Pushing forward
across ocean
Whether it’s a single shipment or a full container, we move your cargo across oceans with flexibility and control. Through long-standing carrier relationships and a global network of partners, we secure the right routes and conditions for every load.
In Conversation with our Chairman
Report p.26–29- How would you assess Velogic's performance in FY26?
The results for FY26 are somewhat mixed and should be viewed against the backdrop of the global, commercial and geopolitical disruptions, and their ensuing impact on the geographies in which we operate. At Group level, revenue declined by 3% and profit after tax by 12%, compared with FY25, on account of weaker overseas performance.
By contrast, Mauritius bucked the trend, recording a 22.7% improvement in PAT, largely driven by the successful integration of MC Easy Freight Co. Ltd, effective 1st July 2025.
- In a year marked by significant external shocks, what does this performance tell us about the resilience of Velogic's fundamentals?
In FY26, we navigated some very disruptive geopolitical and commercial headwinds. Our success in defending our positions in our core markets within this uncertain trading environment is a testament to the diversification strategy we have been pursuing, which continues to cushion the Group from the full force of external shocks.
- ER Group's 2029 three-year strategic plan prioritises regional growth. What will be Velogic's role in delivering this ambition?
As ER's regional growth vehicle in logistics, Velogic will be central in the execution of this strategic plan. We will continue to leverage our foothold in Kenya, a major economic hub in East Africa, to further explore opportunities across the region.
Excerpt. Read the full interview in the report.
CEO's Message
Report p.30–33Dear shareholders,
Looking back on the financial year ended 30 June 2026, it can be said that it was yet another arduous year to navigate. Economies worldwide were impacted by several external factors, including energy shocks, rising inflation, increasing trade tariffs and the delayed renewal of the AGOA.
While the global economy entered 2026 on a fairly strong footing, the intensification of geopolitical tensions in the Middle East in late February materially changed the outlook. The near closure of the Strait of Hormuz for several weeks caused one of the most significant energy supply disruptions in recent history, with a very tangible impact on our operating costs.
“In Mauritius, however, the Group improved its performance compared with FY25, increasing its profit after tax by 22.7% to MUR 136m.” (FY25: MUR 111m)
Digitalisation journey
A new Financial Management System was introduced towards the end of FY26, our transport division rolled out a new Transport Management System, and a new Warehouse Management System was progressively introduced, generating reliable data that our clients can use in their decision-making.
Outlook
We look ahead with cautious optimism, as the situation remains highly volatile. The two-year AGOA extension secured in September 2026, through to 31 December 2028, offers a more predictable outlook and should help restore US customer confidence in the textile and apparel value chains in Madagascar and Mauritius.
Abridged. Read the full message in the report.
CFIO's Report
Report p.34–41The financial year ended 30 June 2026 unfolded against a backdrop of considerable operational complexity, shaped by persistent geopolitical volatility and significant supply chain headwinds.
Through disciplined cost management, proactive risk mitigation and the strength of our diversified regional presence, we were able to absorb the impact of these external shocks. While revenue declined by 3% to MUR 4,016m and profit after tax fell by 12% to MUR 204.8m, our key performance indicators remained encouraging in a particularly adverse trading environment.
| Jun 2026 | Jun 2025 | Variance | |
|---|---|---|---|
| Revenue | 4,016.4 | 4,131.7 | (115.3) |
| Gross Profit | 1,613.1 | 1,618.8 | (5.7) |
| Allowance for expected credit losses | (0) | (7.7) | 7.7 |
| Adjusted EBITDA* | 553.6 | 567.3 | (13.7) |
| Depreciation, amortisation and impairment | (213.3) | (190.6) | (22.7) |
| Finance costs | (58.8) | (53.2) | (5.5) |
| Profit before taxation | 281.5 | 323.4 | (42.0) |
| Taxation | (76.7) | (90.6) | 14.0 |
| Profit for the year | 204.8 | 232.8 | (28.0) |
*Adjusted EBITDA includes impairment of goodwill amounting to MUR 3.3 million
Performance by segment
| Segment | Revenue FY26 | Revenue FY25 | EBITDA FY26 | EBITDA FY25 | PAT FY26 | PAT FY25 |
|---|---|---|---|---|---|---|
| Cross-border Logistics | 1,178.6 | 1,316.5 | 106.4 | 88.6 | 54.7 | 35.4 |
| Landside Logistics | 725.8 | 723.3 | 175.3 | 169.0 | 32.8 | 37.3 |
| Packing & Shipping | 239.2 | 198.4 | 72.4 | 58.6 | 48.7 | 38.3 |
| Total | 2,143.6 | 2,238.2 | 354.1 | 316.2 | 136.2 | 111.0 |
| Segment | Revenue FY26 | Revenue FY25 | EBITDA FY26 | EBITDA FY25 | PAT FY26 | PAT FY25 |
|---|---|---|---|---|---|---|
| Cross-border Logistics | 1,122.7 | 1,255.2 | 118.7* | 145.6 | 49.5 | 76.4 |
| Landside Logistics | 750.1 | 638.2 | 79.2 | 95.9 | 16.8 | 36.5 |
| Packing & Shipping | 0.0 | 0.0 | 1.5 | 9.5 | 2.3 | 8.9 |
| Total | 1,872.8 | 1,893.5 | 199.4 | 251.0 | 68.6 | 121.8 |
*Adjusted EBITDA – see CFIO’s Report on page 36
Shareholder returns
| Year | Dividend paid | Dividend yield (DPS / share price) |
|---|---|---|
| Jun 22 | 0.72 | 2.9% |
| Jun 23 | 1.20 | 5.2% |
| Jun 24 | 1.13 | 6.7% |
| Jun 25 | 1.35 | 8.7% |
| Jun 26 | 1.33 | 9.2% |
| Year | EPS | Payout |
|---|---|---|
| Jun 22 | 1.89 | 38% |
| Jun 23 | 2.27 | 53% |
| Jun 24 | 2.10 | 54% |
| Jun 25 | 2.29 | 59% |
| Jun 26 | 2.00 | 66% |
