February 2, 2026/Cordros Report

International Breweries Plc (INTBREW) published their Q4-25 unaudited results on Friday (30 January 2026), reporting earnings per share of NGN0.03 in Q4-25 (vs loss per share of NGN0.01 in Q4-24), translating to an earnings per share of NGN0.38 in 2025FY (vs loss per share of NGN1.16 in 2024FY). The turnaround was driven by modest volume-led revenue growth (+1.4% y/y) supported by festive season demand, while softer cost pressures (-4.6% y/y) reinforced gross margin resilience (+442bps y/y) during the period.
 
INTBREW’s revenue expanded modestly by 1.4% y/y in Q4-25 (2025FY: +26.8% y/y), driven primarily by a volume-led rebound (+12.2% q/q) as festive season demand provided support amid heightened consumer price sensitivity.
 
The modest topline performance, alongside easing cost pressures (-4.6% y/y | 2025FY: +16.2% y/y), drove a 442bps y/y expansion in gross margin to 29.5% (2025FY: 33.0%), reflecting improved raw material localisation and reduced input import exposure. However, cost of sales rose by 12.8% q/q in line with higher production volumes, although softer input cost pressures helped contain margin erosion during the period. EBITDA margin compressed to 15.6% in Q4-25 (2025FY: +22.4%), from 34.1% in Q4-24 (2024FY: -8.4%), largely reflecting the drag from FX revaluation losses (NGN2.35 billion), despite only a modest increase in operating expenses (+0.8% y/y) during the period.
 
Below the operating line, net finance income declined by 50.4% y/y to NGN4.17 billion (Q4-24: NGN8.41 billion), largely driven by a 21.6% y/y decline in finance income, due to a 13.7% y/y decline in short term investments. Meanwhile, borrowing costs remained contained as the company reported no outstanding loans or overdrafts at period end. Consequently, full year net finance income rose to NGN11.37 billion in 2025FY, relative to a net finance cost of NGN20.74 billion in 2024FY.
 
Overall, INTBREW recorded a profit before tax of NGN10.90 billion in Q4-25 (Q4-24: NGN42.73 billion), reflecting the zero impact of FX revaluation gains during the quarter. On a full year basis, however, pre-tax performance improved significantly to NGN85.11 billion, reversing the pre-tax loss of NGN111.82 billion recorded in 2024FY. INTBREW reported a profit after tax of NGN5.51 billion in Q4-25 (Q4-24: loss of NGN80.01 million), lifting 2025FY PAT to NGN63.34 billion from a loss of NGN113.61 billion in the prior year.

Comment: INTBREW’s Q4-25 performance reinforced its margin recovery story for 2025FY, supported by tighter cost control, improved local sourcing, and easing FX pressures. Looking ahead, earnings momentum is expected to extend into 2026FY, driven by embedded pricing, gradual volume recovery, and an improving operating environment. Our estimates are under review.