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Longhorn Publishers stock, FY2026 results

Longhorn Publishers stock faces record loss after curriculum shift

Published on 11/09/2026 at 02:21 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Longhorn Publishers stock faces its largest loss since listing after Kenya's curriculum transition reduced the value of older textbooks. Revenue still grew.

Longhorn faces curriculum transition costs

  • Revenue increased 21 percent to KSh811 million in the year ended June 2026.
  • The phase-out of 8-4-4 textbooks created major impairment charges and pushed shareholders' equity into a KSh1.03 billion deficit.
  • Management is relying on curriculum-aligned content, digital learning and new customer segments to support recovery.
Longhorn Publishers stock, FY2026 results, curriculum transition, Nairobi Securities Exchange, publishing sector, Illustration mit AI erstellt.
Longhorn Publishers stock, FY2026 results, curriculum transition, Nairobi Securities Exchange, publishing sector, Illustration mit AI erstellt.

Longhorn Publishers reported its largest loss since listing after Kenya's curriculum transition reduced the value of books developed for the outgoing 8-4-4 syllabus. Business Daily reported the development on Monday, November 2, 2026.

Loss widens despite stronger sales

For the financial year ended June 2026, the Nairobi Securities Exchange-listed publisher recorded a net loss of KSh949.6 million, compared with KSh261.4 million a year earlier. Revenue rose 21 percent to KSh811 million from KSh672.1 million, but a KSh518 million provision for investments linked to the old curriculum outweighed the sales increase.

The impairment followed the approval of Grade 12 books under the Competency-Based Curriculum, which closed the last remaining market for new demand for 8-4-4 materials. Managing Director Simon Ngigi said some affected books could still be sold during the transition period, potentially allowing the company to recover part of their value.

Balance sheet comes under pressure

Longhorn's shareholders' equity moved from positive KSh18.1 million to negative KSh1.03 billion. Total assets fell 40.2 percent to KSh1.33 billion, while the company also cited delays in institutional procurement and constrained business funding.

In an adjusted view excluding curriculum-related impairment charges, the company said it would have posted an operating profit of KSh16 million, compared with an operating loss of KSh20 million a year earlier. The distinction matters for investors because the reported result reflects both underlying operating pressure and a substantial charge tied to the curriculum change.

Digital learning supports recovery plan

Longhorn said the completion of key curriculum revisions could provide a platform for renewed sales momentum. Its recovery plan includes curriculum-aligned intellectual property, the LoHo Learning digital platform, product diversification and expansion into new customer segments.

Longhorn's publishing business

Longhorn Publishers publishes educational and creative books and provides learning solutions, e-commerce, digital education, publishing and language services. The company serves governments, institutions, professional bodies and individual learners across East, Central and Southern Africa. Its portfolio includes print and digital materials, with operations centered in Nairobi, Kenya.

Longhorn Publishers at a glance

  • Business: Educational and creative publishing, digital learning and related services
  • Reporting period: Year ended June 2026
  • Revenue: KSh811 million
  • Net loss: KSh949.6 million
  • Shareholders' equity: Negative KSh1.03 billion
  • Home market: Kenya and wider African markets

Kenya's broader equity market is covered in current market reports.

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