Namibia Breweries Limited (NBL) reported a 42% increase in operating profit to N$830 million for the year ended 31 December 2025, underpinned by margin expansion and productivity improvements despite a constrained consumer environment.
The brewer recorded a 4% rise in net revenue to N$4.8 billion, supported by growth across all beverage categories and a stronger product mix.
Managing Director Waldemar von Lieres said the profit growth was driven by structural improvements in the business.
“Operating profit rose by 42% to N$830 million, driven by margin expansion following the localisation of cider and wine production, as well as ongoing productivity gains,” he said.
Earnings per share from continuing operations increased by 47% to 306.1 cents, while headline earnings per share rose by 45%, reflecting solid underlying performance.
Revenue growth was supported by continued investment in brands, production capacity and route-to-market capabilities, alongside a more focused portfolio strategy.
“Net revenue increased by 4% to N$4.8 billion, supported by growth across all categories and an improved portfolio mix,” von Lieres said.
Beer volumes remained a key driver, with Windhoek Draught maintaining its position in the market and Windhoek Lager recording the strongest growth. The non-alcoholic segment also expanded, with Windhoek Non-Alcoholic Lemon more than doubling its volumes.
Cider performance improved following the localisation of production for Savanna and Hunter’s, which enhanced stock availability, reduced stockouts and supported margins. Premium spirits, including Richelieu, also contributed to overall volume growth.
The company said its growth strategy continues to centre on market share gains, supported by brand strength and data-led portfolio optimisation under its EverGreen 2030 strategy and broader digital transformation efforts.
The mainstream wine segment recorded a slight decline, reflecting affordability pressures, although locally produced wines outperformed imports and contributed positively to margins.
NBL managed cost pressures through productivity gains rather than price increases, helping maintain competitiveness in a tight consumer market.
“Despite a constrained consumer environment, we achieved growth through disciplined execution and a focus on availability and value,” von Lieres said.
Strong operational performance and lower capital expenditure supported cash generation during the period, enabling the company to repay its revolving credit facility without significant refinancing.
