Hilton Malta achieved its highest-ever revenue in 2025, helping drive improved financial results for Spinola Development Company Ltd, the owner and operator of the Portomaso Complex in St Julian’s.
According to the company's 2025 annual report, group revenue rose to €54.4 million, up from €52.9 million in 2024, while profit for the year increased to €9.6 million from €9.5 million.
The company attributed the performance largely to the continued strength of Malta's tourism sector, which saw tourist arrivals reach a record 4.02 million during 2025.
"Hilton's revenue for 2025 was the highest ever achieved by the hotel," the directors noted in their review of the year.
The group said accommodation revenue remained the primary contributor to growth, supported by increased room rates. Revenue generated by ancillary operations, including the car park, tower bar and marina, remained below 2024 levels due to the marina no longer forming part of that segment from May 2024.
Overall, the hospitality division generated segment revenue of €44.6 million, compared to €43.4 million in 2024. Total revenue from hotel operations and associated management services reached €49.7 million, an increase of approximately €243,000 over the previous year.
The directors described 2025 as "another successful year", despite ongoing geopolitical tensions, labour shortages affecting the hospitality industry and broader macroeconomic challenges.
They highlighted that tourist expenditure in Malta reached €3.9 billion during the year, representing an increase of more than 18 per cent over 2024 levels. The company said this contributed to stronger spending across the local economy and supported demand for the group's hospitality and ancillary operations.
Operating profit remained largely stable at €15.29 million, while lower finance costs contributed to an increase in profit before tax to €14 million from €13.6 million a year earlier.
The group's balance sheet also strengthened during the year. Total assets increased to €243.6 million, while total equity rose to €159.6 million. Borrowings fell to €35.1 million from €36.7 million, helping reduce the group's gearing ratio from 5.4 per cent to 4.2 per cent.
Looking ahead, the company said its outlook for 2026 remains cautiously optimistic. It reported that Hilton Malta had continued to perform positively during the first quarter of the year, with accommodation and food-and-beverage revenue surpassing the corresponding period of 2025.
"The booking pipeline for the summer months is also encouraging with indications that revenues should be stronger than those of 2025," the directors stated.
However, the company warned that escalating tensions in the Middle East, particularly the conflict involving Iran, could place pressure on fuel supplies and air travel costs, potentially affecting tourism demand and consumer spending.
Despite these uncertainties, Spinola Development said it expects 2026 to continue the positive trend experienced in recent years, supported by Malta's strong tourism industry and the group's established position within the hospitality sector.
