Maroc Telecom Reports Full-Year 2025 Consolidated Financial Results

Maroc Telecom has navigated a complex 2025 fiscal year, characterized by a dual-track growth strategy that leverages sub-Saharan momentum to offset a maturing domestic market. The group’s total subscriber base expanded to approximately 77 million, a 3.6% year-on-year increase, primarily energized by the Moov Africa subsidiaries, which saw a robust 5.1% rise. Conversely, the Moroccan customer base remained anchored at 22 million, illustrating a saturated but stable domestic environment that continues to serve as the structural bedrock of the group's operations. In terms of top-line performance, the group consolidated its position with annual revenue of 36.7 billion dirhams, representing a 1.4% increase at constant exchange rates. This growth was largely underpinned by a 5.3% surge in international activities, which effectively mitigated the competitive headwinds in the Moroccan market. The final quarter of the year showed accelerated momentum, with revenues climbing 2.1% on a constant currency basis, fueled by the 4.1% performance of Moov Africa and a marginal recovery of 0.4% in domestic revenues, signaling a resilient close to the fiscal period. The operational landscape, however, reflected the inherent pressures of a transitionary year and a demanding regulatory climate. Consolidated EBITDA settled at 18,493 million dirhams, down 2.4%, as a 6.6% contraction in Moroccan margins outweighed the 3.4% growth seen in international subsidiaries. On a reporting basis, EBITA and Net Income appeared significantly elevated due to the resolution of the protracted legal dispute with Wana Corporate, which had heavily weighed on the previous year's accounts. When stripping out these non-recurring impacts—specifically the 2 billion dirham settlement reversal—the adjusted EBITA fell 3.5% to 11,547 million dirhams, while adjusted Net Income Group Share retreated 4.3% to 5,649 million dirhams. Central to the group’s long-term competitive positioning was the operationalization of 5G in Morocco in November 2025, a milestone that significantly shaped the year’s capital allocation. Capital expenditures, excluding frequencies and licenses, reached 25.6% of revenue, aligning with strategic targets despite the heavy outlays required for next-generation infrastructure. This investment cycle, combined with approximately 3 billion dirhams in cash outlays for the Moroccan 5G license and Moov Africa renewals, resulted in an 11% decline in net operational cash flow, which stood at 8,022 million dirhams. Despite these substantial commitments, the group maintains a disciplined balance sheet, with a net debt-to-EBITDA ratio of 0.9x. Reflecting its commitment to shareholder value, the Board of Directors has proposed a dividend of 4.00 dirhams per share, representing a total distribution of 3.5 billion dirhams. Governance also saw a strategic transition with the cooptation of Lamia Lemkecher to the Board and Audit Committee, succeeding Luis Enriquez. Looking toward 2026, the group maintains a positive outlook, forecasting growth in both revenue and EBITDA at constant exchange rates. With a projected capital expenditure intensity of roughly 25%, Maroc Telecom is positioning itself to capitalize on its digital infrastructure investments and its expanding regional footprint.