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IHI registers uplift of Prague property ahead of potential sale

Matthew Fabri

April 27, 2026

Daily Market Highlights
27 April, 2026
12 min read
Daily Market Highlights
27 April, 2026
12 min read

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 fell by 0.44% to 3,965.2 points as the declines in FIMBank, PG, Quinco, Main Street Complex, BOV, LOM, GO and MIA outweighed the gains in APS and Computime. Meanwhile, six other equities closed unchanged as today’s total trading activity across the Main Market amounted to €0.43 million. Download today’s Equity Market Summary.

International Hotel Investments plc closed unchanged at the €0.50 level across nine deals totalling 72,508 shares. Following the close of Friday’s trading, IHI published its 2025 results. Revenue increased by 9.3% to a record of €335 million reflecting higher demand for the Group’s hotels. EBITDA amounted to €61.9 million, broadly in line with the prior year, resulting in an EBITDA margin of 18.5%. The financial performance of IHI was positively impacted by a net fair value uplift on investment property of €17.6 million, driven primarily by a €13.3 million uplift in the value of the Prague hotel and a €4 million uplift on the Tripoli Commercial Centre. Consequently, operating profit (EBIT) increased by 5.9% to €50.0 million compared to €47.2 million in the prior year. Finance costs remained broadly unchanged at €44.4 million but the Group also generated €2.3 million in finance income and benefitted from €2.5 million in currency exchange differences on borrowings. Profit before tax amounted to €9.25 million compared to €2.34 million in 2024. After accounting for a tax credit of €1.95 million and a loss of €9.58 million attributable to minority interests, the net profit attributable to shareholders of IHI amounted to €20.8 million compared to €4.37 million in 2024. Shareholders’ funds grew by 6.1% to €715.5 million, which translates into a net asset value per share of €1.162.

The Board of IHI declared an interim gross dividend of €18.5 million, equivalent to €0.03 per share (net: €0.0255 for individuals resident in Malta), payable on 27 May 2026 to shareholders as at Friday 24 April 2026. The dividend is funded through proceeds from the sale of a majority interest in the Corinthia Hotel Lisbon.

IHI is targeting the sale of its wholly-owned hotel in Prague, which carried an asset value of €110 million as at the end of 2025.

AX Real Estate plc closed unchanged at the €0.48 level across two deals amounting to 5,067 shares.

Hili Properties plc traded flat at the €0.27 level across 15 deals totalling 462,700 shares. Today, Hili Properties is expected to publish the financial statements for the year ended 31 December 2025 and consider the recommendation of a dividend.

HSBC Bank Malta plc traded flat at the €1.42 level as 10,532 shares changed hands.

MaltaPost plc closed unchanged at the €0.436 level over two trades amounting to 200 shares.

RS2 plc held the €0.29 level on a single deal of 100 shares. Last week, RS2 published its 2025 results. Total revenue rose by 7.3% to €40.3 million as the growth in ‘Processing solutions’ and ‘Issuing and Acquiring solutions’ outweighed the decline in ‘Software (Licensing) solutions’). General operating costs (excluding foreign exchange and other income) rose to by 1.5% to €37.1 million, driven by higher cost of sales which outweighed the reduction in administrative and marketing expenses. The Group absorbed a foreign exchange loss on operating activities of €1.7 million, compared to a foreign exchange gain of €0.8 million in 2024. Consequently, operating profit fell by 34.9% to €1.65 million. Excluding depreciation and amortisation charges of €2.97 million, EBITDA decreased by 15% to €4.62 million and the EBITDA margin declined to 11.5% from 14.5% in the previous year. Net finance costs eased to €0.32 million from €0.39 million in 2024. The net loss attributable to shareholders amounted to €0.90 million compared to a profit of €0.04 million in the previous year.

FIMBank plc slumped by 10.0% to the USD0.135 level across two deals totalling 54,993 shares.

PG plc fell by 3.6% to the €1.62 level over two trades amounting to 75,000 shares.

Quinco Holdings plc declined by 4.2% to a new low of €0.805 on a single deal of 810 shares. Last week, Quinco published its first annual report, which however didn’t include a full-year of operations since the company was incorporated during 2025. Effectively, the consolidated performance reflects only the business activity of the last four months of 2025. Profit before tax stood at €1.30 million and net profit amounted to €1.05 million. Total equity amounted to €47.9 million, which translates into a net asset value per share of €1.329 compared to the spin-off attribution price of €1.30 per share. The report highlighted the €21 million investment in a new head office and logistics complex in Handaq. Quinco is holding its first Annual General Meeting on Thursday 25 June 2026.

Main Street Complex plc slumped by 5.0% to the €0.19 level albeit on a single trade of 12,369 shares. Last Thursday, Main Street published its 2025 results. Revenue decreased by 12.0% to €0.63 million reflecting reduced occupancy levels following the non-renewal of tenancy agreements and the temporary closure of large sections of the complex in anticipation of a major refurbishment. EBITDA slumped by 42.4% to €0.27 million. Meanwhile, operating profit dropped by 49.4% to €0.19 million. Overall, Main Street Complex reported a net profit of €0.11 million. Total equity decreased by 0.4% to €9.48 million, which translates into a net asset value per share of €0.489 (31 December 2024: €0.491).

Bank of Valletta plc shed 0.5% to the €2.08 level across eight deals totalling 25,051 shares.

Lombard Bank Malta plc slipped 1.3% to the €0.74 level on a single deal amounting to 8,500 shares. Last Friday, Lombard published its 2025 results. Net interest income fell by 4.2% to €26.1 million while non-interest income surged by 7.1% to €50.4 million driven primarily by the increase in postal sales. As a result, operating income climbed by 3.0% to €76.5 million. The financial performance was further supported by a release in expected credit losses of €0.96 million, in line with a net release of €0.93 million in the previous year. The Group also recorded a share of profits from associates of €3.3 million, primarily attributable to the gain on disposal of key assets by Gozo Hotels Company Limited. Overall, the net profit attributable to shareholders of Lombard amounted to €15.4 million which translates into a return on average equity of 7.1%. In 2025 shareholders’ funds increased by 6.8% (or €14 million) to €223.7 million, which translates into a net asset value per share of €1.447. The Directors of Lombard are recommending a final net dividend per share of €0.0222 in line with that of the previous year and translating into a payout ratio of 22.3% (2024: 30.2%). The Dividend is payable on 9 July 2026 to all shareholders as at Thursday 21 May 2026, subject to approval during the upcoming Annual General Meeting scheduled to be held on 24 June 2026.

GO plc moved 0.8% lower to the €2.52 level over three trades totalling 5,386 shares.

Malta International Airport plc declined 0.8% to the €6.15 level over trivial volumes.

On the other hand, APS Bank plc rose by 2.9% to the €0.53 level across six deals totalling 80,200 shares.

Computime Holdings plc advanced by 2.2% to the €0.46 level on a single trade of 10,000 shares.

Today, Grand Harbour Marina plc declared a gross interim dividend of €0.0195 per share. The dividend is payable on 22 June 2026 to shareholders as at close of trading on 11 June 2026.

Simonds Farsons Cisk plc announced that its Board of Directors is scheduled to meet on Wednesday 27 May 2026 to consider the approval of the financial statements for the year ended 31 January 2026. The Directors will also consider the declaration of a final dividend.

The RF MGS Index declined by 0.03% to 893.017 points as peace negotiations for the reopening of the Strait of Hormuz stalled during the weekend keeping oil supply disruption fears elevated.

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.

Varied movements across several equities The MSE Equity Price Index remained little unchanged at 3,933.1 points as gains in MPC, BOV, Trident and the preference shares of RS2 were outweighed by declines in seven equities. Meanwhile, another seven equities closed unchanged as today’s trading activity on the main market amounted to €0.5 million. APS Bank plc closed unchanged at the €0.51 level across two trades amounting to 4,185 shares. GO plc closed unchanged unchanged at the €2.52 level as 931 shares changed hands across three trades. Simonds Farsons Cisk plc closed at the €5.45 level across two deals amounting to 700 shares, although the weighted average price of the day was €5.13 (-5.9%). Hili Properties plc (38,000 shares), Malta International Airport plc (1,820 shares) and M&Z plc (7,250 shares) all traded flat at €0.27, €6.00, and €0.58 respectively. Plaza Centres plc closed unchanged at the €0.90 level over lacklustre trading. Malta Properties Company plc increased by 12.5% to the €0.45 level across three trades amounting to 50,000 shares, albeit the majority of shares exchanged hands at the previous closing price of €0.40. Tomorrow, MPC is scheduled to release its 2025 full-year results. Today’s most actively traded equity, Bank of Valletta plc rose by 1% to the €2.12 level as 136,176 shares changed hands, although most trades took place at the previous closing price of €2.10. The preference shares of RS2 plc gained 1.7% to the €0.60 level, although the majority of shares changed hands at the €0.32 level (-45.8%). Trident Estates plc moved 1% higher to the €1.01 level over lacklustre trading. Harvest Technology plc dropped by 15.3% to the €1.00 level as 150,000 shares changed hands across five trades. Quinco Holdings plc fell by 5.3% to the €0.90 level across two deals totalling 5,419 shares. Malita Investments plc shed 5.1% to the €0.37 level as 8,000 shares changed hands. Main Street Complex plc (-4.5% to €0.21) and the ordinary shares of RS2 plc (-5.9% €0.32) both fell to €0.21 and €0.32 respectively, albeit over trivial volumes. MaltaPost plc (-1.4% to €0.424) and PG plc (-1.2% to €1.63) were today’s other negative performers. The RF MGS Index fell by 0.11% to 905.7 points as sovereign bond yields extended their upward trend. ECB policymakers cautioned that a prolonged conflict in the Middle East could push up inflation and hinder eurozone growth. Meanwhile, ongoing energy supply disruptions continued to push oil prices higher, reaching USD78 per barrel, their highest level since January 2025.   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. Download today’s Equity Market Summary.

MSE Equity Price Index snaps three-day losing streak

By Matthew Fabri

The MSE Equity Price Index rebounded by 0.20% to 3,969.1 points as the gains in Malta Properties Company, APS, Lombard, MaltaPost, and BOV outweighed the declines in Quinco, Mainstreet, MIA, and GO. Meanwhile, two equities closed unchanged as today’s total trading activity amounted to €0.10 million. Download today’s Equity Market Summary. Bank of Valletta plc gained 1.0% to the…

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