Podcasts · The Mwango Capital Podcast
Unpacking the Kenya Power FY26 Results
· 59 min · Episode 188
Episode Unpacking the Kenya Power FY26 Results
In this episode, recorded on 18 September 2026, we sit down with Stephen Kinadira (General Manager, Finance, Kenya Power) to unpack the utility’s FY26 financial performance, marked by an 8.6% revenue increase to KES 238.2B and Profit Before Tax of KES 25B. We examine the 26.7% rise in operating expenses, improved network efficiency, declining finance costs, and the return to positive working capital after a decade. We also explore Kenya Power’s dividend policy, debt restructuring, investment in grid infrastructure, electricity imports and exports across the East African Power Pool, and the impact of rising solar adoption and electricity market liberalization on its business.
Show Notes
00:00:00 Introduction
00:01:01 Electricity Value Chain and Competitive Position
00:05:09 Lodwar Grid Connection
00:06:43 FY2026 Financial Results and Revenue Breakdown
00:13:53 Tariff Yield and Network Efficiency
00:16:11 Operating Expenses and Provisions
00:22:44 Finance Costs, Debt Mix and Capital Expenditure
00:32:03 Balance Sheet, Cash Flow and Working Capital
00:43:07 Dividend Policy and Capital Allocation
00:47:45 System Losses, Solar Adoption and Future Priorities
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