Ohlthaver & List (O&L) Group recorded revenue of N$5.05 billion in 2025, representing growth of 4.4%, alongside a 94% increase in operating profit to N$363.7 million, as the group continued to reposition its operations in line with its Vision 2029 objectives.
Executive chairman Sven Thieme describes the year as one that demanded both discipline and decisive leadership, as the group navigated uncertainty while remaining focused on long-term priorities.
“The year 2025 tested our resolve in ways we anticipated and in ways we did not. What stands out are the numbers on our balance sheet and the character our people demonstrated when faced with uncertainty,” Thieme says.
The group spent N$532.8 million on capital expenditure during the year, reflecting continued strategic repositioning, infrastructure investment and operational adjustment in support of Vision 2029.
Capital spending focused on infrastructure modernisation and operational efficiency across the group. Investments included manufacturing upgrades at Hartlief and Namibia Dairies, the commissioning of an aircraft for internal logistics, strategic acquisitions and enhancements aimed at strengthening O&L Leisure’s premium positioning.
Thieme says the investment programme coincided with improved financial performance, as revenue rose to N$5.05 billion and operating profit increased sharply to N$363.7 million over the financial year.
The retail segment underwent a significant transformation with the launch of Model Auas Valley, marking a rebranding exercise and a shift towards an independent, locally owned retail brand.
The initiative was supported by investment in systems, infrastructure and skills development. Stakeholder value creation remained a key focus, with local procurement reaching N$1.1 billion, equivalent to 79.4% of total operational expenditure.
Thieme says this supported small, medium and large enterprises while strengthening supply chain resilience.
Corporate giving totalled N$3.29 million, directed towards community development, health and safety, environmental conservation and education initiatives.
The group also advanced strategic acquisitions and portfolio optimisation. Full ownership of Mach 10, formerly Dimension Data Namibia, was acquired to strengthen technology capabilities and align digital transformation initiatives across operating companies.
Within O&L Leisure, the acquisition of Le Mirage and Divava expanded the group’s premium hospitality footprint, positioning the portfolio as a showcase of ‘Namibia Through Our Eyes’.
“Cleanergy established Namibia as a credible player in green hydrogen.
Having pioneered that space, we are now concentrating resources on strengthening core operations that drive Vision 2029 targets,” Thieme says.
The 2025 financial year also saw the formalisation of the O&L Persona Diagnostic, developed in collaboration with PwC, to assess how the values of being authentic, caring and passionate are embedded across the organisation.
The diagnostic established a baseline for values-driven performance measurement.
“Vision 2029 calls for an O&L Persona score above 85%.
This is about ensuring every colleague, customer and community member experiences who we truly are at every single touchpoint,” Thieme says.
Human capital development remained a priority, with the group employing 5 577 people at year-end.
The Great Place to Work Trust Index improved from 62% to 70%, supported by a 99% survey participation rate. Thirteen emerging talent recruits also joined the organisation from engineering, culinary, finance and business development disciplines.
Vision 2029 sets out four core objectives: achieving industry-standard profitability and returns on assets across all operating companies, reaching N$2.5 billion in group-wide earnings before interest and taxes, maintaining an O&L Persona score above 85%, and securing top 10 Great Place to Work recognition globally.
“These targets reflect a commitment to building workplaces where people thrive, businesses uplift communities and operations respect environmental stewardship,” Thieme adds.
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