TGCC: Revenues Increase by 50.5% as of September 30, 2025

In the third quarter of 2025, TGCC continues its growth momentum, supported by increased production across all addressed segments. This operational dynamic is further strengthened by the integration of STAM Vias, enhancing the Group's positioning on large-scale projects such as infrastructure, roads, ports, and dams, both in Morocco and internationally. The Group's ability to manage an ever-growing pipeline of projects while maintaining a steady execution pace is evident, as operational revenue shows a significant increase of 58.9% in the third quarter of 2025 and 50.5% over the first nine months of the year, reaching 8.7 billion MAD by the end of September 2025. On a proforma basis, cumulative operational revenue for the first nine months would increase by 5.5%. By the end of September 2025, TGCC's consolidated order book reaches a new high of 20.2 billion MAD, marking a significant scale change for the Group. This growth reflects the expansion of its operational scope, particularly through the combined expertise of both entities, as well as the intensity of demand across various sectors. The strength of the order book provides the Group with enhanced visibility for its future activities and confirms the relevance of its diversification strategy. It also indicates renewed confidence from public, semi-public, and private clients, both in Morocco and internationally. Investments made during the third quarter continue the upward trajectory established since the beginning of the year, with a substantial increase in CAPEX reaching 606.4 million MAD on an annual cumulative basis. This development reflects the strengthening of the Group's equipment program, aimed at enhancing its industrial capacities and supporting the simultaneous execution of an increasing volume of projects. This investment policy is a crucial lever for managing the growth of the order book and maintaining the Group's productivity standards, while also reinforcing its positioning on technically intensive projects. Following the repayment of debt incurred for the acquisition of STAM Vias, net debt stands at 1.2 billion MAD at the end of September 2025, down from 3 billion MAD at the end of June 2025. This level of indebtedness remains consistent with the Group's growth profile and investment needs.