Casablanca – Maroc Telecom has reported resilient financial and operational performance for the first half of 2025, despite a challenging regulatory environment and heightened competition in its domestic and African markets. The Group continues to invest in network expansion and digital infrastructure while preparing for the commercial launch of 5G services in Morocco.

Consolidated revenue and subscriber growth

The Group’s consolidated revenue reached approximately $1.86 billion during the first six months of 2025, reflecting a year-on-year increase of 0.9%. This slight growth was largely driven by the ongoing momentum of its Moov Africa subsidiaries, whose revenue grew by 5.3% and now accounts for more than half of the Group’s total income.

Domestically, revenue declined by 3.4% to about $948 million, mainly due to regulatory pricing constraints and intensified competition in the mobile segment. Nonetheless, the Group’s commercial base expanded, with the total number of customers surpassing 80 million, an increase of 2.3% compared to the same period in 2024.

The international units benefited from continued demand for mobile data, fixed internet, and mobile financial services across sub-Saharan Africa, helping to offset declines in the Moroccan market.

Strong profitability despite pressures

Maroc Telecom’s profitability remained robust. EBITDA (earnings before interest, taxes, depreciation, and amortization) totaled approximately $935 million, with a high margin of 50.3%, underlining operational efficiency despite fiscal and regulatory pressures in several markets.

Adjusted EBITA (earnings before interest, taxes, and amortization) grew by 2%, reaching $614 million. The EBITA margin also improved slightly, rising by 0.3 points to 33%. The increase was supported by cost optimization and growth in international operations.

The Group reported net income attributable to shareholders of $423 million, partly driven by recoveries linked to the resolution of previous disputes over network unbundling. Excluding extraordinary items, adjusted net income stood at $309 million, marking a 1.6% rise from the previous year.

Cash flow and financial discipline

Operating cash flow remained solid in the first half, totaling $454 million. After adjustments, cash flow from operations increased by 6.7% to more than $522 million, reflecting continued resilience in core business activities.

Maroc Telecom’s net debt stood at $1.82 billion, representing 0.9 times its annualized EBITDA. The Group maintains that its debt profile remains well-controlled and aligned with its long-term investment strategy.

Strategic shift and 5G preparation

In Morocco, Maroc Telecom has entered into a strategic partnership with Inwi to establish two joint ventures aimed at accelerating the deployment of fiber-to-the-home (FTTH) networks and 5G infrastructure. These efforts are expected to lay the groundwork for the imminent commercial rollout of 5G services, which will enable the delivery of high-value digital applications and next-generation connectivity solutions.

The Group is preparing to dedicate approximately 25% of its annual revenue—excluding license and spectrum fees—to capital expenditures in 2025. This level of investment reflects Maroc Telecom’s ambition to remain a leader in digital transformation across the region.

Performance of African subsidiaries

Moov Africa subsidiaries continue to be a key growth driver, thanks to targeted investment programs focused on expanding mobile broadband coverage, mobile money services, and customer experience enhancements. These operations, present in multiple West and Central African countries, play a central role in supporting group-wide performance and diversification.

Increased demand for high-speed connectivity and digital services across these markets is expected to sustain revenue and profitability over the medium term.

Organizational transformation underway

Beyond the numbers, Maroc Telecom has launched a broader transformation initiative aimed at streamlining governance, optimizing cost structures, and forging strategic partnerships to enhance service innovation. The Group is also undertaking a financial restructuring process to improve visibility and further strengthen its balance sheet.

Long-term vision and commitment

Maroc Telecom reiterated its long-term commitment to delivering advanced network infrastructure and services tailored to customer needs in Morocco and across the African continent. The company emphasized its focus on maintaining operational agility, fostering innovation, and supporting sustainable growth in an increasingly digital economy.

With a strong financial base and a roadmap focused on next-generation technologies, Maroc Telecom is positioning itself for continued leadership as it enters a new phase marked by 5G and integrated digital services.