IBL Group has published its consolidated financial results for the half year ending 31 December 2025. Revenue rose by 13% to Rs 68.4 billion, while operating profit increased by 41% to Rs 4.8 billion. All four of the Group’s clusters contributed to this performance. Despite a higher tax burden in Mauritius, IBL actively strengthened the operational efficiency of its companies and improved its financial expenses.
This operational and financial discipline enabled net profit after tax to grow by 32%, reaching Rs 2.9 billion.
“These results reflect the strength of our business model and the continued progress of our Beyond Borders strategy, now focused on enhancing synergies across our activities, optimising the performance of recent acquisitions, and consolidating our leadership position in various markets. While remaining firmly anchored in Mauritius, we are steadily strengthening our regional footprint across East Africa and the Indian Ocean, combining international standards with the expertise of our local teams in each market. This ‘local, internationally’ approach allows us to shape value for our clients, employees, and partners,” says Arnaud Lagesse, Group CEO of IBL.
The Group’s operational resilience is demonstrated by strong EBITDA growth, which rose by 27% to MUR 7.7 billion. This efficient business monitoring, coupled with sound financial planning, enabled a reduction in net debt and financing costs, improving the net debt–to–EBITDA ratio from 3.8x in June 2025 to 3.0x in December 2025.
“Efficient management of our investment portfolio has generated attractive divestment proceeds and reduced the Group’s net debt. Combined with strong operational performance across our key sectors, this strategy strengthens the Group’s financial resilience and enables us to continue supporting the growth of our businesses in an uncertain economic environment,” comments Cédrik Le Juge, Group CFO of IBL.
The Retail cluster continues its growth across all markets. In East Africa, Naivas achieved sustained growth, driven by volume increases, improved margins, and ongoing expansion of its store network. In Mauritius, Winners posted revenue growth supported by the reopening of Garden Tower, the continued strong performance of Winners Tribeca, and the opening of three new stores – Manhattan, Windsor, Orchard. In Réunion, Run Market continues to improve its performance and maintains positive EBITDA. Discussions initiated in January 2026 on a strategic alliance between Run Market and Caillé Grande Distribution are aimed at consolidating operations and creating value in a highly competitive market.
The Consumer Brands & Distribution cluster delivered a solid performance. PhoenixBev recorded revenue growth in Mauritius, with profitability influenced by investments linked to the acquisition of Seybrew, which also contributed positively to the Group’s overall results. BrandActiv maintained strong momentum in distributing fast-moving consumer goods despite competitive and inflationary pressures. In the healthcare distribution segment, Harley’s continued its development supported by continued investments, while HealthActiv’s performance was affected by currency fluctuations and price controls.
The Industrials cluster showed varied performance across its segments. Building & Engineering activities experienced moderate volumes in Mauritius and higher financing costs, which were partially offset by improved margins in the region. Industrial and technical services, which include CNOI, Manser Saxon, and CMH, contributed positively, supported by continued operational discipline. The Seafood segment recorded revenue growth, while the Energy business reached a key milestone with the launch of projects under the Carbon Neutral Investment Scheme in Mauritius.
The Services cluster remained a major contributor to the Group performance. In the hospitality sector, LUX* achieved stronger results, mainly due to higher occupancy rates, and The Lux Collective delivered a solid performance supported by activities in Mauritius and the Maldives. In the real estate sector, Bloomage improved profitability through higher rental income from new units and better occupancy rates, while BlueLife saw profits increase in the Property segment with partial completion of ongoing projects and the launch of Amara Golf Villas Phase 2 and Solis. During the quarter, Bloomage Ltd also announced its intention to acquire BlueLife, aiming to create a stronger and more diversified real estate division within IBL. In financial services, City Brokers saw improved profitability, driven by higher premiums and new client onboarding, while DTOS recorded revenue growth. Eagle Insurance achieved higher profitability, mainly due to the better performance of Motor and Health segments, along with increased investment income. In Health Services, Life Together continued its expansion in Mauritius, notably following last year’s acquisition of a majority stake in Nouvelle Clinique Bon Pasteur. In the logistics sector, the Aviation segment showed notable improvement, whereas Logidis, Somatrans, and Shipping operations were impacted by rising operational costs.
Aligned with its Beyond Borders strategy, IBL continues its growth trajectory but remains vigilant amid macroeconomic volatility. The diversity of its business divisions and geographic presence provides a resilient foundation to navigate risks, seize emerging opportunities, and continue creating sustainable value for all stakeholders.
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