The result represents a sharp year-on-year increase of about 289 percent, reflecting a strong rebound in profitability after an exceptionally weak performance in the previous year.
Maroc Telecom has reported a net income attributable to the group of nearly 7 billion Moroccan dirhams (MAD) for the 2025 financial year, translating to approximately $760 million at exchange rates prevailing in February 2026. The result represents a sharp year-on-year increase of about 289 percent, reflecting a strong rebound in profitability after an exceptionally weak performance in the previous year.
The significant surge in profit was largely driven by exceptional revenues linked to the resolution of a long-standing legal dispute with Wana Corporate over local loop unbundling. As part of the settlement, Maroc Telecom benefited from a MAD 2 billion retrocession. By contrast, the group’s 2024 results had been heavily weighed down by a one-off MAD 6.368 billion payment related to the same litigation, which distorted year-on-year comparisons.
When excluding these exceptional items, Maroc Telecom’s adjusted net income for 2025 stood at MAD 5.649 billion. On this basis, profitability declined by 4.3 percent at constant exchange rates compared to 2024, reflecting ongoing pressures in the domestic market and a challenging operating environment despite resilience in international operations.
Group revenue reached MAD 36.7 billion, marking a 1.4 percent increase at constant exchange rates. Growth was primarily driven by the group’s international subsidiaries operating under the Moov Africa brand, which recorded a 5.3 percent rise in revenues. In Morocco, the company also reported a recovery in Mobile Data revenues, up 5.1 percent, alongside continued growth in Fixed Data revenues, which increased by 4.4 percent.
From an operational perspective, the group maintained a strong EBITDA margin above 50 percent, underlining continued cost discipline and efficiency. However, overall EBITDA edged down by 2.4 percent to MAD 18.49 billion, reflecting higher investment levels and competitive pressures in certain markets.
Strategically, 2025 marked an important milestone with the commercial launch of 5G services in Morocco. To support this rollout and broader network modernization, capital expenditures rose to 25.6 percent of revenues. The group also continued to expand its footprint, with the total customer base growing by 3.6 percent to nearly 77 million subscribers, largely driven by international expansion.
Following the release of these results, Maroc Telecom’s Board of Directors proposed a dividend of MAD 4.0 per share, representing a total distribution of MAD 3.5 billion. The proposed payout underscores the group’s solid cash generation and commitment to delivering returns to shareholders, despite a still-evolving competitive and regulatory landscape.
