The VBL Group (ticker: VBL on the Malta Stock Exchange) is proud to announce its highly positive audited financial results for the year ended 31 December 2025, reflecting a year of strong growth, disciplined execution, and continued strategic progress.
The Board of Directors of VBL has approved today the Annual Financial Report and Consolidated Financial Statements for the period ending 31st December 2025.
Building on momentum from prior years, the VBL Group delivered robust revenue growth of 15%, reaching €4.69 million, underscoring the strength of its business model and market positioning. This top-line performance translated into a substantial improvement in operational profitability, with Operational EBITDA increasing by 49% to €1.73 million (up from €1.16 million in 2024). The Operational EBITDA margin also expanded significantly to 37% – compared to 29% in the previous year – demonstrating enhanced efficiency and operational excellence.
Despite a dynamic global environment shaped by economic fluctuations, inflationary pressures, and labour market challenges, the VBL Group remained focused and resilient. It successfully advanced its strategic initiatives, including its ongoing renovation and development programme and the continued expansion of its hospitality footprint in Valletta. These efforts further reinforced the VBL Group’s position within its core market while laying the groundwork for sustained long-term growth.
A key highlight of the year was the continued progress on the VBL Group’s flagship development project, the Silver Horse Block Phase 2. With full development permits and tourism compliance certification sucessfully secured, this landmark 88-room four-star hotel represents a major milestone and is set to introduce the first international hotel brand in Valletta upon completion and handover to its contracted tenant – The Ruby Hotels – in the second half of 2026. This project is expected to significantly enhance the VBL Group’s future revenue streams and operational profile.
The VBL Group’s development pipeline remains a powerful engine for future value creation. While currently still only around 30% of VBL’s owned assets are operational, ongoing projects are steadily transforming underutilised properties into high-quality, revenue-generating assets.
Financial discipline remained a cornerstone of VBL’s strategy. With a conservative leverage ratio of approximately 28%, the Group maintained a strong balance sheet while efficiently utilising its financing facilities to support growth. Total liabilities and borrowings came in below projections, reflecting prudent capital management.
Importantly, the Group outperformed its financial projections across multiple key metrics. Compared to expectations, it delivered:
- Higher investment income (+21%)
- Significantly lower cost of sales (-17%)
- Stronger gross profit (+29%)
- Substantially higher EBITDA (+37%)
- Improved profit before tax (+47%)
These results highlight the effectiveness of management’s strategic decisions, operational efficiencies, and favourable market conditions during the year.
During year 2025, the VBL Group also continued to deliver value to its Shareholders, declaring gross dividends of €220,000, an increase from €200,000 in 2024, while further strengthening its retained earnings position to nearly €17.9 million.
Looking Ahead
With a strong financial foundation, a growing portfolio of high-quality assets and a clear strategic focus, the VBL Group is exceptionally well positioned for the future. The completion of key planned development projects is expected to unlock significant value and drive further growth in both revenues and profitability.
The Group enters 2026 with confidence, momentum, and a continued commitment to delivering sustainable growth and long-term value for all Stakeholders.
VBL Plc. remains the only publicly listed investment vehicle with a sole focus on Valletta real estate.