Customer deposits at BOV surpass €14 billion

The MSE Equity Price Index rose by 0.53% to 3,963.1 points as the gains in Harvest, Grand Harbour Marina, MIA, GO, BOV and PG outweighed the decline in RS2. Meanwhile, seven equities closed unchanged as today’s total trading activity amounted to €0.60 million. Download today’s Equity Market Summary.

Bank of Valletta plc edged 0.5% higher to the €2.09 level across 11 deals totalling 229,172 shares. Today BOV issued a quarterly update providing information about its performance in Q1 2026 when compared to the same period in 2025. Net interest income grew by 8.3% to €100.2 million driven by sustained growth in customer lending and treasury management. Net fee and commission income remained broadly stable, edging up 1.1% to €20.2 million. Moreover, there was a net trading loss of €3.6 million compared to a gain of €5.5 million in the corresponding period of the prior year. In aggregate, BOV’s operating income increased marginally to €119.1 million. BOV’s financial performance was impacted by a net impairment charge of €5.6 million, significantly higher than the €0.17 million recognised in the first quarter of 2025. Notwithstanding the higher charge, the non-performing loan ratio improved to 1.57% compared to 1.68% as at the end of 2025. On the expenditure side, total operating costs increased by 17% to €61.7 million. As a result, the cost-to-income ratio increased to 51.8% compared to 44.7% in Q1 2025, remaining consistent with the low-to-mid-50% range outlined in the Group’s forward guidance. BOV’s share of results from associates increased by 8.5% to €2.2 million (Q1 2025: €2.0 million). Overall, BOV recorded a profit before tax of €54.0 million, which is 19.5% lower than the €67.1 million in the first three months of 2025. The net profit for the period amounted to €35.8 million, which translates into an annualised return on average equity of 14.2% (Q1 2025: 17.9%). Total equity increased to €1.53 billion, with the net asset value per share rising to €2.40.

Malta International Airport plc rose by 1.7% to the €6.15 level across five deals totalling 4,773 shares.

GO plc gained 1.6% to the €2.54 level on trivial volumes.

Harvest Technologies plc surged by 17.9% to the €1.12 level across two deals totalling 17,340 shares.

Grand Harbour Marina plc advanced by 12.2% to the €1.01 level over two trades amounting to 20,000 shares.

PG plc advanced 0.6% to the €1.63 level on a single deal amounting to 2,000 shares.

On the other hand, RS2 plc slipped 1.4% to the €0.286 level on a single trade of 4,267 shares.

Meanwhile, AX Real Estate plc closed unchanged at the €0.452 level on a single deal amounting to 8,400 shares.

Hili Properties plc held the €0.27 level across eight trades totalling 117,900 shares. Yesterday, Hili Properties plc published its Annual Report and Financial Statements for the year ended 31 December 2025. Total revenue, inclusive of other operating income remained unchanged at €17 million as the Group reported a stable performance across its portfolio of commercial properties in Estonia, Latvia, Lithuania, Malta and Romania. The net profit attributable to shareholders amounted to €6.60 million, which translates into a return on average equity of 5.4% (2024: 3.68%). Shareholders’ funds increased by 5.6% (or €6.7 million) to €126.9 million, which translates into a net asset value of €0.317 (2024: €0.300) per share. The Directors are recommending the payment of a final net dividend of €0.0052 per share on 29 May 2026 to all shareholders as at the close of trading on Wednesday 6 May 2026.

International Hotel Investments plc traded flat at the €0.50 level across four deals amounting to 10,204 shares.

Lombard Bank Malta plc remained unchanged at the €0.74 level on a single trade of 7 shares.

MedservRegis plc closed unchanged at the €0.65 level on a single deal amounting to 1,000 shares. Following the close of trading yesterday, MedservRegis published its 2025 annual report. Revenue surged to €104.6 million compared to €70 million in 2024 and ahead of the latest forecast of €84 million published at the time of the October 2025 bond issue. The company explained that the improved performance was principally driven by higher‑than‑anticipated activity at the Maltese shore base in support of offshore drilling operations in Libya and the commencement of the Misurata supply‑base management contract in the fourth quarter of 2025. EBITDA climbed to €22 million from €16.1 million in the previous year and the net profit to shareholders amounted to €5.18 million compared to €1.87 million in 2024. The Directors of MedservRegis are recommending the payment of a final net dividend of €0.014758 per share to all shareholders as at the close of trading on Wednesday 13 May 2026 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 27 May 2026. The final net dividend is expected to be paid on 31 July 2026.

Today, M&Z plc published its Annual Report and Financial Statements for the year ended 31 December 2025. Revenue grew by 6% to €31.6 million, supported by continued growth across its portfolio of fast-moving consumer goods. Operating costs remained broadly stable at €26.7 million, allowing EBIT to surge by 41.0% to €4.90 million with the EBIT margin widening to 15.5% from 11.6% in the prior year. EBITDA increased by 26.7% to €5.58 million, translating into an EBITDA margin of 17.6% (2024: 14.7%). After accounting for net finance costs and taxation, the net profit for the year amounted to €2.99 million, which is 47.6% higher than the previous year and translates into a return on equity of 31.4% (2024: 23.8%). On the balance sheet, total assets grew by 9.7% to €18.5 million while total equity advanced by 20.3% to €10.3 million.

Today, MIDI plc published its Annual Report and Financial Statements for the year ended 31 December 2025, reporting a loss before tax of €42 million compared to a loss of €3.7 million in 2024. The results were heavily impacted by two significant impairment charges arising from the Government’s rescission of the emphyteutical concession over Manoel Island and Fort Tigné. Following negotiations, the net reimbursable amount agreed with Government of €42.7 million was below the €70.1 million carrying value of the assets, resulting in an impairment loss of €27.4 million and another €1.1 million impairment was recognised on other Group property no longer available for use, with the combined charges equivalent to a reduction in net asset value of €0.132 per share. Furthermore, the carrying amount of the Group’s remaining investment properties was also written down by €9.9 million, reflecting offers received in a weakened market. On the operational side, rental revenues remained broadly stable at €3.4 million while the Group’s 50% share of Mid Knight Holdings’ profits edged up to €1.78 million. Total equity amounted to €51.5 million and net asset value per share fell to €0.240 from €0.436 at end-2024. The €50 million bond remains on course for full redemption on 27 July 2026.

Today, VBL plc published its Annual Financial Report and Consolidated Financial Statements for the year ended 31 December 2025. Revenue grew by 15% to €4.69 million, while EBITDA excluding investment income rose by 49% to €1.73 million, with the  EBITDA margin widening to 37% from 29%. Investment income, reflecting fair value gains on the Group’s Valletta property portfolio, amounted to €1.42 million (2024: €2.56 million), bringing total EBITDA to €3.15 million. Profit for the year amounted to €1.57 million, translating into earnings per share of €0.0063. Total equity stood at €69.1 million as at 31 December 2025 resulting in a NAV of €0.278 per share.

The RF MGS Index dropped by a further 0.11% to a one-month low of 890.300 points. Preliminary data released today showed that inflation in Germany during April is expected to rise to 2.9% from 2.7% in the previous month which would be the highest reading since January 2024. The increase in inflation is mostly driven by the 10.1% surge in energy prices linked to the ongoing conflict in the Middle East which outweighed the decrease in services inflation to 2.8%. Meanwhile, core inflation fell to the lowest level since June 2021.

 

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.