ER Group reports solid first half FY26 performance and confirms EBITDA trajectory of some Rs 12 billion

ER Group has published its results for the half-year ended 31 December 2025. While revenue remained stable at Rs 23.2 billion, the Group delivered a marked improvement in operational performance, with operating margin rising to 26%.

For the period under review, ER Group recorded EBITDA of Rs 6.4 billion, up 15% year-on-year on a comparable basis. Operating profit reached Rs 5.9 billion, an increase of 12%, reflecting stronger cost discipline and improved conversion of revenue into earnings. Profit after tax rose by 17% to Rs 2.6 billion, despite a more demanding fiscal environment. Earnings per share stood at Rs 2.99.

Net asset value per share increased to Rs 63.72 as at 31 December 2025, compared with Rs 61.41 at 30 June 2025. Operating cash flows amounted to Rs 5.8 billion, confirming the Group’s capacity to fund investment programmes while maintaining balance sheet strength.

An interim dividend of Rs 0.69 per share was declared and paid in December 2025 whilst a final dividend is expected to be declared in May 2026.

Segment performance reflects diversified earnings base

Hospitality & Travel was the principal driver of performance during the first half. The segment generated revenue of Rs 13.4 billion and profit after tax of Rs 2.1 billion, supported by higher average room rates, improved occupancy levels and favourable exchange rate movements. 

The Finance segment recorded improved volumes and higher income across services, with a stronger contribution from associate Swan. Logistics remained stable overall. Agribusiness maintained performance, as lower cane tonnage was offset by a higher contribution from Eclosia.

Real Estate performance was supported by yielding assets, partially offset by permitting delays. Commerce & Manufacturing delivered good results although new vehicle sales were affected by higher fiscal duties. Technology & Energy’s renewable energy projects experienced permitting delays.

Financial structure and outlook

As at 31 December 2025, total assets stood at Rs 135.7 billion. Net debt increased to Rs 48.6 billion, primarily linked to the refinancing of MIC financing within Hospitality and to investments undertaken during the period. Gearing stood at 49%.

Based on performance achieved in the first half and current trading momentum, ER Group anticipates continued progress in the second half and confirms its objective of achieving EBITDA of some Rs 12 billion for FY26.

Advancing sustainability and governance standards

Beyond financial results, ER Group continued to strengthen its ESG framework. It finalised its first climate and biodiversity footprint assessment, and accelerated energy efficiency roadmaps across several subsidiaries.

This trajectory was formally recognised through ER Group’s admission to the Sustainability Index of the Stock Exchange of Mauritius (SEMSI), reinforcing transparency and accountability in non-financial reporting.

As a newly unified group built on a diversified portfolio of leading brands across seven strategic segments, ER Group remains focused on disciplined execution, capital allocation and sustainable value creation for all stakeholders.

Find out more in the abridged unaudited statements.