Strong Performance in 2025
Risma has reported a substantial increase in its business activity during the fourth quarter and throughout the fiscal year 2025, marking a record year for the hospitality group.
This impressive performance is largely attributed to the growing appeal of Morocco as a tourist destination, coupled with a significant expansion in air travel, particularly in point-to-point routes.
Key Growth Areas
The most notable growth for Risma has been observed in Marrakech and Agadir, especially within its luxury hotel segment.
Major renovation investments in the Sofitel Marrakech and Sofitel Agadir (Sofitel Thalassa Sea & Spa) have yielded positive results, leading to a sustained increase in the contribution from these properties due to a marked improvement in their occupancy rates.
Financial Highlights
Excluding the CMG properties—specifically the Radisson Blu Marrakech and the Carré Eden shopping center—Risma's fourth-quarter revenue rose by 21%, while the annual revenue for 2025 increased by 12%.
Risma's investments fall into three categories: maintenance investments (annual and regular), significant periodic renovation investments, and perimeter change investments (acquisitions or new constructions).
In 2025, total investments surged from 134 million dirhams to 936 million dirhams, highlighted by two perimeter change investments: the acquisition of CMG for 524 million dirhams, which includes the five-star Radisson Blu Marrakech and the Carré Eden shopping center, and the purchase of prime land in Tangier for the development of a new five-star hotel.
Debt and Capital Structure
Renovation investments amounted to 237 million dirhams in 2025, compared to 109 million dirhams in 2024. As of December 31, 2025, net debt reached 1,968 million dirhams, up from 1,086 million dirhams at the end of 2024, primarily due to significant perimeter change investments.
A capital increase of 500 million dirhams at the beginning of 2026 will reduce net debt to approximately 1,500 million dirhams. Following this capital increase, the financial leverage ratio stands at 39%, with a net debt to EBITDA ratio around 2.5.
Future Outlook
Risma is set to release its annual accounts for 2025 during the week of March 16, along with guidance for 2026, which is expected to be another year of growth for the company.
