International Breweries Plc 2025FY Earnings Results | Profitability Restored After Eight Years
International Breweries Plc (INTBREW) has just delivered its first full year profit since 2017, marking a major inflection point in its multi year turnaround story. 2025FY results show a business that is not only back in the black, but also operating with a stronger balance sheet, lower leverage, and improving profitability fundamentals:• Profit-After-Tax (PAT) swung to NGN63.34bn (vs. NGN113.16bn loss in 2024), driven by a healthier cost base and sharply lower finance costs.
• Revenue grew 26.8% YoY, reflecting sustained pricing power despite a softer Q4 festive season.
• Operating expenses declined 43.6% YoY, supporting margin recovery.
• Following the 2024 recapitalization, net debt to equity improved to –24%, reinforcing INTBREW’s newly established net cash position.
• Equity expanded 14.1% YoY, helped by a 26% YoY reduction in accumulated losses, a meaningful step toward restoring distributable reserves.
We also see encouraging momentum heading into 2026, supported by a leaner balance sheet, moderating inflation, and stabilization in FX pressures. Our revised valuation places INTBREW at a 22.4% upside from current levels, and we maintain our STRONG BUY recommendation.
ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape.
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