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SBM Reports 4.2% Revenue Growth in H1 2026, Driven by Local Brands and Summer Season
Société des Boissons du Maroc (SBM) posted consolidated revenues of 1.234 billion dirhams in the first half of 2026, marking a 4.2% year-over-year increase. The beverage company saw accelerated growth in Q2, propelled by strong performance from local beer brands and the onset of summer demand. The period also featured SBM's strategic entry into retail through a 33.33% stake in Africa Retail Market.
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Société des Boissons du Maroc has delivered a solid first-half performance for 2026, with consolidated revenues reaching 1.234 billion dirhams compared to 1.184 billion dirhams in the same period last year. This represents a 4.2% increase year-over-year, while standalone revenues climbed 3.8% to 1.14 billion dirhams.
Q2 Performance Shows Strong Acceleration
Following a challenging first quarter impacted by calendar effects related to Ramadan and Chaâbane positioning, the company saw significant momentum in the second quarter. Consolidated revenues for Q2 reached 915 million dirhams, up 9.8%, while standalone figures grew 8.1% to 845 million dirhams.
Local Beer Brands Drive Growth
The revenue expansion was primarily driven by the strong performance of the company's local beer portfolio, particularly Flag Spéciale Gold and Casablanca. These brands benefited from increased commercial activity tied to the summer season launch and the 2026 World Cup.
Portfolio Diversification Continues
SBM's strategy to diversify its product offerings is gaining traction. The La Cigogne lemonade brand continues to support growth in the carbonated beverages segment, while the Alcomix line has shown positive momentum.
Strategic Retail Investment
A significant milestone during the quarter was the finalization of SBM's 33.33% stake in Africa Retail Market, the exclusive distributor in Morocco for products sold under the Hyper U, Super U, and U Express brands. This investment is accounted for using the equity method in the group's consolidated accounts.
Capital Expenditure and Financial Position
Consolidated capital investments totaled 33 million dirhams in the first half, down 33.3% from 50 million dirhams a year earlier. Investments focused primarily on renewing the returnable packaging fleet and acquiring refrigeration equipment to support commercial expansion.
At the end of June, consolidated net financial debt stood at 27 million dirhams, reflecting dividend payments and contractual commitments related to the Africa Retail Market investment.
Outlook for Second Half
Looking ahead, SBM plans to continue developing its brands and diversifying its portfolio. The carbonated beverages division is expected to benefit from the launch of new La Cigogne flavors in the coming months.