Shoreline Mall posted a loss of €1.3 million in the year to 30th June 2026, its latest accounts show, with operating cash falling short of the interest owed to bondholders and investors now waiting until 2028 to recover their €14 million.

The accounts, approved a few days ago, point to continued reliance on group financing, scant unrestricted cash and a heavier interest burden after the bond was extended. Rental income rose, but Shoreline generated €1.28 million in operating cash before bond interest, against €1.73 million in bond interest paid. That left a shortfall of around €452,000 before any capital spending. Related-party financing provided €1.32 million during the year.

The balance sheet lists €1.16 million in cash and cash equivalents, yet €1.02 million of that was restricted at the Maltese courts under a garnishee order. Only €135,404 remained unrestricted.

The figures follow reporting in July on investors’ agreement to push the bond redemption back from August 2026 to August 2028, against conflicting accounts from Shoreline and contractor Koray Global Malta over the company’s financing difficulties. The extension lifted the coupon from 4% to 6.5%, adding €350,000 to the annual bond interest and taking it to €2 million while both issues remain outstanding.

Trading did improve. Rental income rose 15% to €3.4 million and operating profit climbed from €56,453 to €478,016. The pre-tax loss narrowed to €1.2 million. The after-tax loss, however, widened from €1 million to €1.3 million, with the comparison skewed by a large tax credit booked in 2025.

The accounts also disclose a €51 million arbitration claim by Koray and a related €43 million garnishee order covering Shoreline Mall and other group companies. The court rejected Shoreline’s bid to swap the order for property security. The auditors issued an unmodified opinion, flagging litigation, going concern and property valuation as key audit matters.