ANNUAL
REPORT
2025
For the period ended
31 December 2025
Table of contents
| Executive Chairman’s message | 2 |
| Board of Directors, Board Committees, | |
| Group Management Team | 6 |
| Financial Highlights | 8 |
| Operational Overviews | 12 |
| Financial Statements | 22 |
| Directors’ Report | 23 |
| Statement of Responsibilities for the Financial Statements | 27 |
| Remuneration Report | 28 |
| Corporate Governance Report | 31 |
| Consolidated Financial Statements | 38 |
| Consolidated Statement of Profit and Loss | |
| and Other Comprehensive Income | 38 |
| Consolidated Statement of Financial Position | 39 |
| Consolidated Statement of Changes in Equity | 40 |
| Consolidated Statement of Cash Flows | 41 |
| Notes to the Financial Statements | 42 |
| Shareholder Information | 68 |
| Independent Auditor’s Report | 69 |
1
Executive Chairman’s message
As we progress in our transformational journey,
transiting from spin-off to scale-up, it gives me great
pleasure in presenting our first annual report.
Right from inception, the rationale behind the spin-off
was driven by three clear considerations: strategic
focus, sustainable scale-up and shareholder value.
The business and operating model is now
well defined and distinctly set. More than a
holding company, Quinco is a management hub,
logistics operator, shared services provider,
and strategic architect for its subsidiaries.
Financial highlights
The consolidated figures presented reflect a
shortened reporting period, as this is the Group’s
inaugural set of consolidated financial statements
following its formation in 2025. While Quinco
Holdings p.l.c. was incorporated in May 2025, the
operating subsidiaries were transferred from Simonds
Farsons Cisk p.l.c. and consolidated with effect from
September 2025, with Quinco itself commencing
revenue-generating activities in November 2025.
Given this transitional period, the Group reported
consolidated revenues of €13.32M, Income from
operations of €1.37M and a profit before tax of
€1.30M. Considering the short reporting period, these
financial results should be viewed in context: this initial
phase focused on the groundwork for future growth.
In considering the declaration of dividends, the Board
considered the fact that Quinco was established
through a spin-off from Simonds Farsons Cisk
p.l.c., which was affected through its listing on
the Malta Stock Exchange and the distribution of
an in-kind dividend to shareholders in October.
The Board also considered that this represents
the Group’s first, shortened reporting period
and an important transition phase, with the food
businesses joining the Group only in September
2025 following their transfer from Farsons.
During this foundational stage, the Group is
also committing significant capital to long-term
value-enhancing investments, most notably the
development of the Handaq head office and
logistics centre. In this context, the Board believes
that retaining earnings at this stage best supports
the Group’s long-term strategy and therefore is
not recommending a dividend for the period.
As the Group progresses beyond this establishment
phase and its investment programme in the
new head office and logistics complex nears
completion, the Board intends to continue assessing
dividend distributions in line with earnings,
cash generation and capital requirements.
We need to recognize that we have only got started
to be able to reap the benefits from the synergies
arising from this spin-off. Nonetheless, comparing
both subsidiary results for the four-month period,
that is post spin-off, to the same period last year
already reflect marked improvements in turnover,
EBITDA and profitability despite continued competitive
pressures. Considering this encouraging start, we
are now working towards building momentum.
New head office and logistics complex
Relocating to our new Handaq head
office and logistics complex this summer
represents a significant milestone.
This investment of over €21 million conveys
a strong statement of intent, showcasing
the Group's commitment to our future.
We acknowledge that this project goes far beyond
just a building. This is a game-changing strategic
asset giving us capacity to upscale and elevate our
operations, offering new space at a new pace.
The investment is giving us an opportunity to bring our
transformative vision to life, balancing current market
realities with a revamped approach to how we operate
and connect with the market. We are embracing this
challenge with much enthusiasm and anticipation.
Food Chain Limited
In assessing the performance of our two
subsidiaries, starting from Food Chain, we delivered
meaningful operational progress, reaffirming its
position as one of Malta’s leading multi-brand
Quick-Service Restaurant (QSR) operators.
The encouraging performance of Food Chain was
achieved despite a competitive QSR landscape
and structural cost pressures, demonstrating
the resilience of its leadership team, staff
members, processes and brand equity.
“This investment of over €21 million
conveys a strong statement of
intent, showcasing the company’s
commitment to our future.”
A transformational journey:
Transiting from spin-off to scale-up
2
0
2,500
5,000
7,500
10,000
12,500
15,000
17,500
Sept-Dec 2025Sept-Dec 2024
€ ‘000’s
€10.043M
€8.791M
€3.156M
€2.636M
€3.273M
€3.230M
YOY Sept – Dec Comparisons:
Turnover
Food Chain IntercompanyQuintano
0
300
600
900
1,200
1,500
Sept-Dec 2025Sept-Dec 2024
€ ‘000’s
€711k
€382k
€677k
€379k
YOY Sept – Dec Comparisons:
PBT
Food ChainQuintano
“Considering the short
reporting period, these
financial results should
be viewed in context:
this initial phase
focused on the
groundwork for
future growth.”
Norman Aquilina
Executive Chairman
– Quinco Holdings p.l.c.
In going forward, it will benefit from a more focused
governance framework, faster decision-making,
and greater ability to allocate capital specifically to
QSR growth opportunities, advantages repeatedly
highlighted in the Prospectus issued last year.
Food Chain now enters the next phase of its
development with a more robust operating
platform, enhanced digital capability and a
clear roadmap for growth as it continues to
evaluate new local store opportunities.
In further reinforcing its growth ambitions in
the franchised foodservice sector, Food Chain
remains vigilant in identifying opportunities,
leveraging its existing franchising agreements,
whilst exploring new franchise partnerships.
3
Artistic impression of the
loading area at the Ħandaq
Logistics Complex. Planned for
completion Summer 2026.
Quintano Foods Limited
Moving on to Quintano Foods, the company
maintained its operational performance despite
a growingly challenging and highly competitive
Fast Moving Consumer Goods (FMCG) sector.
Apart from a strengthened equity base following the
injection of new capital during FY2025, the standalone
results reflect cost containment in the face of margin
compression together with wage and logistics inflation.
Operationally, the company continued to invest in
capability and control with its Food Safety System
Certification (FSSC 22000) clearly reaffirming this.
The combination of brand strength, innovation
cadence and a more structured operating
model contributed to its steady performance.
The company generated organic growth across
various categories during the reported period.
The Company will continue to strengthen its
market presence through selective brand
representations, whilst also evaluating other methods
to enhance the company’s upward trajectory.
Here, one must underline that in March 2026, we
secured the representation of the Kraft Heinz
portfolio which includes various market-leading
brands such as HP Foods, apart from Heinz. This
development will certainly be an important contributor
in enhancing our market presence and overall results.
Quintano Foods is well positioning itself
to counter mounting market pressures
and capitalise on the opportunities.
Market transformation
In better understanding and placing in a clearer
perspective the strategic direction Quinco has
embarked on, one needs to look at the way the supply
chain is reshaping itself as retailers and distributors
continue to proliferate and consolidate respectively.
The FMCG sector, along with the multiple retailing
and distribution networks, is undergoing a
profound, transformation, transitioning from
traditional, reactive models to dynamic ecosystems
characterised by accelerated digital adoption.
The sector is increasingly seeking ways how to reduce
operational costs as it navigates towards a growing
high-volume, low-margin environment. This shift is
set to accelerate and will accentuate the mounting
pressure for structural change in many businesses,
whether within the retail or distribution segments.
This has fueled our strategic response and hence
why, apart from the investments being made,
we are strengthening our management team,
adding the necessary resources, rethinking
our ways of working and gearing up for the
emerging challenges and opportunities.
In this highly competitive environment, we had
a clear choice in front of us, either scale up
or pack up, for which we firmly endorsed the
former. It may be regarded as a bold approach
by some, but it is one which we believe is timely
and opportune. Yes, there is a cloudy horizon,
but we are focusing on the silver lining.
4
Scale-up plans
As we pursue our plans of translating scale into
competitive advantage, we expect that the benefit
from economies of scale, and more efficient use of
resources, both operational and financial, will start
giving the desired results during 2026, more so once
we relocate to our new head office and logistics
complex. This move will ensure that the centralized
functions evolve into performance accelerators.
Our focus is on repositioning ourselves in an
increasingly competitive environment, while
protecting margins which are already tight. Balancing
value and volume are crucial for maintaining
healthy margins because while growth is great,
it is profitable growth that is sustainable.
Quinco reflects the strategic deployment of our
resources, as we steadily move towards a more
digitally enabled food platform focused on value
creation. In fact, we are well underway in executing
a phased IT roadmap involving Business Intelligence
tools and AI agents, empowering management
through more data-driven decision-making.
Future-focused
In redefining our direction within a fast-paced
business landscape, adaptability remains key. It is
not about having a rigid plan but about being agile
and responsive to market shifts, and our focus on
transformation and growth, be it of an organic
or inorganic nature, resonates with this mindset.
Essentially, it is a strategic fusion of scale and agility,
directed towards expanding our capacity, improving
execution and increasing our market reach.
By adopting a forward-thinking approach, fostering
strong leadership, and promoting a culture of
growth and excellence, we aspire to become a more
comprehensive leader in restaurant franchising, food
importation, warehousing and logistics, laying the
foundations for sustained success in the years ahead.
In conclusion, I must thank all board members
for their support and guidance. I would also like
to acknowledge the important contributing role
of our management team led by Claudio Bondin,
Quinco CFO, Gordon Naudi and Sean Portelli as
General Managers of Food Chain and Quintano
Foods respectively. Likewise, to our Project
Manager, Ing. Stephen Mifsud, for his commitment
towards driving our Handaq investment forward.
Last, but certainly not least, to all management
and staff for their hard work and dedication.
Undeterred by the shifting market conditions and
growing competitive pressures, we are moving
forward with improved operating leverage. With
a clear eye on the now, and the future, we are
committed to creating sustainable value for all our
stakeholders, shaping our future with confidence.
Norman Aquilina
Executive Chairman
24 April 2026
From left: Mr Michael Farrugia, Mr Jan Zammit, Non-Executive
Directors, Quinco Holdings p.l.c, Mr Norman Aquilina, Executive
Chairman Quinco Holdings p.l.c, Mr Louis Farrugia Chairman Simonds
Farsons Cisk p.l.c, Mr Domnic Borg, Non-Executive Vice Chairman
Quinco Holdings p.l.c, Mr Neil Psaila, Non-Executive Director Quinco
Holdings p.l.c, Mr Simon Zammit, CEO, Malta Stock Exchange
Incorporation Date:
May 2025
Listed on the Malta Stock Exchange:
October 2025
Number of Shares
36,000,000
“Undeterred by the shifting market conditions and
growing competitive pressures, we are moving
forward with improved operating leverage.”
5
Norman Aquilina joined
the Farsons Group in 2004
as Managing Director of
Quintano Foods following
its acquisition by the Group.
In 2007, he was appointed
Chief Commercial Officer,
where he led key initiatives
following the liberalisation
of the carbonated soft
drinks market and oversaw
the establishment of the
Farsons Logistics Centre
in 2008. On 1 July 2010,
he became Group Chief
Executive Officer, guiding
the company towards a
more competitive business
model and sustained
profitable growth. He
has also held senior
roles within the Malta
Chamber of Commerce,
Enterprise & Industry and
contributed to Malta’s EU
accession preparations.
Michael Farrugia was
appointed to the Board
upon incorporation on 8
May 2025. He completed
his secondary and tertiary
education in the United
Kingdom and holds a
Master’s degree in European
History from the University
of Edinburgh and a Master
of Business Administration
(MBA) from the University of
Warwick. He joined the SFC
Group in 2006 and currently
serves as Designate Chief
Executive Officer of
the Beverage Business,
having been appointed
Executive Director in
2011. Mr Farrugia is also
Chairman and Director of
Farsons Beverage Imports
Company Limited, Trustee
of the Farsons Foundation,
and a Director of Trident
Estates plc, Farrugia
Investments Limited,
and Multigas Limited.
Chiara Stagno d’Alcontres
is a marketing and
communications
professional with a strong
legal background, holding
a Law degree from
Bocconi University. She
has gained international
experience through
study and professional
roles abroad, including
in Madrid and New York.
Throughout her career, she
has led strategic marketing
and communications
projects across multiple
European markets,
developing partnerships
with institutional and
commercial stakeholders.
She has managed PR,
digital campaigns, and
event strategies for global
companies such as Bosch,
Randstad, and Alibaba.
com. Fluent in English and
Spanish, Chiara combines
strategic thinking with strong
execution and relationship-
building skills, bringing a
hands-on, results-driven
approach to every project.
Norman Aquilina
Executive Chairman
Michael Farrugia
Non-Executive Director
Chiara Stagno
d’Alcontres
Non-Executive Director
Board of Directors
Remuneration & Corporate
Governance Committee
Dr Andrew Camilleri
- Chairman
Mr Michael Farrugia
Mr Matthew Marshall
Mr Jan Zammit
Board
Committees
Dominic Borg has over
20 years of experience
in food manufacturing,
imports and distribution,
including 15 years as
CEO of a family-owned
company, where he drove
growth in the competitive
FMCG sector. Holding a
business diploma, Mr Borg
has extensive board level
experience across multiple
industries, including FMCG
and franchise restaurant
operations, coupled with
deep industry knowledge.
Dominic Borg
Non-Executive Vice Chairman
Matthew Marshall began his
career in London focusing
on property management,
including the renovation and
leasing of properties. He
later worked with Mitchells
& Butlers, managing key
establishments in West
London and developing
strong hospitality
management expertise.
Since 2005, he has
contributed to brand
development initiatives in
Malta. Mr Marshall currently
serves as Deputy CEO of
Estate Marchese Scicluna
and has been a Director
of Food Chain Limited
and Farsons Beverage
Imports Company Limited
since 2015. He has also
expanded into technology
investments, adding a
modern dimension to
his experience. He was
educated at St Edward’s
College, Downside
School in Bath, and the
SAE School of Audio
Engineering in London.
Matthew Marshall
Non-Executive Director
Audit Committee
Mr Roderick Chalmers
up till December 2025 - Chairman
Mr Simon Flynn
from January 2026 - Chairman
Mr Neil Psaila
Ms Chiara Stagno d’Alcontres
Mr Dominic Borg
6
Born in Malta in 1979, Jan
Zammit is an experienced
executive with over two
decades in the fast-moving
consumer goods industry.
He has spent more than
20 years at Farsons,
holding various roles across
departments including
sales, marketing, customer
care, shipping, and export.
This broad experience has
given him a comprehensive
understanding of the
business and its operations.
Academically, he holds
a Master of Business
Administration from
the Maastricht School
of Management and a
bachelor’s degree in
International Finance
from Nottingham Trent
University. He was
educated at St Edward’s
College in Malta and
later attended sixth form
at Downside School in
the United Kingdom.
Jan Zammit
Non-Executive Director
Neil Psaila is a fellow
of the Chartered
Association of Certified
Accountants (FCCA).
Between 2008 and 2018,
he worked in the Audit
and Assurance practice at
PricewaterhouseCoopers
(PwC) Malta, specialising
in large local groups
operating across various
industries. During this time,
he was seconded several
times to PwC offices in
the United States, gaining
experience with companies
in the manufacturing and
real estate sectors. He
currently serves as Chief
Executive Officer of Tabria
Property and Hospitality
Management and Palazzo
Parisio in Naxxar. Mr
Psaila was appointed
Non-Executive Director
of Simonds Farsons Cisk
p.l.c. in 2023 and of Trident
Estates p.l.c. in 2024.
Simon Flynn is a Certified
Public Accountant and
registered auditor in
Malta. He graduated in
Accountancy from the
University of Malta and is
a Fellow of the Chartered
Institute of Certified
Accountants and the Malta
Institute of Accountants.
He was a partner at
PricewaterhouseCoopers
Malta for twenty-
seven years, holding
roles including Head of
Assurance, Finance Partner,
and Chairman of the firm’s
Council. He has extensive
experience auditing listed
and large public entities
and advising boards and
audit committees. Mr
Flynn also served eighteen
years on the Malta Institute
of Accountants Council,
including as President,
and lectured at the
University of Malta.
Dr Andrew Camilleri served
as Director General of the
Malta Financial Services
Authority (MFSA) from
2002 to 2014, representing
Malta on the boards of
the European Supervisory
Authorities. In 2014, he
joined the Administrative
Board of Review at the
European Central Bank
and later served as its
Vice-Chair. In May 2025, he
was appointed Chairman
and Non-Executive Director
of The Access Bank Malta
Limited. Dr Camilleri has
also held leadership and
director roles at Atlas
Insurance, Simonds
Farsons Cisk plc, the Malta
Development Corporation,
and Malta International
Airport Co. Ltd, and served
as Pro-Chancellor of the
University of Malta. He
holds a Doctor of Laws from
the University of Malta.
Nadine Magro has over a
decade of experience in
corporate governance,
regulatory compliance,
and corporate and
fiduciary services, with a
strong background in the
financial services sector
and listed entities. She
also serves as Company
Secretary of Simonds
Farsons Cisk p.l.c., Trident
Estates p.l.c., and their
respective subsidiaries,
supporting the Boards on
governance and compliance
matters. Previously, she
held a senior role within
an international corporate
and trust administration
services firm, overseeing
business development
and managing corporate
and fiduciary services for
a diverse client portfolio.
She holds an ICA Advanced
Diploma in Governance,
Risk and Compliance and
an IFSP Certificate in Trust
Law and Administration.
Neil Psaila
Non-Executive Director
Simon Flynn
Non-Executive Director
Andrew Camilleri
Non-Executive Director
Nadine Magro
Company Secretary
Group Management Team
Claudio Bondin
– Group Chief Financial Officer – Quinco Holdings p.l.c.
Daniela Briffa
– Group Financial Controller – Quinco Holdings p.l.c.
Miriam Mifsud
– Group Human ResourcesManager – Quinco Holdings p.l.c.
Gordon Naudi
– General Manager – Food Chain Limited
Ivan Cardona
– Business Manager – Food Chain Limited
Sean Portelli
– General Manager – Quintano Foods Limited
Daniel Mifsud
– Operations Manager – Quintano Foods Limited
7