“Exciting Advancements in E-Stream Energy Production…”

We are delighted to report on the significant progress that has yielded substantial positive outcomes for E-Stream Energy.

Our efforts to expand our supply chains for battery production have been highly successful, positioning E-Stream to increase our annual supply capacity for energy storage systems to an impressive 1.2 gigawatts. At an average selling price of €400 per kilowatt-hour, this expansion corresponds to a potential order volume of €480 million.

Investor Confidence Drives “Overwhelming” Success of BOV’s €150M Bond.

Bank of Valletta (BOV) has successfully closed its €150 million 5% unsecured subordinated bond issue, which was fully subscribed shortly after its launch. This marks the largest corporate bond issue ever on the Maltese market, underscoring significant investor trust in the bank.

Initially, the bond offered €100 million when it launched on June 9, 2025, and was fully taken up on the first day. BOV then exercised its €50 million over-allotment option, which was also completely subscribed. The offer period closed early on June 16, 2025, due to overwhelming demand.

BOV Chairperson Gordon Cordina stated that the “overwhelming response” demonstrates the bank’s strong standing in the investor market, with participation from both institutional and personal investors. This success reinforces the bank’s commitment to strengthening its capital base and maintaining a robust balance sheet.

CEO Kenneth Farrugia called the bond’s closure a “significant milestone,” thanking investors for their “unwavering support” and affirming BOV’s position as “Malta’s Bank of Choice.”

Together Gaming Solutions’ Finances Soar After Merger.

Malta-based Together Gaming Solutions plc significantly reduced its loss before tax in 2024, shrinking it from over €3 million in 2023 to just €349,000. This impressive turnaround was driven by a substantial increase in revenues and a reduction in administrative and finance costs.

The company managed to cut its cost of sales from €996,000 in 2023 to €639,000 in 2024, attributing this improvement to “optimised platform-related costs and operational efficiencies.” As a result, gross profit dramatically increased by 290.4% to €3.29 million.

Administrative expenses stood at €3.25 million, leading to an operating profit of €45,402. This marks a significant recovery from the €2.67 million operating loss recorded in the previous year. Finance costs also dropped notably to €394,000 (from €740,000 in 2023), thanks to “strategic liquidity management,” including investments in Treasury Bills and loans to related companies.

As of December 31, 2024, Together Gaming Solutions reported total assets of approximately €23.95 million, a slight decrease from €24.39 million in 2023. The Enji technology platform remains its largest single asset, valued at €5.31 million (down from €7.57 million in 2023 due to a decrease in its book value).

The company still has an outstanding €1.8 million loan to its immediate parent, Gameday Group plc, originally for the repurchase of the Bethard Brand. Additionally, in March 2024, a €5 million loan was extended to the ultimate parent company, Cherry with Friends AB, at a fixed annual interest rate of six percent.

Browns Expects Strong 2025 with €5.7M+ Pre-Tax Profit

Browns Pharma Holdings plc, Malta’s largest retail pharmacy network, is projecting significant financial growth in 2025. The company forecasts its total revenue to reach €61.9 million, which is expected to drive profit before tax up to €5.79 million.

This strong outlook builds on the substantial 30.6% revenue growth the company achieved in 2024. Browns attributes this continued positive trend to a combination of ongoing acquisition activity and strategic organic growth initiatives.

Despite higher-than-anticipated increases in wages and salaries in 2024, management expects these costs to remain largely stable in 2025. This stability in expenses, combined with robust top-line growth, is anticipated to boost profit before tax from €3.34 million in 2024 to €5.79 million in 2025.

The Browns Group currently operates 29 pharmacies across Malta, with the group owning the licenses for all but two of them.

Malta Company Announcements:

Lombard Bank Malta plc

The Directors of Lombard have proposed a final net dividend of €0.0221 per share. This dividend will be distributed to all shareholders who hold shares at the close of trading on May 22, 2025.

This recommendation is subject to two conditions:

• Regulatory approval: The dividend must receive the necessary approval from regulatory bodies.
• Shareholder approval: Shareholders must approve the dividend at the upcoming Annual General Meeting on June 25, 2025.

Simonds Farsons Cisk plc

The Directors of Farsons have proposed a final net dividend of €0.14 per share, sourced from tax-exempt profits. This is an increase from last year’s dividend of €0.11 per share.

If approved at the Annual General Meeting on Thursday, June 26, 2025, the dividend will be paid on Friday, June 27, 2025, to all shareholders on record as of the close of trading on Friday, May 30, 2025.

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