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CTM Posts H1 2026 Net Loss of MAD 13M Despite 22% Revenue Surge
Moroccan transport giant CTM reported a consolidated revenue of MAD 927 million for the first half of 2026, up 22.2% year-on-year, driven by its multimodal diversification strategy including new urban transport subsidiaries in Tangier and Fez. However, soaring fuel prices pushed consolidated EBITDA into negative territory at -MAD 39 million, resulting in a net group loss of MAD 13 million compared to a MAD 12 million profit a year earlier. On a standalone basis, CTM's social revenue grew 7.6% to MAD 270 million with net profit rising 32.6% to MAD 61 million.
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Strong Top-Line Growth Masked by Fuel Cost Pressure
Casablanca-listed transport operator CTM delivered a robust 22.2% year-on-year increase in consolidated revenue to MAD 927 million for the first half of 2026, underscoring the success of its multimodal diversification strategy. The growth was fueled by the integration of the new urban transport subsidiaries ISSAL Tangier and ISSAL Fez, alongside solid performance in interurban and maritime segments.
Bottom Line Hit by Surging Fuel Prices
Despite the top-line expansion, the group swung to a net loss of MAD 13 million (group share) compared to a MAD 12 million profit in H1 2025. Consolidated EBITDA turned negative at -MAD 39 million from a positive MAD 5 million a year earlier, entirely attributed to the sharp rise in fuel prices that weighed across all business lines.
Standalone Entity Remains Profitable
On a standalone (social) basis, CTM posted a 7.6% revenue increase to MAD 270 million, with EBITDA improving 7.5% to MAD 71 million. Net profit for the parent company jumped 32.6% to MAD 61 million, highlighting the underlying operational resilience of the core business.
Outlook: Leveraging the Multimodal Model
Management emphasized that the group's multimodal model is now fully operational, with urban and maritime transport serving as new growth levers to consolidate development. The strategic partnership with Transdev Maroc for urban transport and recent contract wins (e.g., Tétouan 10-year urban transport contract) provide visibility for future revenue streams.
- Consolidated Revenue H1 2026: MAD 927M (+22.2% YoY)
- Consolidated EBITDA: -MAD 39M (vs +MAD 5M in H1 2025)
- Consolidated Net Income (Group Share): -MAD 13M (vs +MAD 12M in H1 2025)
- Social Revenue: MAD 270M (+7.6% YoY)
- Social Net Income: MAD 61M (+32.6% YoY)