STAFF WRITER
Namibia Breweries Limited (NBL) announced its latest financial results showing revenue decreased by 3.9% toN$2,023 billion from N$2, 104 billion due to the decline in export volumes.
The company said a 3.39% increase in excise duties on alcoholic beverages, effective from 25 February 2026, also contributed to the pressure.
Commenting on the results, Managing Director Waldemar von Lieres said “the resilience and relentless drive for consumers and partners have enabled NBL to keep winning, delivering and transforming despite a challenging macroeconomic environment.”
The results also showed that operating profit decreased by 21% to N$22 million from N$279 million attributed to the reduction in export volumes.
The NBL results also showed that total costs decreased by 1%, as savings from lower production volumes were largely offset by investment in the business, including higher employee-related costs, increased marketing investment in brands and brand equity, and reorganization and realigning costs associated with adjusting the Company to the lower export volumes expected on a sustained basis.
The groups headline earnings per share declined by 24.3% to 74 cents , reflecting the combined effect of the South African volume decline and the cost items described above. Cost normalisation is expected to support an improved cost trajectory in the second half of the year.
Cash generated from operations improved by 12%, reflecting strong underlying operating cash generation.
On the other hand net cash flow was lower than the prior period, due to higher dividends paid following the strong 2 025 financial year and the timing of capital expenditure of N$156 million.
The company said beer volumes in Namibia declined slightly by 3%, with strong momentum in the non -alcoholic range, led by Windhoek Non-Alcoholic Lemon, meaningfully cushioning the category.
The Company’s reported results were affected by the end of the minimum supply arrangement with HEINEKEN Beverages South Africa in April 2026.
The period, therefore, reflects two distinct dynamics: a resilient Namibian business that continued to gain total portfolio market share, and a structurally lower base for South African export volumes.
Other key indicators showed that cider volumes in Namibia grew 15%, with Bernini continuing to perform well from a small base within ready – to-drink (RTD) beverages.
NBL also added that they have realigned their strategic reporting to HEINEKEN’s revised EverGreen 2030 strategy, structured around three focus areas.
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