Strong Operational Performance in Q4 2025
TGCC has once again confirmed the strength of its operational and commercial dynamics in the fourth quarter of 2025. This performance is driven by an increase in project activity, the successful integration of STAM VIAS, and sustained growth visibility.
In a favorable macroeconomic environment for large public and private infrastructure programs, the Group has recorded significant growth in its operations, achieving a historic order book.
Impressive Revenue Growth
For the fourth quarter of 2025, TGCC reported operating revenue of 3.6 billion MAD, marking a remarkable 63.1% increase compared to the same period in 2024. On a pro forma basis, this represents a growth of 5.4%, showcasing the Group's ability to manage the accelerated pace of project execution while expanding its operational scope.
Throughout the entire fiscal year of 2025, TGCC's operating revenue reached 12.4 billion MAD, reflecting a 53.9% increase from 2024 and a 5.5% rise on a pro forma basis. This confirms a sustained growth trajectory for the company.
Record Order Book and Future Visibility
The strong commercial momentum is evidenced by a record order book totaling 25.6 billion MAD at the end of December 2025. This figure represents a significant increase compared to previous quarters, providing the Group with enhanced visibility for the coming years.
This exceptional level of orders, the highest ever recorded, reflects the enduring confidence of both public and private clients in TGCC's ability to execute major structural projects in both national and international markets.
Strategic Projects and Investment Growth
The order book includes several large-scale projects of strategic importance at the national level, notably the extension and modernization of Casablanca's Mohammed V Airport, which was awarded in the fourth quarter of 2025.
In line with this surge in activity, TGCC has accelerated its investments, with cumulative capital expenditures (CAPEX) amounting to 684.1 million MAD, representing significant growth compared to the previous fiscal year.
This increase reflects the ongoing efforts to strengthen and modernize the industrial and technical resources necessary for managing large-scale projects.
Improved Financial Position
As of December 31, 2025, TGCC's net debt stood at 609.8 million MAD, showing a 9.4% improvement from 673.2 million MAD on December 31, 2024. This reduction illustrates the Group's strong cash generation capabilities and its continued management of working capital needs, despite a significant increase in activity.
This trajectory confirms TGCC's ability to balance growth with financial discipline, aligning with its strategic objectives.
