Morocco Telecom's Robust Growth and Strategic Investments in 2026
As of the end of the third quarter of 2026, Morocco Telecom Group has showcased the strength of its commercial momentum and resilient operational performance. This positive trend reflects the growth of its operations within Morocco and the accelerating impact of its subsidiaries, particularly Moov Africa, driven significantly by the increase in data usage. In a rapidly evolving environment where operational costs, especially in energy, have been significantly impacted, the company's commitment to operational discipline and cost management has been crucial in maintaining a high level of profitability while supporting the Group's overall performance.
Morocco Telecom is steadfast in its investment strategy, which aligns with its developmental ambitions, particularly in high-speed mobile and fixed infrastructure. This investment is essential to support the growth of data usage and to explore new avenues for expansion. The first nine months of 2026 align with the Group's strategic roadmap, continuing the deployment of shared infrastructures resulting from partnerships within Morocco, alongside the growth of subsidiary activities, especially in high-speed services and mobile money.
The Group has reported a solid operational foundation with enhanced cash generation capabilities, emphasizing its commitment to implementing a strategy focused on sustainable value creation for its customers, partners, and shareholders. By the end of September 2026, the total customer base increased by 2.4% year-on-year, approaching 78 million, spurred by a 4.5% rise in subsidiary customer numbers.
Regarding financial performance, Morocco Telecom achieved a consolidated revenue of 28.682 billion dirhams as of September 30, 2026, marking an increase of 5.1% compared to the third quarter of 2025. This increase reflects the dynamic nature of the activities in Morocco, bolstered by the growth in data usage and the positive contributions from Moov Africa subsidiaries. The EBITDA (earnings before interest, taxes, depreciation, and amortization) reached 14.377 billion dirhams, a 4.9% rise, maintaining a robust EBITDA margin of 50.1%, thanks to the consolidated revenue growth and efficient operational cost management.
Moreover, the consolidated EBITA (operating income) for the Group stood at 8.625 billion dirhams by the end of September 2026. Excluding the exceptional income from the agreement reached with Wana Corporate in 2025, EBITA showed a 6.1% increase, indicating strong operational performance. The Group's net income attributable to shareholders reached 3.862 billion dirhams during the first nine months of 2026. The year-over-year variation is primarily attributed to exceptional revenues related to the agreement with Wana Corporate recorded in the previous year. Without this non-recurring item, the Group's net performance showed a growth of 4.3%.
Investments, excluding frequencies and licenses, amounted to 20.1% of the Group's revenues by the end of September 2026, aligning with annual expectations. The net cash flow from operating activities reached 7.143 billion dirhams, reflecting a 9.1% improvement compared to the same period in 2025, driven by the increase in EBITDA. As of the end of September 2026, the Group's consolidated net debt stood at 21.018 billion dirhams, maintaining a controlled level of 1.0 times the annualized EBITDA, despite the distribution of a 3.5 billion dirhams dividend to all its shareholders in September.
Thanks to the surge in data services, both mobile and fixed operations in Morocco generated a revenue of 14.332 billion dirhams during the first nine months of the year, representing a 2.7% increase. The EBITDA for this segment reached 7.970 billion dirhams, showing a 3.6% rise compared to the same period last year, with an EBITDA margin maintained at a high level of 55.6%, up 0.5 points year-on-year.
Internationally, the Group's activities generated a revenue of 15.177 billion dirhams during the first nine months of 2026, an increase of 6.9%. Mobile data, fixed internet, and mobile money services remain the primary growth drivers, showing respective increases of 10.4%, 16.8%, and 18.8%. The EBITDA for international activities reached 6.407 billion dirhams, up 6.6%, indicating growing operational performance with a relatively stable margin of 42.2%.
During the same period, the EBITA for international operations reached 3.131 billion dirhams, a 2.7% increase driven by the rise in EBITDA, partially offset by increased depreciation expenses. The net cash flow from operating activities for international operations amounted to 2.860 billion dirhams, reflecting a substantial increase of 52.9%.
As reported by boursenews.ma.
