Malta International Airport Plc

Interim / Quarterly Report • Aug 5, 2025

COMPANY ANNOUNCEMENT

Malta International Airport plc (the "Company")

MALTA INTERNATIONAL AIRPORT APPROVES H1 2025 FINANCIAL RESULTS AND THE PAYMENT OF AN INTERIM DIVIDEND

Date of Announcement 05 August 2025 Reference 435/2025 In terms of Chapter 5 of the Capital Market Rules

QUOTE

The Board of Directors of Malta International Airport plc approved the Group's financial statements for the period between January and June 2025 during a meeting held on Tuesday, 5th August 2025. The full financial statements are attached with this announcement and may also be viewed on www.maltairport.com.

H1 2025 Financial Performance

The Group generated revenues of €71.9 million between January and June 2025, marking an 11.6% increase compared to the same period in 2024. This double-digit growth was primarily driven by an 11.7% rise in traffic, with total passenger movements reaching 4.5 million in the first half of the year. In addition, the strong performance of the non-aviation segment played a key role in supporting this positive financial result.

While income generated by aviation activities made up 68.4% (€49.2 million) of the Group's total revenue, the retail and property segment accounted for 31.2% (€22.4 million). Both segments registered year-on-year growth, with aviation revenues increasing by 11.1% compared to 2024 in parallel with an 11.7% increase in revenues generated by retail and property. A minimal share of 0.4% (€319,570) of the total revenue stemmed from other activities.

The Group's net profit for the first half of 2025 amounted to €24.5 million, translating to an increase of 10.7% over the same period in 2024.

The Approval of an Interim Dividend

The Group's solid results for H1 2025 prompted the Board of Directors to approve an interim net dividend of €0.06 per share on all shares settled at close of business on Thursday, 21st August 2025, which is payable by no later than Friday, 12th September 2025.

Revised Guidance

The European aviation industry continues to navigate a challenging landscape, dominated by air traffic management disruptions and geopolitical tensions giving rise to various concerns. Despite these challenges, travel demand—particularly to southern European destinations—remains strong, according to the latest data from Airports Council International (ACI).

Considering the above, the Company has revised its original forecast published at the beginning of the year. Malta International Airport plc now expects to close 2025 with:

Traffic: 9.7 million passengers Revenue: €151 million EBITDA: €93 million Net Profit: €49 million Capex: €70 million

The Appointment of a new Chief Financial Officer

The Company also announces that its current Chief Financial Officer, Mr Karl Dandler, will be bringing his 10-year tenure at Malta International Airport to a close this month as he steps into retirement. He will be succeeded by Mr Christian Schrötter, who will officially assume the role of Chief Financial Officer, on Tuesday, 1st September 2025.

Mr Schrötter has held senior leadership positions across a diverse portfolio of companies, most recently serving as Managing Director of a start-up in the automotive sector. Prior to that, he served as Chief Financial Officer within a company listed on the Vienna Stock Exchange. Throughout his career, Mr Schrötter has amassed extensive experience in treasury, controlling, accounting, risk management, and reporting, which will be valuable assets to Malta International Airport as the Company continues to grow.

While welcoming Mr Schrötter on board, the Company extends its gratitude to Mr Karl Dandler for his invaluable contribution over the past decade. Under his leadership, the Company has achieved exceptional financial results. Mr Dandler's financial oversight was also instrumental during the COVID-19 pandemic, helping position the Company for a swift return to profitability in 2021.

UNQUOTE

Signed:

Louis de Gabriele Company Secretary

The Company also kick-started works on a new €4 million photovoltaic farm in the last quarter of the year.

About Malta International Airport

Malta International Airport welcomed 8.96 million passengers in 2024, registering growth of almost 15% over the previous year. A flight schedule that connected the Maltese Islands to 109 destinations was in part the driver of this result. The Company continued to invest in the airport campus throughout the year, with one of the most significant achievements being the inauguration of four new aircraft parking stands as part of the Apron 8 South project. New CT scanners

at the Security Screening Area and the addition of a new baggage reclaim belt were two other noteworthy investments for 2024 that have contributed to an improved airport experience. The year 2024 was significant in terms of achievements related to sustainability. The Company published its first Net Zero Carbon Plan and satisfied all criteria to be able to progress to Level 3 of the Airport Carbon Accreditation programme.

A decade of the Malta Airport Foundation, an independently administered non-profit organisation, was celebrated in 2024. The Foundation has been instrumental in supporting different entities in preserving and promoting the Maltese Islands' cultural, artistic and environmental heritage. Malta International Airport plc is a public company listed on the Malta Stock Exchange, with its shareholders being the Malta Mediterranean Link Consortium (40%), with Flughafen Wien AG owning a 96% share, the Government of Malta (20%), the general public (29.9%), and VIE Malta Limited (10.1%).

Malta International Airport p.l.c.

C 12663

Interim Report

Interim Condensed Consolidated Financial Statements and Directors' Report

30 June 2025

Contents

Interim Directors' Report	1-5
Condensed Consolidated Statement of Comprehensive Income	6
Condensed Consolidated Statement of Financial Position	7
Condensed Consolidated Statement of Changes in Equity	8
Condensed Consolidated Statement of Cash Flows
Notes to the Interim Condensed Consolidated Financial Statements	10-18
Statement pursuant to Capital Markets Rule 5.75.3	19

lnterim Directors' Report

Period Ended 30 June 2025

These interim condensed consolidoted finoncìol stotements comprise the finonciol stotements of Molto lnternotionol Airport plc ond its subsidiories: Airport Porking Limited, Sky Porks Development Limited, ond Sky Pcrks Business Centre Limited.

Performonce Review

Troffic Development

Molto lnternotionolAirport mcrked on exceptionolstort to2025, registering o new holf-yeorly troffic record with more thon 4.5 million possenger movements recorded until June 2025. This tronsloted into o notoble increose of 12"/" in trcffic when compored to the some period in 2024.

This increose wos registered on the bock of 12"/o g¡s¡¡16 in seot copocity, which is equivolent to 587,716 odditionol seots in 2025.fhe oirport olso registered significont growth in oircroft movements in the first holf of the yeor, increosing by 12% over the first six months of 2024 to o totol of 30,436 movements.

During the period under review, the overoge seot lood foctor stood at84"/", remoining unchcnged from2024 despite the growth in copocity.

While the first quorter hod, in the post, troditionolly been synonymous with slower troffic, this wos not the cose in 2025. ln foct, steody growth wos registered in the number of possengers trovelling through the oirport throughout Jonuory, Februory ond lVorch. Most notobly, in Februory, an 18% increose in possenger movements wos recorded when compored to the some month lost yeor.

Itoly, the UK, Polcnd, Germony ond Fronce were the oirport's most populor morkets between Jonucry ond June 2025. ltoly topped the list, with 922,464 possenger movements registered. Significont growth from the Polish morket hos continued throughout 2025, with cn increcse of clmost 50% over the previous yeor. The impressive growth sow the Polish mcrket climb to the third spot from the fifth lcst yeor.

Meonwhile, during the first holf of 2025, three new oirlines - SAS, Voloteo cnd LOT Polish commenced operotions, joining the list of oirlines flying into Molto. ln July, the oirport olso welcomed bock Qotor Airwoys, with direct flights scheduled to be operoted between Doho ond Molto on o yeor-round bcsis.

	Ql2025		Ç-12024 % Chonge
Pqgse¡ger Movements	"1,793,26'l	11q73_'70-J	14.O"/"
AircroÉt Movements	12,680	10,755	17.9%
Seot Copocity	2,235,525	1,	15.8%
Seot Lood Foctor	80.27"	Q1 Ê.o/	(1.3pp¡
MTOW (ìn tonnes)	494,799	42s?7s	16J%
			Z4.l/ô
Ccrgo ond Moil (in tonnes)	6As6	5,187
			G,22O24 % Chonse
	02 2025 2J47,852	2,491,702	1r\ a o/
fosge¡ger Movements. Aircroft Movements	't7,756	16,367	8.5%
Seot Copocrty	3,198,177	2,915,368	9.7%
Seot Lood Foctor	85-9y.	85 5%	o.5pp
MTOW (in tonnes)	687,964	630,291	9.2%

Interim Directors' Report

Period Ended 30 June 2025

	H1 2025	H1 2024	% Change
Passenger Movements	4,541,113	4,065,405	11.7%
Aircraft Movements	30,436	27,122	12.2%
Seat Capacity	5,433,702	4,845,986	12.1%
Seat Load Factor	856%	83.9%	(0.3pp)
MTOW (in tonnes)	1,182,763	1,055,565	12.1%
Cargo and Mail (in tonnes)	13,496	10.978	22.9%

Financial Performance

The total revenue of the Group for the period January to June 2025 increased by EUR 7.4 million when compared to the same period in 2024, translating into growth of 11.6%. Growth in passenger numbers and higher non-aviation revenues drove the Group's total revenue up from EUR 64.4 million in H1 2024 to EUR 71.9 million in H1 2025.

In H1 2025 the airport segment generated an additional EUR 4.9 million over the same period in 2024, with the revenue from the retail and property segment increasing from EUR 20.1 million in H1 2024 to EUR 22.4 million in H1 2025. The latter figure represents a share of 31.2% of the Group's total revenue.

(in EUR)	Q1 2025	Q1 2024	% Change
Airport	19,662,380	16,846,305	16.7%
Retail and Property	9,493,357	8,824,853	7.6%
Other	76,210	39,585	92.5%
	Q2 2025	Q2 2024	% Change
Airport	29,490,824	27,398,301	7.6%
Retail and Property	12,918,286	11,233,668	15.0%
Other	243,360	94,456	157.6%
	H1 2025	H1 2024	% Change
Airport	49,153,204	44,244,606	11.1%
Retail and Property	22,411,643	20,058,521	11.7%
Other	319,570	134,041	738.4%
Total Revenue	71,884,417	64,437,168	11.6%
Staff Costs	(8.944.393)	(7,630,028)	17.2%
Other Operating Expenses	(17,297,914)	(15,720,775)	10.0%
Impairment Losses	(13,889)	(89,860)	(84.5%)
EBITDA	45,628,222	40,996,505	11.3%
Profit Before Tax	37,850,527	34,264,544	10.5%
Profit After Tax	24,502,780	22,133,894	10.7%

Staff costs amounted to EUR 8.9 million for H1 2025 (H1 2024: EUR 7.6 million). The increase resulted from the growth in headcount required to provide adequate resources to meet operational needs, while continuing to deliver excellent service to a record number of passengers.

Interim Directors' Report

Period Ended 30 June 2025

Other operoting expenses increosed by1O"t", moinly due to the growth in possenger movements ond on extended lT mointenonce progromme.

The Group registered on increose in EBITDA of 11.3o/" for the first six months of 2025; on odditionol EUR 4.ó million compored to the first six months of 2024, resulting in o net profit of EUR 24.5 million (Hl 2024: EUR 22.1 mil lion).

Shore Buybock Progromme

At the Compony's 33rd Annuql Generol Meetíng, held on the 14th of Moy 2025, shoreholders opproved o resolution outhorising the directors to re-purchsse ond ocquire in the morket, up to 1,353,000 (one million three hundred ond fifty-three thousond) shores of o nominol volue of EUR O.25 per shore of the Compony, ot o price ronging from o minimum of EUR 3.00 per shore ond o moximum of EUR 7.38 per shore. This outhorisotion hqs been gronted for o period commencing on the 1st of June 2025 untilthe next onnuol generol meeting.

The buybock progromme commenced on Mondoy 2nd June 2025. Rizzo Forrugio & Co. (Stockbrokers) Ltd is the executing entity of the shore buybock progromme on the Molto Stock Exchonge.

The shore buybock progrqmme is designed to odhere to oll the sofe horbour provisions set out in Article 5 of the EU Mqrket Abuse Regulotion (MAR) No. 596/2014 ond Commission Delegoted Reg ulotion (80 2016 /1052.

During June 2025, the Compony bought bock1l,692 shqres ot o weighted overoge price of €5.95 per shore. All tronsoctions executed under the progromme (detoiled ond oggregoted) ore disclosed through o weekly Compony onnouncement ond ore olso occessible on the Compony's website. The Compony is in the process of concelling these shsres.

lnfrostructurol lnvestments

The copitol expenditure for the reporting period totolled EUR 34.4 million (2O2¿+: EUR 28.2 million)

Within the retoil ond property segment, the construction of the new VIP Terminol wos completed in Q2 2025, with the first guests being welcomed in June. The terminol feqtures high-end, ecoconscious finishes, including reconstituted limestone ond feotures to limit the dependence on ortificiol lighting, oligning the design with the Group's sustoinobility objectives.

Excovotion works in preporotion for the construction of Sky Porks Business Centre 2 ore neoring completion, with construction set to stort loter in 03 2025. This project will introduce the first business hotel on oirport grounds, together with further office spoce ond retoil ond dining opportunities. The hotel building is plonned to be honded over to the chosen operotor by the end of 2026,with the full project hondover to tenonts sloted for 2027.

The first phose of the Terminol Exponsion Project, entoiling o 1,550-squore-metre westword extension, wos olso completed during the reporting period. The most notoble project forming port of this extension hos been the construction of the new Schengen orrivols corridor. Leoding possengers directly into the recently upgroded boggoge recloim oreo, this corridor wos opened in Q',r2025.

lnterim Directors' Report

Period Ended 30 June 2025

The creotion of the new Schengen route hos ollowed for the use of on existing oreo to be dedicoted solely to non-Schengen orrivols, enobling the Compony to offer oll possengers smoother ond foster incoming journeys. This oreo hos not only benefitted from on extension but hos olso been equipped with the necessory infrostructure reloted to the checks required by the EU's Entry/Exit System, with the progressive stort dote set for October 2025.

Additionolly, during the reporting period, the sliding doors of the terminol building were reploced with sliding doors feoturing superior insulotion mechonisms thot will contribute to mointoining the desired ombient temperotures inside the terminol. This will support the Compony in ochieving its energy gools, whilst creoting o comfortoble environment for guests. The new Schengen orrivols corridor ond the new VIP Terminol hove olso been fitted with such sliding doors.

The completion of the first phose of the Terminol Exponsion Project hos poved the woy for the commencement of the second phose, which will see the terminol building grow by 5,700 m2 towords the eost. This exponsion will ollow for the introduction of 32 new check-in desks, ó deporture gotes ond on odditionol 2,600 m2of circulotion spoce.

During the reporting period, the Apron 8 project (formerly referred to os Apron X) edged closer to completion, with the second set of four oircroft porking stonds becoming operotionol in Q2 2025. These new porking stonds together with the four thot hod come into operotion in Q3 2024 have increqsed Molto lnternotionolAirport's totol oircroft porking copocity by 40%. Works on the oncillory buildings servicing the new opron ond offering ground hondling housing focilities qre olso in their finol stoges ond expected to be completed by the end of 2025.

Significont progress hos olso been mode in relotion to the oirport's fifth PV form, with the instollotion of the PV ponel structure commencing in Q1 2025 ond Q3 2025 being eyed for the commissioning of the system. The new PV form will generote circo 5.1 mln kWh of odditionql cleon energy, more thon doubling the oirport's current copocity ond bringing the Compony o step closer to its torget of becoming o net zero for corbon emissions by 2050.

Other ongoing projects include the instollotion of o new heoting, ventilqtion ond oir conditioning (HVAC) system within the terminol, the rehobilitotion of oircroft stonds ond service roods, the conversion of oll lighting to LED systems, the procurement of two new oirside sweepers ond the upgroding of oirfield substotions.

Shoreholder Dividend

Considering the Group's strong finonciol performonce for the reporting period, the Boord of Directors is proposing on interim net dividend of EUR 0.0ó per shqre on oll shores settled ot close of business on Thursdoy, 21st Augusl2025, which is poyoble by no loter thon Fridoy, 12th September 2025.

Outlook / Guidonce

The Europeon oviotion industry continues to novigote o chollenging londscope, dominoted by oir troffic monogement disruptions, environmentol sustoinobility torgets thot oppeor to be difficult to ottoin without odequote finonciol support ot EU level, ond geopoliticol tensions giving rise to vorious concerns.

lnterim Directors' Report

Period Ended 30 June 2025

Despite these ongoing chollenges, trovel demond-porticulorly to southern Europeon destinotionsremoins strong, occording to the lotest doto from Airports Council lnternotionol (ACl), The southern Europeon region recorded o 5% increqse in possenger troffic between Jonuory ond Moy 2025 compored to the some períodin2024. Hoving registered o'13% growth rote, Molto emerged os the top-performing destinotion within its peer group, outpocing onother six destinotions with o comporoble offering.

Similor doto releosed by the Europeon Trovel Commission in July 2O25-covering trovel intent between June ond November 2025-shows thot Europeons continue to fovour intro-continentol trovel, wilh 57"2" of trovellers preferring o southern Europeon or Mediterroneon destinotion for their holidoys.

Considering Molto's ottroctiveness os o southern Europeon destinotion together with the resilient demond for oir trovel despite the heodwinds offecting the industry, Molto lnternotionol Airport oims to build on the solid results ochieved in the first holf of the yeor to ochieve the below revised guidonce:

Troffic: 9.7 million possengers Revenue:€15'l million EBITDA:€93 million Net Profit:€49 million Copex:€70 million

Alon Borg Chief Executive Officer

By Order of the Boord 5 August 2025

Condensed Consolidated Statement of Comprehensive Income

Period Ended 30 June 2025

The Group unaudited in EUR	Notes	HI 2875	H1 2024
Revenue	7	71,884,417	64,437,168
Staff costs	8	(8,944,393)	(7,630,028)
Other operating expenses		(17,297,913)	(15,720,776)
Impairment losses on financial assets		(13,889)	(89,860)
Depreciation		(7,553,555)	(6,683,909)
Release of deferred income arising on the sale of terminal buildings upon privatisation		141,842	141,802
Investment income		19,912	889,087
Finance cost		(1,085,894)	(1,078,941)
Profit before tax		37,850,527	34,264,544
Income tax expense	0	(13,547,147)	(12,180,650)
Profit for the period attributable to the ordinary equity holders of the Company, net of tax		24,502,780	22,133,894
Earnings per share attributable to the ordinary equity holders of the Group		0.181	0.164

Condensed Consolidated Statement of Financial Position

As at 30 June 2025

The Group in EUR	Notes	30 June 2025 unqudited	31 December 2024 audited
Assets
Property, plant and equipment	10	260,988,715	241,469,362
Investment property	10	36,549,269	29,192,762
Other Receivables	11	1,845,264	1,871,084
Deferred tax assets		4,722,217	4,960,485
Non-current assets		304,105,465	277,493,693
Inventories		1,491,333	1,557,530
Trade and other receivables	11	36,327,935	26,143,670
Term deposits	11	35,000,000	45,000,000
Cash and cash equivalents	11	17,777,042	19,914,918
Current assets		90,596,310	92,616,118
Total Assets		394,701,775	370,109,811
Equity and liabilities
Equity attributable to ordinary equity holders of the Company
Share capital		33,825,000	33,825,000
Treasury Shares Reserve	16	(105,226)
Retained earnings		187,282,758	179,015,978
Total Equity		221,002,532	212,840,978
Lease liability	12	54,898,928	54,719,378
Deferred income		4,603,561	4,725,128
Other payables	17	8,354,231	5,723,159
Employee benefit obligations		2,382,963	2,689,699
Provision for MIA benefit fund		339,952	307,551
Non-current liabilities		70,579,635	68,164,915
Trade and other payables	17	71,754,176	66,570,705
Current tax liabilities		31,365,432	22,533,213
Current liabilities		103,119,608	89,103,918
Total Liabilities		173,699,243	157,268,833
Total Equity and Liabilities		394,701,775	370,109,811

7

Condensed Consolidated Statement of Changes in Equity

Period Ended 30 June 2025

The Group unaudited in EUR	Equity attributable to ordinary equity holders of the Company
	Share capital	Treasury Share reserve	Retained earnings	IRotci
Balance at 1 January 2025	33,825,000		179.015,978	212,840,978
Income for the period			24,502,780	24,502,780
Total comprehensive income for the period			24,502,780	24,502,780
Dividends	: :		(16,236,000)	16 255 000
Share buyback	19	(105,226)	10	(105,226)
Balance at 30 June 2025	33,825,000	(105,226)	187,282,758	221,002,532

The Group unaudited in EUR	Share capital	Treasury Share reserve	Retained earnings	Tota
Balance at 1 January 2024	33,825,000		157,026,288	190,851,228
Income for the period	14		22,133,894	22,133,894
Total comprehensive income for the period	-		22,133,894	22,153,894
Dividends			(16,236,000)	(16,236,000)
Balance at 30 June 2024	33,825,000		162,924,182	196,749,182

Condensed Consolidated Statement of Cash Flows

Period Ended 30 June 2025

The Group unaudited in EUR	Notes	H1 2025	H1 2024
Cash flows from operating activities Profit before tax		37,850,527	34,264,544
Adjustments for:
Depreciation		7,553,555	6,683,909
Release of deferred income arising on the
sale of the terminal buildings upon privatisation		(141,842)	(141,802)
Amortisation of grants		(20,128)	(20,128)
Provision for impairment of trade receivables		(9,312)	89,860
Finance cost		1,085,897	1,078,941
Gain on sale of property, plant and equipment		(3,300)	595,205
Investment income		(719,913)	(889,087)
Provision for employee benefit obligations		38,418	44,055
Provision for MIA benefit plan		32,401	30,582
		7,815,776	6,876,330
Working capital movements:
Movement in inventories		66,194	(40,014)
Movement in trade and other receivables		(10,574,085)	(8,553,652)
Movement in trade and other payables		5,565,316	4,989,708
Cash flows from operations		40,723,728	37,536,917
Lease interest paid	12	(1,085,894)	(906,344)
Income taxes paid		(4,277,256)	(544,468)
Receipts / (Repayments) of deposits to tenants		266,127	(6,400)
Retirement benefit paid		(345,154)	(248,157)
Net cash flows from operating activities		35,281,551	35,831,547
Cash flows from investing activities
Purchase of PPE	10	(26,678,668)	(26,141,879)
Additions to investment property	10	(5,544,397)	(12,165,089)
Maturity of short-term treasury bills			14,699,519
Maturity/ (Investments) in term deposits		10,000,000	(8,000,000)
Interest received		1,144,858	1,183,803
Net cash flows used in investing activities		(21,078,201)	(30,423,646)
Cash flows from financing activities
Share buyback	16	(105,226)
Dividends paid	15	(16,236,000)	(16,236,000)
Net cash flows used in financing activities		(16,341,226)	(16,236,000)
Net movement in cash
and cash equivalents		(2,137,876)	(10,828,099)
Cash and cash equivalents at
the beginning of the period		19,914,918	24,674,829
Cash and cash equivalents at
the end of the period		17,777,042	13,846,730

Period Ended 30 June 2025

1 Reporting Entity ond Consolidotion Ronge

The interim condensed consolidoted finonciol stotements ("lnterim Finonciol Stotements") of the Group for the six months ended 30 June 2025 ('H1') were outhorised for issue in occordonce with o resolution of the directors on 5 August 2025.

Molto lnternotionol Airport p.l.c. (the "Compony") is o public compony incorporoted ond domiciled in Mqlto whose shores ore publicly listed ond troded on the Molto Stock Exchonge.

The principol octivities of the Compony ond its subsidiories (the "Group") ore the development, operotion ond monogement of Mqlto's oirport. The Group olso operotes o business centre within the limits of the oirport.

Bosis of Preporotion 2

These lnterim Finonciol Stotements for the six months ended 30 June 2025 hove been prepored in occordonce with lnternotionol Accounting Stondord 34 Interim Financial Reporting ond the Copitol Morkets Rules issued by the Molto Finonciql Services Authority.

The finonciol informqtion of the Group os ot 30 June 2025 ond for the six months then ended reflect the finonciol position ond the performonce of Molto lnternotionol Airport p.l.c. ond its subsidiqries; Airport Porking Limited, Sky Porks Development Limited ond Sky Porks Business Centre Limited. The comporotive omounts reflect the position of the Group os included in the oudited finqnciol stotements for the yeor ended 3'l December 2024 ond the unoudited results for the period ended 30 June 2024.

The lnterim Finonciol Stotements do not include ollthe informotion ond disclosures required in the onnuol finonciol stotements ond should be reod in conjunction with the Group's onnuol finonciol stotements os ot 31 December 2024, which form the bosis for these lnterim Finonciol Stotements. These lnterim Finonciol Stqtements ore intended to provide on updote on the lotest complete set of onnuol finonciol stotements qnd occordingly they focus on new octivities, events ond circumstonces.

ln terms of Copitol Morkets Rules 5.75.5, this interim report hqs not been oudited by the Group's independent ouditors.

3. Judgements ond Key Sources of Estimotion Uncertointy

ln preporing these lnterim Finqnciol Stotements, monogement hos mode judgements ond estimotes thot offect the opplicotion of occounting policies ond thot con significontly offect the omounts recognised. The significont judgements mode in opplying the Group's occounting policies ond the key sources of estimotion uncertointy in respect to service concession orrongements in terms of IFRIC 12 ond leoses in terms of IFRS 1ó were the some os those described in the lost onnuolfinonciol stotements.

Period Ended 30 June 2025

4. Applicotion of new ond revised IFRS

4.1. Stondords, interpretotions ond omendments to published stondords effective in 2025

A number of omended stondords become opplicoble in the current reporting period. The Group did not hove to chonge its occounting policies or moke retrospective odjustments os o result of odopting these omended stondords.

4.2. Stondords, interpretotions ond omendments to published stondords thot ore not yet effective

At the dote of opprovol of these finonciql stotements, o number of other lnternotionol Finonciol Reporting Stondords were either not yet endorsed by the EU or were not yet opplicoble to the Group. The Boord of Directors onticipote thot the odoption of these Stondords will hove no moteriol impoct on the finonciol stotements of the Group in the period of initiol opplicotion.

5. SignificontAccountingPolicies

These lnterim Finonciol Stotements os of 30 June 2025 hove been prepored using the some occounting policies ond methods of computotion os those on which the preceding onnuol consolidoted finonciol stotements os of 3l December 2024 were bosed.

Operoting Segments 6

Airport Segrnent

The Airport Segment comprises the octivities usuolly corried out by on oirport. These services include revenue from oirport reguloted fees, oviotion concessions ond PRMs ond their ossocioted costs. This segment olso includes the operotions qnd mointenonce of the terminol, runwoys, toxiwoys ond oircroft porks.

Retoil ond Property Segment

The Retoil ond Property Segment includes vorious services thot support the oirport operotions. These include the operotions of the vorious retoil outlets within the oirport perimeter, odvertising sites ond rentql of offices, worehouses ond income from the running of the VIP lounges. lncome ond costs from Airport Porking Limited, Sky Porks Business Centre Limited ond Sky Porks Development Limited ore olso ollocoted within the Retoil ond Property Segment.

Other Segment

This comprises services thot do not foll under the Airport ond the Retoil ond Property Segments. These include miscelloneous income ond disbursement fees from third porties ond ony costs ossocioted with this income.

Period Ended 30 June 2025

6. Operating Segments (continued)

The results of the Group's operating segments are as follows:

H1 2025 (in EUR)	Airport	Retail and Property	Other	The Group
Revenue (external)	49,153,204	22,411,643	319,570	71,884,417
Staff costs	(7,600,141)	(1,271,558)	(72,694)	(8,944,393)
Other operating costs	(13,808,152)	(3,489,761)		(17,297,913)
Impairment losses on financial assets	4,876	(18,765)		(13,889)
EBITDA	27,749,787	17,651,559	246,816	45,628,222
Depreciation	(4,875,531)	(2,678,024)		(7,553,555)
EBIT	22,874,256	14,953,555	246,876	38,074,667
Investment income Finance cost				719912 (1985,894)
Release of deferred income arising on the sale of terminal buildings upon privatisation				141,842
Profit before tax				37,850,527

H1 2024		Retail and
(in EUR)	Airport	Property	Other	The Group
Revenue (external)	44,244,606	20,058,521	134,041	64,451,168
Staff costs	(6,600,082)	(1,029,946)		(7,630,028)
Other operating costs	(12,586,837)	(3,133,938)		(15,720,775)
Impairment losses on financial assets	(103,961)	14,101		(89,860)
EBITDA	24,953,126	15,908,738	154,041	40,996,505
Depreciation	(4,060,270)	(2,623,639)		6,683,909
EBIT	20,893,456	13,285,099	134,041	34,312,596
Investment income				889,087
Finance cost				(1,078,941)
Release of deferred income arising on the sale of terminal buildings upon privatisation				141.802
Profit before tax				34,264,544

Period Ended 30 June 2025

7. Revenue

In the following table, revenue is disaggregated by revenue category. The table also includes a reconciliation of the disaggregated revenue with the Group's operating segments (see Note 6).

H1 2025 (in EUR)	Airport	Retail and Property	Other	The Group
Revenue from Services provided
Regulated revenue	39,245,017	11		39,245,017
Unregulated revenue	9,908,187	6,182,044	319,570	16,409,801
Revenue from Contracts with Customers	49,153,204	6,182,044	319,570	55,654,818
Revenue from Leases	-	16,229,599		16,229,599
Total Revenue	49,153,204	22,411,643	319,570	71,884,417

	Retail and
Airport	Property	Other	The Group
35,659,857	-	-	40,870,635
8584.749	5,267,316	154,041	8,775,328
44,244,606	5,267,316	134,041	49,645,963
	14,791,205		14,791,205
44,244,606	20,058,521	134,041	64,437,168

Number of Employees 8.

The number of persons employed at the end of the reporting period, including Executive Directors was as follows:

		30 June 2025 30 June 2024
Employees	561	484

9. Income Tax

The interim period income tax is based on the Maltese corporate tax rate of 35%. Income taxes for the interim reporting period represent a best estimate of the weighted average annual income tax rate expected for the full financial year.

10. Property, Plant and Equipment & Investment Property

During the first six months of the year, additions by the Group on investment projects within the terminal, airfield and to Sky Parks 2 amounted to EUR 34.4 million (H1 2024: EUR 28.2 million).

Period Ended 30 June 2025

11. Finonciol Assets ond Finonciol Liobilities

The Group's non-current ond current finonciol ossets ond liobilities comprise of trode ond other receivobles, term deposits, treosury bills ond cosh os well os trode ond other poyobles.

Foir Volues

At 30 June 2025 ond 3l December 2024, corrying omounts of the Group's non-current qnd current finonciol ossets ond liobilities opproxìmoted their foir volues due to the short-term moturities of these ossets ond liobilities.

12. Leose Arrongements

The Group os /essee

Leose orrongements where the Group is o lessee remoin unchonged from the lost Annuol Finonciol Stotements ond primorily include the temporory emphyteusis of the leosehold lond ond buildings with ground rents poyoble by the Compony to Molito lnvestments plc (previously to the Government of Molto) ond further poyments for the reloted qerodrome licence fee poyoble to the Government of Moltq, with no renewol option included in the controcts. The term of the leoses ronges from 58 years to ó5 yeors ond the leose poyments on the temporory emphyteusis ore odjusted upwords periodicolly by o specified rote.

The Group
Leose Liobility (ìn EUR)	Corrying Amount	Gross Cosh	< 1 veor	1-5 Yeors	> 5 veors
H12425	54,898,92A P7,859,318			1,826,834 9,883,n2	T6,148,712
H1 2024	54,	129,672,OO5		1,812,688 9,684,170 118,175,147

Period Ended 30 June 2025

12. Lease Arrangements (continued)

The Group as lessor

Lease arrangements where the Group is a lessor remain unchanged from the last Annual Financial Statements. These primarily consist of lease agreements for portions of land held on temporary emphyteusis, commercial property situated in the terminal building as well as commercial property within Sky Parks Business Centre and Park East.

The table below represents the lease income under operating leases recognised as income for the year:

The Group
(in EUR)	H1 2025	H1 2024
Lease income under operating leases recognised as income for the year	3,928,407	3,636,805
Lease income under operating leases relating to variable lease payments that do not depend on an
index or a rate	12,301,192	11,154,400
Total lease income under operating leases
recognised as income for the year	16.229.599	14,791,205

Below is the 'Minimum Lease Payment Receivables' table showing the amounts to be received from next year onwards:

(in EUR)	H1 2025	H1 2024
Year 1	11,201,123	17,204,827
Year 2	12,727,231	14,002,418
Year 3	3,817,579	7,903,427
Year 4	2,487,735	3,041,523
Year 5	2,332,043	2,028,006
Year 6 and onwards	19,194,312	20,940,652
	51,760,023	65,120,853

13. Contingencies and Commitments

There were no major changes in contingent liabilities, and they remain in essence as reported in the Group's annual financial statements of 2024.

At 30 June 2025, the Group had capital commitments of approximately EUR 10,210,209 (31 December 2024: EUR 26,900,949) in respect of the terminal and airfield infrastructure. Capital commitments in relation to investment property amounted to EUR 67,743,040 as at 30 June 2025 (31 December 2024: EUR 75,579,674).

Period Ended 30 June 2025

14. Related Party Disclosures

During the course of the Group entered into transactions with related parties as set out below. Transactions between the Company and its subsidiaries have been eliminated on consolidation.

The related party transactions in question were:

	H1 20225	H1 2024
(in EUR)	Related party activity	Total activity	8	Related party activity	Total activity	8
Revenue
Related party transaction with:
Entities controlled by Government	20105, 104			9,775,610
	9,105,164	71,884,417	14	9,775,610	64,451,168	15
Other operating costs
Related party transaction with:
Entities controlled by Government	1,969,228			1,894,595
Key management personnel of the Group Entities that control the	329,845			308,628
Company's parent	332,309			217,981
	2,631,383	17,297,913	17	2,421,204	15,720,776	15

In addition to the above, the details of the material contracts entered into by the Group in the period ended 30 June 2025 and 30 June 2024 with its substantial shareholders and their related parties are listed below:

The Government of Malta

• (i) The terminal and other land lease agreements with Malita Investments plc for EUR 658,266 (H1 2024: EUR 658,266);
• (ii) The aerodrome licence fee payable to the Government of Malta for the airport operation amounting to EUR 248,078 (H1 2024: EUR 248,078);
• (ii) The contract for contribution to the Malta Tourism Authority (MTA) for EUR 116,469 (H1 2024: EUR 116,468); contracts in relation to events with MTA for EUR 6,500 (H1 2024: EUR nill;
• (iv) The provision of Air Navigation Services and other services by Malta Air Traffic Services Limited for an expense of EUR 500,000 (H1 2024: EUR 500,000);
• (v) The comparative period generated EUR 371,844 in revenue for the provision of Meteorological Services and other services to Malta Air Traffic Services Limited.
• (vi) The contract for fuel throughput charges with Enemed Company Ltd. generated the amount of EUR 201,855 (H1 2024: EUR 205,708) in revenue;
• (vii) The contracts with Indis Malta Ltd. for the lease of land that generated income of EUR 567,331 (H1 2024: EUR 567,331).

Period Ended 30 June 2025

14. Reloted Porty Disclosures (continued)

Right-of-use ossets include the Group's right to use the lond ond the buildings held on temporory emphyteuses with onnuol ground rents poyoble to Molito lnvestments plc (previously to the Government of Molto) ond the corresponding licence poyoble to the Government of Molto, os further disclosed obove. The onnuol depreciotion is recognised os on expense over the eorlier of the end of the useful life of the right-of-use ossets or the end of the leose term. The interest expense on the leose liobility is recognised using the effective interest method.

15. Dividends

During the current interim period o net dividend of EUR O.12 (2024: EUR 0.12) per shore omounting to EUR 16p36,000 (2024: EUR 16,236,000) wos poid to the shoreholders of the porent compony.

Furthermore, on interim net dividend of EUR O.06(2024: EUR 0.0ó) per shore on oll shores settled os ot close of business on Thursdoy 21st August 2025 is being proposed by the Boord of Directors. The condensed consolidoted finonciol stotements do not reflect the dividend proposed ofter 30 June 2025.

16. Shore Buybock Progromme

At the Compony's 33rd Annuol Generol Meeting, held on the'l4th of Moy 2025, the shoreholders opproved o resolution outhorising the Directors to re-purchose ond ocquire in the morket, up to 1,353,000 (one million three hundred ond fifty-three thousond) shores of o nominolvolue of EUR 0.25 per shore of the Compony, ot o price ronging from o minimum of EUR 3.00 per shqre ond o moximum of EUR 7.38 per shore.

This outhorisotion hos been gronted for o period commencing on the'lst of June 2025 until the next onnuol generol meeting.

The buybock progromme commenced on Mondoy 2nd June 2025. Rizzo Forrugio & Co. (Stockbrokers) Ltd is the executing entity of the shore buybock progromme on the Molto Stock Exchonge.

The shore buybock progromme is designed to odhere to ollthe sofe horbour provisions set out in Article 5 of the EU N4orket Abuse Regulotion (MAR) No. 596/2014 ond Commission Delegoted Regulotion (EÛ 2016 /1052.

During June 2025, the Compony bought bock17,692 shores ot o weighted overoge price of €5.95 per shore. All tronsoctions executed under the progromme (detoiled ond oggregoted) ore disclosed through o weekly Compony onnouncement ond ore olso occessible on the Compony's website. The Compony is in the process of concelling these shores.

17. Seosonolity

The revenue ond eornings of the first six months generolly represent oround 44V" and 46% of the totol onnuol revenue ond eornings of the Group, respectively.

Period ended 30 June 2025

18. Events after the Reporting Period

All events occurring after the balance sheet date until the date of authorisation for issue of these Interim Financial Statements and that are relevant for valuation and measurement as of 30 June 2025 - such as outstanding legal proceedings or claims for damages and other obligations or impending losses that must be recognised or disclosed in accordance with IAS 10 - are included in these Interim Financial Statements.

Stotement pursuont to Copitol Morkets Rule 5.75.3

Period ended 30 June 2025

a

^Iconfirm thot to the best of my knowledge:

• o) the condensed consolidoted finonciol stotements give o true ond foir view of the finonciol position of the Group os ot 30 June 2025, ond the finonciol performonce ond cosh flows for the period then ended, in occordonce with lnternotionol Finonciol Reporting Stondords os odopted by the EU opplicoble to interim finonciol reporting (lAS 34); ond
• b) the lnterim Directors' Report includes o foir review of the informotion required in terms of Copitol Morkets Rules 5.B1to 5.84.

la*d\q^*"

Korl Dondler Chief Finonciql Officer 5 August 2025