MESSAGE TO SHAREHOLDERS
In compliance with the Law and the Company’s Articles of Association, we hereby present the Management Report for the financial year from January to December 2025.
Dear shareholders, partners and colleagues,
The year 2025 was, for Tropigalia, a year of strong recovery, disciplined execution, and confirmation of the resilience of our business model. We began the year still under the shadow of the post-electoral instability that marked the end of 2024, with a first quarter characterised by caution and restraint. However, throughout the year, as the market gradually regained normality, Tropigalia exceeded even the most optimistic expectations.
Turnover reached MZN 5.74 billion, representing growth of 10.8% compared to 2024 and the highest figure in the company’s history. Gross margin increased from 19.2% to 22.0%, driven by effective and collaborative supplier relationship management, more efficient logistics, and a cost structure that adapted quickly to the demands of the moment.
EBITDA more than doubled, reaching MZN 437 million — an extraordinary result in a market still bearing the scars of 2024. Net profit amounted to MZN 138.7 million, reversing the loss recorded in the previous financial year and confirming that the decisions taken during the most difficult period were the correct ones.
The restructuring of operations — including the optimisation of our workforce structure, logistics processes, and working capital management — delivered the results we had anticipated. We closed 2025 with a robust cash position, fully capable of meeting all commitments and resuming our growth plan.
The environment in which we operated was far from straightforward. The Mozambican economy experienced only modest growth in 2025, with a pronounced contraction during the first half of the year, still reflecting the post-electoral instability that resulted in job losses, business closures, and reduced private consumption. In the second half, the country began a fragile recovery, with greater social and institutional stability, though within one of the most challenging economic contexts in the history of Mozambique’s young economy. At the same time, a crisis in the consumer market persisted, alongside a severe shortage of foreign currency, essential for Tropigalia’s import activity in consumer goods.
Our success in 2025 is particularly significant because it was not the product of favourable conditions or the absence of the challenges that affected our competitors and the wider market. It was the result of active, effective management, focused every day on resolving the difficulties that continually emerged. Our ability to respond rapidly, the quality of our logistics facilities, the diversity of our market approach strategies, and the strengthening of trusted relationships with our national and international partners were assets that enabled us to grow while others contracted.
We maintained our commitment to investment: MZN 123 million was invested in the modernisation of our facilities, fleet, information technologies, and distribution support structures. We advanced the autonomy of our business units and strengthened our technological solutions through Make IT Happen.
At the end of 2025, we proudly concluded an exclusive distribution partnership in the Mozambican market with Nestlé, the world’s largest company in its sector. We expect this to become one of our largest business units over the coming years.
For this reason, we look to 2026 with well-founded optimism. The growth potential of the consumer goods market in Mozambique remains enormous. The brands we represent continue to grow globally and trust us to grow them locally.
Our processes are more efficient. Our teams are more experienced and more focused. And our balance sheet is stronger. We thank each of our employees for their commitment during a period of profound challenge.
We thank our suppliers and partners for their renewed confidence. We thank our customers for their preference and trust in the brands we distribute. And we thank our shareholders for their confidence in Tropigalia’s management team and business model.
We have spent 21 years growing. We remained confident in a new wave of growth. 2025 demonstrated why.
Chairman of the Board of Directors
Adolfo Manuel da Silva Correia
FAQ
Tropigalia is a Mozambican import and logistical and commercial distribution company for fast-moving consumer goods (“FMCG”), on an exclusive basis in the national market. The company distributes more than 3,000 products from around 50 internationally renowned brands at more than 12,000 points of sale, including its own brand Gourmet, the national brand with the widest range of food products.
Tropigalia was founded on April 14, 2004 and started its activity on July 1, 2004.
The Company has a network of more than 12,000 clients nationwide, in the informal and formal segment, including international chains of hypermarkets, supermarkets, wholesalers, mini-waretores, clients in the HORECA segment (Hotel, Restaurant and Catering), and other types of retailers.
Tropigalia is one of the largest Mozambican companies operating in the distribution sector of food and non-food products for mass consumption. In 2021, it recorded a turnover of more than 3,200 million Meticais, had more than 500 employees and a fleet of more than 150 distribution vehicles. In the most recent publication of “KPMG – 100 Largest Companies in Mozambique (2022)”, Tropigalia was classified as the 28th largest company in Mozambique.
Adolfo Correia, founding shareholder and current Chairman of the Company's Board of Directors, is the largest shareholder, with 61.9% of the capital. The second largest shareholder with 24.9% of the capital is Tropifoods Mozambique Limited, a company of an Investment Fund based in Mauritius, which invested in Tropigalia in 2017, and counts as main investors in the Fund entities such as IFC (Agência de World Bank Private Sector Financing) and the African Development Bank (AFDB or AfDB). The remaining shares are essentially held by Individual Investors and by Tropigalia itself.
An OPS occurs when a company proposes to most investors the subscription of its share capital through the issue of new shares.
Tropigalia's share offering corresponded to a capital increase of up to 3,078,507 (three million, seventy-eight thousand, five hundred and seven) registered, preferred, non-voting, non-redeemable and book-entry shares, representing up to 10% (ten per cent) of the Share Capital. of the Company, after issuance.
The OPS took place exclusively in Mozambique and was aimed at the general public, whatever the nature of the investor: individual, collective, institutional, Mozambican or foreign, resident or not in Mozambique. The subscription of shares was made through two segments, subject to the rules defined for each segment: Segment A: Tropigalia Workers and Young Investors; Segment B: General Public.
Tropigalia shares were available for subscription at the value of 100.00 MT (one hundred Meticais) for Segment A and 120.00 MT (one hundred and twenty Meticais) for Segment B.
Holders of shares subject to the OPS have the following main rights: The right to participate in General Assembly meetings; The right to a non-cumulative priority dividend, at least 10% higher than the dividend attributed to ordinary shares; The right to elect, together with other Class B shareholders, if any, an effective member of the Supervisory Board; The right to information about Tropigalia and other rights attributed to shareholders by law or by the Articles of Association.
GALLERY
