Taqa Morocco: Profits Down 17% in the First Half of 2025

As of June 30, 2025, the overall availability rate of Units 1 to 6 stood at 91.7%, down from 94.1% in the first half of 2024. This change reflects the execution of the maintenance plan, which included a scheduled minor overhaul of 25 days for Unit 6, as well as inspections on Units 1, 3, and 5. During the first half of 2025, Taqa Morocco operated in an environment characterized by declining international coal prices, which fell from $113 to $108 per ton, alongside an unfavorable average USD/MAD exchange rate compared to 2024. The consolidated revenue for the semester reached 5,379 million MAD, a decrease of 4.8% compared to the first half of 2024. This decline is primarily due to reduced energy costs resulting from lower coal prices in the international market. Operating income was reported at 1,254 million MAD, down from 1,417 million MAD as of June 30, 2024, influenced by the planned minor overhaul of Unit 6 and the adverse USD/MAD exchange rate. The Group's net profit amounted to 437 million MAD, compared to 526 million MAD as of June 30, 2024, representing a 17% decrease. Taqa Morocco continues to enhance its financial strength through rigorous cash flow and debt management. By the end of the first half of 2025, the gearing ratio was 38%, down from 44% on June 30, 2024. The social revenue of Taqa Morocco was 3,039 million MAD, compared to 3,108 million MAD as of June 30, 2024. The social net profit was reported at 161 million MAD, down from 240 million MAD in the first half of 2024, also due to the unfavorable USD/MAD exchange rate. Looking ahead, Taqa Morocco is reinforcing its diversification strategy by expanding its portfolio around low-carbon solutions, aligning with national priorities for energy transition and sustainable water resource management. 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 transport of low-carbon water and energy, linked to projects stemming from the strategic partnership established on May 19, 2025.