# Unpacking the Kenya Power FY26 Results

An episode of [The Mwango Capital Podcast](https://invisiblenetwork.ai/podcast/1583367792), 28 Oct 2026, 59 min.

Audio: https://api.substack.com/feed/podcast/222298083/7051f819627e3809e1042a2d9f3c65bb.mp3

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 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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