Maroc Telecom reported higher first-half revenue and operating earnings in 2026, driven by rising demand for mobile data, fibre broadband and Mobile Money services across its African subsidiaries, despite a decline in reported net profit due to a one-off gain booked last year. The Maroc Telecom revenue growth reflects strong performance across both its domestic and international operations.
The telecom group said consolidated revenue increased 5.4 percent year-on-year to more than 19 billion dirhams in the six months to June, supported by growth in mobile data, fibre-to-the-home (FTTH) and wholesale services in Morocco, alongside continued expansion at its Moov Africa operations.
Domestic and International Performance
Revenue from Moroccan operations rose 2.2 percent to 9.4 billion dirhams, with fixed-line revenue up 4.5 percent and mobile revenue increasing 1.4 percent. Fixed data revenue climbed 12.3 percent, while mobile data revenue jumped 20.2 percent.
International operations generated 10.14 billion dirhams, up 7.5 percent, as Mobile Money revenue grew 18.2 percent and mobile data revenue increased 12.5 percent, offsetting declines in voice and incoming international traffic.
The group’s customer base expanded 2.9 percent to more than 77 million, driven by subscriber growth across Moov Africa markets and mobile broadband uptake in Morocco.
Profit Dips on One-Off Comparison, But Underlying Growth Holds
Net profit attributable to shareholders fell to 2.48 billion dirhams, reflecting comparison with an exceptional gain linked to the Wana Corporate agreement recorded in the first half of 2025. Excluding that one-off item, net profit actually increased 8.1 percent, while operating profit (EBITA) rose 6.8 percent on the same basis.
EBITDA increased 5.1 percent to 9.54 billion dirhams, with the EBITDA margin remaining above 50 percent, reflecting higher revenue, improved gross margins and continued cost optimisation.
Cash Flow and Debt Position
Maroc Telecom said operating cash flow rose 3.9 percent to 4.6 billion dirhams, while net debt stood at 18.19 billion dirhams, equivalent to 0.9 times annualised EBITDA.
Continued Investment Ahead
The group said it would continue investing in high-speed mobile and fixed broadband networks, Mobile Money services and shared digital infrastructure.
