Africa-Press – Mauritius. IBL Group reported a 13% increase in revenue, reaching Rs 68.4 billion for the six-month period ended December 31. Operating profit surged by 41% to Rs 4.8 billion, with all four of the Group’s Clusters contributing to this strong performance.
Nevertheless, in line with its “Beyond Borders” strategy, IBL Group remains vigilant amid macroeconomic volatility. The diversity of its business pillars and geographic footprint provides a resilient foundation to navigate risks, seize emerging opportunities, and continue creating sustainable value for all stakeholders.
Despite an increased tax burden in Mauritius, IBL actively strengthened the operational efficiency of its group companies and rigorously managed financial costs. This operational and financial discipline enabled net profit to grow by 32%, reaching Rs 2.9 billion, according to an official press release.
“These results reflect the strength of our business model and the deepening of our Beyond Borders strategy, now focused on strengthening synergies across our activities, optimizing the performance of our recent acquisitions, and consolidating our leadership position across diverse markets.
While remaining anchored in Mauritius, we are progressively deepening our regional presence in East Africa and the Indian Ocean, combining international standards with the local expertise of our teams in each market.
This ‘local, internationally’ approach enables us to create value for our clients, employees, and partners,” stated Arnaud Lagesse, Group Chief Executive Officer of IBL. Operational strength is reflected in robust EBITDA growth of 27%, reaching Rs 7.7 billion.
This drive for operational excellence is coupled with financial discipline that has reduced net debt and financing costs, improving the net debt/EBITDA ratio from 3.8x in June 2025 to 3.0x in December 2025.
“Active management of our investment portfolio has generated attractive disposal 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 business growth in an uncertain economic environment,” emphasized Cédrik Le Juge, Group Chief Financial Officer of IBL.
Performance by Cluster Retail: The Retail Cluster continues its growth momentum across all markets. In East Africa, Naivas reports sustained progress, driven by volume growth, improved margins, and ongoing store network expansion.
In Mauritius, Winners recorded 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. Strategic alliance discussions initiated in January 2026 between Run Market and Caillé Grande Distribution align with a logic of consolidation and value creation in a demanding competitive environment.
Consumer Brands & Distribution: This pillar delivered an overall solid performance. PhoenixBev recorded revenue growth in Mauritius, with profitability influenced by investments linked to the Seybrew acquisition, which has nonetheless contributed positively to group performance.
BrandActiv maintains strong momentum in FMCG distribution amid a competitive and inflationary context. In healthcare activities, Harley’s continues to expand, supported by growth investments, while HealthActiv’s performance was impacted by foreign exchange effects and price controls.
Industrials: Performance in this Cluster reflects differentiated market environments across segments. Building & Engineering activities operated in a context of more moderate volumes in Mauritius and higher financing costs, partially offset by margin improvements in regional operations.
Industrial and technical services activities—notably CNOI, Manser Saxon, and CMH—delivered positive contributions, underpinned by enhanced operational discipline.
The Seafood segment recorded revenue growth, while the Energy pillar reached a key milestone with the launch of projects under Mauritius’ Carbon Neutral Investment Scheme. Services: This segment maintained its major contribution to Group performance.
In hospitality, LUX* delivered strengthened results, primarily driven by higher occupancy rates and solid performance from The Lux Collective across Mauritius and the Maldives.
In real estate, Bloomage improved profitability through higher rental income from newly built and leased units and better occupancy rates, while BlueLife saw profits grow in the Property segment, supported by partial completion of ongoing projects and the launch of Amara Golf Villas Phase 2 and Solis.
During the quarter, Bloomage Ltd also notified its intention to acquire BlueLife, aiming to build a stronger, more diversified real estate pillar within IBL.
In financial services, City Brokers reported improved profitability, driven by higher premiums and new client acquisition, while DTOS recorded revenue growth. Eagle Insurance also achieved higher profitability, primarily from the Motor and Health segments, alongside increased investment income.
In healthcare, Life Together continues its expansion in Mauritius, notably following last year’s acquisition of a majority stake in Nouvelle Clinique Bon Pasteur.
In logistics, the aviation segment recorded notable improvement, while Logidis, Somatrans, and Shipping operations were impacted by rising operational costs.
