“These results reflect IBL’s resilience and adaptability in a global environment that remains complex and uncertain”, said Arnaud Lagesse, Group CEO. “We’re pursuing a balanced strategy – strengthening our foundations in Mauritius while selectively expanding across the region – with a consistent focus on sustainable value creation for all our stakeholders.”  

IBL has also reorganised its activities into four strategic clusters: Retail, Consumer Brands & Distribution, Industrials, and Services. The new structure groups businesses with similar growth profiles and operating models, offering external stakeholders greater visibility into the Group’s core performance levers while better reflecting the main pillars of its development strategy. 

It also aims to improve the relevance and proportionality of financial disclosures, aligning reporting with where IBL generates most of its revenue and profits today. 

The Group’s performance reflects the continued execution of its “Beyond Borders” strategy – strengthening its base in Mauritius while pursuing targeted growth opportunities in East Africa and in the Indian Ocean. 

“Our results are driven by strategic investments that have become key performance drivers, strict financial discipline, and an ongoing focus on operational excellence,” said Cédrik Le Juge, IBL’s Group CFO. “In a context of rising labour costs in Mauritius – particularly in labour-intensive sectors – optimising operations and improving productivity remain top priorities.” 

Retail remains the Group’s main growth driver. In Kenya, supermarket chain Naivas continued its expansion with new store openings, driving strong revenue and profit growth. In Mauritius, Winners reported increased volumes and margins, although higher staff costs, including the 14th month bonus, weighed on profit. In Réunion, Run Market is approaching break-even, supported by a cost optimisation programme and improved purchasing.  

In Consumer Brands & Distribution, Phoenix Beverages recorded higher sales in Mauritius and Réunion, though margins were affected by rising staff costs. The acquisition of a 54.4% stake in Seychelles Breweries represents a strategic step forward in the Group’s regional expansion. BrandActiv and HealthActiv maintained their momentum, supported by new product launches and efficiency gains.   

Industrials delivered mixed results. UBP continued to report profit growth, supported by higher volumes and the successful integration of Bazalt Réunion. CNOI reported higher revenue and profitability, driven by strong performance in its repair business and improved operational efficiency. Manser Saxon, in contrast, was affected by project delays and increased fixed and salary-related costs. The Commercial Engineering entities (Blychem, CMH, Scomat, ServEquip) reported steady performance. The Seafood segment faced challenges including reduced volumes, raw material shortages, and rising labour costs, which affected overall profitability. 

The Services cluster made a strong contribution to Group profits. LUX Island Resorts* posted double-digit revenue growth, supported by stable occupancy in Mauritius and a one-off gain from the sale of Le Récif hotel in Réunion. The Lux Collective faced margin pressure due to increased staff costs. In financial services, DTOS continued its international expansion and City Brokers added new client accounts. The logistics segment delivered top-line growth, but margins remained under pressure. In healthcare, CIDP remained the key contributor, while Nova+ and Viva continued to scale. The acquisition of a majority stake in Nouvelle Clinique Bon Pasteur strengthens IBL’s footprint in integrated care.