VBL Plc. held its 14th Annual General Meeting on 31st July 2026, during which Shareholders declared dividends and approved all resolutions presented by the Board of Directors and were updated on the Group’s strong financial performance, the progress of the Ruby Hotel Valletta development, and its expanding pipeline of future projects.
Addressing shareholders, Chairman Dr. Geza Szephalmi opened the AGM and thanked Shareholders for their continued confidence and support, noting that the Group remains focused on delivering long-term sustainable growth through disciplined investment and the regeneration of Valletta’s historic urban fabric.
Chief Executive Officer Dr Andrei Imbroll highlighted another year of solid operational performance, with the Group reporting operating revenues of €4.69 million in 2025 up by 15% on 2024, EBITDA of €3.16 million, investment property valued at €87.3 million, a significant increase from just below €60 million at the Group Initial Public Offering (IPO) , and total assets of €96.5 million, reflecting continued year-on-year growth and delivery of the projected results.
During the meeting, Shareholders were updated on the progress of the 88-room, Ruby Hotel Valletta, the Group’s flagship development within the current development cycle and first internationally branded hotel in Valletta. The project remains on track for completion by year-end, and is expected to represent a transformational milestone for the VBL Group’s bottom-line through a significant increase in recurring rental revenue and operational EBITDA, while further strengthening the Group’s market profile.
Beyond the delivery of the Ruby Hotel Valletta, management presented the Group’s development pipeline for the next development cycle, which includes four new projects. The Group’s targets include, further diversification of property type and income streams, potential new expansion opportunities within the hospitality sector, strengthening third-party development services through VBL Development, and additional regeneration projects across Valletta. Following the completion of Ruby Hotel development and its handover, the Group expects its property portfolio to exceed €100 million in book value.
The Board also reaffirmed its commitment to delivering sustainable Shareholder returns through a progressive dividend policy while continuing to invest in the Company’s long-term growth strategy.
Commenting after the meeting, Chief Executive Officer Dr Andrei Imbroll said “2025 has been another year of strong execution. As Ruby Hotel approaches completion and our wider development pipeline continues to expand, VBL Group is entering an exciting new phase of growth. We remain focused on creating long-term value for our Shareholders through recurring income, disciplined development and the continued sustainable regeneration of Valletta.”