Malta International Airport Plc

Earnings Release • Nov 11, 2022

COMPANY ANNOUNCEMENT

Malta International Airport plc (the "Company")

October Traffic Results & Q1-Q3 Financials

Date of Announcement 11 November 2022 Reference 375/2022 In terms of Chapter 5 of the Capital Market Rules

QUOTE

October Traffic Results

Malta International Airport welcomed 590,278 passengers in October, recovering nearly 84 per cent of the traffic it had handled in October 2019.

The seat load factor (SLF) for the month reached 86 per cent, marking an increase of 3.7 percentage points over pre-pandemic levels. Monthly seat load factors have been on the rise, compared to the pre-pandemic reference year, since May 2022.

Italy remained Malta International Airport's top market, followed by the United Kingdom, Germany, France and Poland. As reported by Malta International Airport in previous months, Italy, France and Poland continued to register growth over 2019 in October, while the United Kingdom and Germany continued to lag behind in their recovery.

Financial Results Q1-Q3 2022

Malta International Airport this week approved the Group's financial statements for the period between January and September 2022. The Group's revenue for the first nine months of the year totalled €66.5 million.

As seen in the Statement of Comprehensive Income (SOCI) attached with this company announcement, the Group's staff costs increased by 46.1 per cent over the same comparable period in 2021. This increase was driven by the discontinuation of the COVID-19 Wage Supplement in May 2022, as well as the resumption of recruitment in order to be equipped for the summer operation.

Moreover, operating costs also experienced an increase as a result of Malta International Airport's busier operation and the Company's less stringent approach to cash management as it started to recover.

Malta International Airport's CAPEX for the first nine months of 2022 amounted to to €9,697,491, with the airport Food Court project and the construction of new warehousing facilities at the airport's Cargo Village being two of the major contributors to this investment amount.

Updated Guidance to the Market

In view of the cumulative effect of the increase in passenger traffic and the tax credit of €12 million it will be benefitting from, the Company would like to revise the guidance it had issued to the market in July 2022 as follows:

Guidance	Nov-22	Jul-22
Traffic:	> 5.7mn passengers	> 5.4mn passengers
Revenue:	> €85mn	> €82mn
EBITDA:	> €52mn	> €50mn
Net Profit (before tax credit):	> €25mn	> €23mn
Tax Credit:	€12mn	-
Net Profit:	> €37mn	> €23mn
CAPEX:	> €13mn	> €15mn

Statement of Comprehensive Income (SOCI)

Consolidated Income Statement (unaudited) The Group unaudited in EUR	Q1-Q3 2022	Q1-Q3 2021
Revenue	66,545,337	32,287,428
Staff costs	(6,709,844)	(4,593,546)
Other operating expenses	(16,090,058)	(11,866,612)
Impairment losses on financial assets	(88,962)	(60,614)
Depreciation	(8,520,255)	(8,219,268)
Release of deferred income arising on the sale of terminal buildings and fixtures	212,702	212,702
Investment income	14,650	11,598
Finance cost	(1,596,966)	(1,585,692)
Profit / (Loss) before tax	33,766,604	6,185,996
Income tax (expense) / credit	(12,019,564)	(2,371,160)
Profit / (Loss) for the period attributable to the ordinary equity holders of the Company,
net of tax	21,747,040	3,814,836

Statement of Financial Position (SOFP)

The Group in EUR	30 September 2022 unaudited	31 December 2021 audited
Assets
Property, plant and equipment	169,573,678	169,640,302
Investment property	16,022,342	15,297,885
Other Receivables	1,915,627	1,928,319
Deferred tax assets	6,024,761	6,320,729
Non-current assets	193,536,408	193,187,235
Inventories	1,031,411	885,064
Trade and other receivables	27,655,740	15,866,734
Term deposits	17,000,000	10,500,000
Cash and short term deposits	36,692,490	22,215,002
Current assets	82,379,641	49,466,800
Total - Assets	275,916,049	242,654,035
Equity and liabilities Equity attributable to ordinary equity holders of the Company
Share capital	33,825,000	33,825,000
Retained earnings	119,688,620	97,941,580
Total - Equity	153,513,620	131,766,580
Lease liability	53,961,226	53,644,065
Deferred income	5,494,145	5,856,812
Other Payables	810,915	607,538
Provision for retirement benefit plan	3,981,489	3,954,173
Provision for MIA benefit fund	379,966	337,437
Non-current liabilities	64,627,741	64,400,025

Trade and other payables	46,219,234	43,885,907
Current tax liabilities	11,555,453	2,601,523
Current liabilities	57,774,687	46,487,430
Total - Liabilities	122,402,428	110,887,455
Total - Equity and Liabilities	275,916,049	242,654,035

UNQUOTE

Signed:

Louis de Gabriele Company Secretary

About Malta International Airport

2022 marks 30 years since the new Malta International Airport terminal building was inaugurated, ushering in an exciting era for tourism and the local aviation industry. Between 2002 – the year when the airport was privatised – and 2021, more than 75 million passengers travelled through the terminal building.

The building, which was originally designed with the aim of eventually handling 2.5 million passengers annually, saw a record 7.3 million passengers in 2019 alone, before COVID-19 slashed this number in 2020.

The terminal's continuous evolution, particularly through an investment of more than €30 million in two extensions together with a more recent €12 million reconfiguration, and the Company's vision of service excellence, led to Malta International Airport being awarded the 'Best Airport in Europe' accolade by Airports Council International in 2018, 2019 and 2020.