Maroc Telecom Reports 5% Revenue Growth in Q1 2026 as African Subsidiaries Offset Domestic Pressure
Overall, the first quarter results confirm Maroc Telecom’s sustained growth trajectory, underpinned by expanding data usage, a growing customer base, and strategic investments across its markets.
Maroc Telecom has reported solid financial and operational performance for the first quarter of 2026, driven by steady growth in its African subsidiaries and stabilizing revenues in its home market.
Group revenue rose by 5.0% year-on-year to MAD 9.3 billion, supported by strong momentum from Moov Africa subsidiaries, where revenues grew by 8.5%. In Morocco, revenue increased modestly by 0.7%, as rising demand for mobile and fixed data—particularly fiber (FTTH)—offset declines in voice and ADSL services.
Earnings before interest, tax, depreciation, and amortization (EBITDA) reached MAD 4.66 billion, up 6.1%, with a strong margin of 50%. Operating profit (EBITA) also increased by 4.1% to MAD 2.75 billion. However, net income attributable to the Group declined by 3.4% to MAD 1.3 billion, largely due to the impact of the social solidarity contribution. Excluding this factor, net income would have grown by 3.3%.
The Group significantly increased its investment efforts, with capital expenditure (CAPEX) rising to MAD 1.3 billion, primarily focused on expanding broadband infrastructure across Morocco and sub-Saharan Africa. Cash flow from operations improved by 13.8% to MAD 2.3 billion, reflecting stronger operating performance.
Maroc Telecom’s total customer base exceeded 76 million at the end of March 2026, up 1.8% year-on-year. Growth in Moov Africa subsidiaries (+3.9%) offset a decline in Morocco (-3.3%), highlighting the increasing importance of the Group’s international operations.
In Morocco, performance continued to improve, with revenue growth driven by strong demand for data services. Meanwhile, the Moov Africa subsidiaries delivered robust results despite competitive and regulatory pressures, supported by growth in mobile data, fixed data, and mobile money services.
The Group said its continued investments in high-speed mobile and fixed broadband infrastructure are enhancing network quality and supporting long-term growth, while disciplined cost management is helping maintain strong profitability.
Overall, the first quarter results confirm Maroc Telecom’s sustained growth trajectory, underpinned by expanding data usage, a growing customer base, and strategic investments across its markets.
