Maroc Telecom reported a 5.1% increase in consolidated revenue to MAD 28.68 billion ($3.1 billion) in the first nine months of 2026, supported by growth in its Moroccan operations and African subsidiaries, while net profit declined from a year earlier.
The telecommunications group said Friday that revenue from its Moroccan operations rose 2.7% to MAD 14.33 billion, driven by increased mobile and fixed internet usage.
International revenue climbed 6.9% to MAD 15.18 billion, reflecting continued expansion across its Moov Africa subsidiaries.
Mobile data revenue in its international operations increased 10.4%, while fixed broadband and mobile money services grew 16.8% and 18.8%, respectively.
Customer base exceeds 78 million
Maroc Telecom’s total customer base surpassed 78 million at the end of September, up 2.4% year on year, with its African subsidiaries accounting for much of the increase.
The group’s Moroccan mobile network had nearly 18.95 million subscribers, while fixed-line subscriptions reached 1.62 million and broadband connections exceeded 1.4 million.
Internationally, Côte d’Ivoire remained its largest mobile market, with 13.2 million customers, followed by Burkina Faso with 8.63 million and Chad with 7.82 million.
Net profit falls despite stronger operations
Net profit attributable to shareholders declined to MAD 3.86 billion from MAD 5.52 billion a year earlier, primarily reflecting an exceptional gain recorded in 2025 under an agreement with rival operator Wana Corporate.
Excluding that one-off item, net profit increased 4.3%, the company said.
Operating earnings before depreciation and amortization (EBITDA) rose 4.9% to MAD 14.37 billion, maintaining a margin of 50.1%.
Operating profit reached MAD 8.62 billion, increasing 6.1% when adjusted for the previous year’s exceptional settlement.
Investment and debt
Capital expenditure excluding frequencies and licences represented 20.1% of revenue, as the company continued investing in high-speed mobile and fixed broadband infrastructure.
Operating cash flow increased 9.1% to MAD 7.14 billion.
Net consolidated debt stood at MAD 21.02 billion at the end of September, equivalent to approximately one year of annualized EBITDA, following a MAD 3.5 billion dividend distribution.
Maroc Telecom said it would continue expanding its African subsidiaries, shared network infrastructure in Morocco and mobile money services.
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