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Maroc Telecom Posts 5.4% Revenue Growth in H1 2026, Driven by Moov Africa and Domestic Data Surge
Maroc Telecom’s first‑half 2026 results show a solid 5.4 % increase in revenue, helped by a 7.5 % jump in Moov Africa earnings and a 2.2 % rise in its Moroccan operations. EBITDA rose 5.1 % with the margin steady at 50.2 %, and net profit attributable to the group reached 2.5 billion dirhams, an 8.1 % underlying gain. Investment remained aggressive, covering 17.6 % of sales and focusing on ultra‑high‑speed mobile and fixed‑line infrastructure.
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Key Highlights of H1 2026
Maroc Telecom reported a 5.4 % increase in total revenue for the first half of 2026. The growth was led by a 7.5 % rise in earnings from its subsidiary Moov Africa and a 2.2 % improvement in domestic activity.
Revenue Breakdown
- Mobile Data revenue in Morocco surged 20 %.
- Fixed‑line Data revenue grew 12 %, driven by a 30 % expansion of the FTTH network.
Profitability
EBITDA climbed 5.1 %, with the margin holding steady at 50.2 %. Net profit attributable to the group amounted to 2.5 billion dirhams. Excluding a one‑off base‑effect from H1 2025, underlying net profit rose 8.1 %.
Investment Activity
Capital spending remained robust, representing 17.6 % of revenue. The focus was on Ultra‑High‑Speed Mobile and Fixed‑Line infrastructure, reflecting the accelerating demand for data services and the emergence of new growth levers such as Mobile Money.
Cash Flow
Operating cash‑flow increased by 3.9 %, enabling the group to fund its investment plan while preserving a solid financial structure.
2026 Outlook
Despite geopolitical tensions and energy‑price volatility in some markets, Maroc Telecom keeps its 2026 guidance unchanged. The company expects continued revenue and EBITDA growth, with investments (excluding frequencies and licences) projected to represent roughly 25 % of total revenues.