Maroc Telecom: Net Profit Normalizes to Over MAD 5.5 Billion Through September 2025

Moroccan telecom sector | Q3 financial results | emerging market digital infrastructure | investment-grade yield opportunities

Group EBITDA reaches nearly MAD 14 billion, with margins holding firm at 50.2% despite fiscal and regulatory headwinds in Moov Africa subsidiaries; Capex surges 36% to 23.0% of revenues (ex-frequencies and licenses), gearing up for imminent 5G rollout in Morocco; Consolidated net profit attributable to the Group hits MAD 5.5 billion, bolstered by retrocessions from unbundling dispute settlements.

Through the third quarter of 2025, the Maroc Telecom Group reaffirms the durability of its operational metrics amid intensifying competition and structural shifts in the sector.

Domestically, the period featured the provisional award of 5G licenses and preparatory works for an impending service launch—a pivotal milestone unlocking fresh growth avenues and high-value offerings. The strategic alliance with Inwi advances via FTTH and 5G joint ventures, accelerating infrastructure upgrades and very-high-speed broadband penetration.

Internationally, Moov Africa subsidiaries sustain robust momentum, propelled by expansions in mobile and fixed broadband, Mobile Money proliferation, and ongoing client experience enhancements. These dynamics solidify the subsidiaries’ contributions to Group-wide growth, validating a disciplined investment thesis.

Guided by a forward-looking innovation mandate, Maroc Telecom advances its transformation agenda to generate enduring shareholder value while facilitating digital transitions across its footprint.

► Customer Base

The Group’s subscriber base exceeds 81 million as of September 30, 2025, up 1.8% year-over-year, driven by a 3.3% uplift in subsidiary parcs.

► Revenues

Over the first nine months of 2025, consolidated revenues totaled MAD 27,277 million, advancing 1.2% on a like-for-like basis. Declines in Moroccan mobile activities were offset by strong subsidiary performances and fixed very-high-speed broadband growth at home.

Third-quarter consolidated revenues rose 1.8% like-for-like, primarily on the back of a 6.5% subsidiary surge over the period.

► EBITDA

As of September 30, 2025, Group EBITDA stood at MAD 13,699 million, down 2.2% like-for-like. Domestic softness was partly cushioned by subsidiary gains, sustaining an elevated Group margin of 50.2%.

► Operating Income

Through nine months, operating income (EBITA) reached MAD 10,631 million, incorporating retrocessions from unbundling dispute resolutions. Adjusted EBITA climbed 0.3% like-for-like to MAD 8,833 million, with margins holding near-flat at 32.4%.

► Net Profit Attributable to the Group

Net profit attributable to the Group totaled MAD 5,523 million as of September 30, 2025 (versus MAD 318 million in the prior-year period), reflecting the aforementioned retrocessions. Adjusted net profit edged down 0.6% like-for-like to MAD 4,433 million.

► Capital Expenditures

Capex (ex-frequencies and licenses) accelerated 23.1% like-for-like to represent 23% of Group revenues through September 2025, in line with 5G deployment targets.

► Cash Flow

Operating cash flow (CFFO) aggregated MAD 6,550 million over the period, retreating 14.6% like-for-like due to subsidiary license payments. Adjusted CFFO rose 6.4% like-for-like to MAD 8,144 million.

As of September 30, 2025, consolidated net debt settled at MAD 17,986 million, equivalent to a manageable 0.9x annualized EBITDA.

► Key Developments

In Morocco, provisional 5G license award to Maroc Telecom (and peers) for a MAD 900 million fee. Operator coverage commitments target 45% and 85% of the population by end-2026 and end-2030, respectively.