Phoenix Beverages Limited

Integrated Report 2026

Thirst for the best. First for you.

This Integrated Report covers the strategy, activities and performance of Phoenix Beverages Limited (PhoenixBev or the Group) for its operations in Mauritius, Réunion Island and Seychelles, for the twelve months from 1 July 2025 to 30 June 2026. It is structured around the matters most material to the Group's ability to create value in the short, medium and long term.

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Year at a glance

Financial highlights

FY2026 compared with FY2025.

Turnover

MUR 16.8bn

26.0%

EBITDA

MUR 2.0bn

7.1%

Operating profit

MUR 1.3bn

5.7%

Net profit after tax

MUR 416.7m

48.1%

Sales volume

2.8m hl

1.2%

Total assets

MUR 19.8bn

23.9%

Shareholders' fund

MUR 9.0bn

17.7%

Capital investment

MUR 1.6bn

70.8%

Gearing

36.2%

Where revenue comes from

Revenue by market

75%

Mauritius

25%

Foreign operations and export

Leadership

Messages from our leaders

Chairman's message

An important period of transformation

“The investments and structural changes made during the year are necessary foundations for sustainable growth and long-term shareholder value.”

Building on the strength of its Mauritian base, the Group took significant steps towards its ambition of becoming a diversified regional beverage leader in the Indian Ocean: the first full year of Seychelles Breweries Limited, the Coca-Cola bottling and distribution licence in Réunion Island and a simpler capital structure.

Arnaud LagesseChairman, Phoenix Beverages Ltd

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CEO's report

Demanding, and one of the most significant years

“Our ambition is to be recognised as the leading beverage group in the Indian Ocean, with a balanced portfolio of markets, stronger regional capabilities and a growing share of turnover generated outside Mauritius.”

While the year ended 30 June 2026 was one of the most demanding in recent memory, it was also one of the most significant. Our core business in Mauritius was buoyant despite higher taxes on soft drinks and alcohol, we integrated Seychelles Breweries Limited and we prepared Réunion Island for Coca-Cola bottling from October 2026.

Bernard TheysChief Executive Officer, Phoenix Beverages Ltd

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Business model

How we create value

The resources and relationships we draw on, and what we achieved with them this year.

Financial capital

Funds available to the Group from shareholders, lenders and operations.

MUR 16.8bn turnover, up 26.0%

Manufactured capital

Breweries, bottling lines, warehouses and distribution fleet.

MUR 1.5bn capital expenditure

Human capital

The skills, experience and engagement of our people.

2,200+ team members

Intellectual capital

Brands, recipes, know-how and innovation capability.

50+ brands in our portfolio

Social & relationship capital

Relationships with consumers, customers, suppliers and communities.

10,000+ outlets supplied

Natural capital

Water, energy, packaging materials and the ecosystems we depend on.

232,903 GJ of energy, 1.2m m³ of water

Strategy

Our strategic priorities

Commercial beverage leader in the Indian Ocean

Our goal, in line with our vision to provide happiness through beverages, with an unmatched portfolio of leading alcohol and non-alcohol brands.

World-class execution

Availability and affordability of our products locally and regionally, through production, distribution, health and safety and resource efficiency.

Strong, valuable brands

Building strong, valuable and meaningful brands, with new products and pack sizes for changing consumer needs.

A sustainable, profitable business

Responsible business practices, guided by our sustainability strategy and the five UN Sustainable Development Goals where we have the most impact.

Footprint

Where we operate

A growing Indian Ocean presence.

Mauritius

Head office and three production plants; 75% of Group turnover. Underlying profit rose to MUR 1.44bn before financing costs.

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Réunion Island

Edena. Coca-Cola bottling and distribution licence from 1 October 2026, with a EUR 25 million bottling line underway.

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Seychelles

Seychelles Breweries Limited (SeyBrew), 54.4% held, in the Group since 1 July 2025: MUR 2.24bn of turnover in its first full year.

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Sustainability

Progress on our ESG commitments

98%

Plastic waste from our sites recycled

0.448 m³

Water used per hectolitre (2025: 0.466)

26 GWh

Renewable electricity expected each year from the SeaBrew Solar Farm, once it is connected to the national grid

800 t

CO₂e saved a year by our first decarbonisation actions

Explore our ESG approach

Governance

Board at a glance

Board members

Non-Executive Directors

Independent Non-Executive Directors

Executive Directors

5 (38%)

Women on the Board

Board meetings held

Corporate Governance Committee members

Audit and Risk Committee members

Corporate governance

Shareholders

Shareholder information

3-year share price trend

Phoenix Beverages Ltd (MBL)

MBL.N0000 · Stock Exchange of Mauritius

Last close

MUR –

Change over period

–

Period high

MUR –

Period low

MUR –

Daily closing prices on the Stock Exchange of Mauritius, updated automatically. Prices before 22 July 2026 are adjusted for the 1:10 share sub-division. History available from 3 January 2024.

MUR 23.50

Dividend per share, before the 1:10 split

MUR 23.54

Earnings per share, before the 1:10 split

MUR 567.00

Share price at 30 June 2026, before the 1:10 split

MUR 9.33bn

Market capitalisation

4.14%

Dividend yield

3,400+

Shareholders (SEM and MERJ)

Financial calendar

November 2026
First quarter results; interim dividend declared (subject to Board approval)
26 November 2026
Annual Meeting, 10:00, IBL House, Caudan Waterfront, Port Louis
December 2026
Interim dividend paid
February 2027
Second quarter results
May 2027
Third quarter results; final dividend declared (subject to Board approval)
June 2027
Final dividend paid

Shareholders’ corner

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Previous reports

Integrated Report 2025 Integrated Report 2024 All annual reports