Annual Integrated
Report 2025
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Welcome to CIEL's Annual
Integrated Report

Choose how you would like to explore our story

A quick, high-level overview
of our key highlights

A focussed tour of our strategy
and performance

An in-depth look at the
year in detail

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For A World We Can
All Feel Proud Of
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At a Glance

Our Purpose
38,000+ Employees
38,000+
Employees
51% Renewable Energy
51%
Renewable
Energy
6 Sectors
6
Sectors
Our Values
30+ Brands
30+
Brands
14.3 BN Market Cap
MUR 14.2 BN
Market Cap
Market trend
~50% Revenue in hard currency
~50%
Revenue in hard currency
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10+ Countries
10+
Countries
Child with hands up
MUR 158 M
Invested in
Social projects
Since 2024
113-year History
113-year
History
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MUR
38,030M
Group Consolidated
Revenue
MUR 35,176M - 30 JUNE 2024
MUR
7,212M
EBITDA*
MUR 7,480M - 30 JUNE 2024
*Earnings Before Interest, Taxation, Depreciation,
Amortisation and Expected Credit Losses
MUR
3,813M
Group Profit after Tax
MUR 5,038M - 30 JUNE 2024
MUR
2,167M
Profit Attributable
to Owners
MUR 2,807M - 30 JUNE 2024

Where we generate our Revenue

Revenue Distribution
Background

Group Earnings per Share

2025
MUR 1.28
2024
MUR 1.66

Dividend per Share

2025
MUR 0.32
2024
MUR 0.32

Group EBITDA Margin

2025
19.0%
2024
21.3%

Group Net Debt to EBITDA

2025
2.0
2024
1.5

Group Gearing

2025
29.4%
2024
25.1%

Group Return on Capital Employed

2025
11.5%
2024
15.1%

Group NAV per Share

2025
MUR 12.48
2024
MUR 11.88

Company NAV per Share

2025
MUR 13.40
2024
MUR 13.10
Jean-Pierre Dalais, Chairman
A letter from our CHAIRPERSON
Dear Shareholders,

I am honoured to present CIEL Group's Annual Integrated Report, my first as Chairman, for the financial year ended 30 June 2025. Having completed the transition from Group Chief Executive and served as Vice-Chair over the past year, I have been able to step back from day-to-day execution to focus on long-term stewardship. My aim is to ensure that the strategy we set in motion remains firmly on course while evolving to address the demands of a changing world.

Jean-Pierre Dalais
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AN INTERVIEW WITH OUR GROUP CHIEF EXECUTIVE
DEAR SHAREHOLDERS AND STAKEHOLDERS OF CIEL GROUP

As I present my first full Annual Integrated Report as Group Chief Executive, I want to highlight that this year has been one of execution and acceleration. The focus has been on delivering on our strategy, driving growth across key markets, and advancing in talent development, digital transformation, and sustainability.
These foundations give me confidence that CIEL is well placed to capture opportunities and create lasting value for all stakeholders

Guillaume Dalais
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Guillaume Dalais, Group Chief Executive
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Our Business Principles

Inclusive teams icon
We value our people and build winning inclusive teams.
Customer success icon
We prioritise customer satisfaction, excellence and continuous innovation.
Innovation icon
We are pioneers and entrepreneurs, nurturing successful partnerships across borders.
Ethics icon
We take accountability for our actions and uphold our values and ethics.
Sustainability icon
We champion sustainable practices to create long-term value.
View Our Strategy Framework View Our Strategy Framework View Our Value Creation Model View Our Value Creation Model
L. J. Jérôme De Chasteauneuf, Group Finance Director
Insights from our Group Finance Director

CIEL entered the financial year from a position of strength with a very healthy balance sheet, which proved key as we navigated a world of both uncertainty and opportunity. Geopolitical tensions, supply chain disruptions, US tariff adjustments and higher financing costs tested many global industries, yet our diversified portfolio once again demonstrated resilience and the capacity to deliver sustainable value.

L. J. Jérôme De Chasteauneuf
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Our Capital Allocation And Investment Approach

OUR ESG APPROACH

Sustainability is deeply embedded in CIEL’s DNA. It is reflected in our purpose, our values and today stands as one of our core business principles: We champion sustainable practices to create long-term value. Delivering on this ambition requires collaboration, making partnerships central to our approach, as they enable us to amplify our impact and extend the reach of our initiatives. Building on this spirit of collaboration, the review of our CIEL Sustainability Strategy 2020–2030 reaffirmed our collective commitment as we continue our journey to implement our roadmap

Dev Sewgobind
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Illustration of CIEL's sustainability journey
Mark van Beuningen
GUIDING CIEL'S DIGITAL TRANSFORMATION JOURNEY

At CIEL, we know that digital transformation is a driver of competitiveness and growth. Across every sector and market where we operate, data, digital tools, and AI are reshaping how we work, innovate, compete, engage, and create value. For us, embracing this transformation is not optional, it is essential to building the CIEL we want for the future. This is the first time we are sharing our digital and AI journey in the Annual Integrated Report. This reflects how important this programme is to our future, and how we will continue to share our progress, milestones, and successes as we deliver on this commitment.

Mark van Beuningen
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