Chamwe Kaira
Namibia Breweries Limited (NBL) expects a constrained operating environment to continue in 2026, citing pressure from global supply costs, higher tax charges and lower volumes to South Africa after the expiry of its minimum supply agreement with Heineken Beverages on 30 April.
The company released its financial results for the year ended December 2025, reporting growth across beverage categories and gains in market share.
Net revenue increased by 4% to N$4.8 billion, supported by growth across categories and changes in product mix.
Operating profit rose by 42% to N$830 million, driven by improved margins following the localisation of cider and wine production and gains in efficiency.
Earnings per share from continuing operations increased by 47% to 306.1 cents, while headline earnings per share rose by 45%.
Beer volumes increased, supported by brand performance and retail execution. Windhoek Draught remained the leading beer, while Windhoek Lager recorded the highest volume growth.
The non-alcoholic segment grew, with Windhoek Non-alcoholic Lemon more than doubling volumes from a low base.
Cider volumes increased following local production of Savanna and Hunter’s. Local packaging improved supply and margins.
SpiritS volumes increased slightly, supported by premium brands such as Richelieu.
Wine volumes declined due to affordability pressures. Locally produced wines performed better than imports and supported margins.
Managing director Waldemar von Lieres said: “Our performance reflects the strength of our strategy and the discipline of our execution. Despite significant change in recent years, our strategic intent has remained clear: balancing short-term delivery with long-term sustainability and top-line growth with broader stakeholder value creation, particularly for the people of Namibia.
“To ensure NBL’s continued success, we have embarked on a transformation journey aimed at enhancing operational efficiency and long-term sustainability and upskilling and developing our workforce so that we can remain a corporate citizen that contributes to Namibia’s economic and social success,” said von Lieres.
The company said consumer pressure continues to affect demand, with affordability shaping buying patterns.
