{"id":9102,"date":"2026-10-05T07:24:59","date_gmt":"2026-10-05T07:24:59","guid":{"rendered":"https:\/\/integratedreport.velogic.net\/2026\/?page_id=9102"},"modified":"2026-10-05T07:24:59","modified_gmt":"2026-10-05T07:24:59","slug":"leadership-insights","status":"publish","type":"page","link":"https:\/\/integratedreport.velogic.net\/2026\/leadership-insights\/","title":{"rendered":"Leadership Insights"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"9102\" class=\"elementor elementor-9102\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-eeed8ca e-con-full ir-page e-flex e-con e-parent\" data-id=\"eeed8ca\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ob_use_container_extras&quot;:&quot;no&quot;,&quot;_ob_column_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_glider_is_slider&quot;:&quot;no&quot;,&quot;_ob_column_has_pseudo&quot;:&quot;no&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3484e43 ob-has-background-overlay elementor-widget elementor-widget-velogic_ir_opener\" data-id=\"3484e43\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"velogic_ir_opener.default\">\n\t\t\t\t\t<section class=\"ir-opener\" aria-labelledby=\"opener-3484e43\"><img decoding=\"async\" class=\"ir-opener__img\" src=\"https:\/\/integratedreport.velogic.net\/2026\/wp-content\/themes\/velogic-ir26\/assets\/img\/ch-leadership-ocean.jpg\" alt=\"Container ship sailing at sunset across open ocean\" fetchpriority=\"high\"><svg class=\"ir-opener__chevron\" viewBox=\"0 0 400 800\" aria-hidden=\"true\"><path d=\"M0 0h150c40 0 70 20 92 55l140 300c12 28 12 62 0 90L242 745c-22 35-52 55-92 55H0l170-400z\" fill=\"currentColor\"\/><\/svg><span class=\"ir-opener__rule-top\" aria-hidden=\"true\"><\/span><div class=\"ir-wrap\"><div class=\"ir-opener__body\"><span class=\"ir-opener__no\">Chapter 02<\/span><h1 id=\"opener-3484e43\">Pushing forward<br>across ocean<\/h1><p>Whether it\u2019s 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.<\/p><\/div><div class=\"ir-opener__foot\"><span class=\"ir-opener__chapter\">Leadership Insights<\/span><\/div><\/div><\/section>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f6d7878 ob-has-background-overlay elementor-widget elementor-widget-velogic_ir_subnav\" data-id=\"f6d7878\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"velogic_ir_subnav.default\">\n\t\t\t\t\t<nav class=\"ir-subnav\" aria-label=\"In this chapter\"><div class=\"ir-wrap\"><span class=\"ir-subnav__ch\">02 \u00b7 Leadership Insights<\/span><a href=\"#chairman\">Chairman<\/a><a href=\"#ceo\">CEO&#039;s Message<\/a><a href=\"#cfio\">CFIO&#039;s Report<\/a><\/div><\/nav>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8083ebd ob-has-background-overlay elementor-widget elementor-widget-velogic_ir_article\" data-id=\"8083ebd\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"velogic_ir_article.default\">\n\t\t\t\t\t<section class=\"ir-section\" id=\"chairman\"><div class=\"ir-wrap\"><div class=\"ir-head-row\"><h2 class=\"ir-title\">In Conversation with our Chairman<\/h2><a class=\"ir-pdfchip\" href=\"#pdf-26\" target=\"_blank\" rel=\"noopener\"><svg viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" aria-hidden=\"true\"><path d=\"M6 2h9l5 5v15H6z\"\/><path d=\"M14 2v6h6\"\/><\/svg> Report p.26\u201329<\/a><\/div><div class=\"ir-article\"><div class=\"ir-article__main\"><dl class=\"ir-qa\"><dt>How would you assess Velogic&#039;s performance in FY26?<\/dt><dd class=\"ir-rich\"><p>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.<\/p>\n<p>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.<\/p><\/dd><dt>In a year marked by significant external shocks, what does this performance tell us about the resilience of Velogic&#039;s fundamentals?<\/dt><dd class=\"ir-rich\"><p>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.<\/p><\/dd><dt>ER Group&#039;s 2029 three-year strategic plan prioritises regional growth. What will be Velogic&#039;s role in delivering this ambition?<\/dt><dd class=\"ir-rich\"><p>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.<\/p><\/dd><\/dl><div class=\"ir-rich ir-muted ir-closing\"><p>Excerpt. <a href=\"#pdf-26\">Read the full interview in the report<\/a>.<\/p><\/div><\/div><aside class=\"ir-article__aside\"><figure class=\"ir-portrait\"><img decoding=\"async\" class=\"\" src=\"https:\/\/integratedreport.velogic.net\/2026\/wp-content\/themes\/velogic-ir26\/assets\/img\/portrait-chairman.jpg\" alt=\"Philippe Espitalier-No\u00ebl\" loading=\"lazy\"><figcaption><strong>Philippe Espitalier-No\u00ebl<\/strong>Chairman<\/figcaption><\/figure><div class=\"ir-tile\"><span class=\"ir-tile__value\">+22.7%<\/span><span class=\"ir-tile__label\">PAT growth in Mauritius<\/span><span class=\"ir-tile__cmp\">Driven by the MC Easy Freight integration<\/span><\/div><\/aside><\/div><\/div><\/section>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cddd78a ob-has-background-overlay elementor-widget elementor-widget-velogic_ir_article\" data-id=\"cddd78a\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"velogic_ir_article.default\">\n\t\t\t\t\t<section class=\"ir-section ir-section--tint\" id=\"ceo\"><div class=\"ir-wrap\"><div class=\"ir-head-row\"><h2 class=\"ir-title\">CEO&#039;s Message<\/h2><a class=\"ir-pdfchip\" href=\"#pdf-30\" target=\"_blank\" rel=\"noopener\"><svg viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" aria-hidden=\"true\"><path d=\"M6 2h9l5 5v15H6z\"\/><path d=\"M14 2v6h6\"\/><\/svg> Report p.30\u201333<\/a><\/div><div class=\"ir-article\"><div class=\"ir-article__main\"><div class=\"ir-rich has-lead\"><p><strong>Dear shareholders,<\/strong><br>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.<\/p>\n<p>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.<\/p>\n<blockquote>\u201cIn Mauritius, however, the Group improved its performance compared with FY25, increasing its profit after tax by 22.7% to MUR 136m.\u201d (FY25: MUR 111m)<\/blockquote>\n<h3>Digitalisation journey<\/h3>\n<p>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.<\/p>\n<h3>Outlook<\/h3>\n<p>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.<\/p><\/div><div class=\"ir-rich ir-muted ir-closing\"><p>Abridged. <a href=\"#pdf-30\">Read the full message in the report<\/a>.<\/p><\/div><\/div><aside class=\"ir-article__aside\"><figure class=\"ir-portrait\"><img decoding=\"async\" class=\"\" src=\"https:\/\/integratedreport.velogic.net\/2026\/wp-content\/themes\/velogic-ir26\/assets\/img\/portrait-ceo.jpg\" alt=\"Nayendranath (Vishal) Nunkoo\" loading=\"lazy\"><figcaption><strong>Nayendranath (Vishal) Nunkoo<\/strong>Chief Executive Officer<\/figcaption><\/figure><\/aside><\/div><\/div><\/section>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cdcc224 ob-has-background-overlay elementor-widget elementor-widget-velogic_ir_article\" data-id=\"cdcc224\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"velogic_ir_article.default\">\n\t\t\t\t\t<section class=\"ir-section ir-section--tint ir-pb-0\" id=\"cfio\"><div class=\"ir-wrap\"><div class=\"ir-head-row\"><h2 class=\"ir-title\">CFIO&#039;s Report<\/h2><a class=\"ir-pdfchip\" href=\"#pdf-34\" target=\"_blank\" rel=\"noopener\"><svg viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" aria-hidden=\"true\"><path d=\"M6 2h9l5 5v15H6z\"\/><path d=\"M14 2v6h6\"\/><\/svg> Report p.34\u201341<\/a><\/div><div class=\"ir-article\"><div class=\"ir-article__main\"><div class=\"ir-rich has-lead\"><p>The financial year ended 30 June 2026 unfolded against a backdrop of considerable operational complexity, shaped by persistent geopolitical volatility and significant supply chain headwinds.<\/p>\n<p>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.<\/p><\/div><figure class=\"ir-chart ir-reveal ir-chart--first\"><figcaption class=\"ir-chart__title\">Group performance (MUR&#039;M)<\/figcaption><div class=\"ir-chart__bar-head\"><div class=\"ir-chart__legend\"><span><i class=\"is-bar\"><\/i>Jun 2025<\/span><span><i class=\"is-cur\"><\/i>Jun 2026<\/span><\/div><\/div><div class=\"ir-bars\" role=\"img\" aria-label=\"Revenue 4,131.7 in Jun 2025 and 4,016.4 in Jun 2026. Adjusted EBITDA 567.3 in Jun 2025 and 553.6 in Jun 2026. Profit for the year 232.8 in Jun 2025 and 204.8 in Jun 2026\"><div class=\"ir-bar\"><span class=\"ir-bar__label\">Revenue<\/span><div class=\"ir-bar__track\"><span class=\"ir-bar__fill\" style=\"--i:0;width:calc((100% - 90px) * 1.0000)\"><\/span><span class=\"ir-bar__val\" style=\"--i:0\">4,131.7<\/span><\/div><div class=\"ir-bar__track\"><span class=\"ir-bar__fill ir-bar__fill--cur\" style=\"--i:1;width:calc((100% - 90px) * 0.9721)\"><\/span><span class=\"ir-bar__val\" style=\"--i:1\"><b>4,016.4<\/b><\/span><\/div><\/div><div class=\"ir-bar\"><span class=\"ir-bar__label\">Adjusted EBITDA<\/span><div class=\"ir-bar__track\"><span class=\"ir-bar__fill\" style=\"--i:2;width:calc((100% - 90px) * 0.1373)\"><\/span><span class=\"ir-bar__val\" style=\"--i:2\">567.3<\/span><\/div><div class=\"ir-bar__track\"><span class=\"ir-bar__fill ir-bar__fill--cur\" style=\"--i:3;width:calc((100% - 90px) * 0.1340)\"><\/span><span class=\"ir-bar__val\" style=\"--i:3\"><b>553.6<\/b><\/span><\/div><\/div><div class=\"ir-bar\"><span class=\"ir-bar__label\">Profit for the year<\/span><div class=\"ir-bar__track\"><span class=\"ir-bar__fill\" style=\"--i:4;width:calc((100% - 90px) * 0.0563)\"><\/span><span class=\"ir-bar__val\" style=\"--i:4\">232.8<\/span><\/div><div class=\"ir-bar__track\"><span class=\"ir-bar__fill ir-bar__fill--cur\" style=\"--i:5;width:calc((100% - 90px) * 0.0496)\"><\/span><span class=\"ir-bar__val\" style=\"--i:5\"><b>204.8<\/b><\/span><\/div><\/div><\/div><\/figure><figure class=\"ir-chart ir-reveal\"><figcaption class=\"ir-chart__title\">MUR&#039;M<\/figcaption><div class=\"ir-table-wrap\"><table class=\"ir-table ir-table--fin\"><thead><tr><th><\/th><th class=\"num\">Jun 2026<\/th><th class=\"num\">Jun 2025<\/th><th class=\"num\">Variance<\/th><\/tr><\/thead><tbody><tr><td>Revenue<\/td><td class=\"num\">4,016.4<\/td><td class=\"num\">4,131.7<\/td><td class=\"num\">(115.3)<\/td><\/tr><tr class=\"is-strong\"><td>Gross Profit<\/td><td class=\"num\">1,613.1<\/td><td class=\"num\">1,618.8<\/td><td class=\"num\">(5.7)<\/td><\/tr><tr><td>Allowance for expected credit losses<\/td><td class=\"num\">(0)<\/td><td class=\"num\">(7.7)<\/td><td class=\"num\">7.7<\/td><\/tr><tr class=\"is-strong\"><td>Adjusted EBITDA*<\/td><td class=\"num\">553.6<\/td><td class=\"num\">567.3<\/td><td class=\"num\">(13.7)<\/td><\/tr><tr><td>Depreciation, amortisation and impairment<\/td><td class=\"num\">(213.3)<\/td><td class=\"num\">(190.6)<\/td><td class=\"num\">(22.7)<\/td><\/tr><tr><td>Finance costs<\/td><td class=\"num\">(58.8)<\/td><td class=\"num\">(53.2)<\/td><td class=\"num\">(5.5)<\/td><\/tr><tr class=\"is-strong\"><td>Profit before taxation<\/td><td class=\"num\">281.5<\/td><td class=\"num\">323.4<\/td><td class=\"num\">(42.0)<\/td><\/tr><tr><td>Taxation<\/td><td class=\"num\">(76.7)<\/td><td class=\"num\">(90.6)<\/td><td class=\"num\">14.0<\/td><\/tr><\/tbody><tfoot><tr><td>Profit for the year<\/td><td class=\"num\">204.8<\/td><td class=\"num\">232.8<\/td><td class=\"num\">(28.0)<\/td><\/tr><\/tfoot><\/table><\/div><p class=\"ir-chart__note\">*Adjusted EBITDA includes impairment of goodwill amounting to MUR 3.3 million<\/p><\/figure><\/div><aside class=\"ir-article__aside\"><figure class=\"ir-portrait\"><img decoding=\"async\" class=\"\" src=\"https:\/\/integratedreport.velogic.net\/2026\/wp-content\/themes\/velogic-ir26\/assets\/img\/portrait-cfio.jpg\" alt=\"Hansraz (Hans) Mulloo\" loading=\"lazy\"><figcaption><strong>Hansraz (Hans) Mulloo<\/strong>Chief Finance &amp; Investment Officer<\/figcaption><\/figure><div class=\"ir-pullquote\">\u201cWe shifted our focus towards more profitable volume growth, particularly in sea groupage, consolidation, and air export.\u201d<cite>CFIO&#039;s Report, p.36\u201337<\/cite><\/div><div class=\"ir-pullquote\">\u201cThe shipping operation was relocated from Singapore to Mauritius in January 2026.\u201d<cite>CFIO&#039;s Report, p.38\u201339<\/cite><\/div><\/aside><\/div><\/div><\/section>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ddbaefb ob-has-background-overlay elementor-widget elementor-widget-velogic_ir_segments\" data-id=\"ddbaefb\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"velogic_ir_segments.default\">\n\t\t\t\t\t<section class=\"ir-section ir-section--tint ir-pt-sm ir-pb-0\"><div class=\"ir-wrap\"><h3 class=\"ir-h3 ir-block-heading\">Performance by segment<\/h3><figure class=\"ir-chart ir-reveal\" data-chart=\"segments\" data-source=\"MUR&#039;M \u00b7 Source: CFIO&#039;s Report, p.36\u201337\" data-measures=\"Revenue,EBITDA,PAT\" data-cur=\"FY26\" data-prev=\"FY25\"><figcaption class=\"ir-chart__title\">Mauritius and Overseas, FY26 against FY25<\/figcaption><div class=\"ir-chart__data\"><div class=\"ir-table-wrap\"><table class=\"ir-table\" data-group=\"Mauritius\"><caption class=\"ir-muted\">Mauritius<\/caption><thead><tr><th>Segment<\/th><th class=\"num\">Revenue FY26<\/th><th class=\"num\">Revenue FY25<\/th><th class=\"num\">EBITDA FY26<\/th><th class=\"num\">EBITDA FY25<\/th><th class=\"num\">PAT FY26<\/th><th class=\"num\">PAT FY25<\/th><\/tr><\/thead><tbody><tr><td>Cross-border Logistics<\/td><td class=\"num\">1,178.6<\/td><td class=\"num\">1,316.5<\/td><td class=\"num\">106.4<\/td><td class=\"num\">88.6<\/td><td class=\"num\">54.7<\/td><td class=\"num\">35.4<\/td><\/tr><tr><td>Landside Logistics<\/td><td class=\"num\">725.8<\/td><td class=\"num\">723.3<\/td><td class=\"num\">175.3<\/td><td class=\"num\">169.0<\/td><td class=\"num\">32.8<\/td><td class=\"num\">37.3<\/td><\/tr><tr><td>Packing &amp; Shipping<\/td><td class=\"num\">239.2<\/td><td class=\"num\">198.4<\/td><td class=\"num\">72.4<\/td><td class=\"num\">58.6<\/td><td class=\"num\">48.7<\/td><td class=\"num\">38.3<\/td><\/tr><\/tbody><tfoot><tr><td>Total<\/td><td class=\"num\">2,143.6<\/td><td class=\"num\">2,238.2<\/td><td class=\"num\">354.1<\/td><td class=\"num\">316.2<\/td><td class=\"num\">136.2<\/td><td class=\"num\">111.0<\/td><\/tr><\/tfoot><\/table><\/div><div class=\"ir-table-wrap\"><table class=\"ir-table\" data-group=\"Overseas\"><caption class=\"ir-muted\">Overseas<\/caption><thead><tr><th>Segment<\/th><th class=\"num\">Revenue FY26<\/th><th class=\"num\">Revenue FY25<\/th><th class=\"num\">EBITDA FY26<\/th><th class=\"num\">EBITDA FY25<\/th><th class=\"num\">PAT FY26<\/th><th class=\"num\">PAT FY25<\/th><\/tr><\/thead><tbody><tr><td>Cross-border Logistics<\/td><td class=\"num\">1,122.7<\/td><td class=\"num\">1,255.2<\/td><td class=\"num\">118.7*<\/td><td class=\"num\">145.6<\/td><td class=\"num\">49.5<\/td><td class=\"num\">76.4<\/td><\/tr><tr><td>Landside Logistics<\/td><td class=\"num\">750.1<\/td><td class=\"num\">638.2<\/td><td class=\"num\">79.2<\/td><td class=\"num\">95.9<\/td><td class=\"num\">16.8<\/td><td class=\"num\">36.5<\/td><\/tr><tr><td>Packing &amp; Shipping<\/td><td class=\"num\">0.0<\/td><td class=\"num\">0.0<\/td><td class=\"num\">1.5<\/td><td class=\"num\">9.5<\/td><td class=\"num\">2.3<\/td><td class=\"num\">8.9<\/td><\/tr><\/tbody><tfoot><tr><td>Total<\/td><td class=\"num\">1,872.8<\/td><td class=\"num\">1,893.5<\/td><td class=\"num\">199.4<\/td><td class=\"num\">251.0<\/td><td class=\"num\">68.6<\/td><td class=\"num\">121.8<\/td><\/tr><\/tfoot><\/table><\/div><\/div><p class=\"ir-chart__note\">*Adjusted EBITDA \u2013 see CFIO\u2019s Report on page 36<\/p><\/figure><\/div><\/section>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-67b2301 ob-has-background-overlay elementor-widget elementor-widget-velogic_ir_combo_charts\" data-id=\"67b2301\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"velogic_ir_combo_charts.default\">\n\t\t\t\t\t<section class=\"ir-section ir-section--tint ir-pt-sm ir-pb-0\"><div class=\"ir-wrap\"><h3 class=\"ir-h3 ir-block-heading\">Shareholder returns<\/h3><div class=\"ir-grid-2 ir-grid-2--tight\"><figure class=\"ir-chart ir-reveal ir-chart--flush\" data-chart=\"combo\" data-line-suffix=\"%\" data-source=\"MUR per share \u00b7 Source: CFIO&#039;s Report, p.38\u201339\"><figcaption class=\"ir-chart__title\">Evolution of dividend paid, dividend yield<\/figcaption><div class=\"ir-chart__legend\"><span><i class=\"is-bar\"><\/i>Dividend paid<\/span><span><i class=\"is-line\"><\/i>Dividend yield (DPS \/ share price)<\/span><\/div><div class=\"ir-chart__data ir-table-wrap\"><table class=\"ir-table\"><thead><tr><th>Year<\/th><th>Dividend paid<\/th><th>Dividend yield (DPS \/ share price)<\/th><\/tr><\/thead><tbody><tr><td>Jun 22<\/td><td>0.72<\/td><td>2.9%<\/td><\/tr><tr><td>Jun 23<\/td><td>1.20<\/td><td>5.2%<\/td><\/tr><tr><td>Jun 24<\/td><td>1.13<\/td><td>6.7%<\/td><\/tr><tr><td>Jun 25<\/td><td>1.35<\/td><td>8.7%<\/td><\/tr><tr><td>Jun 26<\/td><td>1.33<\/td><td>9.2%<\/td><\/tr><\/tbody><\/table><\/div><\/figure><figure class=\"ir-chart ir-reveal ir-chart--flush\" data-chart=\"combo\" data-line-suffix=\"%\" data-source=\"MUR per share \u00b7 Source: CFIO&#039;s Report, p.38\u201339\"><figcaption class=\"ir-chart__title\">Evolution of EPS and dividend payout<\/figcaption><div class=\"ir-chart__legend\"><span><i class=\"is-bar\"><\/i>EPS<\/span><span><i class=\"is-line\"><\/i>Payout<\/span><\/div><div class=\"ir-chart__data ir-table-wrap\"><table class=\"ir-table\"><thead><tr><th>Year<\/th><th>EPS<\/th><th>Payout<\/th><\/tr><\/thead><tbody><tr><td>Jun 22<\/td><td>1.89<\/td><td>38%<\/td><\/tr><tr><td>Jun 23<\/td><td>2.27<\/td><td>53%<\/td><\/tr><tr><td>Jun 24<\/td><td>2.10<\/td><td>54%<\/td><\/tr><tr><td>Jun 25<\/td><td>2.29<\/td><td>59%<\/td><\/tr><tr><td>Jun 26<\/td><td>2.00<\/td><td>66%<\/td><\/tr><\/tbody><\/table><\/div><\/figure><\/div><\/div><\/section>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-faa20aa ob-has-background-overlay elementor-widget elementor-widget-velogic_ir_metrics\" data-id=\"faa20aa\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"velogic_ir_metrics.default\">\n\t\t\t\t\t<section class=\"ir-section ir-section--tint ir-pt-sm\"><div class=\"ir-wrap\"><div class=\"ir-metrics ir-reveal\"><div class=\"ir-metric\"><div class=\"ir-metric__v\"><small>MUR<\/small> <span data-count=\"124.4\">124.4<\/span>m<\/div><div class=\"ir-metric__l\">Returned to shareholders as dividends<\/div><\/div><div class=\"ir-metric\"><div class=\"ir-metric__v\"><small>MUR<\/small> <span data-count=\"226.7\">226.7<\/span>m<\/div><div class=\"ir-metric__l\">Free cash flow to the firm<\/div><\/div><div class=\"ir-metric\"><div class=\"ir-metric__v\"><span data-count=\"41\">41<\/span>%<\/div><div class=\"ir-metric__l\">Cash conversion of Adjusted EBITDA<\/div><\/div><div class=\"ir-metric\"><div class=\"ir-metric__v\"><small>MUR<\/small> <span data-count=\"333.6\">333.6<\/span>m<\/div><div class=\"ir-metric__l\">Net cash balance at year-end<\/div><\/div><div class=\"ir-metric\"><div class=\"ir-metric__v\"><span data-count=\"38\">38<\/span>%<\/div><div class=\"ir-metric__l\">Gearing ratio<\/div><\/div><div class=\"ir-metric\"><div class=\"ir-metric__v\"><span data-count=\"0.8\">0.8<\/span>x<\/div><div class=\"ir-metric__l\">Net debt to EBITDA<\/div><\/div><\/div><div class=\"ir-rich ir-muted ir-closing\"><p>Abridged. <a href=\"#pdf-34\">Read the full CFIO's Report, including regional performance<\/a>.<\/p><\/div><\/div><\/section>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f89c849 ob-has-background-overlay elementor-widget elementor-widget-velogic_ir_chapters\" data-id=\"f89c849\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"velogic_ir_chapters.default\">\n\t\t\t\t\t<section class=\"ir-section ir-pt-sm ir-pb-sm\" id=\"explore\"><div class=\"ir-wrap\"><div class=\"ir-head-row\"><h2 class=\"ir-title\">Continue Exploring<\/h2><\/div><div class=\"ir-explore\"><a class=\"ir-chapter-card ir-reveal\" href=\"#pdf-44\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"\" src=\"https:\/\/integratedreport.velogic.net\/2026\/wp-content\/themes\/velogic-ir26\/assets\/img\/ch-value-technology.jpg\" alt=\"\" loading=\"lazy\"><span class=\"ir-chapter-card__kicker\">Next chapter \u00b7 03<\/span><span class=\"ir-chapter-card__title\">Sustainable Value Creation <svg class=\"ir-chev\" viewBox=\"0 0 10 16\" aria-hidden=\"true\"><path d=\"M2 2l6 6-6 6\"\/><\/svg><\/span><ul class=\"ir-chapter-card__list\"><li>Strategy, value creation model and our people<\/li><\/ul><\/a><a class=\"ir-chapter-card ir-reveal\" href=\"#pdf-122\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"\" src=\"https:\/\/integratedreport.velogic.net\/2026\/wp-content\/themes\/velogic-ir26\/assets\/img\/ch-financial-responsibility.jpg\" alt=\"\" loading=\"lazy\"><span class=\"ir-chapter-card__kicker\">Go deeper \u00b7 06<\/span><span class=\"ir-chapter-card__title\">Financial Performance <svg class=\"ir-chev\" viewBox=\"0 0 10 16\" aria-hidden=\"true\"><path d=\"M2 2l6 6-6 6\"\/><\/svg><\/span><ul class=\"ir-chapter-card__list\"><li>Audited statements and notes<\/li><\/ul><\/a><a class=\"ir-chapter-card ir-reveal\" href=\"#pdf-10\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"\" src=\"https:\/\/integratedreport.velogic.net\/2026\/wp-content\/themes\/velogic-ir26\/assets\/img\/ch-overview-road.jpg\" alt=\"\" loading=\"lazy\"><span class=\"ir-chapter-card__kicker\">Previous chapter \u00b7 01<\/span><span class=\"ir-chapter-card__title\">Overview <svg class=\"ir-chev\" viewBox=\"0 0 10 16\" aria-hidden=\"true\"><path d=\"M2 2l6 6-6 6\"\/><\/svg><\/span><ul class=\"ir-chapter-card__list\"><li>Who we are, Velogic in Numbers, our activities<\/li><\/ul><\/a><\/div><\/div><\/section>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/full-width.php","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"class_list":["post-9102","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/integratedreport.velogic.net\/2026\/wp-json\/wp\/v2\/pages\/9102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integratedreport.velogic.net\/2026\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/integratedreport.velogic.net\/2026\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/integratedreport.velogic.net\/2026\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/integratedreport.velogic.net\/2026\/wp-json\/wp\/v2\/comments?post=9102"}],"version-history":[{"count":0,"href":"https:\/\/integratedreport.velogic.net\/2026\/wp-json\/wp\/v2\/pages\/9102\/revisions"}],"wp:attachment":[{"href":"https:\/\/integratedreport.velogic.net\/2026\/wp-json\/wp\/v2\/media?parent=9102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}