Go plc - 213800V8BKIBDZ1U5X47

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Chief Executive Officer’s review

Fellow Shareholders,

As we stand on the brink of a monumental milestone, 2024 marks not just a significant chapter in our journey but a testament to GO p.l.c.’s extraordinary evolution as we enter our 50th year of operations. From our beginnings as a government-owned telecommunications entity to a dynamic, internationally active powerhouse, we have continually redefined what is possible. This message is not just a celebration of our legacy, but a fervent pledge to an even more ambitious future.

A Golden Anniversary: Going Beyond Telecoms

The past 50 years have been nothing short of transformative. GO has evolved from a traditional voice company, to a leader in Malta’s digital landscape, driving technological progress and contributing to the nation’s economic prosperity. We have gone beyond telecoms, successfully diversifying into green energy and digital hardware, underscoring our relentless commitment to innovation, sustainability, and empowering the communities we serve.

Championing Connectivity and Innovation

Our commitment to driving a digital Malta where no one is left behind is stronger than ever. In 2018, we were rolling out True Fibre to approximately 23,000 homes annually. By 2024, thanks to enhanced speed, efficiency, and cost reductions, we were passing over 50,000 homes per year with Malta’s only True Fibre network. Today, almost every home and office on the Maltese islands enjoy True Fibre connectivity. Our €100 million Fibre-to-the-Home project is on the verge of completion—five years ahead of schedule. This is more than infrastructure; it is about ensuring no one is left behind in our shared digital ambitions, as well as a testament to our green agenda.

Beyond True fibre, we continue to shape Malta’s technological future. Our nationwide, energy smart, AI powered 5G network, robust cloud and cybersecurity solutions, and our third submarine cable reinforce our position at the forefront of connectivity and innovation.

Heralding a Sustainable Future

2024 marked a new era in GO’s story. Our investment in the green energy sector, including the acquisition of AQS, cemented our commitment to sustainability. Through our GO ENERGI initiative, we empower customers to embrace renewable energy, offering them zero upfront costs and immediate economic benefits, while making a tangible impact on climate change.

Our move to our new, net-zero headquarters in Żejtun further reinforces our environmental commitment. More than just a workspace, this building stands as a beacon of sustainability and innovation. We are also transitioning to a fully electric fleet with close to 50% of our passenger fleet now fully electric, complementing our hybrid working policy, reducing our carbon footprint, and providing our people with greater flexibility and balance.

Our Enduring Commitment to Our Communities

We do more than connect people digitally; we embed ourselves in the heart of the communities we serve. Through TOKIS TV, we celebrate Maltese culture, capturing local stories and talent, ensuring that our channels reflect the spirit of our people. Today our 24x7 channel TOKIS registers over 200,000 views daily and offers over 10,000 hours of engaging Maltese content, of which over 500 hours are original GO productions.

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But technology is only as powerful as the experience it delivers. That is why we remain obsessed with customer experience—making every interaction seamless, every service intuitive, and every engagement meaningful. Today, more than 60% of our customers are served digitally. We are serving double the number of customers, with a reduced workforce, whilst keeping NPS and CSAT Scores at record highs.

In 2024, we successfully reclaimed our leadership position in the broadband market, surpassing the milestone of 112,500 customers and securing an impressive 46.8% market share, as confirmed by the Malta Communications Authority's data for the third quarter of 2024. Concurrently, our mobile segment also demonstrated robust growth, gaining an additional 10,000 customers and further consolidating our strong second-place standing with a market share of 34.8%, underscoring our continued strength and competitive momentum in the telecommunications sector.

On the business front, despite increasing competitive pressures, we continue to be the partner of choice for the business community offering a range of bespoke digital solutions, retaining a healthy revenue for GO.

A Strong Financial Performance

Living our purpose and values, and maintaining a stable cost base despite high inflation, has enabled us to deliver exceptional financial performance and shareholder returns.

In 2024, we achieved another record consolidated revenue of €244.9 million, representing a 3.8% increase over 2023. Our continued focus on disciplined cost management allowed us to deliver a consolidated profit for the year of €15.7 million, further building upon the strong financial performance achieved in the previous years.

We continue to balance shareholder returns with strategic investments. The Board is recommending a final dividend of €0.08 per share, bringing total dividend distributions for financial year 2024 to €0.28 per share. With this dividend, total distributions over the past six years now exceed €154 million, underscoring our consistent growth in revenues, increasing profitability, and reinvestment in the business.

Our Subsidiaries

Cablenet

Despite global volatility and technological shifts, Cablenet sustained its growth trajectory. It grew its mobile subscriber base by approximately 10%, whilst mobile service revenue increased by approximately 19% to reach €20 million. Its network coverage expanded to 230,000 homes, with its fibre roll-out now reaching 80%. Telecom services revenue grew by €2.6 million, whilst operating profit doubled to €3.6 million, reflecting improved cost efficiencies.

Looking ahead, Cablenet remains focused on expanding its mobile business, growing its fibre network, and enhancing profitability, whilst navigating market challenges.

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BMIT Technologies

2024 was a record-breaking year for BMIT Technologies. Revenue achieved amounts to €33.6 million, representing a 17.2% year-on-year growth, whilst EBITDA rose to €12.7 million. BMIT Technologies continued to strengthen its position as a leader in digital infrastructure, cloud services, and cybersecurity. It shall continue to drive innovation, expand cybersecurity, invest in AI-driven automation, and explore international growth to create long-term value for clients and shareholders.

Strategic Investments: Powering Growth and Innovation

In 2024, we took bold strides in expanding the GO Group, making two game-changing acquisitions that reinforce our vision of shaping a smarter, more sustainable future.

Our acquisition of alternative energy supplier AQS Group is a clear testament to our unwavering commitment to sustainability. This move cements our position as a key player in the energy sector, actively contributing to Malta’s green transition while empowering customers with cleaner, more efficient energy solutions.

Equally transformative is our entry into the technology retail space with the acquisition of Klikk Finance p.l.c. As digital lifestyles evolve, so do our customers’ needs, and this strategic move enhances our ability to provide cutting-edge digital hardware and seamless financial solutions, further strengthening our ecosystem of services.

2024 also marked a significant milestone for GO Ventures Ltd, with the first partial exit from its portfolio delivering an exceptional return. This success not only validates our investment strategy but sets the fund on a clear trajectory to generate substantial value—unlocking new opportunities for growth and innovation.

An Ode to Our People and Our Mission

Our achievements are a reflection of our talented and dedicated workforce. We remain committed to making GO a great place to work, fostering a culture of growth, inclusion, and innovation.

With over €154 million returned in dividends over the past six years, we continue to embody financial strength and a steadfast commitment to value creation. As we step into the next chapter, we do so with confidence, passion, and an unwavering vision to push boundaries and GO beyond telecoms.

Thank you for your trust and for being part of this extraordinary journey. May the next 50 years continue to connect people and business in Malta and beyond.

Signed by Nikhil Patil, Chief Executive Officer on 16 April 2025

Annual Financial Report and Consolidated Financial Statements - 31 December 2024

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Directors’ report

The Directors are pleased to present their report together with the financial statements of the Company for the year ended on 31 December 2024.

Principal activities

GO p.l.c. (‘GO’) is a publicly listed company on the Malta Stock Exchange and parent company of the GO Group (‘Group’). The Group has a controlling interest in BMIT Technologies p.l.c., Cablenet Communications Systems p.l.c., Connectedcare Limited, Sens Innovation Group Limited, Cybersift Holdings Limited, AQS Med Limited, Klikk Finance p.l.c. and GO IP Holdings Ltd.

GO is a leading integrated telecommunication services company and the first quad play provider in Malta, offering mobile, fixed line, high-speed broadband, and TV services to more than 500,000 customers. GO also provides unrivalled services to the Maltese business community, including cloud services, roaming services, data networking solutions, business IP services, and managed services.

Our Organisation

GO p.l.c.

GO is the parent company of the GO Group and a provider of integrated telecommunications services. It was the first operator in Malta to offer a quad-play package—mobile, fixed line, high-speed broadband, and TV—serving over 500,000 customers. GO also delivers a wide range of advanced solutions to the Maltese business sector, including cloud computing, roaming, data networking, business IP, and managed services.

GO’s growth and success were built on a focused strategy aimed at delivering a world-class service in terms of infrastructure and customer experience. Through substantial investment in fibre-powered infrastructure and international connectivity, an extensive network of retail outlets across the Maltese Islands, and dedicated customer call centre and B2B support, GO cemented its position as a provider of world-class communications services.

GO’s pioneering role in Malta’s communications industry is based on a tradition which dates back to 1975 when Telemalta Corporation, the country’s first national telecommunications entity, was established. This tradition was strengthened in 1997, when the then renamed Company, Maltacom, was privatised and its shares floated on the Malta Stock Exchange. Foreign investment in the Company followed in 2006, with Emirates International Telecommunications (Malta) Limited taking over from the government, subsequently taken over by TTML Limited, a wholly owned subsidiary of Tunisie Telecom, in 2016. TTML Limited currently holds a 65% shareholding in the Company with the remaining shares held by the general public.

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BMIT Technologies p.l.c.

BMIT Technologies p.l.c. (‘BMITT’) offers a range of data centre and hosting services, public, private and hybrid cloud services and managed I.T. services. These services can be offered at customer premises, hosted at BMITT’s data centres, or integrated with services offered by other services providers, thereby scaling the solutions from the desktop to the data centre and into the cloud.

Connectedcare Limited

Connectedcare Limited (‘Connectedcare’) offers electronic and mobile care solutions in order to enhance one’s lifestyle through independent living. Their services range from ‘safe at home’ devices to mobile remote monitoring, as well as solutions for Residential Care Homes and Domiciliary Care.

Cybersift Holdings Limited

Cybersift Holdings Limited (‘Cybersift’) is the parent company of Cybersift Limited. The latter provides cyber -security services to business clients. Its objective is to enhance cyber security by employing machine learning to equip organisations with advanced, self-learning tools for threat detection. It also facilitates the automation of alert investigation, reducing time and increasing cost efficiency for the client. Cybersift’s current customer base is distributed across Malta, Italy and the US.

AQS Med Limited

AQS Med Limited (‘AQS’) is a Malta based engineering company specialising in renewable energy solutions for residential and commercial properties. Through its subsidiaries, AQS Solar Capital Limited and Malta Solar Parks Limited, it finances large commercial PV projects. It also has stakes in three solar farms installed across the Maltese Islands.

Cablenet Communication Systems p.l.c.

Cablenet Communication Systems p.l.c. (‘Cablenet’) is a leading provider of telecommunications services in Cyprus, offering high-speed internet, fixed and mobile telephony, as well as TV services that are rich in sports and entertainment content. Cablenet’s flagship ‘Purple Max’ products are designed to offer domestic customers with exceptional value by providing unlimited mobile data allowances and reliable high-speed fixed internet and at affordable prices. Cablenet also offers a host of bespoke business connectivity services to SMEs as well as large business customers. The Company operates stores in Nicosia, Limassol, Larnaca, and Paphos.

SENS Innovation Group Limited

SENS Innovation Group Limited (‘SENS’) is an energy management company that leverages proprietary IoT-based technology to reduce energy consumption and associated costs for commercial buildings. The Company designs and builds customised solutions for clients that improve their business operations and efficiencies whilst also contributing to the environmental responsibilities that modern business governance and legislation demands. SENS serves large hotels and commercial clients in Malta, UK, mainland Europe and Dubai.

Klikk Finance p.l.c.

Klikk Finance p.l.c. (‘Klikk’) is the parent company of Klikk Limited which operates two consumer electronic outlets servicing both retail and corporate clients across the Maltese Islands.

GO Ventures Limited

GO Ventures Limited (‘GO Ventures’) is an investment vehicle dedicated to exploring and investing in tech start-ups to support the innovation, creativity, determination, and hard work of founders, and helping them develop further their ideas. The company delivers its mission statement of ‘Helping Great Ideas Grow’ by providing start-ups financial investment, mentoring and expertise, and access to an extensive network of national and international contacts that few other Maltese enterprises can offer.

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GO Infrastructure Services Limited

GO Infrastructure Services Limited (‘GOIS’) was incorporated to act as a vehicle for the transfer of the mobile tower business to BMITT.

GO IP Holdings Limited

GO IP Holdings Limited was established as a dedicated entity within the Group to strategically acquire, safeguard, and commercialise intellectual property assets, supporting long-term value creation and enhancing the Group’s innovation and competitive positioning.

Our business model

GO proudly celebrates a 50-year legacy of excellence in connecting Malta, its people, and businesses to what matters most. As the leading provider in the Maltese telecommunications market, GO has become a trusted and integral part of the community, playing a key role in the country’s economic growth. Committed to driving Malta’s digital transformation, GO remains at the forefront as one of the largest investors in the nation’s digital infrastructure.

The sections within the Directors’ report termed ‘Principal activities’, ‘Business review’, ‘Review of financial performance’ and ‘Our principal risks and uncertainties’ provide detailed information on the undertaking’s business model. The section Business review refers to the Chief Executive Officer’s review on pages 2 to 4 of the Annual Financial Report which highlights the business model and strategy in detail. In our view the required information on the undertaking’s business model has been included within the Annual Financial Report. The section of the Directors’ report termed ‘Our principal risks and uncertainties’, presented below, contains a detailed analysis of the principal risks linked to GO’s business model and operations which potentially impact areas like environmental, social and employee matters, respect for human rights, anti-corruption and bribery matters.

GO’s vision and commitment for the future is grounded on the following strategic pillars:

Take a lead role in delivering a true digital Malta where no one is left behind

As GO celebrates 50 years of connecting Malta, its people, and businesses, it remains committed to driving a digital Malta where no one is left behind. This purpose is shaped by the ongoing digital transformation that is redefining societies. It extends beyond providing products and services or deploying infrastructure—it is about making a meaningful impact on communities in Malta and beyond.

Digital technologies are revolutionising the way people work, rest, play, and interact. As a fundamental enabler of Malta’s present and future, digital connectivity is critical to the wellbeing of the nation and its people. For 50 years, GO has had the privilege and responsibility of delivering essential services that individuals, businesses, and the entire country rely on daily.

However, not everyone is benefiting equally from the digital revolution. Digital access and skills are key to thriving in today’s world, and GO is committed to ensuring that no one is left behind. In addition to its ongoing investments in network infrastructure and technology, GO is also investing in digital education and skill-building initiatives. By empowering people with the tools and knowledge to fully participate in the digital age, GO is helping Malta thrive, driving demand for its services, and creating greater opportunities for innovation.

Delivering the best customer experience, cutting-edge products and services and exceptional value to

customers

From the very beginning of Malta’s connectivity journey 50 years ago, GO has been at the forefront, evolving and innovating to meet the ever-changing needs of its customers. What started as the foundation of communication has grown into a powerhouse of cutting-edge technology, making GO a leader in the digital era. Built on decades of experience, strong financial and operational capabilities, and a relentless drive for progress, GO continues to shape the future of connectivity.

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Today, this commitment is reflected in GO’s investment in True Fibre (FTTH) technology, ensuring that every household has access to the fastest and most reliable internet available. FTTH is not just the technology of today—it’s the foundation of the future. It enables GO to offer innovative products, flexible bundling options, and ultra-fast, high-quality services. With coverage now extending to more than 92% of the island and reaching over 330,000 households, GO is nearing the completion of this significant project. As it does, the company enters a new era of connectivity, empowering even more homes and businesses with future-proof technology that guarantees long-term digital readiness.

Beyond local infrastructure, GO has also strengthened Malta’s international connectivity, becoming the only operator in the country with full in-house redundancy. More importantly, GO has made history as the first telecom provider to connect Malta directly to France and extend links to the Middle and Far East. This strategic expansion enhances resilience and unlocks new opportunities for global connectivity, further solidifying GO’s role as a pioneer in the industry.

Becoming a digital enterprise

Becoming a fully digital enterprise allows GO to deliver a seamless customer experience, optimize operations by eliminating non-value-adding costs, enhance price competitiveness, and continue investing in a digitally advanced Malta. Moreover, this transformation empowers GO to cultivate the most highly digitally skilled workforce on the islands. Significant investments in advanced systems ensure exceptional customer service and robust reporting structures, reinforcing GO’s commitment to innovation and operational excellence.

Minimising environmental impact

Digital enablement can play a key role in protecting the environment. The costs of pollution and the benefits of environmental sustainability are increasingly recognised worldwide. The Coronavirus pandemic has given us a glimpse of what future climate-related crises could look like – unpredictable swift, and global. Such crises pose enormous risks to businesses and companies across the globe must take action to safeguard societies and ultimately themselves from such crises. Making capital investments that minimise their carbon footprint is one way of doing this.

Business review

A review of the business of the Group during the year under review, events which took place since the end of the accounting period and an indication of likely future developments are given in the Chief Executive Officer’s review on pages 2 to 4.

Review of financial performance

Building on the strong foundation established in previous years, the Group maintained its positive momentum in 2024 despite facing ongoing challenges. These included competitive market pressures, persistent inflation, rising employment costs, and increased finance expenses. Through a clear strategic vision and a commitment to adaptability, the Group successfully navigated these hurdles, sustaining the growth and profitability achieved in prior years while reinforcing its position for long-term success.

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GO’s total revenue remained stable at €139.6 million compared to €139.4 million in the previous year. However, when excluding one-off revenues, primarily intercompany sale of mobile devices in 2023, GO achieved a significant improvement, with normalized revenue increasing by €2.7 million. This growth was driven by strong performance in our core business, where our strategic focus on the mobile postpaid market led to a 6.0% increase in postpaid subscribers as a share of total subscribers. Notably, growth was not limited to the mobile segment, our fixed services also saw positive momentum, with broadband subscribers increasing by 2.5% and TV subscribers rising by 5.3%. These results reflect the increasing demand for high-speed internet, premium and local TV content, and long-term service commitments. At the same time, traditional legacy services continued their expected decline, in line with industry trends favouring digital communication solutions. GO’s ability to achieve growth in its core services, despite market saturation, reinforces its strong market position and unwavering commitment to delivering innovative, high-value connectivity solutions.

In 2024, total costs increased by €3.9 million compared to the previous year, driven largely by strategic investments in workforce retention and operational restructuring. The main contributors to this increase were higher lease costs of €2.7 million, following last year’s tower transaction with BMITT, and a €3.9 million increase in employee costs, driven by cost-of-living adjustments (COLA) and competitive salary pressures to attract and retain top talent, voluntary retirement costs increased and a reduction in labour cost capitalisation. These increases were partially offset by lower cost of goods sold, and cost savings driven by operational efficiencies across the organisation. The cost structure reflects a proactive approach to workforce investment and strategic realignment, reinforcing long-term sustainability and efficiency.

As a result of these cost movements, Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) declined to €55.4 million, compared to €60.3 million in 2023. After accounting for depreciation and amortization charges of €31.8 million (€31.5 million in 2023), Operating Profit totalled €23.6 million, down from €28.9 million in the previous year.

In 2024, GO implemented a strategic reorganisation of its intellectual property (IP) assets through their transfer to a wholly owned subsidiary, GO IP Holdings Ltd, at a valuation of €158.6 million. The transaction resulted in a one-time gain on disposal of intellectual property of €154.9 million at the GO level. GO subsequently entered into a licensing agreement with GO IP Holdings Ltd, incurring €0.8 million in licensing fees and generating €0.4 million in interest income from the unpaid consideration which was converted into a loan. The restructuring aims to protect the Group’s valuable IP by isolating it from operational risks, enhance the management and commercialisation of these assets, and simplify their valuation for financing or partnership opportunities. By establishing a dedicated entity for IP management, the Group reduces administrative complexity, strengthens its resilience, and positions itself to better capitalise on future growth and IP-driven revenue opportunities.

The Company registered a profit before tax for the year of €178.9 million (2023: €57.2 million).

BMITT delivered a strong performance in 2024, achieving record revenue and EBITDA growth. The year marked the first full consolidation of its two key segments: its core business in data centre, cloud, cyber resilience, and managed services, and its new digital infrastructure segment, following the acquisition of a network of mobile towers in late 2023 from GO. Revenue increased by 17.2% to €33.6 million, with cloud services driving the majority of this growth, while EBITDA rose by 26.7% to €12.7 million. The expansion of cloud services resulted in higher direct costs and lower margins due to its subscription-based model. Meanwhile, finance costs increased to €1.8 million, reflecting a full year of interest on loans for the tower acquisition. Despite these cost pressures, profit before tax reached €7.2 million (€7.7 million in 2023), and profit after tax stood at €4.2 million (€4.7 million in 2023).

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In 2024, Cablenet achieved key milestones in its growth strategy, particularly in the mobile segment, where its subscriber base grew by 11% to approximately 157,000, driving a 19% increase in mobile service revenue to €20 million. Despite a strategic reduction in mobile handset sales, which led to a 3% decline in total revenue to €72.1 million, the company successfully grew its core telecommunications services revenue by €2.6 million. Investments in network expansion and 5G migration further strengthened its market position. A focus on high-margin services and operational efficiencies led to an increase in gross profit to €27.8 million (2023: €26.7 million) and a significant rise in operating profit to €3.6 million (2023: €1.7 million).

In 2024, GO further expanded its business portfolio through the strategic acquisition of two subsidiaries, AQS Med Limited and Klikk Finance p.l.c., reinforcing its commitment to growth and diversification. The acquisition of AQS Med was completed in June, enhancing the Group’s service offering and contributing €2 million in revenue and €0.3 million in EBITDA to the consolidated results. In November 2024, GO acquired Klikk Finance p.l.c., which, despite being integrated for less than two months, contributed to the consolidated results of the Group, a notable €2.0 million in revenue and €0.2 million in EBITDA. These acquisitions reflect GO’s ongoing efforts to strengthen its market position, unlock new revenue streams, and drive long-term value for stakeholders.

The Group’s other subsidiaries—Connectedcare, Cybersift, and SENS—continued to expand, achieving notable revenue growth in 2024. Connectedcare delivered a particularly strong performance, with revenue increasing by 16% and EBITDA growing by 67%, reflecting the successful execution of its growth strategy. Meanwhile, both Cybersift and SENS experienced robust revenue growth; however, their profitability was impacted by challenging market conditions, which exerted pressure on margins. Despite these headwinds, the Group remains committed to supporting these subsidiaries in strengthening their market positions and enhancing operational efficiencies to drive long-term sustainable growth.

The strong financial performance achieved at GO Company level and the subsidiaries have propelled the Group to once again register its highest-ever revenue of €244.9 million, an increase of a €9.0 million or 3.8% compared to 2023. Consolidated cost of sales and operating expenses amounted to €213 million (2023: €203 million) and included depreciation and amortisation charges of €55.3 million (2023: €53.5 million).

Consolidated EBITDA rose to €90.6 million (2023: €88.4 million), while Operating Profit reached €35.2 million (2023: €34.9 million). Higher net borrowings and right-of-use liabilities led to an increase in consolidated finance costs, which rose to €8.9 million (2023: €8.5 million). Despite this, the Group achieved a Profit for the year of €15.6 million (2023: €15.5 million), resulting in an earnings per share of €0.143 (2023: €0.142).

Consolidated net cash generated from operations amounted to €76.0 million, a decrease of €9.2 million or 11% over 2023, mainly arising from negative movements in working capital.

The Group continued to invest on various fronts to provide customers with cutting-edge products and services and stay ahead of the ever-changing technological developments. Significant investments continued to be deployed towards the expansion of fibre networks in Malta and Cyprus, upgrading of GO’s mobile sites to 5G, and international capacity at Cablenet in the form of a long-term IRU agreement on the Arsinoe submarine cable. Total payments for the acquisition of property, plant, equipment, and intangible assets amounted to €64.8 million, (2023: €61.3 million), of which €34.7 million (2023: €38.9 million) attributable to GO, €18.6 million (2023: €21 million) attributable to Cablenet, and €2.3 million (2023: €1.2 million) attributable to BMITT. Payments for acquisition of financial investments net of disinvestments in subsidiaries, associates and other investments amounted to €1.9 million (2023: €0.9 million).

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On a consolidated basis, net cash generated in financing activities in 2024 amounted to €50.2 million (2023: (€43.3 million)), consisting of loan drawdowns of €8.0 million (2023: €53.0 million), debt service payments (principal and interest) related to bank loans and lease obligations of €31.9 million (2023: €20.4 million) and dividends payments amounting to €27.7 million (2023: €18.7 million).

Consolidated net cash and cash equivalents as at end of year amounted to €4.6 million, a decrease of €39.1 million compared to year end 2023.

Review of financial position

Group total assets stand at €430.6 million (2023: €458.1 million), a decrease of €27.5 million over the prior year. Non-current assets amounted to €358.4 million (2023: €338.4 million), a net increase of €20.0 million. Current assets amounted to €72.2 million (2023: €119.6 million) and are mainly represented by trade and other receivables of €45.7 million (2023: €60.0 million), inventories of €10.8 million (2023: €10.4 million), and cash equivalents of €14.8 million (2023: €49.2 million).

Group total liabilities amounted to €344.4 million (2023: €358.6 million), a net decrease of €14.2 million mainly attributable to decreases in trade and other payables of €15.3 million.

The Group continues to maintain a healthy financial position with shareholders’ funds as at year-end amounting to €86.2 million (2023: €99.4 million), a decrease of €12.6 million compared to the prior year. The Group’s net asset value per share stands at €0.85 (2023: €0.98), whilst the Group’s Net Debt to Total Capital ratio stands at 70% (2023: 63%).

A strong and sustained operational performance and appropriate funding arrangements will allow the Group to continue to fund its investments in technology, honour its obligations with its lenders and pursue new investment initiatives aimed at increasing shareholder value.

The Directors recommend that at the forthcoming Annual General Meeting, the shareholders approve the payment of a net final dividend of €0.08 per share (after taxation).

Review of financial performance and comparison to 2024 projections as included in the Financial Analysis Summary

GO delivered another strong set of results for the year ended 31 December 2024, outperforming the projections published in the Financial Analysis Summary dated 14 May 2024 (‘2024 FAS’). The Company continued to capitalise on Malta’s robust economic growth, increased population demand for connectivity, and a buoyant tourism sector, which once again contributed positively to GO’s wholesale operations.

Revenue reached €139.6 million exceeding the forecast in the 2024 FAS by €5.7 million (4.1%). This positive variance was primarily driven by higher consumer revenue from fixed and mobile services, an uplift in roaming and wholesale traffic, and sustained demand for mobile handsets and connectivity solutions.

Direct costs totalled €86.1 million, exceeding projections by €2.5 million (3.0%), primarily driven by higher volumes in hardware and wholesale sales, along with €0.8 million in Intellectual Property licence fees. Despite this, GO delivered a gross profit of €53.5 million, surpassing the forecast by €3.1 million (6.2%).

Administrative and related expenses remained well managed at €32.6 million, in line with forecast underscoring the Company’s ongoing cost discipline. Other income stood at €2.7 million, slightly ahead of projections.

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Directors’ report - continued

These operating results translated into a strong EBITDA of €55.4 million, exceeding the 2024 FAS projection by €1.5 million (2.9%), driven by topline growth and operating leverage.

Profit before tax reached €178.9 million, reflecting a significant uplift primarily driven by an exceptional gain from the sale of intellectual property comprising trademarks, brand names, software, and other intangible assets to GO IP Holdings Limited, a newly established subsidiary tasked with the strategic acquisition, management, and commercialisation of the Group’s intellectual property assets.

Even when excluding the impact of this one-off transaction, the Group’s normalised profit before tax still exceeded the FAS projection by €3.6 million (17.8%), underscoring the strength and resilience of GO’s underlying operations and its ability to consistently outperform expectations.

Our principles risks and uncertainties

Security and resilience

The Group’s commercial success is dependent upon the resilience of the various networks, IT systems, exchanges, and data centres. Our networks, systems and infrastructure face a variety of hazards that could cause significant interruptions to the delivery of our services. If the Group experiences any significant failure of its systems, the impact could be considerable and include significant financial loss besides reputational damage that could jeopardise future revenue. The Group identifies and mitigates risks through structured risk management processes. Risk mitigation includes significantly investing in the security and resiliency of its key networks and infrastructure wherever this is possible and feasible. The increasing risk of cyber threats is also continuously analysed and appropriate cyber security controls and capabilities are updated as necessary to protect the Group and its information, people, and services against attacks to confidentiality, integrity and availability. Information Security and Data governance committees are established, and they provide the required guidance and direction to ensure risk management and security initiatives are in line with Group business objectives. The Group adopts a robust industry standard control framework that focuses on prevention supported by tried-and-tested recovery capabilities.

Customer data processing

The Group processes personal data of its significant client base on a daily basis. The Group recognises the importance of adhering to data privacy laws and wants its customers to feel confident that the Group acts properly and protects the data they share with it. Failure to abide by all relevant data protection and privacy laws could result in reputational damage for the Group as well as regulatory action and fines. The Group manages this risk by having in place a robust governance and monitoring framework. This framework defines roles and responsibilities of employees who have access to personal data, provides training and awareness to these employees and includes monitoring, reporting and audit to ensure compliance with various policies and procedures aimed to protect customer data and privacy.

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Directors’ report - continued

Ability to grow

The Group operates in two highly developed and well-penetrated markets characterised by extensive competition, pressure on pricing, technology substitution and product convergence. The Group strives to maintain its ability to grow revenues in spite of this adverse environment as failure to do so will impact profitability and the Group’s ability to maintain its investment programme. The Group mitigates this risk by identifying opportunity to diversify its product portfolio and invest in new markets. The Group also pursues innovative product bundling and extends to its customer new technologies soon after these become available whilst working hard to become a leaner organisation.

i-gaming industry

The i-gaming industry has grown to become one of Malta’s main economic pillars. GO is a major supplier of technology and services to operators working out of Malta and any negative impact on the ability of the industry to retain its significant presence in Malta will impact the Group’s profitability. Aware of this risk the Group is augmenting its range of co-location services to include a holistic ICT experience targeted at the Group’s large business client base, thereby reducing the Group’s reliance on the i-gaming industry.

Communications industry regulation

The Malta Communications Authority can request GO to provide specific wholesale services on specified terms following market reviews. These terms and regulations can include control over prices, both at the wholesale as well as the retail level besides other conditions. Furthermore, GO is also bound by regulation that from time to time come into force across the European Union. Regulatory requirements and constraints can impact revenues and GO’s ability to compete effectively with the resultant impact on profitability and cash generation. GO manages this risk by maintaining ongoing dialogue with regulators through a team of regulatory specialists who, with the help of various advisors, continuously monitor and review regulatory changes and how these may impact the Group.

Financial risk management

The Group’s activities potentially expose it to a variety of financial risks: market risk (including foreign exchange risk, cash flow and fair value interest rate risk), credit risk, and liquidity risk. The Group’s overall risk management, covering risk exposures for all subsidiaries, focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the respective company’s financial performance. The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management framework. Accordingly, the Company’s Board of Directors provides principles for overall Group risk management, as well as risk management policies covering risks referred to above and specific areas such as investment of excess liquidity. A detailed review of the risk management policies employed by the Group is included in Note 2 to the financial statements.

Environmental risk management

The Group's telecommunications and data centre operations have significant sustainability and environmental impacts, including energy consumption, dependence on non-renewable energy sources, eco taxes, regulatory compliance challenges, and reputational risks stemming from unsustainable practices. To mitigate these risks, the Group prioritises environmental considerations as a core pillar, ensuring that all investments are made through this lens.

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Non-financial statement in terms of the requirements of the Sixth Schedule to the Companies Act (Cap. 386)

Driving a Digital Malta where no one is left behind

Our Vision

For over 50 years, GO has been at the heart of Malta’s social, economic, and digital transformation. From the early days of telecommunications to today’s smart, connected world, we’ve played a central role in shaping how Malta lives, works, and thrives. As Malta’s leading communications provider, our journey has been one of bold innovation, unwavering investment, and a relentless commitment to progress—for our customers, for our people, and for the nation.

Our purpose remains clear and unwavering: to drive a Digital Malta where no one is left behind. In 2024, this vision gained even greater momentum. We’re not just building infrastructure—we’re building possibilities. We’re not just connecting people—we’re creating futures.

With a powerful mix of technical expertise, strategic investments, and a passionate team, GO continues to lead from the front. From nationwide True Fibre rollouts and 5G advancements to the expansion of our international infrastructure and continued growth through Cablenet in Cyprus and other subsidiaries, we’re laying the foundation for Malta’s digital future.

Yet, as technology continues to evolve at unprecedented speed, the challenges also grow. Global disruptions, rapidly changing consumer expectations, and the widening digital divide demand a new kind of company—one that is bold, agile, and purpose-driven. GO is rising to meet that call.

We are proud to be at the very core of Malta’s digital heartbeat—powering businesses, enriching lives, and ensuring that every individual, regardless of background, has a place in the digital world.

We believe that true progress means everyone moves forward together.

Risks and Opportunities

With great opportunity comes great responsibility. At GO, we recognise that failing to deliver on our purpose is not just a missed opportunity—it’s a setback for the entire nation. Digital exclusion is not an abstract concept; it’s a tangible barrier to education, opportunity, and prosperity.

We also understand the risk of losing credibility if our purpose becomes just words on a page. That’s why our commitment to living our values—every day, in every interaction—is more important than ever. The alignment between our people and our purpose is our superpower.

And when companies lead with purpose, customers respond. People want to support brands that make a real difference. We’ve seen this firsthand—purpose drives engagement, and engagement drives performance.

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Strategy and commitments

To make our vision a reality, we’ve grounded our strategy in three core values that define who we are and how we operate:

1.Obsessing about Customers: We exist to make life better for our customers—every hour, every day. Whether it’s connectivity, content, or care, we never rest until we deliver excellence. Our teams are empowered to solve, support, and serve—quickly, compassionately, and consistently.

2.Act Like Owners: Every person at GO takes personal responsibility for our shared success. We’re proactive, accountable, and always seeking smarter, better ways to move forward. Mistakes are lessons, and progress is our mindset.

3.One GO Team: Collaboration is our catalyst. We believe the best customer experience is built by a unified, connected team - across functions, across borders, and across all the communities we serve.

These values are more than slogans—they’re hardwired into our KPIs, our strategy, and our everyday operations.

Purpose in Action: 2024 Highlights

Over four years ago, GO began a journey to bring its purpose and culture to life. To help lead the way, we appointed Purpose Champions from across the organisation—people who believe deeply in what we stand for.

Their mission has grown since then. Today, they listen, observe, and help uncover what might be holding us back from truly living our purpose and values. More than that, they actively support teams in finding solutions and inspire others by leading through example.

They’re helping shape what it really means to be a purpose-driven organisation—and how each part of GO can bring that to life every day. This journey is ongoing.

Investing in a digital Malta where no one is left behind

-True Fibre Expansion: Over 68,000 new homes were passed with True Fibre in 2024. Today we have surpassed the 96% nationwide coverage putting us well on track for nationwide coverage by end of year.

-5G Network Rollout: Accelerated deployment and enhanced spectrum use, delivering faster speeds and lower latency mobile services across fibre powered, AI supported network.

-Robust Infrastructure: Strategic investment in submarine cable and local infrastructure for seamless international connectivity.

-Digital Inclusion Initiatives: We continued our sponsorship of Mase in Space, Malta’s first digital, autism-friendly children’s book and supported the organisation of a multisensory experience for children on the spectrum and expanded ‘Your Device Your Right’ initiative, supporting underprivileged families with devices, connectivity, and digital tools. We also supported a number of youth outreach programmes.

-Cybersecurity Investment: Strengthened digital trust with investment in Cybersift Holdings Ltd, providing cutting-edge cyber protection for businesses.

-Expansion of digital reach: The acquisition of Klikk, a local digital and electronics store will allow us to serve our customers digital needs even better.

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Providing the best customer experience

-Empowered Frontline Teams: Faster resolutions and first-contact service without escalation.

-Internet Continuity Promise: Our Plug & Go product continues to deliver on our 24-hour connection pledge.

-GO App Evolution: eSIM support, bill management, security toggles—all in one convenient digital hub.

-Local Content, Global Quality: TOKIS now offers over 10,000 hrs of exclusive Maltese content of which 500 hrs are GO original content, reaching over 200,000 views daily, making it the third most viewed channel on the island.

-Business Tech Migration: The removal of ISDN is almost complete with less than 1% of the base now remaining and that it will be completed by end of Q2 2025.

Building a digital enterprise

-Billing System Overhaul: Fully modernised for speed, flexibility, and better customer experience.

-Self-Service First: Over 60% of customer interactions now handled online through smart, intuitive channels.

-Process Digitisation: Enhanced automation and agility following considerable upgrades to all our digital systems.

Minimising our environmental impact

GO has remained committed to undertake every effort to reduce its environmental footprint whilst also helping its customers become more environmentally conscious. A dedicated section on our efforts to minimise our environmental impact is available on pages 17 to 20.

Living our values whilst creating a great place to work and grow

-Purpose Champions: Active throughout the business to break down barriers and drive values-based transformation.

-Recognition & Reward: New programmes rolled out to celebrate purpose-driven performance.

-Community Impact: €200,000 in donations, sponsorships, and in-kind services to causes aligned with our purpose.

-Highest-Ever Engagement: Our employee satisfaction score hit 79.7%—a reflection of a healthy, empowering culture.

-Work-Life Balance: Continued adoption of our hybrid work model to support flexibility and wellbeing.

-Learning Culture: Individual training budgets empower each team member to grow on their own terms.

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Looking Ahead

GO’s journey is far from over. As Malta becomes smarter, more connected, and more digital, our mission grows in importance. We are not just investing in technology—we are investing in people, in possibilities, and in a future where everyone can thrive.

At GO, we believe the digital world belongs to all of us. And we’re here to make that belief a reality.

GO Green

Our vision

In line with the European Green deal, digital enablement can play a key role in protecting the environment. In the current context of geopolitical instability and rising global challenges, the transformation of how companies do business is essential in safeguarding the prosperity and wellbeing of our society. Environmental sustainability needs to be at the top of everyone’s agenda.

In 2024 GO continued to work on its submission to get its commitments approved by the Science Based Targets initiative. This necessitated the compilation of the emissions’ computation at each subsidiary within the Group. Focus was on 2021, which is GO’s base year. GO’s Science Based Targets were approved in January 2024 by the Science Based Targets initiative. The latter is a collaboration between the CDP, the United Nations Global Compact, World Resources Institute and the Worldwide Fund for Nature.

The approved targets covering greenhouse gas emissions from GO’s operations (scopes 1 and 2) are consistent with reductions required to keep warming to 1.5 degrees Celsius, the most ambitious goal of the Paris Agreement. GO’s target for the emissions from its value chain (scope 3) also meet the Science Based Targets initiative’s criteria for ambitious value chain goals, meaning they are in line with current best practice:

-GO has committed to reach net-zero greenhouse gas emissions across the value chain by 2050.

-GO p.l.c. committed to reduce absolute scope 1 and 2 GHG emissions by 42% by 2030 from a 2021 base year. GO p.l.c. is committed to reduce absolute scope 3 GHG emissions from purchased goods and services, capital goods and downstream leased assets by 42% within the same timeframe.

-Furthermore, GO is committed to reduce absolute scope 1 and 2 GHG emissions by 90% by 2050 from a 2021 base year. GO p.l.c. has also committed to reduce absolute scope 3 GHG emissions by 90% within the same timeframe.

By committing and working towards these targets, GO p.l.c. is driving ambitious corporate climate action.

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The GO Green Strategy is based on three pillars, namely reduce, replace and transform. GO has implemented a GHG emission reduction strategy centred around the principles of reduce, replace, and transform.

-Under the ‘reduce’ component, it is committed to completing the full deployment of true fibre and switching off copper upon the completion of the true fibre roll-out, minimising paper usage through digital alternatives, adopting best practices to diminish electricity consumption in its offices, and streamlining its property footprint by minimising property exchanges.

-Under the ‘Replace’ initiative, the company has started transitioning to an electric fleet, with 14 additional electric vehicles introduced this year. It has also relocated to its new sustainable head office, where the recently activated solar plant will significantly reduce reliance on non-renewable energy sources. The development of the new head office represents a major investment of €20 million, aimed at reducing the company’s carbon footprint. The site also features a reservoir to enable the use of grey water, as well as an advanced energy management system provided by GO’s subsidiary, SENS.

-In the realm of ‘Transform’, GO is committed to expanding its renewable energy generation, investing in green technologies, and actively supporting its clients in reducing their carbon emissions. This year, GO strengthened its capabilities in this area through the acquisition of AQS Med Limited (‘AQS’), a Malta-based engineering company specialising in renewable energy solutions for both residential and commercial properties. Through its subsidiaries, AQS Solar Capital Limited and Malta Solar Parks Limited, AQS finances large-scale commercial PV projects and holds stakes in three solar farms across the Maltese Islands. In addition, GO continues to provide energy-efficient Customer Premises Equipment (CPE) and leverages the cutting-edge technology of its subsidiary, SENS Innovation Group Limited.

The outlined strategy will help GO achieve its targets however it is expected that there are uncertainties since GO’s carbon footprint is not entirely within its control. One significant factor is the possibility to procure cleaner energy, a factor currently contingent upon Malta’s sole electricity provider. Additionally, it relies on the Group’s suppliers’ initiatives to reduce emissions.

A GO Green page has been created on GO’s website to raise awareness and inform the community at large on what GO is doing to enhance its green credentials. This is being done through blogs, interviews as well as snippets.

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Company

GO Green progress*

2024

2023

Consumption

Energy Consumption (KWH)

18,482,974

18,062,544

Renewable Energy generated (KWH)

178,299

155,086

Water Consumption (ML)

3,915

4,787

Circular Emissions

Waste Generated (t)

193

181

Non-hazardous waste (t)

Hazardous waste (t)

Recycled waste (t)

115

112

Equipment refurbished to be reused

26,613

56,732

Group

Emission calculation

2024*

2023**

Emissions

Scope 1 GHG emissions

877

1,326

Scope 2 GHG emissions

15,357

14,504

Scope 3 GHG emissions

41,599

34,812

Company

Emission calculation

2024

2023

Emissions

Scope 1 GHG emissions

465

1,326

Scope 2 GHG emissions

11,372

14,504

Scope 3 GHG emissions

21,402

37,955

*For the emission calculation the two new acquisitions Klikk and AQS, the full year was considered.

** These do not include the emissions of the new acquisitions Klikk and AQS.

In 2024, the Group’s total emissions did not show a decline compared to the previous year, primarily due to the inclusion of emissions from newly acquired subsidiaries AQS and Klikk, which were not accounted for