The Maroc Telecom group recorded a consolidated revenue of 28.68 billion dirhams (€2.61 billion euros) for the first nine months of 2026, an increase of 5.1% year-on-year.
Its total customer base exceeded 78 million, while the group’s net income stood at 3.86 billion dirhams – a decline compared to the same period in 2025, which had been bolstered by an exceptional item related to Wana Corporate.
This performance reflects the momentum of operations in Morocco, supported by growth in data usage and the data customer base, as well as positive contributions from the Moov Africa subsidiaries, the group stated in a press release issued this Friday, October 23.
According to the group, mobile and fixed-line operations in Morocco generated 14,332 million dirhams in revenue by the end of September, an increase of 2.7% year-on-year.
International operations generated 15,177 million dirhams in revenue during the first nine months of the year (+6.9%).
Mobile data, fixed-line internet, and mobile money services remain the primary drivers of growth, posting increases of 10.4%, 16.8%, and 18.8%, respectively, the statement added.
As of the end of September 2026, Maroc Telecom confirms the strength of its commercial momentum and the resilience of its operational performance. This trend highlights growth in its Moroccan operations and an acceleration within the Moov Africa subsidiaries, driven largely by the expansion of data usage.
In an ever-evolving environment – where operational costs, particularly energy expenses, are under significant pressure – operational discipline and cost control have helped maintain a high
level of profitability and support the group’s overall performance, the Moroccan group noted. The press release highlights that the group maintains an investment policy aligned with its development ambitions – specifically in high-speed mobile and fixed-line infrastructure – to
support the growth in data usage and the development of new drivers of growth.
Commercially, the group’s total customer base exceeded 78 million by the end of September 2026, an increase of 2.4% year-on-year. This growth was primarily driven by an expansion in the customer bases of the group’s subsidiaries, which grew by 4.5%.
In Morocco, the mobile customer base reached nearly 18.95 million, while the fixed-line base totaled approximately 1.62 million lines.
The high-speed (broadband) segment accounts for over 1.4 million subscribers.
Internationally, Côte d’Ivoire is the group’s largest mobile market, with 13.195 million customers, followed by Burkina Faso (8.63 million), Chad (7.815 million), Mali (6.345 million), Niger (4.829
million), Benin (4.754 million), Togo (4.516 million), Mauritania (2.889 million), Gabon (1.642 million), and the Central African Republic (491,000).
The fixed-line customer base across the subsidiaries totals 321,000 subscribers, distributed primarily among Mali (158,000 customers), Burkina Faso (80,000), Gabon (75,000), and Mauritania (7,000).
Meanwhile, the international fixed-line high-speed (broadband) customer base has grown to reach 392,000.
From a financial standpoint, net income attributable to the group (RNPG) stood at 3.86 billion dirhams as of the end of September 2026, compared with 5.52 billion a year earlier. This decline is primarily due to extraordinary revenue related to the agreement reached with Wana Corporate, which was recognized in 2025.
Excluding this non-recurring item, the group’s net performance shows growth of 4.3%, Maroc Telecom states.
Consolidated operating profit (EBITA) exceeded 8.62 billion dirhams.
Excluding the impact of the agreement reached with Wana Corporate in 2025, it grew by 6.1%. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached over 14.37 billion dirhams, representing an increase of 4.9%.
The EBITDA margin remained stable at 50.1%, supported by growth in consolidated revenue and the control of operating costs – a notable achievement given that expenses, particularly energy costs, are weighing on business operations.
Investments, excluding those for frequencies and licenses, accounted for 20.1% of the group’s revenue as of the end of September, in line with annual projections. Maroc Telecom indicates that it is continuing its efforts to invest in high-speed mobile and fixed-line infrastructure to support the rise in data usage and the development of new growth drivers.
Net cash flow from operations (CFFO) exceeded 7.14 billion dirhams, an improvement of 9.1% compared to the same period in 2025, driven by the increase in EBITDA.
As of the end of September, consolidated net debt stood at approximately 21.02 billion dirhams.
The group notes that this remains at a manageable level – equivalent to one times its annualized EBITDA – despite the distribution of a 3.5 billion dirhams dividend to all shareholders in September.
Maroc Telecom states that it is continuing to pursue its strategic roadmap, focusing on the development of its subsidiaries, the deployment of shared infrastructure – facilitated by partnerships within Morocco – and the strengthening of its operations in ultra-high-speed broadband and mobile money services.
“Backed by solid fundamentals and an enhanced capacity to generate cash flow, Maroc Telecom is redoubling its efforts and continuing to implement its strategy for creating sustainable value – for the benefit of its customers, partners, and shareholders,” the statement concludes.
AK/Sf/fss/as/APA