MultiLink Consulting

Ethiopia Votes

Editorial Commentary:
When some Western and Egyptian-linked media repeat the same storyline, Ethiopians have every right to question the timing, intent, and coordination. Selective narratives aimed at discrediting Ethiopia are not objective journalism. Our choice is clear: ballots, not bullets.

እኛ ኢትዮጵያውያን መሪዎቻችን በነፃነት የመምረጥ መብት አለን፤ ምንም እንኳን የምርጫ ሂደታችን ፍፁም ባይሆንም ይህ መብት ደግሞ በሁሉም ዘንድ — በሀገር ውስጥ ባሉ አካላት፣ በውጭ ሚዲያዎች እና በውጭ የፖለቲካ ፍላጎቶች ጭምር — ሊከበር ይገባል።
መልእክታችን ቀላል እና ቀጥተኛ ነው፡ ይህም በምርጫ ካርድ እንጂ በጥይት አይደለም። የኢትዮጵያ የወደፊት ዕጣ ፈንታ በውጭ አገር የኤዲቶሪያል ጽሑፎች አይጻፍም። የሚወሰነውም በራሳቸው በኢትዮጵያውያን ሰላማዊ ተሳትፎ፣ ውይይት፣ ተቋማት እና በምርጫ ሳጥኑ አማካኝነት ብቻ ነው

The timing and tone of recent foreign coverage on Ethiopia deserve serious scrutiny.

The Economist’s repeated focus on Ethiopia’s Prime Minister, particularly one day before an election, raises legitimate questions about editorial balance, political intent, and the use of selective narratives to influence public perception.

Journalism has an important role in holding power accountable. But there is a clear difference between responsible scrutiny and a political hit piece. Character assassination, selective framing, and attempts to discredit an electoral process before citizens vote do not strengthen democracy. They undermine it.

Ethiopians have the right to choose their leaders freely, and that right must be respected by all — domestic actors, foreign media, and external political interests alike.

Our message is simple: ballots, not bullets. Ethiopia’s future will not be written in foreign editorials. It will be decided by Ethiopians through peaceful participation, dialogue, institutions, and the ballot box.

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.

Market for Commercial Vehicles In Ethiopia | MultiLink Consulting

We recently completed a detailed Commercial Vehicle Market Study for Ethiopia (3.5–10.5 ton segment) covering both buses and trucks.

The study looked at the market from 2021 to 2030 and covered historical trends, forecasts, OEM competition, fuel transition, regional demand, and the overall direction of the market.

A few things stood out very clearly.

The market went through a difficult period between 2021 and 2024, but started recovering in 2025. From there, the outlook becomes much stronger, with clear growth expected in the years ahead.

The truck segment remains the biggest part of the market and continues to drive total volume, mainly because of freight, logistics, and distribution demand. The bus segment is smaller, but it is changing faster and is becoming the main area of transformation.

One of the most important findings is the fuel shift. In buses, EV adoption is growing fast and is expected to become a major part of the market. In trucks, the transition looks different, with CNG expected to play a major role, while EVs grow more gradually.

The study also shows that the market is still highly concentrated in Addis Ababa and key transport corridors, which means location matters a lot for market entry, expansion, and sales strategy.

On the OEM side, the market is becoming more competitive. Established brands are still important, but newer and more cost-competitive players are gaining ground, especially those that are better positioned for the future fuel transition.

Overall, the message is simple: Ethiopia’s commercial vehicle market is growing, changing, and becoming more strategic. It is no longer only about vehicle sales. It is now about understanding policy direction, fuel transition, pricing, and where demand is really moving.

This is another important assignment completed by MultiLink Consulting as part of our work in market research, business intelligence, and investment advisory. For any market research requirement, please do not hesitate to contact us.

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,

ባለ ውለታ

Arsenal the champions

HEINEKEN FY2025: Africa & Middle East performance shows value-driven growth

HEINEKEN’s FY2025 Africa & Middle East performance highlights an important lesson for beer and beverage markets.

The region delivered €4.28 billion in net revenue, with organic growth of 15.7%. Operating profit reached €550 million, growing by 62%, while total volume was almost flat at -0.3%.

This shows that the performance was not mainly about selling more volume. It was about stronger pricing, better product mix, disciplined ex*****on, and improved productivity.

The region also shows how important Africa has become for global brewers. Markets such as Nigeria, Ethiopia, Egypt, Rwanda, Côte d’Ivoire, Burundi, and South Africa contributed to the broader performance story. Ethiopia is especially important, with Heineken’s local brewing footprint through Harar Brewery, Bedele Brewery, and Kilinto Brewery.

The product portfolio is also becoming more diversified. Across Africa, Heineken-linked companies operate not only in beer, but also in malt drinks, cider, soft drinks, wines, spirits, and ready-to-drink products in selected markets.

Africa’s beer market is no longer only a volume-growth opportunity. The winners will be companies that combine local production, strong brands, route-to-market ex*****on, pricing discipline, and supply chain resilience.

HEINEKEN’s Africa & Middle East result shows how a strong local footprint can turn market complexity into profitable growth.

Prepared by MultiLink Consulting
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