TGCC: Strong Revenue Growth Following STAM Integration

The first half of 2025 was marked by a major strategic achievement: TGCC's acquisition of 60% of STAM, which itself holds 80% of VIAS. This move is part of TGCC's ambition to create an integrated champion in the construction and public works sector, combining expertise in building and infrastructure. The acquisition aims to strengthen the Group's competitiveness, diversify its activities, and accelerate its international development. By integrating STAM VIAS, TGCC significantly expands its operational scope, incorporating complementary skills in road, hydraulic, and earthworks, while providing its new subsidiary with the industrial and commercial strength needed to boost growth. As a result of integrating STAM VIAS, the Group's operating revenue saw a 50% increase in the second quarter of 2025 and a 42% increase for the entire semester, reaching 5.5 billion MAD by June 30, 2025. On a pro forma basis, the operating revenue for the first half would show a limited growth of 1%, reflecting the transition between the completion of delivered projects and the gradual ramp-up of new strategic sites. In the second quarter alone, revenue increased by 50% (+3% on a pro forma basis). By the end of June 2025, TGCC's consolidated order book, now including STAM VIAS, reached 19.1 billion MAD, compared to 10.4 billion MAD at the end of March. This significant increase reflects the integration of STAM VIAS's project portfolio and the Group's sustained commercial momentum, both in Morocco and internationally. This high level of orders positions TGCC as a key player in technically intensive segments, benefiting from a balanced mix of buildings, infrastructure, public markets, and private clients. It also anticipates sustained activity levels in the coming quarters, aligning with the Group's strategic ambitions. Confirming the strategic effort made by the Group to support future growth, investments in the first half showed a significant pro forma increase of 233%, reaching 281.3 million MAD. As of June 30, 2025, net debt stood at 3.0 billion MAD, reflecting the impact of debt initially incurred for the acquisition of STAM VIAS, combined with ongoing investment efforts. This debt was fully repaid through a capital increase completed in August 2025. With strengthened fundamentals, an expanded order book, and the integration of STAM VIAS, TGCC approaches the second half of 2025 with confidence. The Group is well-positioned to capitalize on opportunities arising from major structural projects related to the 2025 Africa Cup of Nations and the 2030 World Cup, as well as the acceleration of public and private investments in health, education, hospitality, and infrastructure sectors. Operational consolidation of STAM VIAS will be a priority for TGCC, aiming for the gradual realization of industrial, commercial, and financial synergies to create sustainable value for the entire Group.