Maroc Telecom reported consolidated revenue of MAD 28.68 billion for the first nine months of 2026, up 5.1% from the same period last year. Growth in its African subsidiaries helped support the group’s performance, while operating cash flow also improved.
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In a financial results statement released on October 23, the telecommunications group said revenue in Morocco reached MAD 14.33 billion, an increase of 2.7%. Its Moov Africa subsidiaries generated MAD 15.18 billion, up 6.9% year on year.
The results reflect growth across the group’s markets, supported by rising demand for mobile data and internet services.
Operating profit and cash flow improve
The group’s earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 4.9% to MAD 14.38 billion. Its EBITDA margin remained high at 50.1%, according to the company.
Operating cash flow increased 9.1% to MAD 7.14 billion. Maroc Telecom attributed the improvement mainly to higher EBITDA.
However, reported operating profit before amortisation of certain intangible assets (EBITA) fell 18.9% to MAD 8.63 billion. Net profit attributable to the group also declined, dropping 30.1% to MAD 3.86 billion.
The company said these declines were mainly linked to exceptional income recorded in 2025 under an agreement with Wana Corporate. Excluding the effect of that one-off item, EBITA increased 6.1%, while net profit rose 4.3%.
African subsidiaries support growth
International operations continued to contribute to the group’s performance. Revenue from these activities increased 6.9% to MAD 15.18 billion in the first nine months of 2026.
Mobile data revenue across the international operations rose 10.4%, while fixed internet revenue increased 16.8%. Mobile Money services also recorded growth, with revenue up 18.8%.
The results highlight the importance of data services and digital financial products to the group’s business across its African markets.
Investment and debt levels
Maroc Telecom reported investments of MAD 5.85 billion during the period, down 16.5% from a year earlier. Excluding spending on frequencies and licences, investment represented 20.1% of group revenue.
Net debt reached MAD 21.02 billion at the end of September, compared with MAD 17.99 billion a year earlier. The group’s net debt-to-annualised EBITDA ratio stood at 1.0 times.
The company described its debt level as controlled. It also said it paid MAD 3.5 billion in dividends to shareholders in September.
Mobile internet use rises in Morocco
Operational figures showed different trends across the group’s services in Morocco.
The number of mobile subscribers fell 2.9% year on year to 18.95 million at the end of September. In contrast, active mobile internet users across 3G, 4G+ and 5G networks rose 5.7% to 12.18 million.
Fixed-line connections edged down 0.4% to 1.62 million. Fixed broadband subscriptions also declined, falling 1.1% to 1.41 million.
At group level, the total customer base increased 2.4% to nearly 78 million, supported by growth of 4.5% across its subsidiaries.
Maroc Telecom operates in Morocco and 11 other African countries. Its reference shareholders are Société de Participation dans les Télécommunications, which holds 53%, and the Kingdom of Morocco, which holds 22%.
- Source: Maroc Telecom, consolidated results as of September 30, 2026, released on October 23, 2026.
