VBL Group made a profit before tax of €279,001 during the first half of 2026, 133 per cent more than the €119,836 during the same period last year.

“This strong improvement was primarily driven by an increase in revenues of €356,788 compared to the same period of the previous year, which contributed to a €167,028 increase in gross profit," VBL plc said.

VBL plc issued its interim financial statements, and said it also managed to reduce its borrowing costs as a result of renegotiated and improved financing terms.

During the reporting period, VBL Group registered revenues of €2,485,427, which was a 17 per cent increase over the first half of 2025. The company has total assets worth €97,360,435.

The group has a debt-to-equity ratio of 28 per cent as of 30th June 2026.

VBL plc and its fully owned subsidiary the VBL Group’s core businesses encompasses the real estate value chain, including the acquisition of properties, planning and permitting, restoration and redevelopment, leasing, and hospitality-oriented operations, among other things.

The group is one of the largest and most active investors and real estate operators in Valletta. VBL owns residential, commercial, hospitality and mixed-use properties.

Currently, VBL said, around 30 per cent of the group’s owned properties are renovated and operational.

“While a number of smaller development projects are regularly completed and handed over to the operations team, a significant increase in this ratio, resulting approximately in doubling the operational proportion of assets, is expected from the completion and handover of Silver Horse Block Phase 2, the group’s landmark development asset, which is being converted into a high specification hotel featuring 88 rooms, and which may be potentially further extended, at a later stage, following the handover of the current phase.”

The site lies on the corner of Strait Street and St Christopher Street. VBL Plc had announced a major long-term lease agreement with Ruby Hotels Ltd for the lease of the Silver Horse Building.

VBL said that it is also undertaking the planning and assessment of development options relating to part of the properties comprising “Silver Horse Phase 3”, which may potentially be utilised as an extension of the Silver Horse Block Phase 2 development.

Additionally, it said that remaining properties it owns which are non-operational are being prepared for development and renovation in the next development cycles, with certain smaller assets already undergoing renovation.

VBL also said that the company continues to progress with the planning and preparation of the Coliseum development, “where alternative development options are currently being evaluated. Based on management’s current expectations, the Coliseum Shopping Arcade is to be redeveloped into a mixed office and retail development, in line with the group’s diversification objective.”

VBL declared that it continues to evaluate a range of financing and investment opportunities in both the local and international markets, with the objective of securing long-term financing for the preparation and development of the group’s owned assets that form part of the next development cycle.

On 1st July 2026, the company’s board of directors recommended a total gross dividend of €240,000, which was approved later that month.