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Rabat – Maroc Telecom reported stable operational results for the first 9 months of 2025, highlighting the durability of its international operations in a competitive market.
The group’s customer base increased by 1.8% to more than 81 million clients, of which the Moov Africa subsidiaries accounted for the majority of the increase.
Consolidated revenues were MAD 27.3 billion at constant exchange rates, a 1.2% increase on the same period in 2024. The growth stemmed mainly from Moov Africa’s 5.7% turnover increase, which offset weaker performance in Morocco’s mobile business.
Domestically, Maroc Telecom revenues dropped 3.3% to MAD 13.9 billion as a result of ongoing price competition and a restrictive regulatory environment.
Mobile operations were mainly affected by tariff differences in Maroc Telecom offerings and those of its competitors. The fixed business and high-speed broadband, however, mitigated the impact.
Regionally, activities across Moov Africa’s 10 markets—Niger and Côte d’Ivoire included—generated MAD 14.2 billion.
Mobile data growth was in the lead, rising 15.1%, with mobile money up 23.2%, and fixed internet services up 19.2%.
EBITDA at Moov Africa rose 3.9% at constant exchange to MAD 6 billion, and adjusted EBITA went up 6.1% to MAD 3.25 billion.
Group EBITDA stood at MAD 13.7 billion, down 2.2% from the previous year, reflecting tax and regulatory pressures in some African markets.
Despite that, Maroc Telecom retained an EBITDA margin of 50.2%, marking its operational solidity. Adjusted EBITA was almost flat at MAD 8.83 billion, with an operating margin of 32.4%.
Group net profit was MAD 5.52 billion, supported by settlements of agreements that terminated disputes. Adjusted net profit totaled MAD 4.43 billion, which decreased slightly by 0.6% from the previous year.
Strong investment push and 5G rollout preparations
Maroc Telecom increased capital expenditure during the period, with total investments up 36% to represent 23% of group revenue before frequencies and licenses. The firm said the boost was mainly due to preparations for the upcoming 5G launch in Morocco.
In July 2025, Maroc Telecom received a temporary 5G license from Morocco’s regulator along with the country’s other two operators. The license is priced at MAD 900 million, and the right of access to 45% of the population by 2026 and 85% by 2030.
The operator is also expanding its fiber-to-the-home (FTTH) infrastructure by signing a strategic alliance with Inwi, via joint ventures for FTTH and 5G network infrastructure.
At the same time, operating cash flow at the group level dropped to MAD 6.55 billion, mainly because of license payments in certain Moov Africa markets. Adjusted operating cash flow, excluding these payments, rose 6.4% to MAD 8.14 billion.
Maroc Telecom’s net debt reduced by 21.8% year-over-year to MAD 18 billion, corresponding to 0.9 times annualized EBITDA—reflecting strong balance-sheet management despite investment surge.
In Morocco, expenditure on capital climbed more than two times to MAD 3.4 billion, corresponding to 23.8% of local revenues. The operator emphasized that the investments fit into its long-term strategy to develop infrastructure and lay the ground for future-generation services.
Across its African operations, investments increased nearly 29%, indicating sustained expansion of mobile and broadband networks.
Although cash flow in the region decreased after paying for licenses, the company indicated improving network quality and customer experience consistently.
Maroc Telecom consolidated its innovation and digital transformation priorities, claiming that it is committed to building sustainable value and enabling digital transitions in its eleven markets.
The listed group in Casablanca and Paris remains dominated by Société de Participation dans les Télécommunications (owned by Etisalat) with 53%, and the Moroccan state with 22%.
While the firm is poised to launch 5G and expand high-speed coverage, it maintains a conservative voice, attributing competitive pressure as well as evolving regulation.
However, Maroc Telecom’s results confirm its position as a regional telecom leader with stable profitability and strong investment momentum.
Read Also: Maroc Telecom Exceeds Over 80 Million Subscribers in First Half of 2025
