Customer Base Growth
As of the end of 2025, Maroc Telecom's total customer base stood at approximately 77 million, marking a 3.6% increase year-on-year. This growth was primarily fueled by the expansion of its subsidiaries, Moov Africa, which saw a 5.1% rise, while the customer base in Morocco remained stable at 22 million.
Financial Performance Overview
In 2025, Maroc Telecom achieved a consolidated revenue of 36.7 billion dirhams, reflecting a 1.4% increase at constant exchange rates compared to 2024. This growth was attributed to a 5.3% rise in international operations, coupled with resilient performance in the Moroccan market.
For the fourth quarter alone, the group's revenue increased by 2.1% at constant exchange rates, driven by a 4.1% performance from Moov Africa and a slight revenue growth of 0.4% in Morocco.
EBITDA and EBITA Results
At the close of 2025, Maroc Telecom's consolidated EBITDA amounted to 18,493 million dirhams, representing a 2.4% decline from the previous year. This decrease was primarily due to a 6.6% drop in Morocco, partially offset by a 3.4% increase in EBITDA from Moov Africa subsidiaries.
The consolidated EBITA for the group at the end of 2025 reached 13,547 million dirhams, showing a significant increase compared to the same period in 2024, which was impacted by the resolution of a dispute with operator Wana. Excluding the effect of a 2 billion dirham payment related to this dispute, the adjusted EBITA would be 11,547 million dirhams, down 3.5%.
Net Income and Adjusted Results
The Group's net income attributable to shareholders reached 6,969 million dirhams by the end of December 2025, a substantial increase compared to 2024, which included a settlement of 6.368 billion dirhams in favor of Wana Corporate. Adjusted net income, excluding exceptional revenues from the agreement with Wana Corporate regarding unbundling, amounted to 5,649 million dirhams, reflecting a 4.3% decline.
Investment and Cash Flow Analysis
Investments, excluding frequencies and licenses, accounted for 25.6% of revenue, aligning with the company's annual targets and influenced by the launch of 5G in Morocco. By the end of 2025, net cash flows from operations decreased by 11.0% compared to the end of 2024, totaling 8,022 million dirhams. This decline was attributed to increased investments, including the cost of the 5G license in Morocco and the renewal of licenses in Moov Africa subsidiaries, which had a cash impact of 3.0 billion dirhams.
Debt and Dividend Proposal
As of December 31, 2025, Maroc Telecom's consolidated net debt was equivalent to 0.9 times the group's annual EBITDA. The Board of Directors will propose a dividend of 4.00 dirhams per share at the upcoming General Assembly of shareholders, amounting to a total of 3.5 billion dirhams.
Significant Developments
In November 2025, Maroc Telecom achieved a significant milestone in the Kingdom's digital development with the operational launch of 5G. Additionally, during a Board meeting on December 5, 2025, Madame Lamia Lemkecher was appointed as a member of the Board of Directors and the Audit Committee, replacing Mr. Luis Enriquez for the remainder of his term, which extends until the conclusion of the Ordinary General Assembly addressing the accounts for the fiscal year ending December 31, 2030.
Outlook for 2026
Looking ahead to 2026, Maroc Telecom anticipates revenue and EBITDA growth, assuming no major exceptional events disrupt the group's operations. The company projects capital expenditures to be approximately 25% of revenue, excluding frequencies and licenses.
