The AX Group practically tripled its pre-tax profits in the 2025 financial year.

Its financial statements show that the group made a profit of €16.9 million for the year ending 31st October 2025, sharply up from €5.8 million in the previous financial year.

The AX Group’s turnover exceeded €100 million for the first time in its 50-year history, reaching a total of €131 million for financial year 2025, up by 57 per cent from the previous year.

While the sale of several Verdala Terraces – 70 per cent have already been sold or committed for sale – made up some €34.6 to this revenue, the group’s core trading operations generated almost €100 million themselves.

This was driven by a strong performance of the group’s hospitality assets, sustained demand in the healthcare division, and increased third party construction works following the completion of the Verdala project.

Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) rose by 49 per cent, from €24 million to €35.8 million, while shareholder equity increased from €249 million to €272 million, and total borrowing decreased from €188 million to €181 million.

Unsurprisingly, AX described the completion of the Verdala Wellness Hotel and Verdala Terraces in Rabat as the most significant achievement of the year.

This project has long been in the works, with AX having acquired the property way back in 1997. However, it took almost 26 years to secure all the necessary permits.

Now the project is complete, AX’s focus will now turn towards selling the remaining terraces and securing the Verdala hotel’s place as a leading destination for experience-driven travel.

Other plans for 2026 include the redevelopment of the Sunny Coast Hotel and lido and the Luzzu lido in Qawra, an €80 million investment that is projected to take 30 months to complete.

The group will also embark on a full refurbishment of AX The Palace in Sliema, with works set to start in November and last until the second quarter of 2027.