“New Bond Issue: 5.75% Challenge Aviation Secured Bonds 2032…”

Challenge Aviation plc has issued a Formal Notice following regulatory approval of a Base Prospectus for the admissibility to listing of up to €30 million in secured bonds on the Official List of the Malta Stock Exchange. The programme is expected to be issued in tranches, with Tranche 1 comprising up to €30 million in 5.75% secured bonds maturing in 2032.

The Challenge Group is a global air cargo logistics specialist, with its holding company domiciled in Malta and cargo handling and logistics operations based in Liège, Belgium. Challenge Aviation plc serves as the financing arm of Challenge Aviation Holding Limited, which owns a portfolio of aircraft leased primarily to affiliated entities within the wider group.

As at the date of the prospectus, the Guarantor owned 14 Boeing-manufactured freighter aircraft with an aggregate valuation of USD372.8 million, as well as eight spare engines valued at USD17.6 million.

The net proceeds from the bond issue are intended to refinance the USD41.5 million acquisition of a Boeing 777-300ERSF aircraft. The transaction is underpinned by a secured collateral package centred on a Boeing 747-400F aircraft, supplemented by additional credit enhancement features designed to support the structure.

Bond Programme Summary

Item	Details
Issuer	Challenge Aviation p.l.c.
Guarantor	Challenge Aviation Holding Limited
Security Provider	Ace Aviation VI Limited
Programme Size	€30 million
Listing	Malta Stock Exchange
Issue Amount	Up to €30 million
Denomination	Euro (€)
Bond Issue Price	€100 per Bond
Interest Rate	5.75% fixed
Term	6 years
Maturity Date	2032
Early Redemption Option	None
Minimum Subscription Amount	€5,000 minimum application per investor, with subsequent multiples of €100 thereafter
Use of Proceeds	Refinancing of the acquisition of a Boeing 777-300ERSF aircraft

Timberland Invest Ltd is currently accepting applications. If you are interested please contact us before Monday 27^th April @ noon on 20908100, and our team will be happy to assist you.

AX Group FY2026 Growth Outlook Positive

AX Group plc is forecasting continued growth in FY2026, with revenue expected to reach €146.66 million and gross operating profit (GOP) to rise to €49.38 million, building on a strong FY2025.

Growth is expected to be driven mainly by real estate and hospitality, supported by maturing assets, although some disruption from redevelopment activity is anticipated.

The real estate segment is projected to lead growth, with revenue rising to €48.22 million, largely from further sales at Verdala Terraces. Segment GOP is forecast to increase by over 70 per cent to €17.25 million, lifting margins to 35.77 per cent.

Hospitality revenue is expected to grow to €73.73 million, with GOP reaching €29.86 million and margins remaining above 40 per cent. Performance will be supported by a full year of operations at the Verdala Wellness Hotel, while growth in established hotels is expected to be more moderate. The planned closure of AX Sunny Coast Resort from late August 2026 is expected to limit growth in the Qawra cluster.

The construction segment is forecast to return to profitability, despite lower revenue, while the healthcare division is expected to deliver steady growth, supported by strong occupancy levels.

 

Malta Company Announcements:

Grand Harbour Marina plc

Grand Harbour Marina plc announced that a meeting of its Board of Directors is scheduled for Monday, 27 April 2026, at which the declaration of a dividend will be considered.

Midi plc

The Board of Directors will meet on Wednesday, 29 April 2026, to consider approving the financial statements for the year ended 31 December 2025.

Vbl plc

VBL plc announced that a meeting of its Board of Directors is scheduled for Wednesday, 29 April 2026, at which the approval of the financial statements for the year ended 31 December 2025 will be considered.

HSBC Bank Malta plc

The Board has recommended a final net dividend of €0.0546 per share, payable on 6 May 2026 to shareholders on record at the close of trading on 26 March 2026, subject to approval at the AGM on 29 April 2026.

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