CEC releases Audited Results for the Financial Year Ended 31 December 2025
Financial Indicators
CEO, Owen Silavwe, commented:
“The Group delivered another strong performance in 2025, supported by the benefits of prior investments in transmission infrastructure, the continued expansion of its renewable energy portfolio, and sustained growth in electricity demand across its key markets.
Safety remains central to our pursuit of operational excellence, and we continue to embed a safety-first culture across all operations. During the year, we achieved a Lost Time Accident Frequency Rate (LTAFR) of 0.14, compared to 0.65 in 2024, reflecting a significant improvement in our safety performance and our sustained commitment to continuous improvement and safe operations.
Despite regional and local supply constraints, we continue to meet increasing customer demand, by strengthening our power sources and leveraging our balanced portfolio of long-term power supply agreements, strategic regional imports, and growing investments in renewable energy generation.
We continued to invest in upgrading and strengthening critical infrastructure to optimise network performance and support future growth. The Group is already realising the benefits of the prior year’s capital investments in the network, notably the expansion of the DRC interconnector, which enabled higher power flows and contributed to a 40% increase in regional power sales. Building on this momentum, additional investments are planned to further enhance interconnector capacity and expand transmission infrastructure.
We have continued to advance our renewable energy portfolio, making significant progress on the 12.5MWp Fitula and 136MWp Itimpi II solar PV projects, both scheduled for commissioning in the first quarter of 2026. These projects, alongside our planned expansion of solar PV initiatives, underscore our commitment to supporting energy security, meeting growing customer demand, and delivering shared value.
Our revenue in 2025 increased by 30% to US$711.6 million, driven by growth in both local and regional power sales, while profit rose to US$126.9 million, supported in part by the write-back of previously impaired KCM receivables of US$10.3 million. This robust performance is reflective of increased market activity, disciplined execution, and prudent financial management, underpinning our ability to sustain investment and deliver long-term value.
Looking ahead, we remain optimistic about the growth prospects in our strategic horizon up to 2027. Our priorities will remain firmly focused on investing in critical infrastructure, accelerating renewable energy developments and leveraging technology and innovation to further enhance operational excellence.”
Financial Highlights
The Group delivered a strong financial performance in 2025, underscored by significant revenue growth and improved profitability. Revenue rose by 30% to US$ 711.6 million, up from US$ 547.7 million in 2024. This growth was driven primarily by robust increases across key segments: regional power sales surged by 40%, local power sales grew by 24%, and wheeling services grew by 16%. These results highlight the Group’s ability to capitalise on market opportunities and strengthen its position in the energy sector. Profit for the year climbed to US$ 126.9 million, representing a 31% increase from US$ 96.9 million in 2024.
Cash balances stood at US$157.0 million, compared to US$213.8 million in the prior year. The higher 2024 balance primarily reflected proceeds of US$96.7 million from the second tranche of the Green Bond issued in December 2024, which were largely deployed during 2025 to fund increased investing activities of US$106.9 million, up from US$39.6 million in the prior year.
As a result of the increased investment programme, net (debt) or cash position reduced from US$68 million to US$6.3 million as the Group advanced projects aimed at supporting future revenue growth. Cash generated from operations declined marginally to US$110.5 million from US$112.6 million, primarily due to working capital movements arising from power prepayments during the period of acute supply shortages, higher interest costs associated with increased borrowings, and elevated tax payments.
Despite the lower year-end cash position, the Group maintained a strong liquidity profile, underpinned by resilient operating cash flows and continued investment in long-term growth initiatives.
In line with its dividend policy and confidence in its financial strength, the Group declared and paid an interim dividend of US$ 63.4 million. This represents a 5% increase over the US$ 60.1 million distributed in 2024, underscoring the Group’s commitment to delivering sustainable returns to shareholders while continuing to invest in growth opportunities.
Cautionary on Forward-looking Information
This summary results announcement contains financial and non-financial forward-looking statements about the Group’s performance and position. We believe that while all forward-looking information contained herein is realistic at the time of publishing this report, actual results in the future may differ from those anticipated. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause CEC’s actual results, performance, or achievements to differ materially from the anticipated results, performance, or achievements expressed or implied by these forward-looking statements. Although CEC believes that the expectations reflected in these forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. We take no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the statements have been made.
About the Company
CEC’s core business is the supply of power mainly to the mining sector and other large power users in the Southern African Development Community (SADC). A member of the Southern African Power Pool (SAPP), CEC provides transmission use of system and power wheeling services through its network to ZESCO Ltd and other large network users in Zambia and the SAPP. The Company operates an extensive power transmission network that includes the interconnection with the DRC. CEC has six incorporated subsidiaries – CEC- DRC Sarl, CEC Renewables Limited, Garneton South, Fitula Solar, Power Dynamos Sports Limited (PDSL) and Kabompo Hydro Power Limited (KHPL).
By Order of the Board
Julia C Z Chaila (Mrs.)
Company Secretary
Related Downloads
CEC PLC – Audited Results for the year ended 31st December 2025.pdf
