AX Group has published its Annual Report for the financial year ended 2025, marking a year defined by record financial performance, major project delivery and important milestones across the Group’s operations.
For the first time in its history, Group turnover exceeded €130 million, reaching €130.9 million, while EBITDA increased to €35.8 million, representing a 49% growth over the previous year. Shareholder equity strengthened to €272.5 million, and total borrowing was reduced to €181 million, reflecting the Group’s continued financial discipline and strong asset base.
A principal milestone during the year was the completion of the Verdala development in Rabat, which includes the launch of Verdala Wellness Hotel and the continued handover of residences at Verdala Terraces. More than 70% of the residences have been sold or are committed for sale, reflecting strong market demand for the development. The project represents one of AX Group’s most significant investments to date and demonstrates the integrated capabilities of AX Development, AX Construction and AX Hotels.
The opening of Verdala Wellness Hotel in August also marked AX Group’s entry into the wellness hospitality segment, offering spa facilities, landscaped gardens, wellness programmes and panoramic views across the island. Designed to complement the surrounding environment and the historic context of Rabat and nearby Mdina, the hotel is steadily establishing itself as a distinctive destination within Malta’s hospitality landscape.
Across its hospitality portfolio, AX Hotels recorded its strongest year to date, with record levels of occupancy and profitability supported by consistent demand across its properties in Sliema, Valletta, Qawra and Rabat. AX Care delivered its strongest performance since inception, maintaining high occupancy across its facilities while strengthening governance and digital systems. Meanwhile, AX Construction continued to expand its externally commissioned project portfolio, delivering complex restoration and civil engineering works across Malta while supporting the Group’s internal developments.
The Annual Report also outlines several forward-looking initiatives aimed at sustaining the Group’s long-term growth. These include preparatory work for Phase Two of the AX ODYCY development in Qawra, plans for the refurbishment of AX The Palace Hotel in Sliema, and the continued strengthening of the Group’s organisational systems, technology infrastructure and governance frameworks. AX Group has also begun implementing AI-driven initiatives and new digital systems designed to support data-led decision making and operational efficiency across its businesses.
The financial year also coincided with AX Group’s 50th anniversary, marking five decades of growth and development. Chairman Angelo Xuereb described 2025 as a defining chapter in the Group’s history, highlighting the completion of Verdala as the culmination of years of sustained effort and commitment. Chief Executive Officer and Deputy Chairman Michael Warrington emphasised that the results reflect disciplined execution across all divisions and the continued strengthening of the Group’s operational and financial foundations. Both acknowledged the contribution of AX Group’s workforce and management teams, whose professionalism and dedication were instrumental in delivering the year’s results.
The AX Group Annual Report 2025 is available online: https://indd.adobe.com/view/b6ee5615-65e9-4058-b692-95d438999f48
