Fan Milk Income Statement

Financials in millions GHS. Fiscal year is January - December.

Millions GHS. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	1,080	1,001	683.82	549.42	536.94	468.1
Revenue Growth (YoY)	40.02%	46.33%	24.46%	2.32%	14.71%	25.30%
Cost of Revenue	656.07	636.17	435.54	378.14	421.07	344.82
Gross Profit	424.05	364.5	248.29	171.27	115.87	123.28
Selling, General & Admin	304.65	275.22	171.68	142.42	147.71	144.94
Other Operating Expenses	-4.4	-4.97	-4.11	-4.33	-2.45	-3.66
Operating Expenses	301.81	270.8	170.83	140.89	147.21	145.61
Operating Income	122.25	93.7	77.46	30.39	-31.34	-22.33
Interest Expense	-6.39	-5.24	-12.66	-27.28	-21.76	-3.33
Interest & Investment Income	13.9	13.38	7.94	33.88	18.34	2.51
EBT Excluding Unusual Items	129.76	101.84	72.74	36.99	-34.76	-23.15
Gain (Loss) on Sale of Assets	-	-	0.18	0.06	1.2	2.27
Pretax Income	132.17	104.26	72.92	37.06	-33.56	-20.87
Income Tax Expense	60.32	35.93	23.47	13.04	8.04	-7.44
Net Income	71.85	68.33	49.46	24.01	-41.6	-13.43
Net Income to Common	71.85	68.33	49.46	24.01	-41.6	-13.43
Net Income Growth	6.39%	38.17%	105.96%	-	-	-
Shares Outstanding (Basic)	116	116	116	116	116	116
Shares Outstanding (Diluted)	116	116	116	116	116	116
EPS (Basic)	0.62	0.59	0.43	0.21	-0.36	-0.12
EPS (Diluted)	0.62	0.59	0.43	0.21	-0.36	-0.12
EPS Growth	6.39%	38.17%	105.96%	-	-	-
Free Cash Flow	268.3	137.13	103.61	19.8	-33.54	-33.61
Free Cash Flow Per Share	2.31	1.18	0.89	0.17	-0.29	-0.29
Dividend Per Share	0.110	0.110	0.080	0.050	-	-
Dividend Growth	37.50%	37.50%	60.00%	-	-	-
Gross Margin	39.26%	36.43%	36.31%	31.17%	21.58%	26.34%
Operating Margin	11.32%	9.36%	11.33%	5.53%	-5.84%	-4.77%
Profit Margin	6.65%	6.83%	7.23%	4.37%	-7.75%	-2.87%
Free Cash Flow Margin	24.84%	13.70%	15.15%	3.60%	-6.25%	-7.18%
EBITDA	149.92	120.36	103.26	56.47	-2.42	8.27
EBITDA Margin	13.88%	12.03%	15.10%	10.28%	-0.45%	1.77%
D&A For EBITDA	27.67	26.66	25.8	26.08	28.92	30.6
EBIT	122.25	93.7	77.46	30.39	-31.34	-22.33
EBIT Margin	11.32%	9.36%	11.33%	5.53%	-5.84%	-4.77%
Effective Tax Rate	45.64%	34.46%	32.18%	35.20%	-	-
Advertising Expenses	-	12.93	13.96	13.16	14.62	13.64

Source: S&P Global Market Intelligence. Standard template. Financial Sources.