As another trading year comes to an end, we will take a look at the performance of the MSE Equity Total Return Index, together with a deeper look into a number of sectors. During 2025, the MSE Equity Total Return Index closed at 8,903.51 points, a 5.5% year-on-year increase.
The companies which registered the biggest positive movements were Bank of Valletta plc, Lifestar Holding plc, Lifestar Insurance plc and Plaza Centres plc. Furthermore, since the beginning of the year, the MSE Corporate Bonds Total Return Index experienced a decline of 2.7%, while the MSE MGS Total Return Index gained 1.3%.
This week’s report focuses on four of the eight sectors represented on the Malta Stock Exchange, namely Real Estate, Information Technology, Consumer Discretionary and Consumer Staples. Last week we covered Financials, Communication Services, Energy and Industrials.
The four sectors under review this week comprise of 23 listed equities. As at the last trading session on December 30, five of these equities were trading higher, while 16 were in negative territory, compared to where we started 2025.
In the real estate sector, several companies came under the spotlight during the year as they grappled with a range of challenges. Main Street Complex plc closed the year 26.7% lower, reflecting mounting competitive pressure from larger shopping malls. The interim financial statements showed a 7% decline in revenue and a 21% drop in footfall compared to the same period last year.
In response, the board continued to explore initiatives to revitalise the complex and, in early November, announced the signing of a new lease with the operator of an established local supermarket chain. Trading activity saw the share price fluctuate between a low of €0.152 and a high of €0.30, with 35 deals amounting to €112,606. The equity closed the year at €0.22.
Malita Investments plc experienced a volatile year, closing nearly 24.5% lower. In its interim financial statements, the company acknowledged liquidity constraints and resolved not to declare an interim dividend to preserve cash. Prior to this announcement, the share price had traded within narrow ranges, however, the equity weakened, as investors digested the news, alongside changes to board composition and media commentary questioning the company’s financial resilience.
More recently, Malita Investments plc announced that it had secured financing to enable the completion of its affordable housing project, providing some reassurance. The share price closed the year at €0.40, with 224 trades amounting to €752,800, down from almost €0.9m in the previous year.
MIDI plc also came under sustained pressure, as its share price declined by 21% to close the year at €0.196. The weakness stemmed from a combination of legal, financial and strategic challenges, most notably the escalating dispute with the Maltese government over the Manoel Island concession. Judicial proceedings and negotiations regarding a possible return of the site have created significant uncertainty around the company’s flagship project and future cash flows. These concerns were compounded by investor focus on the repayment of the €50m bond maturing in 2026. In response, MIDI announced asset disposals at Tigné Point to bolster liquidity.
PG confirmed a major retail development in St Julian’s as part of the db Group City Centre project
Within the Information Technology sector, RS2 plc shares fell sharply by 30.6% to close at €0.34. After a relatively subdued start to the year, the equity came under selling pressure, although some support emerged following media reports suggesting RS2 plc was among the bidders for HSBC Holdings plc’s 70% stake in HSBC Bank Malta plc. RS2 plc repeatedly denied these claims and confirmed it was not involved in the bidding process. Subsequently, the company announced the signing of several new contracts and strategic collaborations, with durations ranging between five and seven years, strengthening the group’s recurring revenue base.
BMIT Technologies plc also ended the year lower, declining by 19.5% to close at €0.28, after trading at a yearly high of €0.35. A total of 307 transactions amounting to €1.3m were recorded.
During the year, BMIT announced two acquisitions. Firstly, the purchase of a 51% stake in 56Bit Limited early in the year, followed in July by the signing of a share purchase agreement to acquire 49% of Malta Properties Company plc from Emirates International Telecommunications (Malta) Limited. Shareholders approved the latter transaction at an extraordinary general meeting.
In the Consumer Staples sector, PG plc shares declined by 9.1% during the year to close at €1.69 with turnover easing to €1.4m from €1.8m in the previous year. In the second half of the year, the company announced two significant investments. In July 2025, PG acquired a substantial property in Lija, covering approximately 13,100 square metres along Mosta Road, for a total consideration of €19m, of which €6m was paid upfront with the balance payable over 72 months.
More recently, PG confirmed a major retail development in St Julian’s as part of the db Group City Centre project on the former Institute for Tourism Studies site at St George’s Bay.
The project includes a new shopping mall anchored by a PAVI-PAMA supermarket, complemented by a mix of retail and catering outlets and dedicated parking facilities. This investment is expected to enhance PG’s retail footprint and further strengthen its property asset base.
From the consumer discretionary sector, International Hotel Investments plc (IHI) closed the year 6.5% lower at €0.43. Trading activity remained broadly stable year-on-year, with shares worth approximately €454,000 changing hands. In its most recent interim financial statements, IHI reported a 4% increase in revenue compared to the previous year, while adjusted Ebdita rose to €25.4m from €22.9m, reflecting continued operational resilience despite a challenging market backdrop.
We wish our readers a prosperous new year.
This article, compiled by Jesmond Mizzi Financial Advisors Limited, does not intend to give investment advice and the contents therein should not be construed as such.
The company is licensed to conduct investment services by the MFSA and is a member of the Malta Stock Exchange and the Atlas Group. The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article.
For further information contact Jesmond Mizzi Financial Advisors Limited at 67, Level 3, South Street, Valletta, tel: 2122 4410, or e-mail [email protected].
