“IZI Group Reports Strong Financial Momentum, Plans Further Expansion into 2026…”

IZI Group — operator of Malta’s National Lottery, an extensive retail gaming network, and the Dragonara Casino — is on track to surpass €1 billion in gambling turnover.

Player payouts from both the National Lottery and the Dragonara Casino are projected to reach €916 million, reflecting the high level of engagement across the group’s gaming brands.

According to its Updated Financial Analysis Summary published in late November 2024, the group expects profit before tax to rise to €8.9 million, up from €7.1 million reported for the previous financial year.

Looking further ahead, the company anticipates a strong performance in 2026, with profits set to improve across all divisions — lottery products, sports wagering, iGaming, and land-based casino operations.

IZI Group added that it is preparing for scalable international ventures that could significantly reshape the organisation in the coming years.

The online casino and sports betting arm has been one of the standout performers, growing 43% in FY2025 compared with FY2024 and achieving a GGR of €4.3 million, up from€3 million the year before. This upward trend has continued into FY2026, with it reaching €1.2 million, exceeding the just under €1 million recorded in the same quarter of the prior year.

The company also announced plans to launch a new bingo and Historical Horse Racing (HHR) venue in Gozo next February, noting that revenues from both iGaming and land-based casino operations are expected to keep rising through 2026, though at a more moderate pace.

IZI Group forecasts total revenue to climb to €101 million, driven largely by better results from all lottery-style products and continued strong sports betting performance. Operating profit is expected to rise to €13.4 million, compared with €11.9 million in 2025.

Hili Finance Company Awaits Approval for New €60M Bond Offering

Hili Finance Company plc has announced that it expects to obtain regulatory approval “in the coming weeks” for its €60 million unsecured bond issue maturing in 2033. The offer is scheduled to open on 7th January 2026, subject to MFSA authorisation.

This follows the company’s statement of 9th October confirming its application for admissibility to listing. The bonds will bear a 5% annual interest rate, have a nominal value of €100, and will be guaranteed by Hili Ventures Limited.

The issue will be open to all investor categories with a minimum application of €3,000, and allocations will follow a three-tier structure:

€32.5 million – Premier Capital bondholders

Bondholders appearing on the register as at 9th December 2025 (cut-off trading date: 4th December 2025) will be given priority through an Exchangeable Bond Transfer, up to the value of their existing holdings, with the option of a cash top-up.

€17.5 million – Additional applications and Preferred Applicants

Including any unallocated balance from the first tranche. This will be open to:

• Premier Capital bondholders applying for amounts above their existing holdings
• “Preferred Applicants,” including shareholders, directors, and full-time employees of the Hili Ventures group, and holders of listed securities of Harvest Technology p.l.c., Hili Properties p.l.c., and Hili Finance Company plc

Any remaining amount will then be offered to retail investors.

Full details will be published in the prospectus once approved by the MFSA.

New Investor Offer Provides Breathing Room for MMH Amid Reporting Delays

MMH Finance plc, the financing arm of Mediterranean Maritime Hub (MMH Group), has announced that it is no longer in a position to continue negotiations with a potential investor group that had been evaluating refinancing possibilities.

In September 2024, MMH stated that it would require alternative funding to redeem its €15 million bond maturing in October 2026. The company has now revealed that the MMH Group’s owners have received a firm proposal from a consortium of local investors interested in investing alongside the existing shareholders.

The company reiterated its assurance to bondholders that any new investment will prioritise the full repayment of the bond upon maturity, including all accrued interest. This aligns with earlier commitments, including comments made in an interview with WhosWho.mt confirming MMH’s intention to pay €720,000 in interest to bondholders last October.

Despite this, the situation remains uncertain, as MMH has still not published its audited financial statements for 2024.

According to a previous announcement, both the 2024 audited accounts and the interim financial statements for the six months ending June 2025 are now expected by 18 December 2025. This marks a substantial extension from the original deadline of 30 April 2025, after the group had already postponed the publication of the 2024 financial statements—first to 30 June and later to 25 August.

Up to this point, MMH has managed to avoid what could have been Malta’s first major bond default.

The company holds a 65-year lease over the former Marsa Shipbuilding site, awarded by the Maltese Government in 2016. Since early 2023, MMH has been actively seeking strategic investors, including pursuing a deal with Virtu Holdings, which ultimately fell through.

Those concerns have eased somewhat after the emergence of a new “concrete offer” from local third-party investors willing to invest alongside current shareholders.

Additional updates are expected in the coming days as the company prepares to publish its financial statements.

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