Casablanca – Maroc Telecom reported consolidated revenue of MAD 28.68 billion ($2.92 billion) in the first nine months of 2026, up 5.1% from the same period last year, driven by growth in Morocco and its African subsidiaries, according to financial results released on Friday.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 4.9% to MAD 14.38 billion ($1.47 billion) by the end of September. The EBITDA margin stood at 50.1%, compared with 50.2% a year earlier.
Revenue from the group’s Moroccan operations increased 2.7% to MAD 14.33 billion ($1.46 billion), while its international subsidiaries, operating under the Moov Africa brand, recorded a 6.9% rise to MAD 15.18 billion ($1.55 billion).
The group attributed the growth to increased demand for data services, expansion in its customer base across African markets, and contributions from mobile and fixed internet services.
Net income attributable to the group reached MAD 3.86 billion ($393.5 million), down 30.1% from MAD 5.52 billion ($562.7 million) in the first nine months of 2025. However, the company said net income increased 4.3% when excluding exceptional revenue recorded last year under an agreement with Wana Corporate.
Operating income before amortization of certain intangible assets, known as EBITA, reached MAD 8.63 billion ($879.7 million). Excluding the exceptional revenue from the Wana Corporate agreement, the figure increased 6.1%.
Moov Africa drives international growth
Maroc Telecom’s international subsidiaries continued to expand, with revenue rising 6.9% to MAD 15.18 billion ($1.55 billion). EBITDA increased 6.6% to MAD 6.41 billion ($653.4 million), while the EBITDA margin remained broadly stable at 42.2%.
Mobile data revenue grew 10.4%, fixed internet revenue increased 16.8%, and mobile money services rose 18.8% during the nine months.
The group’s total customer base reached nearly 78 million at the end of September, up 2.4% year on year. The increase was mainly driven by its subsidiaries, which recorded customer base growth of 4.5%.
Across its African markets, Moov Africa’s mobile customer base reached 55.1 million, compared with 52.8 million a year earlier. Burkina Faso recorded a 20.9% increase, while Togo grew 19.6% and Niger 11.1%. The customer base in Mauritania rose 10.8%.
Morocco’s mobile customer base, meanwhile, declined 2.9% to 18.95 million. However, the number of mobile internet users across 3G, 4G+, and 5G services increased 5.7% to 12.18 million.
The number of fixed-line customers in Morocco edged down 0.4% to 1.62 million, while fixed broadband connections fell 1.1% to 1.41 million.
Investment and cash flow
Maroc Telecom continued investing in its network infrastructure, with capital expenditure excluding frequencies and licenses representing 20.1% of revenue at the end of September, compared with 22.9% a year earlier.
Total capital expenditure reached MAD 5.85 billion ($596.3 million), down 16.5% year on year.
Net operating cash flow increased 9.1% to MAD 7.14 billion ($727.8 million), supported by higher EBITDA. The group’s consolidated net debt stood at MAD 21.02 billion ($2.14 billion), equivalent to one times annualized EBITDA.
The company said its debt remained at a controlled level despite distributing MAD 3.5 billion ($356.8 million) in dividends to shareholders in September.
Maroc Telecom said it continued investing in high-speed mobile and fixed broadband infrastructure, while developing shared infrastructure through partnerships in Morocco and expanding the activities of its subsidiaries in high-speed internet and mobile money.
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