MultiLink Consulting

Ethiopia’s New Franco Valuta Import Directive

The National Bank of Ethiopia has issued Directive No. FVD/01/2026, effective 29 May 2026. It introduces clearer rules for Franco Valuta imports, covering eligible users, import categories, compliance, FEMoUS monitoring, and penalties.

Habesha Breweries: A Local Beer Challenger Building Scale in Ethiopia

Habesha Breweries’ latest performance shows a company that is growing, improving its product mix, and strengthening its route-to-market position in Ethiopia’s beer industry.

Based on the Prospectus for Registration of Existing Securities and New Offer, Habesha generated
-ETB 7.76 billion revenue in FY2024 and ETB 5.19 billion revenue by June 2025.

-Gross profit reached ETB 4.75 billion in FY2024 and ETB 3.15 billion in 2025 YTD,
-profit after tax stood at ETB 738 million in FY2024 and ETB 619 million by June 2025.

The operational side is also important.

-Capacity utilization improved from 87% in FY2024 to 88% in 2025 YTD.
-Draught outlets increased from 1,980 to 2,150, and route-to-market warehouses increased from 11 to 12.

This shows that Habesha is not only focusing on production, but also on distribution, outlet reach, and draught expansion.

The product mix is changing.
-RGB beer remains the core product, but draught beer is gaining more weight.
-Draught beer increased from 22% of product mix in FY2024 to 27% in 2025 YTD,
-RGB beer declined from 66% to 60%.

This suggests stronger growth in draught channels and gradual portfolio diversification.

Habesha’s 2028 targets are ambitious:
-Top 3 market ranking, 16% market share,
-1.8 million hectolitres volume target,
-20% volume CAGR, and 28% EBITDA target.

These targets will require stronger route-to-market ex*****on, cost discipline, product innovation, and careful financial management.

My takeaway is simple:

Habesha is no longer just a local beer brand. It is becoming a more structured beverage platform with growing scale, stronger draught presence, and clear commercial ambition.

The opportunity is strong, but ex*****on will decide the outcome.

Source: Habesha Breweries Prospectus,