Overview: Kenya’s NSE Tops and the Road to 2026
The Nairobi Securities Exchange (NSE) closed 2025 on multiyear highs, driven by robust corporate results and a refreshed market strategy. As the market value of the NSE climbed toward and briefly crossed the KSh 3 trillion mark, investors grew confident in the durability of earnings across key sectors. The coming year is expected to be shaped by continued digitalization, favorable macro trends, and strategic investments from the region’s largest listed companies. Here is a forward-looking look at the top 10 most valuable listed companies in Kenya going into 2026, based on prevailing market capitalizations and continued growth trajectories.
1. Safaricom PLC
Safaricom remains the dominant player on the NS E in terms of market value, underpinned by its vast mobile money ecosystem, data services, and expanding fintech reach. Its scale, network effects, and ongoing investments in 4G/5G expansion position it to retain leadership into 2026. Expect continued profitability driven by M-Pesa’s cross-border growth, enterprise services, and innovative partnerships.
2. Equity Group Holdings PLC
Equity Group is a major regional financial services conglomerate whose diversified banking, insurance, and asset management offerings fuel reliable earnings. As the Kenyan economy recovers and credit growth stabilizes, Equity’s expansive branch network and digital platforms should sustain its high market value and investor appeal.
3. KCB Group PLC
KCB Group remains a key value creator in the Kenyan banking sector, with a strong franchise in both Kenya and East Africa. Its liquidity management, cost controls, and technology-driven banking are expected to translate into steady profit growth, maintaining its standing among the top listed firms.
4. East African Breweries Limited (EABL)
EABL, a leading beverage company with broad regional distribution, benefits from brand strength and resilience in consumer demand. Managed price strategies and efficiency improvements are likely to support earnings, helping sustain its high market capitalization as consumer confidence remains firm.
5. Bamburi Cement Limited
As Kenya’s premier cement producer, Bamburi Cement’s performance tracks construction activity and infrastructure spending. With ongoing urban development and industrial projects, the stock often reflects capital expenditure cycles, positioning it among the country’s most valuable listed entities into 2026.
6. Co-operative Bank of Kenya PLC
Co-operative Bank combines a strong deposit franchise with risk-managed lending. The bank’s growth initiatives, including digital banking enhancements and expanded reach, should help preserve its market value as it scales profitability and customer acquisition.
7. NCBA Group PLC
NCBA Group, formed from a merger between NIC and CBA, brings a comprehensive financial services platform across retail and corporate banking. Its integration efforts, product diversification, and cost discipline are key drivers for continued investor confidence and valuation growth.
8. Nation Media Group PLC
Nation Media Group remains a critical media and content producer in East Africa. While cyclicality affects advertising revenue, the group’s diversified portfolio (print, broadcast, digital) and regional footprint help sustain its market presence and capital value amid evolving media consumption patterns.
9. Jubilee Holdings PLC
Jubilee Holdings is a frontier insurer with a regional footprint. Its underwriting discipline, premium growth, and expansion into new markets may support durable earnings, helping to uphold its top-tier market value among Kenya’s listed firms.
10. Centum Investment Company PLC
Centum Investment represents a diversified investment company with exposure to private equity, real estate, and listed assets. Its ongoing portfolio optimization and strategic exits are expected to underpin continued value creation and a place in the top tier of listed companies into 2026.
What to Watch Going Into 2026
- Macroeconomic backdrop: Inflation trends, interest rates, and currency stability will affect earnings and multiples across sectors.
- Digital transformation: Banks and telcos leveraging fintech will drive efficiency and customer engagement.
- Regulatory developments: Market reglamentation, disclosure standards, and governance practices can influence investor confidence.
- Infrastructure and consumer demand: Public investment cycles and consumer spending patterns will shape revenue trajectories for the top listed names.
In summary, the top 10 most valuable listed companies in Kenya going into 2026 reflect a mix of telecommunications, financial services, consumer staples, and diversified holdings. Strong earnings, strategic expansions, and a stable macro environment could push these leaders higher as the NSE continues its recovery and growth trajectory.
