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Cosumar Q1 2026 Revenue Falls 17.3% as Weather‑Driven Logistics Hurdles Hit Sales
Cosumar reported a consolidated turnover of MAD 2.206 billion for the first quarter of 2026, down 17.3 % year‑on‑year. The drop is mainly blamed on temporary logistics bottlenecks caused by exceptional weather conditions that disrupted port flows and distribution, together with lower global sugar prices since 2025. Despite the short‑term setback, the group stresses that its refining capacity of over 7,000 t per day and improving rainfall levels position it to recoup volumes in the coming months, while a new liquid CO₂ project is slated for commissioning in Q1 2027.
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Key Figures
Cosumar posted a consolidated turnover of MAD 2.206 billion for Q1 2026, a 17.3 % decline compared with the same quarter of 2025. Net sales volume fell to 461 kt, down 53 kt year‑on‑year.
Operational Highlights
The group attributes the revenue dip mainly to temporary logistics disruptions caused by unprecedented weather patterns during the quarter. Heavy rains and flooding slowed port operations and hampered certain distribution channels. At the same time, the ongoing decline in global sugar prices since 2025 reduced margin pressure.
Despite the setback, Cosumar points out that its industrial capacity – especially its refining line capable of processing more than 7,000 t per day – provides ample headroom to catch up on volumes over the next few months.
Improved rainfall and near‑full reservoir levels are expected to support the current sugarcane campaign and give better visibility for upcoming planting seasons.
Financial Position
Net debt rose sharply to MAD 986 million as of 31 March 2026, up from MAD 206 million at the end of December 2025. The increase reflects a larger agronomic campaign rather than a deterioration of the core balance sheet.
Investments during the quarter totalled MAD 25 million, primarily earmarked for maintenance and upgrades of the production facility.
Outlook
- Cosumar maintains its 2026 volume and revenue growth targets outlined in the annual budget.
- Domestic sugar production is projected to rise, bolstered by regular and excess rainfall during the crop‑growth phase.
- National reservoir saturation provides a clearer picture for future agricultural campaigns, reinforcing the growth potential of the local sugar sector.
- The liquid CO₂ project progresses on schedule, with commissioning expected in Q1 2027. This initiative underlines Cosumar’s push toward circular‑economy solutions, higher‑value‑add co‑product utilization and industrial decarbonisation.
Overall, the company’s strategic investments and robust refining capacity suggest a gradual recovery of sales volumes, while short‑term weather‑related logistics issues are viewed as temporary.