MIA expects record EBITDA of €105m in 2026
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 extended yesterday’s gains as it advanced by a further 0.26% to 4,116.2 points. The gains in BOV, MIA, HSBC and Plaza outweighed the declines in APS, GO, Medserv and Trident. Meanwhile, three others closed the day unchanged as total trading value amounted to €0.46 million. Download today’s Equity Market Summary.
Malta International Airport plc increased by 0.8% to €6.25 across six deals totalling 7,719 shares. Following the close of yesterday’s trading, MIA published its interim financial statements covering the six-month period ended 30 June 2026. Revenues for the interim period reached a record €82.5 million, representing an increase of 14.8% compared to the same period last year. Operating profit increased by 15.7% to €44.2 million (H1 2025: €38.2 million). Excluding depreciation and amortisation, EBITDA reached €53.8 million, an increase of 17.8% over the €45.6 million recorded in the first half of 2025. MIA reported a record interim net profit of €29.0 million.
The Board of Directors of MIA declared a net interim dividend of €0.06 per share, which is unchanged from the previous year. The dividend is payable by no later than Friday 11 September 2026 to all shareholders as at close of trading on Tuesday 18 August 2026.
MIA revised its 2026 traffic, revenue and profitability forecasts upwards from those issued in January and now expects to close 2026 with passenger movements of 11.2 million (previous forecast: 10.5 million), revenue of €170 million (4.9% higher than the previous forecast of €162 million), EBITDA of €105 million (7.1% higher than the previous forecast of €98 million), and net profit of €62 million (21.6% higher than the previous forecast of €51 million). MIA will undertake capital investments of €85 million this year.
Bank of Valletta plc extended yesterday’s gains as it advanced by a further 0.9% to the €2.17 level. As a result, BOV’s market capitalisation reached a record of €1.39 billion. Earlier this week, BOV published its interim results for the six-month period ended 30 June 2026. Overall, operating income increased by 3% to €251 million. However, costs also increased to €129 million compared with €117 million in the first half of 2025. The net profit for the period fell by 11.8% to 79 million. The board of BOV declared a net interim dividend of €33.6 million, which is equivalent to €0.0523 per share payable to all shareholders as at close of trading on Tuesday 4 August 2026. The dividend will be paid on Friday 21 August 2026.
Plaza Centres plc surged by 5.0% to €0.84 and HSBC Bank Malta plc climbed by 1.4% to €1.43 on low volumes.
Today’s most actively traded equity was GO plc which eased by 0.8% to the €2.50 level across 70,385 shares having a market value of €0.18 million.
APS Bank plc fell by 1.7% to €0.58 across 12 deals totalling 65,072 shares. Yesterday, APS published its interim financial statements for the six-month period ended 30 June 2026. Net interest income surged by 43% to €51.0 million reflecting both the growth in gross interest income of 12.8% to €67.8 million as well as the 31% drop in interest expenses to €16.8 million. Furthermore, non-interest income expanded by 49% to €7.7 million. Meanwhile, APS recorded a net impairment loss of €2.5 million, which is higher than the €0.45 million recognised in the first half of 2025 and primarily relates to the commercial and syndicated loan portfolios. On the expenditure side, total operating costs increased by 4.0% to €32.8 million. Profit before tax more than doubled to a record at interim stage of €23.9 million compared to €9.14 million in H1 2025. Shareholders’ funds increased by 2.7% to €359 million which translates into a net asset value of €0.734 per share. The Board of Directors of APS declared a net interim dividend of €4.0 million (H1 2025: €1.8 million), which is equivalent to €0.0082 per share and represents a payout ratio of 25%. This dividend in the form of scrip is payable to all shareholders as at close of trading on Tuesday 18 August 2026. The attribution price for the determination of the scrip dividend will be announced on 20 August 2026 and the payment date is set for 30 September 2026.
Today’s other negative performers were MedservRegis plc (-5.8% to €0.65) and Trident Estates plc (-2.7% to €1.10).
AX Real Estate plc traded flat at the €0.49 level as 100,000 shares changed hands.
PG plc (€1.55) and Computime Holdings plc (€0.48) also traded flat on muted activity.
Today, Malta Properties Company plc published its interim financial statements for the six-month period ended 30 June 2026. Revenues increased by 29% to €2.91 million as several of the Group’s properties which became vacant at the end of 2024 were renovated during the early months of 2025 and subsequently leased to new tenants. On the expenditure side, total operating costs increased by 13% to €0.78 million, mainly due to higher business development costs as well as legal and other professional fees. Nonetheless, since the growth in revenues outweighed the higher costs, operating profit expanded by 35% to €2.17 million compared to €1.60 million in H1 2025. Overall, MPC reported a net profit for the period of €1.03 million, which is more than double the €0.50 million recorded in the corresponding period of the previous year. Total equity eased by 0.8% (or €0.49 million) to €57.1 million, as the profit generated during the period was more than offset by the dividend of €1.52 million paid in respect of the 2025 financial year. This translates into a net asset value per share of €0.5636 (31 December 2025: €0.5684).
The RF MGS Index rebounded by 0.19% to 890 points reflecting a marginal decrease in euro area sovereign bond yields early in the day, which however reversed with the German 10-year bund yield rising back to the multiyear high of 3.20%. A flash estimate by Eurostat showed that the euro area annual inflation is expected to be 2.9% in July 2026, up from 2.8% in June. Although this was in line with expectations, virtually all inflation components were all higher than the previous month’s annual rate. In particular, services inflation increased to 3.3% compared to 3.2% in June, signalling that inflation is becoming entrenched into the economy.
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.