Throughout FY2024, Virtu Maritime Group (VMG) completed 1,498 trips on the Malta-Sicily route – up from 1,382 the year prior, according to the latest Financial Analysis Summary (FAS) issued by Virtu Finance plc.

Meanwhile, the number of tourists arriving in Malta by sea dropped by 2.3 per cent in the first four months of 2025, totalling 18,641 passengers compared to 19,093 in the same period of 2024.

Despite this slight contraction, the overall outlook for VMG remains resilient, buoyed by record-breaking tourism numbers in 2024 and strong performance across its ferry operations.

The Group reported a 30.1 per cent increase in consolidated revenue in 2024, reaching €70.1 million, up from €53.9 million in 2023. This jump was largely attributed to consistent demand across tourism and freight segments, as well as higher-than-expected charter income. A noteworthy contributor was the HSC Maria Dolores, which shifted from a short-term Eastern Mediterranean charter to a two-year Spain-Morocco route in mid-2024.

VMG's EBITDA climbed to €30 million in 2024 from €17.3 million the year before, while net profit soared to €20.5 million. These results exceeded earlier forecasts by a wide margin, with net profit coming in nearly 70 per cent above expectations.

In a move to further strengthen its regional footprint, Virtu Ferries Ltd (VFL) finalised the acquisition of a 24,000 square metre site in Pozzallo, Sicily in May 2025. The €6 million investment, to be developed over two years, is aimed at establishing a new logistics hub to support Malta-Sicily trade routes.

It will include warehousing, trailer parking, and accommodation facilities for drivers, and is seen as a strategic step in Virtu’s long-term growth plans.

Forecasts for the rest of the year

For 2025, VMG anticipates total revenue to contract slightly to €56.1 million, reflecting a return to more typical levels of charter activity.

Passenger and freight demand for the Malta-Sicily route, however, is expected to continue strengthening. Management projects 1,536 trips for the year, alongside stabilising fuel costs and improved cost-efficiency.

Operating expenses are set to decrease by 6.1 per cent to €38.2 million, while EBITDA is forecast at €18.4 million – down from 2024's record but still ahead of 2023 figures. Net profit is projected to reach €9.7 million, broadly in line with pre-2024 performance levels.

Financial stability and outlook

Virtu’s balance sheet remains robust. Total borrowings are expected to decline to €54.6 million by end-2025, while net debt should fall to €40.7 million. The Group anticipates maintaining a strong cash position of €13.8 million. Liquidity and solvency ratios improved significantly in 2024 and are forecast to strengthen further, with a projected interest coverage ratio of 7.5x and a net debt-to-EBITDA ratio of 2.2x.