TGCC: 60.6% Increase in Profits in the First Half (+58% Proforma)

The first half of 2025 marked a decisive milestone for TGCC with the completion of the acquisition of 60% of the capital of STAM VIAS. By the end of June 2025, consolidated operating revenue reached 5.6 billion MAD, reflecting a 43.6% increase compared to the first half of 2024. This growth clearly indicates the Group's scale change, as the new subsidiary now accounts for 26% of consolidated revenue. Beyond the scope effect, the proforma analysis shows a 2% increase, indicating a transitional phase between the completion of major projects delivered earlier in the year and the gradual ramp-up of new strategic sites. The performance of this semester confirms the relevance of TGCC's acquisition strategy. With the integration of STAM VIAS, the Group reaches a new level by gaining critical size and expanding its operations into complementary sectors. This new dimension also provides sectoral and project diversification, which mitigates the impact of transitional cycles between projects and strengthens the robustness of its growth model. The Group's profitability saw a significant rise in the first half of 2025. EBITDA amounted to 1,184 million MAD, up 123.8% compared to the first half of 2024, and 49.3% on a proforma basis. This performance is primarily attributed to: the size effect related to the integration of STAM VIAS, which enhances the Group's capacity to generate value; an increasing focus on high-value-added projects that sustainably support margin improvement; and controlled expense management alongside continuous operational process enhancements. The Group's net profit reached 416 million MAD, marking a 60.6% increase for the semester (+58% proforma). As of June 30, 2025, TGCC's consolidated order book reached 19.1 billion MAD, compared to 8.6 billion MAD a year earlier, representing a 122% increase. This record level of orders illustrates the Group's ability to capture large-scale projects in strategic sectors, particularly infrastructure, which now constitutes 45% of the order book, followed by dams (23%) and residential and commercial real estate (11%). Looking ahead, with a historically high order book, a new dimension gained through the integration of STAM VIAS, and a favorable environment marked by preparations for the 2025 Africa Cup of Nations and the 2030 World Cup, TGCC enters the second half of 2025 with enhanced visibility. The Group intends to capitalize on this momentum to accelerate the implementation of its strategic projects and solidify its role as a key player in the Kingdom's major development programs.