AX Group has published its Annual Report for the financial year ended 2025, marking a year defined by record financial performance, significant milestones, and the successful delivery of major projects.
During the year, Group turnover exceeded €130 million for the first time, with EBITDA increasing to €35.8 million. Shareholder equity strengthened to €274 million, while total borrowing was reduced, reinforcing the Group’s financial stability and disciplined capital management.
A principal milestone was the completion of the Verdala development in Rabat, including the launch of Verdala Wellness Hotel and the continued handover of residences at Verdala Terraces. The project represents one of the Group’s most substantial investments to date and reflects the integrated capabilities of AX Development, AX Construction and AX Hotels.
Across its hospitality division, AX Hotels reported record levels of occupancy and profitability, supported by consistent demand across its portfolio in Sliema, Valletta, Qawra and Rabat. AX Care delivered its strongest results since inception, maintaining high occupancy across its facilities while strengthening governance and digital systems. AX Construction expanded its externally commissioned portfolio while continuing complex restoration and civil engineering projects across Malta.
The Annual Report also outlines forward-looking investments, including preparatory work for Phase Two of the AX ODYCY development in Qawra, the planned refurbishment of AX The Palace in Sliema, and the continued strengthening of the Group’s organisational systems and governance structures.
Chairman Angelo Xuereb described the year as a defining chapter in the Group’s 50-year history, while Chief Executive Officer Michael Warrington highlighted the importance of disciplined execution, financial resilience and coordinated effort across all divisions.
Both acknowledged the contribution of the Group’s workforce and management teams, whose professionalism, commitment and operational focus were instrumental in delivering the results reflected in the report.
