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T2S Group Reports Impressive 27% Revenue Surge in H1 2026, Driven by High-Tech Equipment Demand
Moroccan medical technology specialist T2S Group has posted strong financial results for the first half of 2026, with consolidated revenues reaching MAD 983 million, marking a 27% year-over-year increase. The growth was primarily fueled by high-tech medical equipment sales, supported by Morocco's increased public healthcare investment and expanding private sector demand. The company also achieved remarkable international expansion, with foreign revenues surging 297% as it secured major contracts across francophone Africa.
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T2S Group, Morocco's leading integrated medical technology provider, continues to demonstrate robust growth momentum. The company reported consolidated revenues of MAD 983 million for the first half of 2026, compared to MAD 772 million in the same period last year—a substantial 27% increase. Second-quarter revenues alone reached MAD 485 million, up 10% from MAD 441 million in Q2 2025.
Thriving Market Environment Fuels Growth
This strong performance reflects favorable conditions in Morocco's medical technology sector, which benefits from increased government healthcare spending, private sector expansion, and broader medical coverage initiatives. T2S Group's business model leverages five complementary activity lines with presence across public, private, and international markets.
High-Tech Equipment Leads Revenue Growth
By the end of June 2026, high-tech equipment emerged as the group's largest business segment, generating MAD 464 million in revenue versus MAD 330 million in H1 2025. This division encompasses advanced solutions in radiology, oncology, operating room technology, and hospital care systems.
The medical devices and in-vitro diagnostics (IVD) segment produced MAD 272 million, up from MAD 249 million year-over-year. Services revenues climbed to MAD 115 million from MAD 104 million, while the pharmaceutical diagnostics business reached MAD 70 million compared to MAD 65 million in the prior period.
Digital systems experienced particularly impressive growth, with revenues jumping to MAD 62 million by end-June 2026 from just MAD 24 million a year earlier.
T2S Group attributes this performance to accelerated public investment in modernizing and equipping public healthcare facilities. The company notes strong demand for cutting-edge medical equipment with high added value, particularly systems incorporating artificial intelligence and advanced digitalization modules.
International Operations Show Dramatic Expansion
Domestic Moroccan operations generated MAD 861 million in H1 2026, representing 16% growth and accounting for 88% of total group revenues. International sales surged to MAD 122 million—a remarkable 297% increase—contributing 12% to consolidated revenues.
This international momentum stems from major equipment projects at healthcare facilities throughout francophone Africa. The expansion aligns with T2S Group's internationalization strategy, which focuses on strengthening its foothold in African markets where it already maintains operations.
Service Segment Benefits from Growing Installed Base
The services division also benefited from an expanding installed equipment base. As of June 30, 2026, T2S Group maintained maintenance contracts covering 244 healthcare facilities, up 20% year-over-year. The number of equipment units under contract reached 2,473, reflecting a 24% increase compared to June 30, 2025. This development enhances revenue recurrence and strengthens customer retention.
Investment Activity Moderates
T2S Group's investments totaled MAD 13 million in H1 2026, down from MAD 16 million in the same period of the previous fiscal year—a 19% decline. Second-quarter investments stood at MAD 11 million versus MAD 15 million a year earlier, representing a 28% decrease.
These investments primarily focused on expanding the commercial vehicle fleet and acquiring laboratory automation equipment to increase sales of reagents marketed by the group in Morocco.
Net Debt Rises to MAD 788 Million
As of June 30, 2026, T2S Group's consolidated net debt reached MAD 788 million, up from MAD 222 million at the end of December 2025—an increase of MAD 566 million.
The company primarily attributes this rise to seasonal collection patterns, particularly pronounced in the high-tech equipment segment. The first half focuses on installation, user training, and commissioning equipment at healthcare facilities. Revenue collection from these activities typically occurs in the second half of the year.
The net debt increase also reflects the acquisition of 45.5% of minority shares in Cyclopharma S.A.
Expanded Consolidation Scope
T2S Group's consolidation perimeter expanded in H1 2026 with the acquisition of 45.5% of Cyclopharma's minority shares. The scope now includes Techniques Sciences Santé International Medical Trading, a 100% owned subsidiary established in the United Arab Emirates to support the group's development activities across Africa.
Published figures are based on IFRS-compliant consolidated accounts that have not been audited. T2S Group has been listed on the Casablanca Stock Exchange since July 2026.