International Breweries Income Statement

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

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	620,149	488,956	260,598	218,650	182,298
Revenue Growth (YoY)	26.83%	87.63%	19.18%	19.94%	33.27%
Cost of Revenue	415,708	357,605	174,330	145,075	135,993
Gross Profit	204,442	131,350	86,268	73,575	46,305
Selling, General & Admin	128,184	108,470	87,971	80,771	53,567
Other Operating Expenses	-475.73	-	-	-	-
Operating Expenses	127,708	108,924	89,305	80,805	53,809
Operating Income	76,733	22,427	-3,037	-7,230	-7,504
Interest Expense	-6,720	-34,754	-29,724	-10,678	-4,800
Interest & Investment Income	-	14,012	11,172	5,166	3,006
Currency Exchange Gain (Loss)	-	-143,479	-70,381	-13,472	-9,474
Other Non Operating Income (Expenses)	15,095	31,702	2,205	283.2	-576.66
EBT Excluding Unusual Items	85,109	-110,093	-89,765	-25,931	-19,349
Gain (Loss) on Sale of Assets	-	-1,727	-821.58	-	4.38
Asset Writedown	-	-	-8,232	-12,053	-492.04
Other Unusual Items	-	-	1,551	11,139	-
Pretax Income	85,109	-111,821	-97,267	-26,844	-19,836
Income Tax Expense	21,774	1,794	-27,241	-5,218	-2,180
Net Income	63,335	-113,615	-70,026	-21,626	-17,657
Net Income to Common	63,335	-113,615	-70,026	-21,626	-17,657
Shares Outstanding (Basic)	166,672	97,577	26,862	26,862	26,862
Shares Outstanding (Diluted)	166,672	97,577	26,862	26,862	26,862
Shares Change (YoY)	70.81%	263.25%	-	-	1.79%
EPS (Basic)	0.38	-1.16	-2.61	-0.81	-0.66
EPS (Diluted)	0.38	-1.16	-2.61	-0.81	-0.66
Free Cash Flow	13,841	77,231	32,802	-15,924	24,085
Free Cash Flow Per Share	0.08	0.79	1.22	-0.59	0.90
Gross Margin	32.97%	26.86%	33.10%	33.65%	25.40%
Operating Margin	12.37%	4.59%	-1.17%	-3.31%	-4.12%
Profit Margin	10.21%	-23.24%	-26.87%	-9.89%	-9.69%
Free Cash Flow Margin	2.23%	15.79%	12.59%	-7.28%	13.21%
EBITDA	133,512	61,611	28,932	29,239	27,360
EBITDA Margin	21.53%	12.60%	11.10%	13.37%	15.01%
D&A For EBITDA	56,778	39,184	31,968	36,469	34,864
EBIT	76,733	22,427	-3,037	-7,230	-7,504
EBIT Margin	12.37%	4.59%	-1.17%	-3.31%	-4.12%
Effective Tax Rate	25.58%	-	-	-	-
Advertising Expenses	-	16,539	14,817	15,345	13,923

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.