Taking a closer look, the Retail cluster maintained its growth momentum. Naivas reinforced its leadership position in Kenya by continuing to expand its store network. Run Market achieved double-digit growth and is now generating positive EBITDA, marking an important milestone in its turnaround journey, while Winners also contributed positively despite ongoing cost pressures. It is worth noting that even with lower profit margins, our Retail cluster remains efficient in generating high returns on capital, given its attractive balance sheet structure, which benefits from relatively lower fixed assets and a structurally positive cash cycle.

The Consumer Brands & Distribution cluster showed steady progress. Phoenix Beverages led the way, delivering top-line growth, with regional expansion poised to contribute further through the Seybrew acquisition. BrandActiv posted higher revenues and profitability, driven by stronger volumes and new product launches. Harley's Kenya also reported revenue growth, fuelled by new product lines and more effective distribution.

The Industrials cluster continued to benefit from the strong performance of CNOI, while UBP delivered notable results, bolstered by the acquisition of Bazalt Réunion.

On the other hand, the Seafood segment faced headwinds from raw material shortages, leading to a dip in performance compared to last year. In the Services cluster, both the Hospitality & Property and Financial Services segments remained integral to the cluster's stability, delivering consistent results.

While revenue remains concentrated in the Retail sector, the EBITDA breakdown presents a more balanced picture, suggesting that profitability is well diversified across the Group. The Services Cluster remains one of the largest contributor to EBITDA, at 29%. The Retail & Consumer Brands & Distribution clusters account for 30% and 22%, respectively. The Industrials cluster, which was most hit by rising costs, contributed

Alteo’s profitability declined due to a weaker performance in the Agro-Business segment, where lower sugar prices and reduced production outweighed the positive results recorded in the Property cluster. Likewise, MIWA’s results were adversely impacted by challenging trading conditions in Tanzania and Kenya. The decline in Life Together stems primarily from the non-recurrence of earnings from an associate disposed of in FY 2024. In contrast, PTM registered an improvement in FY 2025.

It is important to highlight that AfrAsia’s stake was reduced from 30% to 8% after the end of FY 2025, resulting in its classification under Discontinued Operations in the Income Statement for both FY 2024 and FY 2025.

The Group reported a PAT of Rs 5.0 billion in FY 2025, compared to Rs 5.6 billion in FY 2024. While operating profit rose significantly by 36%, this was offset by lower gains recognised in “Other Gains and Losses”. FY 2024 included non-recurring items amounting to Rs 1.9 billion, versus only Rs 104 million in FY 2025. Excluding these exceptional items, the Group’s PAT would have increased by 24% or Rs 0.9 billion.

Additionally, the drop in PAT was impacted by a reduced share of profit from associates and joint ventures, while higher taxation further weighed on the bottom line. The reduction in Profits from Discontinued Operations was mainly due to the lower contribution of AfrAsia. The “Other gains and losses” line now embeds significant changes due to adjustments in the Gross Obligation related to put and call options. This accounting impact has led to notable fluctuations in this item compared to prior periods.

Breakdown of Profit after Tax between Owners of the Parent and Non-Controlling Interests (NCI)

The profit attributable to Owners of the Parent fell by Rs 175 million, or 6%. Excluding the non-recurring items mentioned above, the profit attributable to Owners of the Parent would have seen an increase of 88%, or Rs 1.4 billion. This increase is largely credited to the strong underlying operational performance of our business units.

A summarised version is shown below:

The Group balance sheet expanded by Rs 15 billion, reflecting growth across key asset categories.

Current assets rose by Rs 2.1 billion, moving from Rs 39.8 billion to Rs 41.9 billion, highlighting stronger liquidity and working capital positions. In addition, non-current assets grew by Rs 5.9 billion, reaching Rs 93.6 billion from Rs 87.8 billion, a result of continued investment in longer-term strategic assets. As mentioned earlier, AfrAsia was classified under assets held for sale, amounting to Rs 7.2 billion.

On the liabilities side, total borrowings increased from Rs 38.2 billion to Rs 50.1 billion. This was largely due to the debt taken on by PBL to fund the Seybrew acquisition, though this new entity will only be consolidated as of FY 2026. Additionally, following the completion of the sale of a significant stake in AfrAsia in July 2025, the Group’s financial debt has reduced substantially after the financial year end.

Other current and non-current liabilities grew by Rs 3.4 billion over the period. Conversely, total equity decreased marginally from Rs 44.6 billion to Rs 44.3 billion, mainly due to the accounting impact of put and call options, which cumulatively reduced equity by Rs 4.9 billion. Together, the increase in debt and slight decrease in equity have affected key financial ratios.

The increase in the Group’s gearing is due to a combination of rising debt and a modest decline in equity, as explained previously. While this has temporarily elevated leverage, we expect a notable improvement in the ratio next year, following the AfrAsia transaction and the consolidation of Seybrew’s financials. Both Return on Assets (RoA) and Return on Equity (RoE) declined this year, reflecting the drop in profit after tax, as discussed in the income statement section. On the other hand, Return on Capital Employed (ROCE) has increased, highlighting stronger operating profitability and more efficient use of capital employed.

Following the recent clusterisation exercise, the Group’s portfolio is more evenly balanced across its four clusters. The Services cluster remains the largest contributor, representing 33% of the portfolio, driven by strong positions in financial services (DTOS, Eagle Insurance), alongside the Hospitality & Property segment (Lux Island Resorts, Bloomage, The Lux Collective) and the Logistics sub-cluster. As part of the portfolio realignment, AfrAsia has been removed from the Services cluster and reclassified as an Asset Held for Sale.

The Industrials cluster makes up 30% of the portfolio, with UBP and CNOI as its main contributors. The Retail cluster, at 27%, is shaped by both domestic operations such as Pick & Buy (operating under the Winners banner), and international retail chains including Naivas and Run Market.

Finally, the Consumer Brands and Distribution cluster has increased to 10% of the portfolio, adding further diversification through its wide range of distribution networks and brand-driven businesses.