IBL reports 13.2% revenue growth as it enters a new phase of regional integration

28/09/2026

IBL Group reported its financial results for the year ended 30 June 2026. Revenue rose by 13.2% to Rs 124.3 billion, while operating profit increased by 13.7% to Rs 8.3 billion. All four clusters contributed to this growth.

EBITDA rose by 13.9% to Rs 14.5 billion. Underlying profit after tax from continuing operations increased by 65.4% to Rs 4.3 billion. This measure excludes other gains and losses, as well as foreign exchange movements. Profit from continuing operations rose by 15.0% to Rs 3.5 billion.

Profit for the year was Rs 4.1 billion, compared with Rs 5.0 billion last year. This was mainly due to the lower contribution from discontinued operations, which fell from around Rs 1.9 billion in 2025 to Rs 585 million in 2026. Performance was also affected by mainly non-cash losses from impairments and the remeasurement of certain obligations.

Ten years after the merger of Ireland Blyth and GML Ltd, IBL has transformed significantly. Over that period, IBL’s revenue has quadrupled from Rs 31 billion to Rs 124.3 billion, while its EBITDA is now 3.7 times higher, rising from Rs 3.9 billion to Rs 14.5 billion. The share generated outside Mauritius has increased from 12% to 51% and the Group’s Balance Sheet has also grown by 3.0 time, from Rs 51.1 billion to Rs 151.1 billion.

Since 2021, IBL Group has also invested more than USD 380 million in new strategic businesses outside Mauritius. Following this period of expansion, IBL is now shifting its focus to bringing its regional businesses closer together, growing its existing operations, improving operating margins and returns on capital, in a particularly volatile macroeconomic environment.

These results show the strength of IBL and our ability to grow across very different and volatile markets. Through our Beyond Borders strategy, we have built a broad mix of businesses that people rely on in their daily lives, alongside a strong regional presence. Our priority now is to bring these businesses closer together, strengthen their performance and create lasting value for our customers, our people, our partners, our shareholders and the communities we serve in every market where we operate,” said Arnaud Lagesse, Group CEO of IBL.

“All four of our clusters delivered growth this year. The next step is to build stronger links between our businesses across countries, help them share skills and experience, and find more ways for them to work together. This closer integration will help us turn our regional presence into lasting operating performance,” said Patrice Robert, Deputy Group CEO of IBL.

“Operating profit increased by 13.7%, while underlying profit from continuing operations, excluding other gains and losses as well as foreign exchange gains and losses, rose by 65.4%. We also reduced net debt, bringing our net debt-to-EBITDA ratio down from 3.8x to 2.9x. We will remain disciplined about our investment decisions while continuing to improve performance across the Group,” added Cédrik Le Juge, Group CFO of IBL.

More integrated regional platforms

Retail grew across its three main markets. In Kenya, Naivas recorded strong growth, driven by its existing stores and new openings. In Mauritius, Winners opened new stores at Manhattan, Orchard and Windsor, reopened Garden Tower, and refurbished its Pereybère and Cascavelle stores. In Réunion, Run Market continued its recovery and its work to improve efficiency. After the end of the financial year, the French competition authorities approved the planned merger with Caillé Grande Distribution. As such, Run Market has been deconsolidated and included as held for sale for FY 2026, and will be accounted for as an associate post-closing of the merger.
Consumer Brands & Distribution also made progress. Phoenix Beverages increased its revenue in Mauritius, while Seybrew contributed positively to the Group’s results in Seychelles. In Réunion, temporary production disruptions and setup costs ahead of the start of Coca-Cola bottling and distribution, which are due to begin on 1 October 2026, affected results. BrandActiv, Harley’s and HealthActiv also continued to grow their businesses and portfolios.
Several businesses within the Industrials cluster improved during the year. CNOI saw strong activity in shipbuilding and ship repair, while Manser Saxon increased its profitability through better project delivery. UBP faced softer market conditions in Mauritius, partly offset by a stronger contribution from Réunion. Seafood grew, supported by Marine Biotechnology Products. Within Agri & Energy, Miwa performed well, while Alteo reported profit after tax of Rs 910 million, up 28%. IBL Energy also moved the Seabrew Solar Farm project forward.
The Services cluster delivered growth across hospitality, property and financial services. Lux Island Resorts and The Lux Collective improved their performance, Bloomage continued to grow, and BlueLife moved forward with its property developments. Eagle Insurance, Confido, City Brokers and DTOS also increased their revenue or profit. Life Together continued to expand its private healthcare activities. Aviation recovered during the year, while Logidis, Somatrans and the Shipping businesses faced tougher conditions.

Against a backdrop of slowing consumer spending in Mauritius, rising energy and freight costs driven by international tensions, and persistent recruitment challenges, this year’s results demonstrate IBL’s resilience. The Group’s presence across several sectors and markets has helped absorb these pressures. In 2027, IBL will continue to integrate its regional platforms, grow its existing businesses and improve returns on capital.