EABL net earnings jump 37.7% as lower finance costs boost half-year results 

KENYA – East African Breweries Plc (EABL) has reported a 37.68 percent increase in net earnings to KES 11.16 billion (US$69.8 million) for the half-year period ended December 31, 2025, supported mainly by lower finance costs and a more stable operating environment across East Africa. 

EABL Board Chairman Martin Oduor-Otieno said the improved performance reflected easing macroeconomic pressures in the region. “The operating environment in East Africa was relatively stable, supported by lower inflationary pressures, declining interest rates, and currency stabilisation,” he said. 

However, Oduor noted that challenges persisted during the period. “The period was not without its challenges. Household disposable income remained under pressure, while elevated input and operating costs continued to weigh on margins across the sector,” he said. 

Revenue growth remained a key contributor to performance, with the group recording higher net sales driven by improved demand across core markets, favourable pricing actions, and continued premiumisation of its product portfolio. The company said these factors helped support topline growth despite cost pressures. 

Profitability was further strengthened by solid operating performance. Earnings before interest and tax increased, reflecting revenue growth alongside improved cost discipline. EABL said productivity initiatives, procurement efficiencies, and supply chain optimisation helped cushion the impact of higher raw material, energy, and logistics costs. 

The group’s balance sheet also strengthened during the period. Cash and cash equivalents rose 25.62 percent year-on-year to KES 17.7 billion (US$110.6 million), enhancing the company’s financial flexibility. The higher cash position supports operational needs, capital expenditure, and shareholder returns. 

EABL said it maintained a prudent approach to capital allocation, balancing dividend payments with continued investment in brand building, manufacturing capabilities, and route-to-market infrastructure. Capital expenditure during the half-year focused on capacity optimisation, efficiency improvements, and sustainability initiatives across its breweries and distilleries, supporting strong operating cash flows. 

Looking ahead, the group said it remains focused on navigating a dynamic operating environment marked by input cost volatility, regulatory developments, and shifting consumer preferences. Management reaffirmed its commitment to sustainable growth through innovation, premium offerings, and responsible consumption initiatives, while maintaining financial discipline. 

Following the improved earnings performance, the EABL board declared an interim dividend of KES 4.00 per share (US$0.025), representing a 60 percent year-on-year increase.  

The dividend translates to a total payout of KES 4.35 billion (US$27.2 million) for the half-year period. 

EABL also confirmed that the proposed acquisition by Asahi Group Holdings of Diageo’s entire shareholding in the company is expected to close within the 2026 calendar year, subject to regulatory approvals and customary closing conditions. 

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