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Holcim Maroc: H1 Revenue Holds Steady as Q2 Momentum Offsets Rain-Hit Start
<p>Holcim Maroc reported consolidated revenue of MAD 2.378 billion for the second quarter of 2026, up 12.7% year-on-year, driven by an 8% rise in domestic cement demand and strong ready-mix concrete sales. However, exceptional rainfall at the start of the year limited first-half performance, keeping H1 revenue nearly flat at -0.2% compared to the first half of 2025.</p><p>Net debt stood at MAD 5.093 billion at end-June, up 4.4% annually. The outlook for H2 2026 remains positive, supported by infrastructure investments for the 2030 World Cup, major projects, and the direct housing assistance program.</p>
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Strong Q2 Recovery Lifts Holcim Maroc
Holcim Maroc, a leading cement producer in the Kingdom, demonstrated resilient performance in the first half of 2026 despite a challenging start. The second quarter showcased a significant rebound, offsetting the negative impact of exceptionally heavy rainfall early in the year that had dampened construction activity.
Q2 Revenue Surges 12.7%
During the second quarter of 2026, national cement demand grew by 8% compared to the same period in 2025. This increase was primarily driven by the calendar shift of Eid Al-Fitr and the strong momentum in the construction sector. As a result, consolidated revenue reached MAD 2.378 billion, representing a 12.7% year-on-year increase, supported by higher sales volumes of both cement and ready-mix concrete.
H1 Revenue Nearly Flat Despite Q2 Strength
For the full first half of 2026, the company's activity remained slightly in retreat. Consolidated revenue declined by only 0.2% compared to the first half of 2025, as the positive market growth in Q2 was only partially able to offset the negative effects of the record rainfall that hampered operations in the opening months of the year.
Financial Position and Leverage
At the end of June 2026, net debt amounted to MAD 5.093 billion, an increase of 4.4% year-on-year, reflecting the ongoing investment cycle and working capital requirements tied to the recovering activity levels.
Favourable Outlook for H2 2026
Looking ahead, the prospects for the cement market remain positive for the second half of the year. Key growth drivers include:
- Infrastructure investments related to the 2030 FIFA World Cup
- Large-scale announced projects across various sectors
- Continuation of the direct housing assistance program in the construction sector
Holcim Maroc will publish its complete financial data for the first half of 2026 in September, providing further insights into profitability and operational metrics.