Strong Financial Performance Driven by Subsidiary Growth
Maroc Telecom has announced its financial results for the first quarter of 2026, showcasing a robust Group revenue increase of 5.0%. This growth is primarily attributed to the accelerating performance of its subsidiaries, particularly Moov Africa, which reported an impressive growth of 8.5%. Additionally, the revenue in Morocco stabilized, reflecting a modest increase of 0.7%. The surge in Mobile Data and Fixed Data, bolstered by the expansion of the Fiber to the Home (FTTH) network, has effectively countered the declines in voice and ADSL services. Furthermore, the number of users across subsidiaries grew by 3.9%, contributing to the revenue increase from Mobile Data, Fixed Data, and Mobile Money services.
The Group's EBITDA reached nearly 5 billion dirhams, maintaining a strong EBITDA to revenue ratio of 50%, and reflecting a growth of 6.1%. However, the Net Income attributable to the Group registered at 1.3 billion dirhams, down 3.4% compared to the previous year. Excluding the impact of the social solidarity contribution, the Net Income showed an improvement of 3.3%. Capital expenditures (CAPEX), excluding frequencies and licenses, amounted to 1.3 billion dirhams, marking a significant increase of 50.5%, primarily directed towards enhancing high-speed services.
Continued Investment and Customer Base Expansion
Maroc Telecom's first quarter results confirm the ongoing positive dynamics within the company, particularly the stabilization of revenue in Morocco alongside accelerated activities within its subsidiaries. The sustained growth in its customer base and the adaptation of its service offerings underscore the company's commitment to operational excellence and financial discipline. The company’s significant investments in high-speed mobile and fixed infrastructure, both in Morocco and Sub-Saharan Africa, have reinforced the quality of its networks and services. Concurrently, effective cost management has enabled Maroc Telecom to maintain high profitability levels both domestically and in its subsidiaries.
By the end of March 2026, the Group's customer base surpassed 76 million, reflecting a year-on-year increase of 1.8%, supported by a 3.9% growth in Moov Africa’s subscriber base, which offset a 3.3% decline in Morocco. The consolidated revenue for Maroc Telecom stood at 9,327 million dirhams, up 5.0%, driven by strong subsidiary performance and stabilization in the domestic market. The operational performance also reflected positively, with an EBITDA of 4,660 million dirhams, growing by 6.1% and maintaining a high EBITDA margin of 50.0%.
Maroc Telecom remains focused on leveraging its investment capacity to support the development of new usage and capitalize on growth opportunities across all its markets. The positive operational cash flow, which rose by 13.8% to reach 2,265 million dirhams, further underscores the Group's financial health and resilience in the evolving telecommunications landscape.
As reported by boursenews.ma.
