Q3 Result 2025  – Strong Turnaround and Margin Recovery Anchored by Improved Cost Efficiency and Volume Growth

INTERNATIONAL BREWERIES PLC Strong Rebound in Profitability as Revenue Surges 9% YoY; Balance Sheet Strengthens Amid Improved Operational Efficiency Executive Summary International Breweries Plc (INTBREW) delivered a remarkable turnaround performance for the 3-month and 9-month periods ended 30 September 2025, rebounding strongly from prior year losses. The brewer reported a profit before tax (PBT) of ₦12.69 billion in Q3 2025 and ₦74.21 billion in 9M 2025, compared to a pre-tax loss of ₦4.32 billion and ₦154.55 billion in the corresponding periods of 2024.

Financial Highlights (H1 2025 vs H1 2024) Metric H1 2025 (₦’000) H1 2024 (₦’000) YoY Change Revenue 340,990,220 223,198,927 +52.7% Cost of Sales (219,412,477) (160,586,622) +36.6% Gross Profit 121,577,744 62,612,305 +94.1% Operating Expenses (59,269,904) (48,176,380) +23.0% Other Expense (6,208,822) (134,006,036) Significant Drop Profit Before Tax 61,527,171 (150,234,757) Turnaround Income Tax (20,239,432) 43,451,650 Reversal Net Profit 41,287,739 (106,783,107) Turnaround EPS (₦) 0.25 (3.98) Positive ✅ Balance Sheet Snapshot (as of June 2025 vs Dec 2024) Metric June 2025 (₦’000) Dec 2024 (₦’000) Change Total Assets 706,648,025 727,872,297 -2.9% Total Liabilities 216,446,210 278,958,220 -22.4% Equity 490,201,815 448,914,077 +9.2% Cash & Cash Equivalents 86,636,062 109,038,307 -20.5% Retained Losses (200,658,683) (241,946,422) Improved ✅ Key Observations 1. Strong Revenue Growth Revenue surged 53% YoY , reflecting higher beer demand and possible pricing adjustments.