FY 2025 unfolded against a backdrop of continued global volatility, with geopolitical tensions and trade disruptions affecting supply chains, dampening demand and influencing business decisions.

In Mauritius, recent labour reforms, including wage relativity adjustments and the introduction of a fourteenth-month salary, have significantly increased operational costs. These shifts have placed additional strain on labour-intensive sectors such as hospitality, retail, and construction, which were already operating with tight margins and persistent labour shortages.

Despite these challenges, the Group delivered robust results. Revenue increased by 19% to Rs 120.8 billion, while operating profit rose by 36% to Rs 7.4 billion. Most of our core business lines achieved growth and strengthened leadership in their respective sectors. Notably, EBITDA grew by 28%, a clear sign of the operational transformation being achieved across the Group.

In light of this encouraging improvement in Group performance, the Board declared a prudent final dividend of Rs 0.56 per share, a modest 2% increase over FY 2024. This decision reflects a careful decision to balance shareholder returns with the temporary increase in indebtedness, as recent acquisitions made under Beyond Borders have not yet been offset by the proceeds from earmarked portfolio divestments.

We remain on track with our deleveraging plan, which is expected to reduce net debt in the coming year and consistently strengthen long-term shareholder value.

Following the recent acquisitions made in the region and their respective consolidation largely completed, IBL has entered the next phase of its Beyond Borders strategy, focused on long-term value creation. This phase involves integrating and scaling up these businesses, and leveraging Group-wide synergies to create regional ecosystems that are both globally competitive and locally grounded.

Our regional operations have gained significant traction through this approach. We have drawn on our sectoral expertise and brought our businesses closer together by aligning operating standards, ways of working, and a culture of excellence, all while adapting to each market’s unique realities alongside trusted and experienced local partners.

A strong example is our Healthcare Distribution cluster, now operating as a coordinated regional cluster across four territories, and setting a benchmark for regional expansion by combining best international standards with local insights.

This is just one illustration of how far we have come. The scale and depth of the transformation of Beyond Borders are reflected clearly at Group level: since its launch in 2021, Group revenue has increased by 3.1 times, operating profit has grown by 3.4 times, and profit after tax by nearly 4 times.

Disciplined portfolio management remained a key focus during the year, as we continued to reshape the Group’s portfolio in line with our strategic priorities.

In July 2025, we completed the sale of a 22.40% stake in AfrAsia Bank to Access Bank UK Limited, while keeping a 7.89% interest in the bank. This transaction is an important step in our portfolio rebalancing and deleveraging strategy, releasing capital from a non-core asset to strengthen our balance sheet.

Phoenix Beverages Limited (PBL) acquired a 54.4% stake in Seychelles Breweries (Seybrew), marking its entry into the Seychelles and reinforcing its position as a regional leader in the beverage industry. This dynamic continued in July 2025 with Edena, PBL’s subsidiary in Réunion, entering into an agreement to take over the production and distribution of Coca-Cola and related beverages in the territory.

To further align our structure with the Group’s evolving strategic direction, we redefined our portfolio clustering. From a diversified group operating in nine clusters, we have simplified our financial reporting by regrouping our activities into four strategic clusters — Retail, Consumer Brands & Distribution, Industrials, and Services, — that better reflect the Group’s core sectors and revenue drivers. This new clustering enhances reporting clarity, sharpens operational focus, and improves performance visibility for our stakeholders and partners.

Finally, leadership continuity is critical to sustaining momentum. In this context, the Board was pleased to appoint Patrice Robert as Deputy Group CEO, effective 1 July 2025. With 11 years of experience in various roles at IBL, including a strong track record as Head of Group Operations since 2018, Patrice is well placed to support the CEO in executing the next phase of IBL’s transformation and growth.

World-class governance remains essential to IBL’s longterm success. This belief becomes even more critical as we expand across multiple jurisdictions. Our governance framework is evolving in step with our growth, adapting to new regulatory environments and local contexts, while applying consistent standards across our businesses.

We believe in the benefits and value of Board diversity, which has consistently improved over the last years, and we now have a clear intention to improve our current female representation at the Board level. This remains a key priority for the Group looking ahead, alongside the implementation of key outcomes from the upcoming Board evaluation.

We also took meaningful steps toward workplace equality, notably through our participation in the Gender-Based Violence in the Workplace pilot project led by Business Mauritius and Agence Française de Développement. This resulted in a new Equal Opportunity & Anti-Violence Policy, reflecting our efforts to foster a safe, inclusive, and empowering workplace for every member of IBL.

On the environmental front, we made progress in laying the groundwork for the Group’s climate reduction plan. Through the Corporate Sustainability Committee, we advanced our Group-wide carbon accounting project to measure and manage emissions more effectively. Over half of our businesses have now completed their carbon and waste audits, providing a solid baseline for future action. This marks an important step toward a credible decarbonisation strategy, guided by robust data and aligned with evolving regulatory and stakeholder expectations.

A highlight of the year was the inaugural Responsible Business Summit (RBS25), initiated by IBL and co-organised with Currimjee Group, Eclosia, MCB Group and Rogers Group. Designed as a call to action for private sector players in small island states, it encouraged key businesses in Mauritius to lead by example and leverage their influence to accelerate sustainable practices within their organisations and industries. Beyond discussions, the summit offered actionable strategies and practical tools to reframe ‘business impact’ and commit to realistic targets that tackle interconnected issues such as climate change, resource scarcity and social inequities.

In a context of continued global and local uncertainty and challenges, our focus will remain on execution excellence - deepening the integration of our businesses, and strengthening the operational, human, technological, and innovation foundations that drive performance at every level.

At IBL, we measure our success not only by financial performance, but by how faithfully we live our values, and by the quality of our relationships with all our stakeholders, from our People, our business partners and co-investors, to our suppliers, customers, and collaborators. These connections are the foundation of our vision for inclusive and sustainable growth in all the markets we serve.

I would like to thank my fellow Board members for their continued engagement and guidance throughout another challenging year. My appreciation also goes to our Group CEO, Arnaud Lagesse, for his steady leadership in executing our strategy despite unforeseen challenges — and for his clear vision of the regional champion we are building, day by day.

Both personally, and on behalf of the Board, I extend a warm welcome to Patrice Robert in his new role as Deputy Group CEO, and thank him for his continued dedication to the Group.

Finally, my deepest thanks go to our team members across all geographies. Your commitment and sense of ownership are at the heart of IBL’s culture. Every day, you raise our standards, serve hundreds of thousands of people, and help shape better lives and better tomorrows, together.