Taqa Morocco: 4.8% Decrease in Revenue in H1 2025

In the second quarter of 2025, the overall availability rate stood at 93.4%, reflecting the completion of inspections for Units 3, 4, and 5 according to the maintenance plan, compared to 95% in the second quarter of 2024. By the end of June 2025, TAQA Morocco recorded an overall availability rate of 91.7% for Units 1 to 6, down from 94.1% on June 30, 2024. This decrease includes a planned minor revision of 25 days for Unit 6, in line with the maintenance schedule. The consolidated revenue for the second quarter of 2025 reached 2,437 million MAD, a decrease of 9.5% compared to 2,692 million MAD in the second quarter of 2024. This change reflects the combined effects of the 25-day minor revision of Unit 6, reduced energy costs due to falling coal prices in the international market, and an unfavorable USD/MAD exchange rate. For the first half of 2025, revenue amounted to 5,379 million MAD, down 4.8% from 5,651 million MAD during the same period in 2024. Investments made in the first half of 2025 totaled 210 million MAD, showing significant growth compared to 2024. These investments primarily focused on the acquisition of TAQA Morocco Wind Corporation (TMWC), the minor revision of Unit 6, and projects related to the operation and maintenance of the units. Consolidated net debt stood at 5,140 million MAD, a 22% decrease compared to June 30, 2024, linked to generated cash flows and debt repayments made during the period. As part of its development strategy, TAQA Morocco Green Energy (TMGE), a wholly-owned subsidiary of TAQA Morocco, acquired TAQA Morocco Wind Corporation (TMWC) in the first half of 2025. TMWC is developing a wind farm project in the northern region of the Kingdom with an installed capacity of 144 MW. TAQA Morocco is enhancing the implementation of its diversification strategy by expanding its portfolio around low-carbon solutions, aligning with national priorities for energy transition and sustainable water resource management. In this context, the Group is evolving towards an integrated multi-business model focused on water and low-carbon energy, with the gradual deployment of four development poles: desalination, renewable energies, natural gas, and the transportation of water and low-carbon energy, particularly linked to projects stemming from the strategic partnership established on May 19, 2025.