International Breweries Income Statement

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

Millions NGN. 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	624,122	619,042	488,956	260,598	218,650	182,298
Revenue Growth (YoY)	11.58%	26.61%	87.63%	19.18%	19.94%	33.27%
Cost of Revenue	399,015	409,401	357,605	174,330	145,075	135,993
Gross Profit	225,107	209,641	131,350	86,268	73,575	46,305
Selling, General & Admin	132,728	124,781	108,470	87,971	80,771	53,567
Operating Expenses	132,998	124,840	108,924	89,305	80,805	53,809
Operating Income	92,109	84,802	22,427	-3,037	-7,230	-7,504
Interest Expense	-13,797	-12,178	-34,754	-29,724	-10,678	-4,800
Interest & Investment Income	18,244	18,244	14,012	11,172	5,166	3,006
Currency Exchange Gain (Loss)	-5,271	-5,271	-143,479	-70,381	-13,472	-9,474
Other Non Operating Income (Expenses)	1,176	1,620	31,702	2,205	283.2	-576.66
EBT Excluding Unusual Items	92,460	87,216	-110,093	-89,765	-25,931	-19,349
Gain (Loss) on Sale of Assets	-	-	-1,727	-821.58	-	4.38
Asset Writedown	-3,090	-3,090	-	-8,232	-12,053	-492.04
Other Unusual Items	4,829	4,829	-	1,551	11,139	-
Pretax Income	94,199	88,955	-111,821	-97,267	-26,844	-19,836
Income Tax Expense	53,046	38,042	1,794	-27,241	-5,218	-2,180
Net Income	41,153	50,914	-113,615	-70,026	-21,626	-17,657
Net Income to Common	41,153	50,914	-113,615	-70,026	-21,626	-17,657
Shares Outstanding (Basic)	165,957	168,292	97,577	26,862	26,862	26,862
Shares Outstanding (Diluted)	165,957	168,292	97,577	26,862	26,862	26,862
Shares Change (YoY)	23.79%	72.47%	263.25%	-	-	1.79%
EPS (Basic)	0.25	0.30	-1.16	-2.61	-0.81	-0.66
EPS (Diluted)	0.25	0.30	-1.16	-2.61	-0.81	-0.66
Free Cash Flow	71,572	28,183	77,231	32,802	-15,924	24,085
Free Cash Flow Per Share	0.43	0.17	0.79	1.22	-0.59	0.90
Gross Margin	36.07%	33.87%	26.86%	33.10%	33.65%	25.40%
Operating Margin	14.76%	13.70%	4.59%	-1.17%	-3.31%	-4.12%
Profit Margin	6.59%	8.22%	-23.24%	-26.87%	-9.89%	-9.69%
Free Cash Flow Margin	11.47%	4.55%	15.79%	12.59%	-7.28%	13.21%
EBITDA	149,864	138,975	61,611	28,932	29,239	27,360
EBITDA Margin	24.01%	22.45%	12.60%	11.10%	13.37%	15.01%
D&A For EBITDA	57,755	54,174	39,184	31,968	36,469	34,864
EBIT	92,109	84,802	22,427	-3,037	-7,230	-7,504
EBIT Margin	14.76%	13.70%	4.59%	-1.17%	-3.31%	-4.12%
Effective Tax Rate	56.31%	42.77%	-	-	-	-
Advertising Expenses	-	30,375	16,539	14,817	15,345	13,923

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