One year after the ENL and Rogers merger, ER Group delivers on its commitments and keeps investing in Mauritius and beyond

In its first full financial year, ended 30 June 2026, and the first since the merger of ENL and Rogers, ER Group (https://ERGroup.mu/) recorded revenue of MUR 46.3-billion and profit after tax of MUR 5.4-billion, excluding non-recurring items. The Group exceeded the operating profit target announced during the year and reduced its gearing. This financial strength is translating into concrete progress in Mauritius, from tea cultivation to electric mobility and sustainable finance and into new steps across the region, which the Group will build on through its strategic plan to 2029.

By bringing together two groups that have shaped Mauritius' economic and social development for more than a century, the merger of ENL and Rogers set out to create a group that is simpler in its organisation, more agile and better equipped to invest for the long term. One year on, ER Group operates as a single, unified structure, has consolidated New Mauritius Hotels Ltd (Beachcomber) as a subsidiary, has been admitted to the Sustainability Index of the Stock Exchange of Mauritius (SEMSI), and has adopted a ten-year strategy, implemented through a three-year plan.

To allow a like-for-like reading, results are compared with a restated FY2025, which combines the activities now brought together within ER Group. On this basis, revenue remained stable at MUR 46.3-billion, with growth in hospitality offsetting lower new vehicle sales.

EBITDA excluding non-recurring items rose 10% to MUR 12.6-billion, above the MUR 12-billion expected: for every MUR 100 of revenue, the Group now generates MUR 27 of operating profit, compared with MUR 24 a year earlier. Excluding non-recurring items, profit after tax reached MUR 5.4-billion. Including net non-recurring items of MUR 2-billion, mainly related to the consolidation of Beachcomber as a subsidiary, profit after tax stood at MUR 7.4-billion. Gearing fell to 45%, net asset value per share rose to MUR 73.57 (USD 1.54) from MUR 61.98, and the dividend for the year amounts to MUR 1.38 per share, a total of MUR 664-million.

ER Group established a presence in Nairobi, Kenya, and set up a MUR 1-billion co-investment vehicle to support its companies across Africa. Ecoasis, the Group's energy solutions company, has established operations in Tanzania, and Beachcomber has signed an agreement to acquire Zuri Zanzibar, a five-star resort, with completion subject to the required regulatory approvals.

ER Group continues to invest in Mauritius. Among the year's key achievements, ER Agri extended its tea plantations to 30 hectares and Axess now distributes XPENG electric vehicles. Moka City opened the Moka Rangers Sports Club, and Ascencia, in partnership with Alteo, began construction of the Mall de Flacq, which will host, among other brands, the island's third Decathlon store from July 2027.

FMBcapital Holdings Plc, the Group's joint venture partner, has obtained in-principle approval from the Bank of Mauritius to establish a new bank. Subject to the grant of the banking licence, ER Group will hold a 35% stake in the new bank.

In June, ER Group published its Sustainable Finance Framework, which received a Second Party Opinion from Moody's. Oficea carried out the first issuance under the framework in September, with a MUR 3.4-billion sustainability-linked bond.

The Group increased its installed solar capacity to 11.5 MWp, from 8.4 MWp a year earlier. The ER Foundation, now structured around social inclusion and climate and environmental resilience, runs its projects through seven regional committees, in line with its new strategic plan to 2035.

The Group, which employs nearly 13 000 people across 17 territories, invested MUR 115-million in training and developing its teams.

Gilbert Espitalier-Noël, Group CEO of ER Group, said: “We brought two groups together with one conviction: this was never about becoming bigger, it was about growing better. This first year provides the first evidence of that. Our teams have delivered on the commitments we made and we approach our strategic plan with the capacity to invest in Mauritius while pursuing growth across the region.”