Key highlights

• Group revenue increased by 6% to MUR 9.3 bn, mainly supported by sustained growth from Sunlife hotels in Mauritius and healthcare services in both Mauritius and Uganda.

• EBITDA amounted to MUR 1.6 bn, demonstrating the Group’s steady performance underscored by operational discipline. The Group EBITDA margin increased to 17.1%.

• Profit after tax was stable at MUR 766M, underpinned by robust performances across most clusters, offset by the Textile cluster’s softer first quarter.

• Profit attributable to owners reached MUR 355M translating into earnings per share of MUR 0.21.

• Free cash flow totalled MUR 600M for the quarter, with higher operating income and lower recurrent capital expenditure more than offsetting increased working capital requirements in the Textile and Property clusters.

• Net interest-bearing debt stood at MUR 16.9 bn, attributable to strategic hotel renovation funding in the Riveo portfolio, the consolidation of additional healthcare investments at CIEL level, and higher working capital requirements. The Group’s gearing ratio stood at 32.0%, with Net Debt to EBITDA at 2.3x.

Commenting on the results, Jérôme De Chasteauneuf, Group Finance Director of CIEL Limited said: “CIEL delivered a resilient start to the year, reflecting the strength of our diversified portfolio and disciplined operational execution across most of our markets and regions. As key investments mature, we expect to see further benefits flow through to earnings, supporting our long-term growth strategy”.

Cluster Review

Hotels & Resorts

• The cluster delivered a strong first quarter, anchored by a robust performance from Sunlife and continued progress in Riveo’s repositioning of the Shangri-La Le Touessrok hotel following its reopening.

• Revenue increased by 27% to MUR 2.1 bn, underpinned by higher occupancy at Sunlife and Shangri-La, resulting in a 13% improvement in RevPAR.

• EBITDA rose to MUR 374M, demonstrating both Sunlife and Shangri-la’s strong performance and cost management. Riveo’s results continued to reflect the temporary closure of the Four Seasons for renovation, which reopened in November 2025.

• Profit after tax improved to MUR 62M, despite higher tax charges linked to new government measures.

Textile

• Revenue stood at MUR 3.8 bn, due to lower sales volumes in the region and an exceptional delivery pattern in India, which is expected to normalise in subsequent quarters.

• EBITDA reached MUR 227M, while profit after tax amounted to MUR 22M. Operations in India and Bangladesh continued to deliver strong results and remain key contributors to profitability.

• Regional operations, however, were affected by margin pressure, lower production volumes, one-off restructuring costs and the expiry of AGOA.

• A stronger order book in our Asia operations is expected to drive profitability in the second quarter.

Finance

• The cluster reported revenue of MUR 1.6 bn, up 8% on the same period last year.

• EBITDA increased by 14% to MUR 626M, supported by lower write-offs and stable margins at BNI during the quarter.

• Profit after tax increased by 5% to MUR 497M, resulting from the release of IFRS 9 provisions at BNI.

• Bank One contributed MUR 69M (1Q25: MUR 115M), with last year’s corresponding period benefiting from one-off recoveries.

Healthcare

• Cluster revenue grew by 23% to MUR 1.6 bn, showing strong momentum across operations in Mauritius and Uganda.

• Growth was driven by higher activity at C-Lab, additional room capacity at Wellkin Hospital in Mauritius, and increased clinic volumes in Uganda.

• EBITDA improved to MUR 344M, owing to higher revenue and solid margin management.

• Profit after tax grew by 29% to MUR 144M, driven by organic growth in the various business segments and sustained operational efficiency.

Properties

• Revenue increased by 35% to MUR 96M, mainly attributable to higher rental income at Evolis.

• EBITDA amounted to MUR 34M, while profit after tax improved to MUR 3M, marking a return to profitability.

• Construction of Farm Living remains on schedule for delivery towards the end of the second quarter, and planning for the next land development project is progressing well.

Agro

• The share of profit for the quarter rose to MUR 96M.

• Miwa Sugar delivered stronger results, boosted by higher sales volumes from increased tonnage sold in both Tanzania and Kenya, together with higher sugar prices and improved operational efficiency in Kenya.

• Alteo’s results were impacted by lower production and sugar prices, despite stronger demand for premium special sugars.

• The Property cluster’s contribution was also lower, in line with the project development cycle, but is expected to improve in the coming quarters.