2025 Revenue Overview
Mutandis reported total revenue of 2.022 billion MAD for 2025, reflecting a 4% decrease compared to the previous year.
Hygiene Products Performance
Sales volumes in the hygiene segment surged by 9%, driven primarily by increased demand for liquid products such as liquid detergent, bleach, and household cleaners.
However, the revenue from private label brands saw only a modest increase of 1%, as the strong growth in liquid products was offset by a significant decline in powdered detergents for both hand and machine use.
This trend indicates a rapid consumer shift from powder to liquid detergents, resulting in a stable overall revenue of 761 million MAD for the category.
Seafood Segment Challenges
The seafood category faced a notable decline in the availability of fresh sardines in 2025, preventing a return to normative production levels for canned goods.
Despite these challenges, Mutandis managed to maintain a consistent supply for its canneries, leading to a 2% increase in the volume of cans produced.
However, due to a shift in product mix—more full sardine cans and fewer spsa cans—the revenue from canned products fell by 6%, totaling 476 million MAD, a 10% decrease year-on-year.
Beverage Sector Decline
An industrial breakdown at the Ain Ifrane facility at the end of 2024 resulted in a prolonged operational disruption, with the plant running at approximately 70% capacity for the last nine months of 2025.
Consequently, beverage sales volumes plummeted by 21%, primarily due to a decline in mineral water sales, leading to a revenue drop of 23% in this category, amounting to 258 million MAD.
Season Brand Growth
In contrast, the Season brand saw an 8% increase in sales volumes in the U.S. market compared to 2024, with revenue in dollars rising by 10% as consumer demand remained robust despite previous price hikes.
The introduction of Seasofi at Sam's Club, a competitor to Costco, also positively impacted revenue, which translated to 629 million MAD (+3%) in dirhams, despite a 7% decline in the average dollar value in 2025.
EBITDA and Financial Results
The EBITDA for 2025 stood at 315 million MAD, reflecting a 10% decrease from 2024, primarily due to the industrial incident at Ain Ifrane and a reduction in available sardine volumes, which led to increased purchase prices.
This situation coincided with a depreciation of the dollar, affecting sales prices in dirhams. As a result, export prices for canned goods were adjusted upwards in the second half of the year to restore normative margins, with full-year effects expected in 2026.
Margins in the hygiene segment remained satisfactory, partially offsetting adverse shocks, while the installation of a new production line at Ain Ifrane is anticipated to restore normative volumes in the beverage category.
Net Current Income and Financial Position
Mutandis reported a net current income of 140 million MAD for 2025, marking a 10% increase from 2024. The company holds just over 4% of CFG Bank's capital, valued at approximately 370 million MAD.
CFG Bank's recent public listing positively impacted Mutandis' financial results through dividends and capital gains, resulting in a financial result of -14 million MAD in 2025, a significant improvement from -48 million MAD in 2024.
The consolidated net income for 2025 reached 127 million MAD, affected by a non-recurring loss of -14 million MAD, primarily due to the industrial issues at Ain Ifrane.
Capital Expenditures, Debt, and Dividends
In 2025, net capital expenditures amounted to 88 million MAD, returning to normative levels following the completion of three factories in Berrechid and a new hydrolysate plant in Dakhla, which had seen 261 million MAD in capex in 2024.
As of December 31, 2025, the net bank debt stood at 828 million MAD, down from 850 million MAD at the end of 2024.
For 2026, a stable dividend of 10.5 MAD per share is proposed, consistent with the previous year.
2026 Guidance
Looking ahead to 2026, Mutandis anticipates revenue growth driven by the normalization of operations at Ain Ifrane and the gradual ramp-up of the new hydrolysate plant.
Margins are expected to improve in the seafood and beverage segments, while a slight decline is anticipated in hygiene products and the Season brand due to the lag in passing on increased purchase prices and tariffs.
Detailed guidance will be refined and published later, expected by the end of the first half of the year.
