MSE TRADING REPORT FOR FEBRUARY 2026
Movements in equity and bond indices
The MSE Equity Total Return Index closed the month of February with a 4.2% gain, to finish at 9,246.17 points. During the month total turnover increased by €9.5m to €12.6m, as 1,505 transactions were recorded. A total of 33 equities were active, as 20 advanced while 11 declined. The monthly increase in the turnover was mainly driven by higher trading activity in Hili Properties plc.
The MSE Corporate Bonds Total Return Index gained 0.6% to 1,155.283 points, as 103 issues were active, 55 of which headed north while another 42 closed in the opposite direction. The 4% International Hotel Investments plc Unsecured € 2026 headed the list of gainers, as it closed at €99.99, translating into an 8.7% increase in price. On the other hand, the 3.65% IHI plc Unsecured € 2031 closed 10.9% lower at €91.75.
The MSE MGS Total Return Index posted a positive 0.75% movement, to end the month at 976.84 points. A total of 52 issues were active, as 32 advanced while another four lost ground. The 3.5% MGS 2034 registered the best performance with a 2.6% increase to close the month at €66.19. Conversely, the 1.8% MGS 2051 traded 2.1% lower to close at €62.27.
Top 10 market movers
Hili Properties plc extended its upward momentum, climbing 12.5% to end the month at €0.27. During the period the price ranged from €0.24 to €0.272. Trading volumes were extremely high, as the most liquid equity of the month included 26,287,025 shares dealt across 692 trades, resulting in €7.1m in trading turnover.
Bank of Valletta plc advanced for the second consecutive month, gaining 9.4% to close at a monthly high of €2.10. Activity was robust, with 1,242,496 shares exchanged across 285 deals, generating a total turnover of €2.5m.
APS Bank plc also recorded a solid monthly uplift of 6.3% after a previous stagnant month. The share price settled at €0.51, as the equity oscillated between €0.466 and €0.51. A total of 44 trades worth €151,513 were executed.
HSBC Bank Malta plc closed at a price level of €1.47, as itedged 2.8% higher over the period. The bank touched a low of €1.43 and a high of €1.49. A total of 199,384 shares changed ownership through 55 transactions, producing a traded value of €288,640.
Lombard Bank Malta plc headed south by 7.9%, concluding the month at €0.70. The equity traded within a narrow band of €0.665 to €0.70. A total of nine deals involving 51,002 shares were executed, yielding a turnover of €34,292.
Malta International Airport plc (MIA) climbed slightly to €5.95, as the equity appreciated by 1.7% throughout the month. The share price varied between a low of €5.80 and a high €6. Trading activity included 147,772 shares exchanged over 69 transactions, resulting in €865,798 worth of trades.
Simonds Farsons Cisk plc posted a gain of 6.9%, ending the month at €5.45 after fluctuating between €4.90 and €5.60. Activity remained modest, with 24,551 shares traded in 17 deals, worth €125,382.
AX Real Estate plc delivered an extremely positive monthly performance, surging by 43.7%. The share price fluctuated between a low of €0.33 before closing at a high of €0.50. A total of 60,683 shares changed hands over 14 transactions, resulting in a trading value of €22,138.
Harvest Technology plc delivered an exceptional performance, rallying 68.6% to close at a monthly high of €1.18. Trading activity included 30,062 shares across seven deals, with a total turnover of €21,099. This is the third consecutive month that the equity has gained ground.
RS2 plc Pref Shares was the top performer of the month, as the equity surged by 134%. The price moved within a range of €0.35 and lastly closed at €0.59. Trading activity equalled €8,812 as 25,125 shares were exchanged across three deals.
Company announcements
The Board of MIA approved the Group’s financial results for the year ended December 31, 2025. The total revenue of the Group amounted to €157m, up from €142.9m in 2024. The aviation segment remained the main contributor to this result, accounting for 68% of total revenues. The Group reported a record net profit of €49.8m, marking a 7.6% increase compared to 2024. Further to the net interim dividend of €0.06 per share paid in 2025, the Board is recommending the payment of a final net dividend of €0.13 per share on all shares settled as at close of business on April 20, 2026, which dividend shall be paid by no later than June 5, 2026. The AGM is set for May 20, 2026.
HSBC Bank Malta plc reported a profit after tax of €71.6m for the year ended December 31, 2025, down 28.5% from the previous year. Net interest income amounted to €175.4m, representing a decrease of 15% compared to the prior year, reflecting the lower interest rate environment. The bank recommended a final net dividend of €0.0546 per share. This, together with the interim dividend paid in September 2025, represents a 60% dividend payout ratio.
MIDI plc has entered into a promise of sale agreement dated February 24, 2026 with 540 Hub Ltd for the sale of the T15 Building at Tigné Point, Sliema, for €5.5m. The property is held under a 99-year temporary emphyteusis originally granted by the Government of Malta and remains subject to annual ground rent and related conditions. The agreement is subject to customary conditions and remains valid until June 30, 2026. The net proceeds will be used towards the redemption of the Company’s €50m bond due in July 2026.
Plaza Centres plc has convened an Extraordinary General Meeting for March 25, 2026 in Sliema, following a requisition by Virgata HQ Limited. The EGM will consider amendments to the Company’s memorandum to revise the size of the Board depending on shareholder-appointed members. Shareholders will also vote on authorising a share buyback of up to 2.4m shares at prices between €0.75 and €0.95 over an 18-month period, subject to regulatory approval. In addition, the Board is proposing a 1-for-2 bonus share issue through the capitalisation of €2.6m from the share premium account, increasing issued share capital to 38.24m shares.
Computime Holdings plc announced that the Group delivered a strong performance in FY2025 and expects to report record revenue and profit before tax, exceeding IPO prospectus projections. Profitability and cash generation are also expected to support a final dividend in line with prospectus forecasts, implying a gross dividend yield of approximately 8.9%.
In addition, the Group will continue executing its AI-focused growth strategy across all divisions. In Business Software Division, the focus remains on advancing AI initiatives, with several proof-of-concept projects potentially developing into commercial products by late FY2026 or early FY2027. The ERP (Acumatica) business is expected to strengthen its local market leadership, supported by new client wins, while operational resilience will be enhanced through potential international outsourcing partnerships.
The FinTech Division is expected to consolidate its market leadership, with BRSAnalytics expanding its client base and exploring adjacent RegTech and GRC opportunities, including AI governance.
The Systems Integration Division recently secured multi-year IT infrastructure contracts which are expected to drive meaningful long-term revenue growth. The division will also continue expanding its cybersecurity and managed services offerings, with a strong focus on modern technologies, including solutions supporting AI security and governance in regulated sectors.
Loqus Holdings plc announced that revenue for the last six months of 2025 amounted to €7.8m, a 30% increase over the same period last year. This performance was supported by stronger trading conditions for the Group’s clients during the first half of the financial year, including seasonal retail activity, as well as the successful onboarding of a new customer from September 2025. Profit for the period amounted to €0.8m, rising from a loss of €0.3m the previous year.
This article, which was 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 Equity Exchange and a member of 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, or on Tel: 21224410, or email info@jesmondmizzi.com
