Maroc Telecom Reports Modest Revenue Growth in Q3 2025 Amid Strong Subsidiary Performance
The Group’s consolidated revenues rose by 1.2% year-on-year to MAD 27 billion, supported by a 5.7% increase from its Moov Africa subsidiaries, which offset a decline in domestic operations.
Maroc Telecom Group reported a slight increase in revenues for the third quarter of 2025, reflecting resilient performance across its African subsidiaries and ongoing investments to prepare for 5G deployment in Morocco.
The Group’s consolidated revenues rose by 1.2% year-on-year to MAD 27 billion, supported by a 5.7% increase from its Moov Africa subsidiaries, which offset a decline in domestic operations. Maroc Telecom’s total customer base expanded by 1.8% to over 81 million users across its 11 markets, driven largely by growth in mobile data, mobile money, and broadband services.
In Morocco, revenues fell by 3.3% to MAD 13.9 billion, reflecting competitive pressures and regulatory constraints in the local market. However, strong results from Moov Africa subsidiaries—where mobile data surged by 15.1%, mobile money by 23.2%, and fixed broadband by 19.2%—helped sustain the Group’s overall performance.
EBITDA stood at MAD 13.7 billion, down 2.2% year-on-year, though the EBITDA margin remained solid at 50.2%, highlighting effective cost management. Maroc Telecom also reported a 21.8% reduction in net debt, bringing it down to MAD 17.9 billion, or a 0.9x net debt-to-EBITDA ratio, underscoring the company’s financial discipline.
Capital investments increased sharply, with CAPEX reaching 23% of revenues, up 36% compared to the previous year. The company attributed this surge to network modernization and infrastructure development ahead of Morocco’s 5G rollout, which will require operators to achieve 45% population coverage by 2026 and 85% by 2030.
Net income attributable to shareholders reached MAD 5.5 billion, supported by one-off compensations related to regulatory settlements. Adjusted net income came in slightly lower at MAD 4.4 billion, down 0.6% year-on-year.
Looking forward, Maroc Telecom said it remains focused on 5G deployment, fiber expansion, and digital services growth, particularly in mobile money and enterprise connectivity. The Group reaffirmed its commitment to strengthening Africa’s digital infrastructure and maintaining profitability through prudent investment and innovation.
