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Mutandis Net Income Rises 10% in 2025 Amid Operational Hurdles and Bank Investment Gains

Mutandis posted a 10 % increase in its 2025 net income despite a series of short‑term setbacks, including a plant outage in Ain Ifrane, reduced sardine availability and a weaker USD that squeezed export margins. The company’s revenue fell 4 % to MAD 2.022 bn, while EBITDA dropped 10 % to MAD 315 m. A notable upside came from its 4 % stake in the newly listed CFG Bank, which contributed a positive swing in the financial result. Looking ahead, Mutandis expects a rebound in 2026 as the Ain Ifrane facility returns to full capacity and the new hydrolysate plant in Dakhla ramps up production. The firm forecasts higher margins for its marine and beverage divisions, while hygiene and the Season brand may see modest pressure.

February 23rd, 2026
3 min read
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Mutandis posted a 10 % increase in its 2025 net income despite a series of short‑term setbacks, including a plant outage in Ain Ifrane, reduced sardine availability and a weaker USD that squeezed export margins. The company’s revenue fell 4 % to MAD 2.022 bn, while EBITDA dropped 10 % to MAD 315 m. A notable upside came from its 4 % stake in the newly listed CFG Bank, which contributed a positive swing in the financial result.

Looking ahead, Mutandis expects a rebound in 2026 as the Ain Ifrane facility returns to full capacity and the new hydrolysate plant in Dakhla ramps up production. The firm forecasts higher margins for its marine and beverage divisions, while hygiene and the Season brand may see modest pressure.

Mutandis posted a 10 % increase in its 2025 net income despite a series of short‑term setbacks, including a plant outage in Ain Ifrane, reduced sardine availability and a weaker USD that squeezed export margins. The company’s revenue fell 4 % to MAD 2.022 bn, while EBITDA dropped 10 % to MAD 315 m. A notable upside came from its 4 % stake in the newly listed CFG Bank, which contributed a positive swing in the financial result. Looking ahead, Mutandis expects a rebound in 2026 as the Ain Ifrane facility returns to full capacity and the new hydrolysate plant in Dakhla ramps up production. The firm forecasts higher margins for its marine and beverage divisions, while hygiene and the Season brand may see modest pressure.

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