Morocco Plays Key Role in Bilendi's International Strategy Post-Netquest
Economy
Bilendi, a French specialist in market research technologies and data, has completed a 2025 exercise marked by a significant acceleration of its activity and an expansion of its international scope, with a Moroccan presence that remains integrated into the group's framework through 2WLS SA, a Casablanca-based subsidiary owned 51% by the group.
The company achieved a consolidated revenue of €91.5 million in 2025, up 42.2% from the previous year.
This growth is largely due to the integration of Netquest, acquired in February 2025 from NielsenIQ-GfK, which has enabled the group to strengthen its presence in Iberia and Latin America.
In this new setup, Morocco maintains its place in Bilendi's international architecture.
The 2WLS SA subsidiary, based in Casablanca, is part of the group's consolidated perimeter and is integrated using the global integration method, like all the companies controlled by Bilendi.
The group's president and CEO, Marc Bidou, also holds an administrative mandate.
This presence in Morocco is part of a broader strategy of expansion beyond France.
Bilendi now has a presence in Europe, Latin America, the United States, and Morocco, with an expanded portfolio of panels, technological solutions, and online behavior analysis tools.
The acquisition of Netquest has given the group a new dimension.
Founded in Barcelona, this company operates online panels in Spain, Portugal, and 19 countries in Latin America, with over 1.5 million panellists.
It also brings Bilendi passive measurement technologies and data analytics, designed to better understand digital usage.
The 2025 results reflect this scale change.
Consolidated operating products reach €91.7 million, up from €64.5 million a year earlier.
Operating profit stands at €5.38 million, down from €7.06 million in 2024, due to amortization related to acquisitions and the gradual migration of Netquest tools to the group's technical platform.
Net profit attributable to the group amounts to €2.99 million, down from €4.46 million in 2024.
However, Bilendi emphasizes that its financial situation remains healthy, with €10 million in cash at the end of December 2025 and €43.3 million in equity.
To finance the Netquest acquisition, the group structured a €54 million financing package, combining variable-rate bank debt and fixed-rate financing from Bpifrance.
A coverage mechanism has also been put in place to secure the cost of debt until 2029.
Bilendi is now entering the 2026-2030 period with the ambition of becoming an AI-based insights platform.
The group aims for a revenue of between €175 and €200 million by 2030, with an EBITDA of between €45 and €50 million.
For Morocco, the challenge lies in Casablanca's place within this expanding global network.
The presence of 2WLS SA allows Bilendi to have a direct anchor in the Kingdom, as the group strengthens its proprietary technologies, data collection capabilities, and market research analysis solutions.