For the year ended 30 June 2025, CIEL posted revenue of MUR 38.0 bn and profit after tax of MUR 3.8 bn, underpinned by continued investments to sustain long-term growth.

Key highlights

• • Group revenue increased by 8% to MUR 38.0 bn, mainly supported by sustained growth in the textile operations in India, healthcare activities in Uganda and Mauritius, banking in Madagascar, and Sunlife hotels in Mauritius.

• • EBITDA amounted to MUR 7.2 bn, underscoring the Group’s steady performance while absorbing temporary closure impacts from the Riveo portfolio, margin pressure in banking and the absence of last year’s profit on sale of land in the Property cluster.

• • The Group achieved an EBITDA margin of 19.0%.

• • Profit after tax was MUR 3.8 bn, with all clusters contributing positively, notwithstanding a more demanding local tax and operating cost environment.

• • Profit attributable to owners reached MUR 2.2 bn resulting in earnings per share of MUR 1.28.

• • Free cash flow amounted to MUR 2.2 bn for the year. The decrease reflects the lower contribution from the Hotels & Resorts cluster due to closure of hotels for renovation work in the Riveo portfolio and higher working capital requirements in the Textile cluster. Capital expenditure remained broadly in line with the prior year.

• • Net interest-bearing debt stood at MUR 14.8 bn. The increase mainly reflects the funding requirement for renovations in the Hotels & Resorts cluster, together with the consolidation of CIEL’s investments in the Healthcare cluster. The Group’s gearing ratio remained at a prudent 29.4%, with Net Debt to EBITDA at 2.0x.

Commenting on the results, Guillaume Dalais, Group Chief Executive of CIEL Limited said: “This year, we focused on strategic investments, laying the foundations for sustainable value creation over the medium term. In an environment marked by macroeconomic and geopolitical volatility, our teams have demonstrated resilience through disciplined capital allocation, operational excellence and a clear commitment to sustainability. We remain focused on our strategy execution and creating sustainable value.”

Cluster Review

Hotels & Resorts

• • The cluster delivered a resilient performance in a transition year marked by the successful listing of Sun Limited (“Sun”) and Riveo Limited (“Riveo”) as separate entities on the Stock Exchange of Mauritius (“SEM”); alongside major renovation works across Riveo’s portfolio.
• • Cluster revenue reached MUR 8.9 bn, 3% higher than the prior year.
• • Sun posted steady growth with a 7.9% uplift in RevPAR and maintained a strong EBITDA margin of 31.9%, despite cost pressures from wage adjustments and regulatory bonuses.
• • Riveo’s results were impacted by the temporary closure of both the Four Seasons resorts Mauritius and the Shangri-La Le Touessrok during part of the financial year.
• • Cluster EBITDA amounted to MUR 2.3bn with profit after tax at MUR 1.1 bn.

Textile

• • Revenue for the year increased by 6% to MUR 16.7 bn, driven by the strong performance of the shirt operations in India Textile.
• • EBITDA rose by 2% to MUR 1.7 bn, reflecting resilient operations in a year marked by a high degree of uncertainty and supply chain disruptions linked to tariffs, higher freight costs and increased input expenses.
• • Profit after tax stood at MUR 776M.
• • Whilst the U.S. tariff and AGOA renewal timelines are still unfolding and likely to create volatility in the short term, the cluster’s diversified presence and India’s growing role as a sourcing hub for global brands reinforces CIEL Textile’s medium- to long-term strategy.

Finance

• • The cluster closed the year with revenue of MUR 6.1 bn, up 8% year-on-year, driven by moderate loan book growth in the banking operations in Madagascar, despite a challenging local macroeconomic environment.
• • Cluster EBITDA stood at MUR 1.9 bn, reflecting margin compression and higher funding costs with profit after tax at MUR 1.4 bn.
• • Bank One’s contribution to the cluster’s profitability amounted to MUR 320M. While the final quarter was softer than anticipated, the cluster remains on a strong strategic footing, with both banks progressing on key initiatives to support recovery and long-term performance.

Healthcare

• • Revenue grew by 18% to MUR 5.8 bn, reaping the benefits of the significant capex programme undertaken over the past three years, focused on equipment upgrades, additional rooms and facility enhancements.
• • The cluster delivered strong growth in Mauritius and Uganda, reinforced by C-Lab’s expanding network of laboratories across the region.
• • EBITDA rose to MUR 1.2 bn, supported by the higher revenue and disciplined cost management that offset wage and inflationary pressures.
• • Profit after tax improved by 38% to MUR 484M, underscoring strong operational momentum despite increased depreciation and finance costs resulting from the recent investment programme.
• • The period to date also saw CIEL Ltd consolidate its effective stake in C-Care International Ltd (CCIL) from 53.03% to 74.97%, which will translate into higher attributable profits going forward.

Properties

• • The cluster increased its revenue by 44% to MUR 336M due to higher rental income at Evolis, its mixed-use property fund, in line with the strategy to grow recurring portfolio income.
• • EBITDA reached MUR 264M, supported by a revaluation gain of MUR 194M from investment properties at Ferney and Evolis, which was boosted by a one-off strategic land sale.
• • The cluster posted a profit after tax of MUR 154M.
• • Results are consistent with the cyclical nature of development activities, with continued progress at the Tropical Agrihood project at Ferney, notably the Farm Living infrastructure works scheduled for delivery in the first half of the 2026 financial year.

Agro

• • The cluster reported a profit of MUR 182M for the financial year, down from FY24, largely due to a drop in sugar prices across both Alteo and Miwa Sugar.
• • Alteo’s shortfall from the Agro business segment was partially offset by strong earnings from agricultural land sales in the Property segment.
• • Miwa Sugar faced a challenging year, with lower profitability across both Tanzanian and Kenyan operations due to downward price pressure.
• • This challenging environment is expected to be temporary, with profitability anticipated to return to more sustainable levels in the near term.