Strong Financial Performance in Q4 2025
CMGP Group reported a consolidated revenue of 776 million MAD for the fourth quarter of 2025, reflecting an 18.8% increase compared to the same period in 2024.
For the entire fiscal year, the group achieved a consolidated revenue of 2.924 billion MAD, representing a solid growth of 25.6%. This growth was primarily fueled by the integration of CPCM and Agrosem, which opened new avenues in the chemical and water treatment industries, significantly broadening CMGP Group's operational scope beyond its traditional activities.
Agriculture Sector: Strategic Expansion and Industrial Growth
The Agriculture segment, encompassing the group's historical business units (Retail, Projects, Industry, and International), demonstrated robust performance in 2025, with revenue reaching 2.694 billion MAD, a 23.4% increase from the end of 2024. This growth was supported by the enhanced capabilities of industrial units and contributions from recent acquisitions.
Retail Division: Sustained Growth Across All Segments
The Retail Business Unit experienced strong growth in 2025, driven by positive dynamics across all segments and the integration of new acquisitions. Performance was bolstered by agro-equipment, particularly solar solutions, and agricultural supplies, with fertilizers benefiting from the ramp-up of new industrial units and enhanced phytosanitary products through partnerships established during the year.
Project Division: Temporary Slowdown with Strong Outlook
The Projects Business Unit faced a slowdown compared to 2024, a year characterized by exceptional performance in public markets. In 2025, heavy rainfall at year-end delayed the execution of certain projects. However, these conditions also contributed to significant replenishment of reservoirs and groundwater, strengthening the activity outlook for the upcoming fiscal year.
Moreover, the group maintains a solid order book, including a significant project in the Saiss plain valued at 345 million MAD.
Industrial Sector: Accelerated Integration
The industrial activities related to agriculture, including irrigation pipelines and fertilizers, saw significant growth, driven by the increased output from the Jorf and Drarga industrial units, which reported a 76% increase in volume. The acquisition of CPCM further enhanced the group's industrial integration, particularly in phytosanitary products, fertilizers, and sulfates.
International Division: Temporary Decline with Export Growth
The International Business Unit experienced a decline in activity due to a slowdown in operations in Senegal. However, export projects continued to progress, and the group is actively exploring external growth opportunities to accelerate its international development.
Infrastructure and Chemical Industry: Complementary Growth Drivers
The non-Agriculture segment encompasses Infrastructure, a historical pillar of the group's industrial expertise in water supply and sanitation pipeline production, alongside the chemical industry developed following the integration of CPCM. This segment achieved a revenue of 230 million MAD in 2025, marking a 59.6% increase compared to the end of 2024.
In 2025, the Infrastructure activity experienced a temporary slowdown due to a more moderate pace amid heavy rainfall at year-end. Concurrently, the chemical industry allowed the group to expand its operational scope, enhance sector diversification, and establish a new high-value growth driver.
Investments and Debt Levels
The increase in investments and debt levels in 2025 aligns with the group's ongoing external growth operations, financed through a private placement completed in November 2025.
Changes in Consolidation Scope
As of December 2025, the consolidation scope evolved compared to the end of 2024 due to the integration of Agrosem and CPCM, with full consolidation reflected in the 2025 accounts.
Outlook for the Future
With a strengthened integrated model, an expanded scope, and a solid order book, CMGP Group approaches the upcoming fiscal year with confidence. The combination of enhanced industrial capabilities, sector diversification, and the deployment of commercial and operational synergies with Agrosem and CPCM, along with the integration of Sodipire, serves as a structural lever to support sustainable and profitable growth.
