Risma: Revenue Increases by 8% by the End of September

The third quarter of 2025 shows improved performance compared to the third quarter of 2024, with an occupancy rate increase of 11 points and a revenue rise of 5%. By the end of September 2025, Risma's revenue reached 987 million MAD, with an occupancy rate of 60%, reflecting positive indicators compared to September 30, 2024. Investments have also increased compared to 2024, primarily due to the acquisition of land in Tangier for future hotel development and the ongoing renovation program. Risma continues to invest in the renovation of all its assets to maintain them at the highest industry standards. As of September 30, 2025, net debt stands at 1,285 million MAD, an increase of 127 million MAD compared to September 30, 2024. The cash flow generated from operations has covered part of the land acquisition in Tangier as well as the renovation program. Looking ahead, following the completion of the acquisition of CMG (Radisson Blu Hotel and Carré Eden shopping center in Marrakech) in the fourth quarter of 2025, Risma will incorporate CMG's annual results as of December 31, 2025. This is expected to have an estimated impact of an additional 15% on the annual net income. On a like-for-like basis, the indicators for the last quarter of 2025 suggest an increase in annual performance, despite some rooms being closed for renovations of certain assets.