regard to the accuracy of the data. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Rizzo, Farrugia & Co. (Stockbrokers) Limited is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange.
The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.
This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.
The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.
This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.