International activities achieved a turnover of more than 5 billion dirhams in the first quarter of 2026, despite the difficult competitive and regulatory environment.
Performance : At the end of the first quarter of 2026, Maroc Telecom confirms the solidity of its trajectory with turnover up 5%, supported by the dynamics of its African subsidiaries and the progression of Data uses.
A successful first quarter for Maroc Telecom. During the first three months of the year, the operator confirmed its momentum both operationally and financially. This results in the stabilization of Morocco’s turnover at a time when the activity of the subsidiaries is accelerating. Among the key trends of the first quarter of 2026 we also note the increase in the customer base and the adaptation of offers and services allowing the Group to continue its trajectory of growth, operational excellence and financial discipline. “The sustained investment policy in very high speed mobile and fixed infrastructure, in Morocco as in sub-Saharan Africa, sustainably strengthens the quality of networks and services,” comments the Group in this regard. And added: “Cost control makes it possible to maintain high profitability in Morocco and in the subsidiaries.” The Group also ensures that its investment capacity is maintained to support the development of uses and enable it to seize growth opportunities in all of its markets.
At the end of March 2026, Maroc Telecom achieved consolidated turnover of more than 9.32 billion dirhams, up 5% compared to the same period a year earlier. An improvement driven by the performance of the Moov Africa subsidiaries (+8.5%) and the stabilization of activities in Morocco (+0.7%). “In Morocco, the increase in Mobile Data and Fixed Data, driven by the expansion of the FTTH base, offsets the decline in voice and ADSL,” explains the Group. And to continue: “In the subsidiaries, the growth in the number of users and turnover of Mobile Data, Fixed Data and Mobile Money services, compensates for the drop in voice and income from the international entrant”. In detail, international activities achieved a turnover of more than 5 billion dirhams in the first quarter of 2026, despite the difficult competitive and regulatory environment. As for Maroc Telecom’s net profit, group share (RNPG), it was impacted by the social solidarity contribution. It thus returned to 1.3 billion dirhams in the first quarter of 2026, showing a decrease of 3.4% compared to the same period of the previous year. The Group’s consolidated operating income (EBITA – earnings before interest, taxes and depreciation) stood at 2.74 billion dirhams, up 4.1%. The operating margin, for its part, fell by 0.3 points to around 29.5%. As for adjusted operating income before depreciation and amortization (EBITDA – earnings before interest, taxes, depreciation and amortization), it reached 4.66 billion dirhams, an increase of 6.1%. Referring to Maroc Telecom, the EBITDA margin rate remains at the high level of 50%, an improvement of 0.5 points. “The adjusted EBITDA of activities in Morocco stood at 2.46 billion dirhams, an improvement of 2.0% compared to the same period of the previous year, driven by the increase in gross margin, which more than offset the increase in operational costs.
The EBITDA margin increased by 0.6 points to stand at the high level of 53.7%,” we can note from the operator. At the same time, the adjusted EBITA of these activities stands at more than 1.63 billion dirhams, up 2%, in correlation with the increase in EBITDA.
The EBITA margin increased by 0.4 points over one year, to stand at 35.8%. Concerning the group’s international activities, they made it possible to achieve an EBITDA improvement of 11.2%, to stand at 2.19 billion dirhams thanks to the improvement in the gross margin rate (+0.3 pt) and the control of operational costs. The EBITDA margin rate stood at 43.8%, an improvement of 1.1 points. Under the effects of the increase in EBITDA, net operating cash flows amounted to 2.26 billion dirhams at the end of March 2026, marking an improvement of 13.8% compared to the same period of 2025. It should be noted that Maroc Telecom’s EBITA stood at 1.11 billion dirhams, up 7.4%. A development driven by the increase in EBITDA, despite the increase in the depreciation charge linked to sustained investments made in recent years. The customer base expands to 76 million customers.
A customer base that continues to expand
For the first three months of the year, it reached more than 76 million, marking growth of 1.8% compared to the same period a year earlier. Commenting on this increase, the operator indicates that it is supported by the 3.9% increase in the fleet of Moov Africa subsidiaries which compensates for the drop in the fleet in Morocco (-3.3%).
In detail, the Mobile base in Morocco stood at 18,101,000 customers, down 3.7% over one year and the Fixed base stood at 1,630,000 lines (-0.3%).
Internationally, the Mobile base reached 54,281,000 customers, spread across Ivory Coast (12,414,000), Burkina Faso (8,006,000), Chad (7,672,000), Mali (7,163,000), Benin (5,362,000), Niger (4,638,000), Togo (4,285,000), Mauritania (2,737,000), Gabon (1,617,000) and the Central African Republic (386,000). The fixed base has 301,000 subscribers, spread across Mali (150,000), Gabon (74,000), Burkina Faso (70,000) and Mauritania (7,000), while the fixed broadband base numbered 343,000 customers.
