Taqa Morocco: Decrease in Activity by the End of September 2025

The deployment of Taqa Morocco's maintenance plan by the end of September 2025 included a minor overhaul of Unit 6, lasting 25 days, along with inspections on Units 1, 3, 4, and 5. As a result, the overall availability rate was 91.9%, down from 92.7% during the same period in 2024. In the third quarter of 2025 alone, the overall availability rate improved to 92.5%, compared to 89.8% recorded in the third quarter of 2024. As of September 30, 2025, Taqa Morocco's consolidated revenue reached 7,957 million MAD, a slight decrease compared to the same period in 2024. This change is primarily attributed to the strong operational performance of Units 1 to 6, the minor overhaul of Unit 6, reduced energy costs due to falling coal prices in the international market, and the unfavorable impact of the USD/MAD exchange rate. In the third quarter of 2025, consolidated revenue increased to 2,578 million MAD, up from 2,483 million MAD in the third quarter of 2024, supported by higher availability and solid operational performance during the period. Consequently, operating income was 1,829 million MAD, compared to 1,987 million MAD on September 30, 2024, while the net income attributable to the Group was 681 million MAD, down from 756 million MAD in 2024. Taqa Morocco saw a significant increase in investments, totaling 225 million MAD by the end of the third quarter of 2025, compared to the same period in 2024. These investments primarily involved the acquisition of Taqa Morocco Wind Corporation (TMWC), the planned minor overhaul of Unit 6, and various projects related to the operation and maintenance of the Units. The Group's net debt stood at 5,852 million MAD, up from 4,649 million MAD on September 30, 2024, in line with cash flows generated 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 focused on low-carbon energy projects, 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. Looking ahead, Taqa Morocco continues to execute its diversification strategy, aiming for a projected capacity of 8,696 MW by 2030. This includes up to 1,800 MW of new flexible and low-carbon electricity generation capacity, 4,840 MW of renewable capacity, 900 million m³ of seawater desalination, an 800 million m³ water transport infrastructure, and 1,400 km of electrical infrastructure capable of transporting 3,000 MW of green energy.