Mutandis: Activity Affected by Unfavorable but Temporary Factors as of End of September

The Mutandis group has released its consolidated results as of the end of September 2025, showing a 7% decrease in revenue to 1.49 billion dirhams. This decline is attributed to a combination of industrial incidents and an unfavorable exchange rate environment. Excluding the currency impact, the decrease is limited to 4%. For the third quarter of 2025, consolidated revenue reached 592 million dirhams, reflecting a 7% drop compared to the third quarter of 2024. In the hygiene segment, revenue stood at 575 million dirhams, remaining stable compared to September 2024. This segment has shown sustained growth over the three quarters, driven by an expansion of the Sanytol range and an increase in e-commerce activities. Despite heightened promotional pressure in the detergent segment, Mutandis has managed to maintain its volumes and strengthen its presence in modern distribution channels. The beverage segment reported a revenue of 193 million dirhams, down 30% compared to September 2024. This decline is primarily due to the temporary shutdown of the Aïn Ifrane plant, which experienced dual industrial failures at the end of 2024, resulting in a complete halt of production during the first quarter of 2025. Since its partial restart, the plant has been operating at only 65-70% of its nominal capacity, continuing to affect production and deliveries. However, there are signs of positive momentum, as the third quarter saw fruit-based beverages exhibit a volume increase of 14% compared to the previous year, indicating a gradual revitalization of the segment with the progressive resumption of operational lines. In the seafood segment, revenue reached 788 million dirhams, down 5% compared to September 2024, but stable at constant exchange rates. The seafood products segment has shown robust growth, driven by strong export demand, particularly in Europe and North America. The Atlantica brand benefits from its premium positioning in canned sardines and mackerel, while volumes in the Almería range have shown good progress due to market diversification. Regarding capital expenditures and net debt, Mutandis reported an investment of 49 million dirhams since the beginning of the year. As of September 30, 2025, net bank debt stood at 885 million dirhams, a slight increase from the end of 2024, which was 850 million dirhams.