Company Registration Number: C 22796
Annual Financial Report and
Consolidated Financial Statements
30 September 2025
MALTAPOST p.l.c.
Annual Financial Report and Consolidated Financial Statements - 30 September 2025
Pages
Chairman’s Report 1 - 2
Chief Executive Officer’s review of operations 3 - 5
Directors’ report 6 - 26
Statement of compliance with the principles of good corporate governance 27 - 35
Remuneration report 36 - 39
Company information 40 - 41
Statements of financial position 42 - 43
Income statements 44
Statements of comprehensive income 45
Statements of changes in equity 46 - 49
Statements of cash flows 50
Notes to the financial statements 51 - 98
Supplementary information 99 - 101
MALTAPOST p.l.c.
Annual Financial Report and Consolidated Financial Statements - 30 September 2025
1
Chairman’s Report
During financial year 2025, the postal sector worldwide continued its shift from simple Letter Mail to parcels,
as e-commerce demand accelerated and postal operators intensified their focus on automation and
digitalisation to meet customer expectations. Though not without its challenges, for MaltaPost the financial
year proved positive and marked by meaningful progress. We successfully navigated a rapidly evolving
international postal and logistics environment where global economic pressures, combined with new U.S.
tariff measures, technological advances and changing consumer behaviour continued to reshape the
traditional postal industry. Despite such factors, MaltaPost delivered a resilient and positive performance.
Against this backdrop, the Board of Directors is pleased to report an encouraging set of results: a pre-tax
profit of €6.4 million (2024: €4.7 million). Earnings per share rose to €0.05, allowing the Board to propose
a final net dividend of €0.024 per nominal share, payable in cash.
The year under review marked the first full financial year since the introduction of the Automated Tariff
Revision Mechanism covering all services falling under the Universal Service Obligation (USO), allowing
for more effective financial planning and improved returns. No tariff revisions were implemented to any of
the services falling under the USO during this financial year and the domestic entry level postal service
tariffs in Malta remain the second lowest in Europe. Consequently, we continue to carry the financial burden
of subsidising the single-piece local postal service.
Our e-commerce activity continues to be a key driver of our growth strategy. We pursued new opportunities
while also expanding existing volumes. We remain focused on being the partner of choice in the market.
During the year we continued to invest in our last-mile delivery operations. Two new regional hubs were
commissioned to handle both parcel and letter volumes and we expanded our fleet by 28 large and medium-
capacity delivery vehicles. Also, 40 more brand new electric vehicles were brought into service.
Continued investment in Information Technology remains essential for maintaining alignment with the
changes at both the Universal Postal Union and logistics industry developments, including evolving
customs and tariff regulations coupled with the increasing expectations of our customers. This investment
ensures that MaltaPost remains connected, efficient, resilient and competitive in an increasingly digital
environment.
In parallel, our sustained investment in the Life and General Insurance business underscores our strategic
commitment to expanding our presence within the financial services sector. We also remain actively
evaluating additional opportunities in the insurance market to increase revenue streams and further
diversify the Company’s portfolio.
Moreover, we continue to drive our Document Management Services activity by broadening the client base,
thus extending another s source of diversification. The ‘Tanseana’ Document Management Services
Centre, located in Xewkija, Gozo, celebrated its 10th anniversary in 2025. Since its inception, the Centre
has distinguished itself through a strong commitment to inclusivity and workforce diversity, with a
substantial majority of its staff being persons with disabilities. Over the past decade, the Centre has
successfully delivered quality document management solutions to a wide range of clients, contributing to
our business and equally important to our social impact initiatives. To commemorate this milestone,
MaltaPost formally recognised the dedication and achievements of its staff and partners namely JobsPlus
and the Lino Spiteri Foundation, reaffirming its commitment to fostering an inclusive work environment and
further developing initiatives that support equal opportunities, professional growth and community
engagement.
MALTAPOST p.l.c.
Annual Financial Report and Consolidated Financial Statements - 30 September 2025
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Chairman’s Report - continued
We also acknowledge the importance of social responsibility and are committed to making a meaningful
impact through a range of community-focused initiatives. The well-being of our 800 staff members remains
a top priority. We signed and implemented a new collective agreement effective from 1 Jan 2025 where
the company shall be annually investing additional thousands of euros in our human capital. We also
remain focused on the complexities of managing a multi-cultural work force.
We also remain steadfast in our commitment to building a strong, sustainable foundation that meets our
Environmental, Social, and Governance (ESG) responsibilities. Our continued investment in green
technologies, dedication to customer satisfaction, and the nurturing of our diverse workforce are at the heart
of our strategy. These principles ensure that MaltaPost continues to be a trusted partner for our customers,
businesses and the wider community.
Looking forward, our priorities remain clear. We shall continue to drive sustainable growth, embrace digital
transformation and deliver quality services at fair and accessible tariffs. As a Listed company, we remain
committed to providing reliable postal and logistics services across Malta, while generating a fair return for
our approximately 1,800 shareholders. While remaining focused on our core business and further honing
our skills, we shall not shy away from grasping business proposals and opportunities that allow us to add
shareholder value and further openings for our staff.
On behalf of the Board, I wish to express our sincere appreciation to the management team and all staff
members for their dedication and professionalism. Our gratitude also extends to my fellow Directors for
their guidance throughout the year and to our shareholders and customers for their continued trust and
loyalty.
The resilient structure of MaltaPost, combined with its agility to respond to new opportunities, positions it to
continue delivering sustainable growth and value. Through innovation, strategic focus and a commitment
to excellence, we will ensure that MaltaPost prospers for the benefit of all its stakeholders.
Joseph Said
Chairman
MALTAPOST p.l.c.
Annual Financial Report and Consolidated Financial Statements - 30 September 2025
3
Chief Executive Officer’s Review of Operations
Financial Year 2025 was a positive and strategically significant year for MaltaPost. The Company
continued its operational transformation initiatives to strengthen its position as the partner of choice in
Malta’s postal and logistics sector.
We also continued consolidating our ‘One Delivery’ last-mile service to meet evolving customer
expectations while the Universal Service Obligation (USO) service provided a significant return on sales
even though we continue to subsidise the local entry level letter mail service. The year registered a strong
increase in non-USO parcel volumes, driven primarily by the surge in e-commerce activity. While traditional
mail volumes continued to decline, our strategic shift towards logistics has effectively offset this challenge.
We are particularly satisfied with the gains achieved through higher efficiencies. The Company also
furthered its investment in insurance activities and completed the acquisition of a printing company.
Financial Performance
Group Profit Before Tax for FY 2025 reached €6.39 million (2024: €4.68 million). This increase reflects
improved operational efficiencies and strategic investments in logistics and e-commerce services. The
introduction of the Automated Tariff Revision Mechanism helped in alleviating the significant burden of
fulfilling the Universal Service Obligations. The Group’s results include a €0.04 million share of profit from
its subsidiaries and associate companies (2024: €0.02 million).
Group Total Revenue rose by 6.1% to €42.60 million (2024: €40.14 million), primarily driven by growth in
cross-border inbound parcel volumes outside the USO framework. Postal and Logistics revenue accounted
for 85.2% of total revenue (2024: 85.6%), while the remaining 14.8% (2024: 14.4%) was generated through
non-postal services such as document management, financial services and insurance.
Group Total Expenses rose by 2.3% to €36.70 million (2024: €35.89 million), largely due to salary increases
introduced through the new Collective Agreement effective 1 January 2025. Total Labour Cost was up by
9.5% to €18.75 million (2024: €17.12 million). Despite this rise, cost optimisation and improved operational
efficiencies across business segments continued to support performance.
Service Innovation and Digital Transformation
Information Technology remains a core pillar of MaltaPost’s transformation journey. During the year, we
continued to enhance our business applications and deploy additional digital solutions aimed at improving
service quality and operational performance.
Significant progress was made in our digital transformation initiatives, including the deployment of AI tools
to eliminate repetitive tasks. Enhancements to our Delivery Logistics Platform, including integration with
customers’ systems, further strengthened visibility and coordination. Customer experience was enhanced
through proactive communication before and during delivery, real-time tracking updates, electronic proof of
delivery and automated status updates. More online services were also made available, allowing customers
to book services, make payments and select preferred delivery or collection points before items arrive in
Malta. A major milestone was the successful migration of our core international postal operations and
messaging system to a Universal Postal Union (UPU)-provided platform. This transition offers operational,
regulatory, and financial benefits, including better visibility, compliance, performance, and scalability across
global postal networks. We also upgraded our IT storage infrastructure and implemented a new backup
solution, resulting in a more resilient architecture that complies with the latest security standards. These
advancements enhance both operational efficiency and service reliability.
MALTAPOST p.l.c.
Annual Financial Report and Consolidated Financial Statements - 30 September 2025
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Chief Executive Officer’s Review of Operations – continued
Operational Efficiency
During FY 2025, we opened two new regional delivery centres in Għaxaq. This expansion freed capacity
at our National Processing Facility in Marsa, enabling improved handling of rising parcel volumes and
contributing to optimised processing times. We continued to adapt our operations to meet the sustained
growth in e-commerce, strengthening partnerships with international platforms and ensuring that we remain
responsive to demand for fast and reliable parcel delivery. We are proud to operate Malta’s largest retail
network, comprising 40 Post Offices, 19 Sub-Post Offices and 34 Easipik parcel locker locations offering a
24/7 service across Malta and Gozo.
Employee Engagement and Development
Our workforce remains at the heart of our ability to deliver a reliable and high-quality service. During the
year, our employee base reached 816, reaffirming our position as one of Malta’s major employers. Diversity
continued to grow, with 35% of our employees originating from 23 different countries. We remain committed
to fostering an inclusive, respectful and supportive work environment.
A major milestone during the year was the signing of a new Collective Agreement, introducing improved
working conditions and reinforcing our commitment to employee wellbeing, engagement, and sustainable
development.
We further invested in employee development through internal training and external programmes provided
by established training institutions, equipping our workforce with the skills required to meet evolving
operational demands. Our commitment to health and safety was also strengthened. We enhanced our
health and safety infrastructure and more than doubled the number of Worker Health and Safety
Representatives across the Company. Such improvements further protect the wellbeing of our people
across all operational areas.
Challenges and Solutions
We operate in a rapidly evolving business environment characterised by digital transformation, rising
customer expectations, increasing competition in the logistics sector, and ongoing recruitment challenges.
Workforce demographics and retention pressures add complexity to HR management, while compliance
with migration and employment regulations requires careful oversight.
Despite these challenges, we remain focused on proactively addressing them. Continued optimisation of
our logistics processes, ongoing enhancements to our last-mile delivery model, and sustained investment
in staff development have enabled us to maintain a high standard of service while strengthening our
capacity to adapt to market shifts.
Sustainability & CSR
Sustainability continued to play a central role in our strategic agenda. We expanded our network of Easipik
parcel lockers, offering customers a convenient and environmentally friendly delivery alternative. Together
with our fleet of over 170 electric vehicles, these initiatives contribute to cleaner, more sustainable last-mile
operations. We also advanced to the final stages of procuring a new photovoltaic system for our Head
Office, which will complement the existing solar installation and increase renewable energy output in
coming years.
MALTAPOST p.l.c.
Annual Financial Report and Consolidated Financial Statements - 30 September 2025
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Chief Executive Officer’s Review of Operations – continued
In November 2024 MaltaPost received two Gold Awards at the Malta Business Awards, viz; ‘Best Logistics
Solution’ and ‘Green Transport Initiative’. These awards strengthen our resolve to continue innovating and
ensuring that our operations remain modern, resilient, and aligned with societal expectations. We also
maintained our strong commitment to corporate social responsibility, supporting such organisations as the
Malta Community Chest Fund, Dar Tal-Providenza, Malta Hospice Movement, Inspire, and Fondazzjoni
Sebħ, together with the ongoing initiative of preserving Malta’s postal heritage through the Malta Postal
Museum.
Outlook
This has been another year of growth, adaptation and operational strengthening. The Company is operating
in a highly competitive market, where salary pressures and evolving customer expectations continue to
shape our priorities. Looking ahead, MaltaPost remains focused on sustainable growth, enhanced service
delivery, and continued digital and operational transformation. The Group remains cautiously optimistic and
fully committed to maintaining momentum while remaining agile in the face of global market uncertainties,
including potential tariff-related impacts on cross-border commerce. Our priorities for the coming year
include strengthening last-mile parcel delivery capabilities, expanding our regional logistics hub network,
and exploring opportunities to increase our market footprint. We will also continue refining our insurance
strategy. It is by staying at the forefront of innovation, that we will continue to be the leading postal services
provider while offering fair working conditions to all staff and delivering satisfactory returns to shareholders.
I extend my sincere thanks to the Chairman, the Executive Director and the Board of Directors for their
strategic guidance; to our management and staff for their dedication throughout the year; and to our
shareholders and customers for their continued trust.
Joseph Gafa'
Chief Executive Officer
MALTAPOST p.l.c.
Annual Financial Report and Consolidated Financial Statements - 30 September 2025
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Directors’ report
The Directors present their annual financial report and the consolidated audited financial statements of
MaltaPost p.l.c. and its subsidiaries for the year ended 30 September 2025.
PRINCIPAL ACTIVITIES
The MaltaPost Group (the Group) comprises MaltaPost p.l.c.
companies, Tanseana Limited (‘Tanseana’), CIABRO Limited (‘CIABRO’), PostaInsure Agency Limited
(‘PostaInsure’), Dormax Press Company Limited (‘Dormax’) and its associate company IVALIFE Insurance
Limited (‘IVALIFE’).
MaltaPost was registered in 1998 and listed on the Malta Stock Exchange (MSE) in 2008. The Company
is a public limited liability company under the provisions of the Companies Act (Cap. 386).
As the designated Universal Postal Service Provider in Malta, MaltaPost provides a series of universal
postal services under the Postal Services Act (Chapter 254 of the Laws of Malta) under the auspices of the
Universal Postal Union on behalf of the Government of Malta. MaltaPost is regulated by the Malta
Communications Authority (MCA). The Company operates a network of 7 Postal Hubs, 40 Post Offices and
19 Sub-Post Offices around Malta and Gozo providing an extensive range of postal and financial services.
Tanseana, a company wholly owned by MaltaPost, was registered and commenced operations in 2016.
The company was established to provide document management services and to carry out such services
which include, but are not restricted to, scanning, printing, shredding, storage and retrieval of digital and/
or physical documents.
CIABRO, a company wholly owned by MaltaPost, provides warehousing services.
PostaInsure, a company 49% owned by MaltaPost was granted enrolment in the agents list to act as an
insurance agent under Article 13 of the Insurance Intermediaries Act (CAP 487).
Dormax, a company 99.9% owned by MaltaPost, was registered and commenced operations in 2000. The
company was established to provide printing services.
IVALIFE, a company 25% owned by MaltaPost was licensed on 1 February 2021 to provide Class I and
Class III long term business of insurance.
REVIEW OF PERFORMANCE
The past year has been one of continued transformation for the Group as the postal and logistics sector
(both locally and globally) continued its long-term shift from letters to parcels. Accelerating e-commerce
activity, technological change, new U.S. tariff measures and evolving customer expectations reshaped the
environment in which we operate. Despite these pressures, the Group delivered a positive performance,
supported by targeted investment in our logistics operations.
Against this backdrop, the Board of Directors is pleased to report an improved pre-tax profit of €6.40 million
(2024: €4.68 million), with earnings per nominal share rising to €0.050. Growth in inbound parcel activity,
driven by increased consumer purchases from overseas, contributed to healthy volume and revenue
increases across key segments.
Group Total Revenue increased by 6% to €42.66 million (2024: €40.14 million), driven mainly by higher
inbound logistics volumes and tariff adjustments introduced following the entry of the Automated Tariff
Revision Mechanism for services delivered under the Universal Service Obligation. Postal and Logistics
operations accounted for 85% of total revenue, while the remainder stemmed from non-postal services
such as document management, bill collection, printing services and financial and insurance activities.
MALTAPOST p.l.c.
Annual Financial Report and Consolidated Financial Statements - 30 September 2025
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Directors’ report - continued
The USO letters market continued its year on year historical decline, reflecting the digitalisation of
communication across public institutions, businesses and households. No tariff revisions were introduced
for USO services during the year, and Malta’s domestic entry-level tariffs remain among the lowest in
Europe. The Company continued to absorb the financial impact of subsidising the single-piece local postal
service.
Group Total Expenses increased by 2% to €36.75 million (2024: €35.89 million). A new Collective
Agreement was implemented in MaltaPost during the year, securing improved wage structures for our
employees and representing a significant additional investment in our human capital. While we
strengthened efficiency across our processing and last-mile delivery processes cost pressures persisted in
several areas.
Operational investment remained a strategic priority. Two new regional hubs were commissioned during
the past year to support parcel and letter processing, while our delivery fleet was expanded with both
conventional and electric vehicles. These initiatives strengthen capacity and support our broader ESG
commitments, particularly in reducing emissions and enhancing environmental performance. Investment
in information technology also remained essential to ensure alignment with global postal and logistics
developments, including evolving customs requirements and customer expectations for greater
transparency and digital interaction.
Remuneration Policy
Details of total employee expense for the FY 2025 and the average number of full time equivalent persons
employed by the Company (including part-timers), during the year is included in Note 22 to the financial
statements.
Information on the Company’s Remuneration Policy and practices is disclosed in the Remuneration Report
within the Annual Financial Report on page 36.
NON-FINANCIAL INFORMATION
In compliance with Malta’s Companies Act, this report includes a non-financial statement outlining the
Group’s development, performance, position and the impact of its business activities. The statement
addresses environmental, social and employee matters, together with general business conduct presented
through specific disclosures on these areas.
The Group remains committed to aligning its business activities and operating model with robust
sustainability standards and recognises its responsibility as a key contributor to Malta’s social and economic
fabric. As one of the country’s largest employers, and the operator of a substantial last-mile delivery fleet,
a nationwide Post Office and sub-Post Office network and a growing parcel locker footprint, MaltaPost
continues to integrate Environmental, Social and Governance (ESG) principles into both daily operations
and long-term decision making.
As the EU continues to review and simplify elements of sustainability reporting and due diligence rules,
MaltaPost has adopted a measured and proportioned approach to its preparations. The Company
continues to monitor regulatory developments and adjust internal structures where necessary, ensuring
readiness irrespective of how future requirements may evolve. During the year under review, MaltaPost
maintained a vigilant approach to the changing landscape and focused on understanding any potential
implications for the business.
MALTAPOST p.l.c.
Annual Financial Report and Consolidated Financial Statements - 30 September 2025
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Directors’ report - continued
During the year, MaltaPost continued improving on sustainability objectives, with particular emphasis on
strengthening the efficiency and resilience of its last-mile delivery operations.
The Company expanded its Easipik parcel locker network, now present in thirty-four localities across Malta
and Gozo. MaltaPost also reached the final stages of procuring a new 52.27 kWp photovoltaic system for
its Head Office in Marsa.
This installation will complement the existing 60.48 kWp system, increasing renewable energy generation
and supporting higher levels of self-consumption in the years ahead. The Company also strengthened its
approach to recycling and waste management, supported by more consistent data collection across
operations. Together, these developments underline MaltaPost’s commitment to improve energy efficiency
and environmental performance.
MaltaPost also remained an active participant in the International Post Corporation’s (IPC) Sustainability
Measurement and Management System (SMMS) programme, submitting its Key Performance Indicator
data for calendar year 2024. These results were independently audited, marking an important step in the
programme’s assurance process. The outcomes showed continued improvement across several focus
areas and reaffirmed MaltaPost’s strong comparative performance within the postal and parcel delivery
sector.
Recognition of the Company’s sustainability efforts was further strengthened in November 2024 when
MaltaPost received two Gold Awards at the Malta Business Awards, securing the titles of “Best Logistics
Solution” and “Green Transport Initiative”. These awards acknowledge the progress achieved in reshaping
the last-mile model, notably through the increased use of electric vehicles, the expansion of parcel lockers
and the continued integration of low-impact and innovative delivery solutions.
Looking ahead, MaltaPost is actively embedding sustainability considerations into its long-term strategic
vison. This includes proactively addressing climate-related risks and opportunities, supporting innovation
and further increasing the use of low-impact delivery solutions. By integrating ESG considerations into the
decision-making process, MaltaPost aims to foster a culture of environmental care, social responsibility,
and sound governance.
In doing so, MaltaPost aims to support the transition to a lower-emissions and more resource-efficient
economy, while affirming its role as a responsible service provider. Through strategic planning, meaningful
stakeholder engagement and a realistic and achievable sustainability roadmap, MaltaPost remains
committed to creating long-term value for business, workforce and the community it serves.
The Environmental Pillar
General
MaltaPost’s journey towards more sustainable business practices has evolved over the past decade, driven
by a commitment to embed environmental awareness into the redesign of its last-mile delivery model. The
Company recognises its responsibility to address environmental challenges and remains committed to
adopting sustainable practices that align with the EU Green Deal, the Paris Agreement and any future
national targets.
Over the past years, the Company has taken significant steps to reduce greenhouse gas (GHG) emissions
and minimise its carbon footprint. Early investments in renewable energy, coupled with the transition
towards a predominantly electric last-mile delivery fleet, have strengthened MaltaPost’s environmental
credentials while supporting more efficient route planning and lower fuel dependency.
MALTAPOST p.l.c.
Annual Financial Report and Consolidated Financial Statements - 30 September 2025
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Directors’ report - continued
MaltaPost continued its participation in the International Post Corporation’s (IPC) Sustainability
Measurement and Management System (SMMS), submitting detailed data and completing the
programme’s annual questionnaires for calendar year 2024. These submissions cover key sustainability
metrics across the programme’s seven focus areas:
Climate Change
Resource Efficiency
Air Quality
Circular Economy
Health and Safety
Learning and Development
Sustainable Procurement
The SMMS programme enables participating postal operators to monitor progress across operational areas
that are central to environmental performance, including:
Reduction of CO₂ emissions
Fleet electrification
Renewable energy use
Waste management
Improvement of air quality
Resource efficiency
Health & Safety standards
Through this programme, MaltaPost continues to benchmark its progress, identify areas for improvement
and align its environmental initiatives with sector-specific best practices and long-term collective targets.
In its second year of participating in the programme, MaltaPost continued to demonstrate steady progress
across key SMMS performance indicators. The 2024 results, which were independently audited for the first
time, confirmed improvements in several focus areas and reaffirmed the Company’s strong comparative
performance within the postal and parcel delivery sector.
Waste recycling increased to 96% up from 94.7% in the previous reporting year, placing MaltaPost among
the sector’s leading performers in this area. The proportion of electric vehicles also increased to 54%
compared with 49.6% previously reported, further supporting the shift towards low-impact delivery methods.
Renewable energy use remains an area where further progress will be made through the investment in a
new PV system.
These results reflect MaltaPost’s ongoing commitment to continuous improvement and the adoption of best
practices. By drawing on insights from its audited performance data and the IPC’s tailored assessments,
the Company continues to strengthen its environmental initiatives and reinforce its position as a responsible
service provider.
MaltaPost’s Green Transformation of its Last Mile Delivery – The ‘One Delivery’ Project
The ‘One Delivery’ project remains a central component of the Company’s sustainability strategy,
transforming the last-mile delivery model into a more efficient and environmentally responsible operation.
The project consolidates letter mail and parcel deliveries into a single delivery stream using Micro Electric
Vehicles, which provide the capacity and flexibility required to deliver both mail and parcels simultaneously.
MALTAPOST p.l.c.
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Directors’ report - continued
As Malta’s designated Universal Service Provider, MaltaPost continues to refine this model through
improved route optimisation and the wider deployment of strategically placed parcel lockers. These
measures have contributed to more streamlined operations, reduced vehicle movements and lower
emissions across the Maltese Islands. With the project now operational across over 50 towns and villages
in Malta and Gozo, the need for an additional 90 or more non-alternative fuel vehicles has been eliminated,
resulting in the avoidance of more than 200 tonnes of CO₂ emissions annually.
This initiative continues to align with MaltaPost’s long-term environmental objectives, including further
reducing emissions as part of its wider commitment to mitigate climate risks and improving the sustainability
of its operations. The continued use of electric vehicles and a growing parcel locker network augers well to
more efficient delivery patterns and lower delivery-related emissions.
The table below provides an overview of the fleet as at end of the financial year, distinguishing between
non-alternative fuel vehicles and alternative fuel vehicles, together with the percentage share of AFVs within
the total fleet:
Vehicle Type 2025
2024
(in numbers)
(in numbers)
Non-alternative Fuel Vehicles 125
138
Alternative Fuel Vehicles 172
164
Percentage of AFVs (%) 58
54
Energy efficiency, resource optimisation and circular economy
MaltaPost remains committed to improving its energy and resource efficiency by prioritising practical
measures that support cleaner operations. During the financial year, the Company advanced to the final
stages of procuring a new photovoltaic system for its head office. This installation will complement the
existing system and is expected to increase renewable energy generation and support higher levels of self-
consumption. Work also continued on replacing older electrical and HVAC units with more efficient systems,
as well as identifying opportunities to optimise water use across facilities.
To foster a culture of energy and resource awareness, MaltaPost continued to issue energy-efficiency
guidance to employees through internal company memos and eNewsletters. These communications
highlight practical steps for reducing electricity consumption, optimising cooling and heating systems and
encouraging efficient vehicle use across the organisation.
Aligned with its environmental objectives, MaltaPost continued to apply its established waste-management
processes throughout the year. The waste-management directive, based on the principles of Reduce,
Reuse and Recycle remained in place, supporting proper waste separation at source and ensuring that
recyclable materials, including cardboard arising from parcel inflows, are directed to the appropriate
recycling streams. The Company also continued to monitor waste generated across its operations,
maintaining a consistent approach to data collection and oversight.
MALTAPOST p.l.c.
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Directors’ report - continued
While the Company’s business model has limited direct impact on natural resources, MaltaPost remains
committed to the principles of a circular economy by maximising the value derived from materials used
across its operations.
The table below provides a summary of MaltaPost’s key environmental data for this financial year compared
with last year, highlighting energy and water consumption and Scope 1 and Scope 2 emissions:
Type Consumption/Emissions 2025
2024
Energy
Non-Renewable Electricity Consumption (kWh) 1,152,276
1,132,858
Renewable Electricity Generated (kWh) 77,732
81,542
Total Electricity Consumed (kWh) 1,230,008
1,214,400
Water Water Consumption (m³) 4,727
4,396
Emissions
Scope 1 (Tonnes CO
₂)
490
494
Scope 2 (Tonnes CO
₂) *
448
449
* For Scope 2 emissions, the 2024 Enemalta’s CO₂ emission factor of 389g/kWh was used.
Methodology used for collecting data
MaltaPost adopted a structured approach to collect and report its environmental data, ensuring accuracy,
reliability.
Energy: Non-renewable energy consumption data is obtained through actual meter readings using
an in-house online system, ensuring precise and reliable metrics. Renewable energy generation is
tracked using a real-time online platform, which provides daily electricity generation reports with high
accuracy.
Water: Water consumption data is obtained through actual meter readings, tracked and managed
using the same in-house online system utilised for electricity consumption.
Emissions Scope 1: Calculated from operational fuel consumption records, including both unleaded
fuel and diesel used for company-owned and leased vehicles, as well as diesel for the generator.
Emissions Scope 2: Derived from non-renewable electricity consumption, calculated using
Enemalta’s CO₂ emission factor of 389g/kWh for non-renewable energy consumed.
(Source: https://www.enemalta.com.mt/2016/02/25/fuel_mix_for_energy_distribution/)
The Social Pillar
Our workforce remains our biggest asset
MaltaPost operates within an evolving postal and logistics landscape that continues to present both
challenges and new opportunities. In this environment, the Company recognises that its workforce is its
strongest asset and the foundation on which long-term success and operational resilience depend. By
placing people at the centre of its strategy, MaltaPost aims to ensure that it can continue to adapt, innovate
and sustain long-term value for its stakeholders.
MALTAPOST p.l.c.
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Directors’ report - continued
During this financial year, MaltaPost and the General Workers’ Union signed a new Collective Agreement
covering the period 2025 to 2029. The agreement introduces updated salary structures, strengthened
family-friendly measures and enhanced career development provisions, reaffirming the Company’s
commitment to fair, transparent and supportive working conditions across the organisation.
The Company remains committed to fostering a culture that values common interest, diversity, inclusivity
and the social and mental wellbeing of its employees. Investment in human capital continues to play a
central role in meeting operational demands while supporting long-term organisational growth and
workforce stability. To achieve these goals, MaltaPost’s workforce strategy focuses on the following pillars:
Equal Opportunity & Inclusion: Ensuring a workplace free from any form of discrimination and
embracing diversity as a strength fosters mutual respect and understanding.
A Healthier & Safer Workplace: Maintaining high standards of health and safety safeguards
employee wellbeing through proactive initiatives and rigorous compliance.
Continuous Learning & Development: Investing in training and education equips employees with
the skills and knowledge required to meet industry demands and future operational needs.
Community Engagement & Heritage Preservation: Supporting the community and preserving
Malta’s rich postal heritage through philanthropic initiatives and the work of the Postal Museum
Foundation.
Promoting Diversity and Professionalism in Appointments
MaltaPost recognises that a professional and transparent approach to appointments is essential for
attracting individuals with the qualifications, skills and attributes required to support the Company’s
objectives. Ensuring that appointments at all levels are based on knowledge, expertise and merit remains
consistent with Maltese legislation and established industry practices.
Appointments to the Board continue to be guided by the principle of diversity, with an emphasis on a broad
mix of skills, backgrounds and experience that create value for shareholders. This approach enables the
Board to balance strategic objectives with both general and specific risks within its established risk appetite.
Acknowledging the benefits of diverse perspectives, MaltaPost remains committed to promoting diversity
when considering candidates for any future board positions. Drawing on a wide range of viewpoints
supports a well-rounded understanding of global and regional developments, the postal and logistics
environment and the short and long-term risks and opportunities facing the Company.
As a subsidiary of Lombard Bank Malta p.l.c., MaltaPost benefits from a breadth of expertise that reflects
its specialised business model, size and operational context. The ongoing commitment to maintaining and
strengthening board diversity remains integral to ensuring effective governance and sustainable long-term
growth.
Fostering Equal Opportunities and Enhancing Working Conditions
MaltaPost remains steadfast in its commitment to fostering equal opportunities and enhancing working
conditions across all levels of the organisation. By promoting non-discrimination, inclusivity and employee
wellbeing, the Company aims to support a workplace culture that empowers individuals to reach their
potential while maintaining fairness and respect throughout the organisation.
MALTAPOST p.l.c.
Annual Financial Report and Consolidated Financial Statements - 30 September 2025
13
Directors’ report - continued
During the financial year, MaltaPost and the General Workers’ Union signed a new Collective Agreement
covering the period 2025 to 2029. The agreement provides an updated framework for employment
conditions across non-managerial grades, including revised salary structures, strengthened family-friendly
measures, clear progression pathways, the retention of existing allowances and the introduction of new
target-specific allowances. These adjustments and updated provisions reflect MaltaPost’s commitment to
ensuring fair, transparent and supportive working conditions.
The Company maintains a diverse and inclusive workforce, with employees from other countries making
up 38% (2024: 31%) of the total Company workforce. This diversity enriches the workplace and strengthens
MaltaPost’s commitment to providing equal opportunities across different cultural and national
backgrounds.
MaltaPost also continues to promote inclusivity for individuals with different abilities, with such employees
representing 2% of the workforce at Company level. Across the Group, this figure rises to 9% reflecting a
continued commitment to surpassing national and legal benchmarks.
Policies safeguarding against harassment, bullying and discrimination remain firmly in place, reinforcing
MaltaPost’s dedication to a safe and respectful workplace. The Company also retains its Equality
Certification Mark, underscoring its dedication to upholding non-discriminatory practices.
MaltaPost’s efforts in promoting equal opportunities, fostering diversity and strengthening working
conditions demonstrate its continued commitment to building a workplace that values the contributions of
every individual, irrespective of gender, nationality, ability or background.
Prioritising Health, Safety and Wellbeing
The health, safety and wellbeing of employees remain a top priority for MaltaPost, reflecting the high
materiality of these matters within the Company’s operations. Safety considerations are particularly relevant
for postal operators and delivery personnel, whose day-to-day duties involve vehicle use, manual handling
and outdoor work. MaltaPost continues to maintain a proactive approach to safeguarding employees
through ongoing assessments, awareness initiatives and targeted training programmes.
Safety training remains an integral part of the Company’s orientation programme for new employees,
ensuring that all individuals begin their roles with a clear understanding of workplace safety standards and
procedures. Tailored sessions are also delivered to drivers and handlers, focusing on the specific risks
associated with vehicle operation, the use of equipment, lifting techniques and proper handling of
machinery. These initiatives aim to reinforce safe practices and reduce the likelihood of workplace
incidents.
MaltaPost’s health and safety policy, together with the procedures supporting it, continue to play an
important role in mitigating risks across the organisation. The transition away from motorcycles to four-
wheeled electric vehicles has contributed to further improvements in employee safety by offering greater
protection during delivery activities.
All employees forming part of the Group continue to be covered under MaltaPost’s comprehensive health
and safety policy, supported by established channels for reporting concerns, raising issues and receiving
timely guidance. These mechanisms ensure that any risks or hazards encountered are promptly addressed
and monitored.
MALTAPOST p.l.c.
Annual Financial Report and Consolidated Financial Statements - 30 September 2025
14
Directors’ report - continued
For this financial year, the Group recorded 47 lost time injuries, and MaltaPost recorded a lost time incident
rate of 6.56
1
. These results compare positively with benchmarks for the postal and logistics sectors, which
typically face elevated safety risks due to the nature of their operations. MaltaPost’s performance reflects
the effectiveness of its proactive safety measures and demonstrates the Company’s continued commitment
to maintaining a safe and secure working environment.
Investing in the Workforce through Learning and Development
Investment in human capital continues to be a central priority for MaltaPost, ensuring a sustainable
workforce equipped with the necessary tools and knowledge to perform effectively. The Company remains
committed to developing the skills of its employees through a combination of in-house and external training
programmes that support both operational requirements and broader professional development.
Given the nature of MaltaPost’s operations, skill development begins early in the employment cycle,
particularly for employees working within operational units. Initial training is reinforced through internal and
on-the-job programmes that progressively advance in line with career development. Performance
management processes continue to play an important role in this regard, with annual performance reviews
providing a structured means of identifying development needs, setting objectives and supporting individual
progression.
Recruitment challenges in sourcing local postal and parcel delivery personnel persist, resulting in continued
reliance on overseas recruitment to meet operational needs. To support effective integration, additional
focus is placed on practical, on-the-job training to ensure newly recruited personnel gain confidence in their
assigned postal beats. This hands-on approach equips employees with the skills required to deliver a
reliable and efficient service.
For this financial year, MaltaPost recorded a total of 3,214 hours of training, distributed across both
executive and non-executive roles. While training volumes may vary year on year, the Company remains
committed to equipping its workforce with the knowledge and competencies necessary to meet operational
demands and support long-term organisational resilience.
1
The Lost Time Incident Rate (LTIR) is calculated as the number of work-related incidents resulting in lost time per two million
hours worked. This multiplier reflects standard practice within MaltaPost to ensure comparability within the postal and logistics
sector.
MALTAPOST p.l.c.
Annual Financial Report and Consolidated Financial Statements - 30 September 2025
15
Directors’ report - continued
Own Workforce – Group and Company Data for Financial Year 2025
The table below provides an overview of the Group’s and Company’s key workforce metrics for the financial
year ended 30 September 2025, together with comparative figures for the previous year:
Area Own Workforce Data Group
Company
Year ended 30 September
2025 2024
2025
2024
Employees
Number of employees
(Headcount)
816 807
743
740
Health &
Safety
Number of lost time injuries 47 42
47
40
Lost time incident rate
2
6.04 5.58
6.56
5.73
Training &
Development
Total number of hours of
training
3,440 3,879
3,214
3,734
Consumers and End-Users – MaltaPost’s Commitment to Service
Consumers and end-users remain at the centre of MaltaPost’s operations and strategic direction. The
Company is committed to providing a reliable and affordable service that meets the varied needs of its
nationwide customer base. Delivering value, fostering trust and ensuring a positive customer experience
remain central to MaltaPost’s mission.
To better understand customer expectations and identify areas for service improvement, MaltaPost
continues to invest in technology and internal processes aimed at monitoring service levels and customer
satisfaction. Recognising the evolving needs of consumers, the Company remains focused on
strengthening accessibility and convenience through the use of digital tools and sustainable delivery
options, including the continued expansion of parcel lockers across Malta and Gozo.
Aligned with its commitment to continuous improvement, MaltaPost remains focused on meeting the Quality
of Service (QoS) targets set by national and international regulatory bodies. Handling thousands of items
daily, achieving and maintaining these benchmarks reflects the Company’s dedication to delivering timely
and reliable postal and delivery services.
MaltaPost also remains committed to resolving customer-related challenges in a timely and proactive
manner. By reinforcing communication channels and enhancing support mechanisms, the Company strives
to ensure that customer concerns are addressed effectively and that service standards remain consistently
high.
2
The Lost Time Incident Rate (LTIR) measures the frequency of workplace incidents that result in employees missing work due to
injury. It is calculated by taking the total number of such incidents, dividing it by the total hours worked across the organization, and
then multiplying the result by 2,000,000. This standard multiplier allows for consistent comparison of safety performance across
organizations of different sizes.
MALTAPOST p.l.c.
Annual Financial Report and Consolidated Financial Statements - 30 September 2025
16
Directors’ report - continued
Through ongoing innovation, operational efficiency and a clear focus on customer care, MaltaPost reaffirms
its commitment to serving consumers and end-users with professionalism, reliability and respect. By
adopting technology, refining its service delivery and prioritising customer satisfaction, MaltaPost continues
to work towards remaining a partner of choice.
The Governance Pillar
Business Conduct – Upholding Ethical Standards and Integrity
MaltaPost remains committed to maintaining the highest standards of ethical conduct in all interactions with
its stakeholders. Integrity continues to underpin the Company’s operations, reflected in its zero-tolerance
approach to bribery, corruption and any form of unethical behaviour, as well as its adherence to applicable
laws and regulations.
Clear responsibilities are assigned across all levels of the organisation, supported by guidance to assist
employees in identifying, preventing and escalating concerns related to unethical practices. MaltaPost
prohibits all forms of bribery and corruption and emphasises openness, transparency and consistency in
its dealings with public officials, private individuals and business counterparts. These principles serve to
protect the Company’s reputation and ensure compliance across all business activities.
Breaches of ethical standards may result in severe consequences, including legal, financial and
reputational damage. To mitigate such risks, MaltaPost maintains a structured compliance framework
designed to enhance employee awareness and promote disciplined and standardised practices.
The Company’s governance framework is further reinforced by its Whistleblowing Policy; an essential
safeguard designed to prevent and address malpractice. The policy provides a secure and confidential
mechanism for reporting suspected misconduct, including corruption, fraud, financial irregularities or
breaches of Company policy. It outlines clear reporting channels, guarantees confidentiality and ensures
the impartial handling of all disclosures.
MaltaPost guarantees the protection of whistleblowers and prohibits any form of retaliation against
individuals who raise concerns in good faith. Safeguarding the identity of reporting individuals remains a
fundamental principle of the policy and plays a critical role in promoting trust and accountability across the
organisation.
Additionally, MaltaPost places emphasis on responsible and sustainable practices across its operations,
including procurement practices. The Company continues to assess its relationships with suppliers to
ensure alignment with its governance standards and sustainability objectives.
MaltaPost’s governance structure supports the integration of sustainability considerations within its
decision-making processes and provides the necessary oversight to monitor performance against
established commitments. While the broader sustainability reporting environment continues to evolve at
EU level, MaltaPost remains focused on maintaining sound governance practices and ensuring its
framework is sufficiently robust to address emerging requirements and meet stakeholder expectations.
MALTAPOST p.l.c.
Annual Financial Report and Consolidated Financial Statements - 30 September 2025
17
Directors’ report - continued
Consolidated Disclosures Pursuant to Article 8 of the Taxonomy Regulation
Introduction
MaltaPost p.l.c. remains subject to the Non-Financial Reporting Directive, ‘NFRD’ and is therefore also
subject to disclosures stemming from the Delegated Act supplementing Article 8 of the EU’s Taxonomy
Regulation. However, given that MaltaPost is consolidated at the level of its parent entity, the Company
avails itself of the exemption from publishing separate Taxonomy disclosures, since Lombard Bank Malta
p.l.c. fulfils the requirements of the Disclosure Delegated Act on a consolidated basis.
Nonetheless, on a voluntary basis MaltaPost is disclosing a high-level overview of its Taxonomy
Disclosures for this Financial Year.
To achieve the targets established by the European Union (‘EU’) of reaching net zero greenhouse gas
(‘GHG’) emissions by 2050, with an interim target of reducing GHG emissions by 55% by 2030, compared
to 1990 levels, the EU has developed the EU Taxonomy Regulation
3
(‘the EU Taxonomy’). This is a
classification system which establishes the criteria for determining whether an economic activity qualifies
as environmentally sustainable, in terms of six environmental objectives against which entities assess
whether economic activities qualify as environmentally sustainable.
To qualify as such, an economic activity must be assessed to substantially contribute to at least one of
these environmental objectives, whilst doing no significant harm to the remaining objectives. This is
achieved by reference to technical screening criteria established in delegated acts to the EU Taxonomy.
The economic activity is also required to meet minimum safeguards established in the EU Taxonomy.
The six environmental objectives established by the EU Taxonomy are the following, where climate-related
environmental objectives (1-2 below) are established in the Climate Delegated Act
4
(‘CDA’), whilst non-
climate environmental objectives (3-6 below) are established in the Environmental Delegated Act
5
(‘EDA’).
1. Climate change mitigation
2. Climate change adaptation
3. Sustainable use and protection of water and marine resources
4. Transition to a circular economy
5. Pollution prevention and control
6. Protection and restoration of biodiversity and ecosystems.
MaltaPost Group reports Taxonomy information in line with the Disclosures Delegated Act supplementing
article 8 of the Taxonomy Regulation, which establishes relevant disclosure requirements of entities within
reporting scope of the Taxonomy. This currently comprises entities, hereon referred to as ‘NFRD/CSRD
entities’, obliged to publish non-financial information pursuant to the Non-Financial Reporting Directive
6
(‘NFRD’), or sustainability information pursuant to the Corporate Sustainability Reporting Directive
7
(‘CSRD’), whichever is currently applicable.
3
EU Regulation 2020/852
4
Commission Delegated Regulation 2021/2139
5
Commission Delegated Regulation 2023/2486
6
EU Directive 2014/95/EU
7
EU Directive 2022/2464
MALTAPOST p.l.c.
Annual Financial Report and Consolidated Financial Statements - 30 September 2025
18
Directors’ report - continued
The Group is required to disclose the share of its turnover, capital expenditure (CapEx) and operating
expenditure (OpEx) for its non-financial subsidiaries, which are associated with the following, in accordance
with the Disclosures Delegated Act.
- Taxonomy-eligible and Taxonomy-aligned economic activities in respect of climate-related
environmental objectives; and
- Taxonomy-eligible economic activities in respect of non-climate environmental objectives.
Proportion of Taxonomy-eligible and Taxonomy-aligned economic activities in total turnover,
CapEx and OpEx
Total
(€000)
Proportion of
Taxonomy-
eligible
(non-aligned)
economic
activities
Proportion of
Taxonomy-
aligned
economic
activities
Proportion of
Taxonomy non-
eligible
economic
activities
FY 2025
Turnover
42,6
62
85%
0%