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Marrakech – Morocco’s national highway operator, Autoroutes du Maroc (ADM), reported a 20% increase in consolidated revenue for 2025. The figure reached MAD 6.78 billion ($678 million), up from the previous year.
The growth was driven by two main factors. Revenue from network operations rose by approximately 12%. Income linked to construction works surged by nearly 42%. ADM disclosed the results in a filing with the Moroccan Capital Markets Authority (AMMC).
On a standalone basis, revenue stood at over MAD 4.5 billion ($450 million). That compares to MAD 4.03 billion ($403 million) at the end of December 2024. The increase reflects steady performance across ADM’s highway network.
Gross investments exceeded MAD 2.27 billion ($227 million) by year-end. These funds went primarily toward ongoing infrastructure works and network upgrades. Key projects included the Tit Mellil-Berrechid highway and the overhaul of the Sidi Maarouf and Ain Harrouda highway interchanges.
On the balance sheet, cumulative net investments after depreciation reached approximately MAD 72.27 billion ($7.2 billion). Consolidated debt stood at around MAD 35.53 billion ($3.5 billion), a 3% year-on-year increase. ADM attributed the rise to drawdowns for investment financing, partially offset by repayments made during the period.
The strong results come as ADM moves forward with a broader expansion strategy. In March 2025, two major protocols were signed in Rabat between the state and ADM. The agreements outlined a MAD 12.5 billion ($1.25 billion) investment program running through 2032. Total mobilization for the program is projected at MAD 16 billion ($1.6 billion).
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The plan covers three strategic highway projects. The first is the Rabat-Casablanca Continental highway, a 60-kilometer route linking Ain Atiq to Tit Mellil. The second is the Tit Mellil-Berrechid highway. The third involves transforming the Ain Harrouda and Sidi Maarouf interchanges to ease traffic flow into Casablanca.
A separate protocol, valued at MAD 1.2 billion ($120 million), was signed to finance land expropriation for the Rabat-Casablanca Continental highway. It involves ADM, two government ministries, the Caisse de Dépôt et de Gestion (CDG), and CDG Capitale. The funds will cover compensation for expropriated landowners, a prerequisite for launching construction.
The projects aim to decongest the Rabat-Casablanca corridor, strengthen regional connectivity, and prepare access to Casablanca’s Grand Stadium (Hassan II Stadium) ahead of the 2030 FIFA World Cup, which Morocco will co-host.
Equipment and Water Minister Nizar Baraka and Budget Minister Fouzi Lekjaa were among the officials present at the signing. Baraka noted the projects align with efforts to reinforce the national highway network and improve transport infrastructure in the Casablanca-Settat region.
Beyond ADM’s program, Morocco has nearly 300 kilometers of expressways under construction and 900 kilometers planned. Key projects include the Guercif-Nador highway, a 104-kilometer route requiring MAD 7.9 billion ($790 million), and the strategic Tiznit-Dakhla expressway. Thirty cities will undergo road rehabilitation ahead of the upcoming global football tournament.
Established in 1989, ADM manages a 2,177-kilometer highway network. It is the second-largest in Africa after South Africa.
