T2S Group Posts 65% Surge in Adjusted Net Profit During First Half of 2026

T2S Group has reported robust financial performance for the first half of 2026, demonstrating significant growth across key operational metrics. The healthcare technology and services company achieved consolidated revenue of 978 million dirhams, marking a 26% increase compared to the same period in 2025.

Strong Revenue Growth Driven by Public Sector Demand

The company's revenue expansion was primarily fueled by increased sales to the public healthcare sector, particularly as Morocco continues to invest in modernizing and equipping healthcare facilities nationwide. The diversification across five business lines and presence in public, private, and international markets provided T2S Group with balanced growth opportunities.

High-tech equipment demand and project completions in francophone African markets contributed meaningfully to the revenue performance, continuing the Group's strategic expansion in these regions.

Service Segment Expansion Strengthens Recurring Revenue Base

T2S Group's service maintenance operations showed impressive growth during the period. The installed equipment base under maintenance contracts expanded to cover 244 healthcare facilities and 2,473 pieces of equipment as of June 30, 2026. This represents year-over-year increases of 20% and 24% respectively compared to the first half of 2025.

This expansion in the service segment supports recurring revenue streams and deepens long-term client relationships, providing greater revenue visibility and stability.

Operating Profitability Shows Significant Improvement

EBITDA reached 243 million dirhams in the first half of 2026, up 42% from the prior year period. The EBITDA margin improved to 24.8%, gaining 2.8 percentage points compared to H1 2025. This margin expansion reflects positive volume effects from revenue growth, a favorable mix toward higher value-added activities, and disciplined management of recurring operational expenses.

Adjusted Net Profit Surges 65%

When adjusted for the exceptional Varian transaction recorded in the first half of 2025, net profit attributable to the Group increased 65% to 91 million dirhams. The unadjusted H1 2025 net profit of 109 million dirhams included an exceptional gain from the sale of the Varian business line to Siemens Healthineers.

The current period's results include a non-recurring financial charge related to long-term debt restructuring. Despite this, the adjusted profit growth underscores the underlying operational performance improvement achieved by the Group.

Investment and Debt Profile

Capital expenditures totaled 17 million dirhams during the first half of 2026, compared to 16 million dirhams in the prior year period. Investments focused primarily on expanding the commercial fleet and acquiring laboratory automation equipment to support reagent sales in Morocco.

Consolidated net debt increased to 781 million dirhams as of June 30, 2026, from 216 million dirhams at year-end 2025. This increase primarily reflects higher working capital requirements driven by the 26% revenue growth and seasonal collection patterns. The acquisition of minority stakes in Cyclopharma also contributed to the debt increase.

Strategic Developments and Landmark Contract

During the first half, T2S Group completed the acquisition of minority interests in Cyclopharma, bringing its ownership to 100%. This full consolidation strengthens the Group's position in nuclear medicine.

The company was also awarded a contract to install Morocco's first GE HealthCare PET-MR system at a public hospital. This advanced equipment combines metabolic imaging (PET) and MRI in a single examination, enabling more precise diagnostics particularly in oncology and neurology. The contract demonstrates T2S Group's capability to support healthcare facilities in adopting cutting-edge diagnostic technologies.

Outlook and Strategic Priorities

T2S Group reaffirmed its leadership position in a market characterized by growing demand for high-tech medical equipment and accelerating public investment programs. The first-half revenue growth reinforces management's confidence in the full-year trajectory.

To support this momentum, the Group continues strengthening synergies among its entities with the objective of continuously improving operational profitability. The company remains focused on leveraging its diversified portfolio and regional presence to capture growth opportunities across its markets.