Stocks Market
CTM’s Consolidated Revenue Soars 40.4% in 2025, Driven by Urban and Maritime Growth
CTM Group closed 2025 with a consolidated turnover of MAD 1.827 billion, a jump of 40.4 % over the previous year, underscoring the success of its multi‑modal diversification strategy. The fourth quarter alone delivered a 14.5 % YoY revenue rise, fueled by strong performances across intercity, maritime and newly launched urban transport operations in Fez and Tangier. Capital spending fell sharply as the extraordinary AML acquisition cycle ended, while the company kept investing in fleet renewal, agency upgrades and a road‑safety programme that equips buses with on‑board cameras. Net financial debt also declined, and social‑account revenue grew modestly, reflecting CTM’s balanced financial and operational progress.
Listen to this article
Unlock audio versions of premium articles and more with a Pro subscription.
Key Financial Highlights
CTM Group closed the 2025 fiscal year with a consolidated turnover of MAD 1.827 billion, up 40.4 % compared with 2024, confirming its multi‑modal diversification strategy.
In the fourth quarter, revenue reached MAD 392 million, a 14.5 % increase year‑on‑year, reflecting strong contributions from all business units.
Business Units Performance
- Intercity Transport: The historic backbone of CTM kept expanding thanks to optimized route management, digital ticket sales and new distribution partners.
- Maritime Transport: AML, the sole national‑flag operator in the Strait of Gibraltar, recorded growth through its partnership with Sweden’s Stena Line.
- Urban Transport (Issal): Operated with Transdev, the urban network now runs in three cities – Tetouan, Fez and Tangier – after the official launch of the new Fez and Tangier services.
Investment and Capital Expenditure
CAPEX fell sharply to MAD 90 million in 2025 (down from MAD 459 million in 2024) as the extraordinary investment cycle linked to the AML acquisition ended. 2025 spending focused on regular bus‑fleet renewal, agency upgrades to improve customer experience, and the rollout of a road‑safety programme that equips buses with on‑board cameras.
Financial Position
Net financial debt stood at MAD 324 million at year‑end, 5.5 % lower than the previous year.
Social Indicators
CTM SA’s own‑account revenue reached MAD 553 million, up 2.3 % YoY. The fourth‑quarter social turnover was MAD 122 million, a rise of 8.5 %.
Group Expansion
By December 31, 2025, the consolidation perimeter added two new operating entities – Issal Fez and Issal Tangier.