Casablanca – Morocco’s National Railway Office (ONCF) recorded a historic financial and operational performance in 2025, marking a significant milestone in the development of the country’s rail sector. The public operator announced that its annual revenue exceeded $515 million for the first time, supported by sustained growth in passenger traffic, a recovery in phosphate transport, and continued investment in major infrastructure projects.

The results were presented during a board meeting held in Rabat under the chairmanship of the Minister of Transport and Logistics, Abdel Samad Kayouh. The session focused on reviewing the company’s 2025 performance and approving its financial statements, highlighting a year characterized by expansion, modernization, and improved efficiency.

Strong growth in passenger activity

Passenger transport remained the primary driver of ONCF’s performance, accounting for nearly 59% of total revenue. In 2025, the number of passengers reached approximately 55.6 million, reflecting the growing reliance on rail as a preferred mode of transportation in Morocco.

This increase was supported by an expanded service offering and improved accessibility across the national network. Financially, passenger activity generated about $299 million in revenue, representing a 5% increase compared to the previous year.

The high-speed train service Al Boraq continued to play a central role in this growth. As the first high-speed rail service in Africa, it transported around 5.6 million passengers during the year, generating approximately $87 million in revenue. Its sustained performance underscores its importance as a backbone of modern and efficient mobility in the country.

Freight and phosphate transport rebound

ONCF also reported solid progress in freight and logistics activities. Revenue from goods transport reached about $77 million, reflecting a 6% increase compared to 2024. This growth was driven by strong demand for container and energy transport, with total volumes reaching approximately 9 million tons.

Phosphate transport, a key segment for Morocco’s export-oriented economy, experienced a notable recovery in 2025. Volumes exceeded 14.2 million tons, marking an increase of more than 12% year-on-year. This segment generated around $128 million in revenue, up 10%, contributing significantly to the overall financial performance.

Major investment momentum

The year 2025 was also marked by a strong acceleration in investment activities. ONCF continued to advance major infrastructure projects, particularly the extension of the high-speed rail line linking Kenitra to Marrakech. Civil engineering works and upgrades to existing rail infrastructure progressed at an increased pace.

In parallel, the operator launched an ambitious procurement program for 168 new-generation trains. This initiative aims to meet rising demand for rail transport while enhancing service quality and operational efficiency.

These efforts are part of a broader national investment program valued at approximately $9.9 billion, launched in 2025 to modernize and expand Morocco’s railway network. One year after its launch, implementation is reported to be progressing in line with initial projections.

Significant progress has also been achieved in rail projects within the Greater Casablanca region, which are expected to play a key role in improving urban mobility and supporting economic activity.

Operational efficiency and profitability

Despite a challenging global economic environment marked by inflationary pressures, ONCF succeeded in optimizing its operating costs, resulting in improved financial performance.

Gross operating income reached approximately $224 million in 2025, compared to about $201 million in 2024. The company also reported an operating surplus of around $134 million, excluding infrastructure-related depreciation costs.

Net profit stood at approximately $90 million, reflecting the efficiency of ONCF’s operational model and its ability to balance growth with cost control. The results indicate that the company is increasingly capable of absorbing the financial burden of its infrastructure investments while maintaining profitability.

Supporting major events

ONCF also demonstrated strong operational capacity during preparations for the Africa Cup of Nations. The company implemented a dedicated transport plan, which included opening new stations, adding special stops, and deploying more than 250 additional trains.

This effort enabled the smooth transport of over 250,000 fans between host cities, reinforcing the role of the railway network as a key component of national mobility during large-scale events.

Sustainability and governance commitments

Looking ahead, ONCF has reaffirmed its commitment to sustainable development by introducing a new environmental, social, and governance (ESG) strategy for the period leading up to 2030. This strategy aims to align all aspects of the company’s operations with sustainability objectives.

In addition, the company obtained ISO 37001 certification for its anti-corruption management system, highlighting its adherence to high standards of transparency and ethical governance.

Environmental performance has also improved, with ONCF reporting a 26% reduction in greenhouse gas emissions in 2024 despite increased activity levels. This reflects ongoing efforts to promote rail transport as a low-emission alternative within Morocco’s broader mobility strategy.

Outlook

The record results achieved in 2025 confirm the growing importance of rail transport in Morocco’s economic and social development. With continued investments, rising passenger demand, and improved operational efficiency, ONCF appears well-positioned to sustain its growth trajectory in the coming years.

As infrastructure projects advance and new trains are introduced into service, the railway sector is expected to play an even greater role in supporting sustainable mobility, regional connectivity, and economic expansion across the country.