Maroc Telecom Group Revenue Rises 5.1% to MAD 28.68 Billion in Q3 2026
Growth came from all markets: Morocco’s revenue increased 2.7% to 14.33 billion dirhams, while the Moov Africa subsidiaries grew 6.9% to 15.18 billion dirhams. The company credits the expansion mainly to growing Data usage.
Maroc Telecom Group published its consolidated results for the period ending 30 September 2026 on 23 October in Rabat. Group revenue rose 5.1% to 28.68 billion dirhams (4.0% at constant exchange rates). Growth came from all markets: Morocco’s revenue increased 2.7% to 14.33 billion dirhams, while the Moov Africa subsidiaries grew 6.9% to 15.18 billion dirhams. The company credits the expansion mainly to growing Data usage.
Group EBITDA climbed 4.9% to 14.38 billion dirhams, with the margin holding at a high 50.1%. The company says operational discipline and cost control helped offset heavily affected operating costs, particularly energy. EBITA fell 18.9% to 8.63 billion dirhams, and net income attributable to the Group dropped 30.1% to 3.86 billion dirhams. Both declines are explained by the exceptional income booked in 2025 from the agreement with Wana Corporate. Excluding that one-off item, EBITA rose 6.1% and net income grew 4.3%.
In Morocco, EBITDA grew 3.6% to 7.97 billion dirhams, with the margin up 0.5 points to 55.6%. Excluding the Wana effect, EBITA increased 8.1%. Operational cash flow in Morocco fell 8.5% to 4.28 billion dirhams, despite a better working capital contribution and lower CAPEX. The mobile customer base in Morocco shrank 2.9% to about 18.9 million, though active mobile internet users grew 5.7% to 12.2 million.
The Moov Africa subsidiaries posted EBITDA of 6.41 billion dirhams, up 6.6%, with a stable margin of 42.2%. Mobile Data, fixed internet and Mobile Money were the main growth drivers, rising 10.4%, 16.8% and 18.8% respectively. Subsidiary EBITA rose 2.7% to 3.13 billion dirhams, and operational cash flow jumped 52.9% to 2.86 billion dirhams. Customer growth was uneven across countries: Burkina Faso (+20.9%), Togo (+19.6%) and Central African Republic (+59.1%) expanded strongly, while Mali (-15.7%) and Benin (-12.0%) declined.
On investment and finances, CAPEX excluding frequencies and licences represented 20.1% of revenue, in line with annual guidance, as the Group continues to build very-high-speed mobile and fixed infrastructure. Group operational cash flow rose 9.1% to 7.14 billion dirhams. Net debt stood at 21.02 billion dirhams, or 1.0 times EBITDA, even after a 3.5 billion dirham dividend paid to shareholders in September. Overall, the Group’s customer base grew 2.4% to nearly 78 million, and management says it will continue its strategy of sustainable value creation, including the rollout of shared infrastructure and the development of Mobile Money.
