Casablanca – Maroc Telecom, Morocco’s leading telecommunications operator, closed the 2025 fiscal year with strong financial results, highlighted by a significant increase in net profit, sustained revenue growth, and expansion in its African subsidiaries. The company’s performance reflects operational resilience in a competitive domestic market alongside strategic investments in next-generation technologies such as 5G.

Strong net profit amid exceptional items

Maroc Telecom reported net profit attributable to shareholders of $760 million in 2025, a substantial increase compared with 2024, which had been negatively affected by a $656.5 million settlement with Wana Corporate related to local network unbundling.

Excluding this one-off item, adjusted net profit was $582.5 million, a 4.3% decline year-on-year, reflecting ongoing investments and market normalization while demonstrating the group’s capacity to maintain solid operational fundamentals.

Revenue growth supported by international operations

The group generated consolidated revenue of $3.67 billion, up 1.4% at constant exchange rates compared with 2024. Growth was primarily driven by international operations, particularly Moov Africa subsidiaries, which reported 5.3% revenue growth. Domestic Moroccan operations remained resilient, supporting overall revenue stability despite competitive pressures.

In the fourth quarter alone, revenues rose 2.1%, driven by strong performance in African subsidiaries and a modest 0.4% growth in Morocco.

Operational profitability

Maroc Telecom maintained robust profitability metrics. Consolidated EBITDA reached $1.91 billion, down 2.4%, primarily due to a 6.6% decline in Morocco, partially offset by a 3.4% increase in African subsidiaries.

Consolidated EBITA exceeded $1.40 billion, up significantly from 2024. Adjusted for the $206 million exceptional payment related to the Wana Corporate settlement, EBITA stood at $1.19 billion, a 3.5% decrease, underscoring the company’s ability to maintain strong margins while investing in growth.

African subsidiaries drive growth

Maroc Telecom’s total subscriber base reached 77 million by the end of 2025, up 3.6% year-on-year. Growth was largely fueled by Moov Africa subsidiaries, whose subscriber base rose 5.1%, while the domestic Moroccan base remained stable at 22 million subscribers.

In Morocco, mobile subscribers totaled approximately 19.2 million, with fixed-line subscribers exceeding 1.6 million. Internationally, mobile subscribers reached 54 million across Côte d’Ivoire, Chad, Burkina Faso, Mali, Benin, Niger, Togo, Mauritania, Gabon, and the Central African Republic. Fixed-line international subscribers totaled 299,000, with 319,000 fixed broadband customers.

The expansion highlights Africa’s strategic importance to Maroc Telecom, with international subsidiaries serving as a key engine for revenue and subscriber growth.

Strategic investments and 5G rollout

The company invested 25.6% of revenue in 2025, excluding spectrum and license costs. Key investments included the commercial launch of 5G in Morocco and license renewals across African markets. These initiatives contributed to a decline in operational cash flow by 11% to $826.8 million, with $309 million attributed to 5G licensing and license renewals.

Despite these investments, net debt remained at 0.9 times EBITDA, reflecting disciplined financial management and a solid balance sheet. Profit margins remained above 50%, supported by strong cash generation and operational efficiency.

Dividend and outlook

The board plans to propose a dividend of $0.40 per share, totaling $360.8 million, balancing shareholder returns with continued investment in network expansion and digital services. Looking ahead to 2026, Maroc Telecom expects continued growth in revenue and operating profit, maintaining investment at approximately 25% of revenues while focusing on 5G rollout and expansion in African markets.

Maroc Telecom’s 2025 results demonstrate the resilience of its business model. Strong African subsidiary performance, strategic 5G investments, and disciplined financial management reinforce the company’s position as a leading regional operator, combining technological modernization, sustainable revenue growth, and shareholder returns.