BKGR Forecasts Strong Revenue Growth for Moroccan Companies in 2026

Moroccan listed companies are set for stronger performance in 2026, supported by robust growth across key sectors.

Agadir – Moroccan listed companies on the stock exchange are expected to record a solid improvement in performance in 2026, supported by broad-based growth across key sectors, according to the latest publication by BMCE Capital Global Research (BKGR).

The research firm projects a 13.6% increase in total revenue for listed companies, reaching MAD 352 billion, driven by expansion across all major business segments. Industrial revenues are expected to rise by 16%, financial sector revenues by 6.3%, and insurance revenues by 15.1%.

Profitability for Scope 40 companies is forecast to increase by 9.7% to MAD 49.7 billion, although this figure is partly influenced by the absence of a one-off retrocession related to the IAM-WANA case recorded in previous periods.

BKGR estimates that net income attributable to shareholders (NIAS) would grow by nearly 13%, mainly supported by mining, banking, and insurance performances.

The profit capacity growth in 2026 shows mining companies as the largest contributor, accounting for 48.1% of the total increase. This performance is attributed to the full-year impact of structural projects, favorable pricing conditions for precious metals, and exceptional gains linked to asset disposals.

Banks are expected to contribute 42.5%, supported by the strong performance of net banking income, improved cost control, and continued risk management discipline.

Insurance companies are projected to contribute 12.1%, reflecting structural changes in the sector, particularly the planned merger of Allianz Maroc into Sanlam Maroc expected in July 2026. The construction sector is also set to contribute 11.4%.

BKGR forecasts that financial institutions will also see their profit capacity increase by 10.7% to MAD 19.7 billion in 2026, driven by higher net banking income, operational efficiency gains, and normalization of credit risk.

The cost of risk ratio is expected to decline to 1.1% in 2026, compared to 1.2% in 2025, indicating a gradual easing of provisioning pressures following the post-Covid period.