BOURSSOLE Logo
BOURSSOLEYour smart investing compass
Stocks Market

Stocks Market

TGCC Q4 2025 Results: Over 50% Revenue Surge and Record Order Book Above 12 Billion MAD

TGCC delivered another strong quarter, posting a 63.1% jump in operating profit to MAD 3.6 billion for Q4 2025 and a 53.9% increase in full‑year earnings to MAD 12.4 billion. The group’s order book reached a historic MAD 25.6 billion, bolstered by the award of the Mohammed V airport expansion project. Capital spending rose to MAD 684.1 million while net debt fell 9.4% to MAD 609.8 million, underscoring the firm’s ability to grow while keeping a disciplined balance sheet.

February 27th, 2026
2 min read
By boursenews.ma

Listen to this article

Unlock audio versions of premium articles and more with a Pro subscription.

Upgrade to Unlock

Key Highlights

  • Operating profit (EBIT) Q4 2025: MAD 3.6 bn (+63.1% YoY, +5.4% pro‑forma).
  • Full‑year 2025 operating profit: MAD 12.4 bn (+53.9% YoY, +5.5% pro‑forma).
  • Order book at 31 Dec 2025: MAD 25.6 bn – highest level ever recorded.
  • CAPEX for 2025: MAD 684.1 m, reflecting accelerated investment in equipment and technology.
  • Net debt (31 Dec 2025): MAD 609.8 m, down 9.4% from the previous year.
  • Major win: extension and modernization of Casablanca‑Mohammed V Airport.

Financial Performance

TGCC’s operating result surged to MAD 3.6 billion in the fourth quarter, a 63.1 % increase compared with Q4 2024. When adjusted on a pro‑forma basis, the increase remains solid at 5.4 %. Over the entire 2025 fiscal year, the group generated MAD 12.4 billion in operating profit, up 53.9 % YoY and 5.5 % on a pro‑forma basis, confirming a sustained growth trajectory.

Order Book

The company closed 2025 with a record‑high order book of MAD 25.6 billion, a clear sign of strong demand from both public and private clients. The pipeline includes several strategic, high‑impact projects, most notably the extension and modernization of the Mohammed V Airport in Casablanca, awarded during Q4 2025.

Investment & CAPEX

To support the expanding activity, TGCC increased its capital expenditure to MAD 684.1 million in 2025. The rise in CAPEX underlines the group’s commitment to modernizing its industrial and technical capabilities, essential for delivering large‑scale infrastructure projects.

Financial Position

Net debt stood at MAD 609.8 million at year‑end, an improvement of 9.4 % compared with the 673.2 million recorded on 31 December 2024. The reduction reflects robust cash‑flow generation and disciplined working‑capital management despite the significant uptick in activity.

Outlook

Operating in a macro‑economic environment that favours major public‑private infrastructure programmes, TGCC is well‑positioned to sustain its growth momentum. The record order book provides visibility for the coming years, while the ongoing investment in equipment and the disciplined balance‑sheet approach reinforce the group’s capacity to execute large projects profitably.

Discussion (0)