Kenya Electricity Generating Company PLC (KenGen)
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 30TH JUNE 2026
The Board of Directors of Kenya Electricity Generating Company PLC (KenGen) is pleased to announce the Audited Financial Results for the year ended 30th June 2026 as follows:
CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
30 June 2026 | 30 June 2025 | |
KShs Million | KShs Million | |
Revenue | 59,712 | 56,098 |
Reimbursable Expenses (Fuel and water costs) | (10,201) | (9,647) |
Revenue less reimbursable expenses | 49,511 | 46,451 |
Other Income | 783 | 851 |
50,294 | 47,302 | |
Net forex and fair valuation (losses)/gains | 1,417 | 1,453 |
Operating Expenses | (37,537) | (35,138) |
Operating Profit | 14,174 | 13,617 |
Finance Income | 2,861 | 4,110 |
Finance Costs | (1,982) | (2,254) |
Profit Before Tax | 15,053 | 15,473 |
Income Tax Expense | (4,700) | (4,992) |
Profit After Tax | 10,353 | 10,481 |
Other Comprehensive Income | 1,185 | 247 |
Total Comprehensive Income | 11,538 | 10,728 |
Earnings per share (KShs) | 1.57 | 1.59 |
10,728
(4)
-
-(4,286)
284,54411,538
-
-(5,935)
290,147 Retained earnings KShs Million 120,73710,481
-3,803
(1,141)
(4,286)
129,59410,353
4,113
(1,234)
(5,935)
136,891 Other reserves KShs Million 118,730247
-(3,803)
1,141
-
116,3151,185
(4,113)
1,234
-
114,621 Share capital & Share Premium KShs Million 38,639-(4)
-
-
38,635-
-
-
-
38,635 CONDENSED STATEMENT OF CHANGES IN EQUITYAt 30 June & 1 July 2024 Total comprehensive income for the period Adjustment of unallotted rights issue shares Transfer of excess depreciation Deferred tax on excess depreciation Dividends paid | |||
At 30 June & 1 July 2025 Total comprehensive income for the period Transfer of excess depreciation Deferred tax on excess depreciation Dividends declared | |||
At 30 June 2026 |
OPERATING ENVIRONMENT
Kenya's economy remained resilient despite heightened geopolitical tensions and disruptions in global energy markets. Real GDP expanded by 5.3% in the first quarter of 2026, compared with 4.9% in the corresponding quarter of 2025. This momentum supported continued growth in electricity demand. National peak demand rose by approximately 8.5% to 2,514 MW on 29th June 2026, from 2,316 MW on 12th February 2025, reinforcing the need for timely investment in reliable, affordable and sustainable generation capacity.
Against this backdrop, KenGen supplied 8,975 GWh of electricity to the national grid, representing 57.2% of national electricity demand. More than 90% of the electricity dispatched by the Company was generated from renewable sources, underscoring KenGen's position as the backbone of Kenya's clean-energy system.
FINANCIAL PERFORMANCE
Revenue Growth: Total revenue increased by 6.4% to KShs 59.7 billion, from KShs 56.1 billion in 2025, driven by higher electricity sales, increased generation and improved dispatch across KenGen's diversified portfolio. CONDENSED STATEMENT OF FINANCIAL POSITIONASSETS | ||
Property Plant & Equipment Financial asset at fair value through profit and loss(FVTPL) Other Non-current Assets Current Assets | ||
EQUITY AND LIABILITIES Total Equity Borrowings Other non-current Liabilities Current Liabilities | ||
433,680
(1,234)
16,902
50,724
500,072
290,147
97,066
92,159
20,700
500,072
30 June 25 KShs Million429,556
6,178
16,349
53,490
505,573284,544
109,271
91,366
20,392
505,573 Operational Resillience: Operating profit rose by 4.1% to KShs 14.2 billion, from KShs 13.6 billion. Operating expenses increased slightly by 6.8% to KShs 37.5 billion, reflecting cost pressures as well as planned investment in plant maintenance, availability and long-term reliability. Disciplined capital Management: Finance costs declined by 12.1% to KShs 2.0 billion as continued debt repayments reduced outstanding loan balances. Borrowings fell by KShs 12.2 billion, or 11.2%, to KShs 97.1 billion, strengthening the Company's balance sheet and financial flexibility. Investment for Growth: Finance income declined by 30.4% to KShs2.9 billion, from KShs 4.1 billion, mainly because cash resources were deployed into strategic capital investment. Purchases of property, plant and equipment increased by 14.3% to KShs 15.5 billion, demonstrating continued execution of the Company's growth and asset-reliability agenda.
Sustained Profitability: Profit before tax was KShs 15.1 billion, compared with KShs 15.5 billion in 2025, while profit after tax remained robust at KShs 10.4 billion, compared with KShs 10.5 billion. The modest movements of 2.7% and 1.2%, respectively, were primarily attributable to lower finance income. Enhanced Shareholder Value: Total comprehensive income increased by 7.6% to KShs 11.5 billion, from KShs 10.7 billion, supported by higher other comprehensive income. Cash generated from operations also increased by 7.1% to KShs 29.9 billion, providing a strong foundation for investment, debt repayment and sustainable shareholder returns.Overall, the results demonstrate the resilience of KenGen's core business, the strength of its predominantly renewable generation portfolio and the Company's capacity to invest for long-term growth while maintaining profitability.
Non-current assets: The financial asset measured at fair value through profit or loss (FVTPL) relates to recoverable foreign exchange losses/ (gains). The amount is derived from movements in foreign denominated borrowings which decreased mainly due to foreign exchange gains on borrowings arising from the appreciation of the Kenya Shilling against major foreign currencies, as well as principal repayments of the underlying loans.FUTURE OUTLOOK
Looking ahead, KenGen remains focused on expanding and optimising its generation portfolio, strengthening financial sustainability, diversifying revenue streams and creating enduring value for shareholders and stakeholders.
In line with the Least Cost Power Development Plan (LCPDP), the Company is advancing a diversified pipeline spanning geothermal, hydro,
CONDENSED STATEMENT OF CASH FLOWSCash generated from operations Finance income received Tax paid | ||
Net Cash generated from operating activities | ||
Purchase of Property Plant and equipment Other investing activities | ||
Net Cash used in investing activities | ||
Net movement in borrowings Finance costs paid Dividends paid Other financing activities | ||
Net Cash from financing activities | ||
Net (decrease)/increase in cash and cash equivalents At the beginning of the year Effects of exchange rate changes on cash and cash equivalents | ||
Cash and cash equivalents at the end of the year. |
29,872
2,732
(2,572)
30,032(15,542)
(4,393)
(19,935)(5,598)
(1,993)
(5,935)
(75)
(13,601) (3,504)30,124
38
26,658 30 June 2025 KShs Million27,892
3,958
(1,233)
30,617(13,592)
(3,384)
(16,976)(2,399)
(2,173)
(4,286)
(268)
(9,127) 4,51425,618
(8)
30,124wind, solar, nuclear and Battery Energy Storage Systems (BESS). Key medium-term projects include the Olkaria I Rehabilitation Project (63 MW), Seven Forks Solar Project (42.5 MW), Gogo Hydropower Plant Upgrade (8.6 MW),Wellhead Leasing Geothermal Project (58.42 MW), BESS and the Raising of Masinga Dam. These investments are designed to expand and optimise KenGen's generation portfolio, enhance system resilience and meet Kenya's growing electricity needs.
Beyond electricity generation, KenGen continues to scale complementary revenue streams and commercial opportunities.The KenGen Green Energy Park, its flagship diversification initiative has been gazetted as a Special Economic Zone and Customs Controlled Area, creating a platform for green industrial investment.The Company is also commercialising its world-class geothermal expertise through engagements in markets including Tanzania, Bhutan and Eswatini. Together, these initiatives reinforce KenGen's position as a leading African renewable-energy company with globally relevant capabilities and a clear pathway to sustainable growth.
ANNUAL GENERAL MEETING
The Annual General Meeting (AGM) of the Company will be held via electronic communication on 29th October 2026 at 11.00 a.m.
DIVIDEND
The Board of Directors is pleased to recommend a first and final dividend for 2026 of KShs 0.75 (2025: KShs 0.90 ) per ordinary share.
Subject to shareholder approval at the Annual General Meeting, the dividend will be paid, less withholding tax where applicable on or about 21st January 2027 to the shareholders whose names appear in the Register of Members at the close of business on 29th October 2026.
APPRECIATION
We extend our sincere appreciation to the Government of Kenya, Investors, development partners, employees and all our stakeholders for their continued support. KenGen remains committed to creating sustainable long-term value and advancing Kenya's transition to a cleaner, more secure and prosperous energy future.
Together, we shall power possibilities and enrich lives.
By Order of the Board FCS. AUSTIN OUKO, OGW COMPANY SECRETARY & GENERAL MANAGER -LEGAL AFFAIRS 4th September 2026