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Risma Posts Strong 15% Revenue Growth in H1 2026 Amid Strategic Restructuring
Moroccan hotel group Risma delivered impressive first-half results for 2026, with consolidated revenues reaching 863 million dirhams, representing a 15% year-over-year increase on a pro forma basis. The company's performance was driven by improved occupancy rates across all properties and market segments, while strategic asset disposals helped reduce debt significantly. The hotel operator also achieved a major milestone by transitioning from franchise operations to direct management of its 21 properties under a new agreement with Accor.
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Moroccan hospitality leader Risma has reported robust financial performance for the first half of 2026, demonstrating the success of its strategic transformation initiatives. The company's consolidated revenue climbed to 863 million dirhams, compared to 754 million dirhams in the pro forma first half of 2025, marking a solid 15% growth trajectory.
Quarterly Performance Shows Sustained Momentum
Breaking down the results by quarter, Risma generated 465 million dirhams in Q2 2026 alone, reflecting a 10% increase. This sustained growth underscores the effectiveness of the group's operational improvements and market positioning across its portfolio.
Operational Efficiency Gains Drive Results
The revenue growth was accompanied by notable operational improvements. The hotel group's occupancy rate reached 64% for the six-month period, up 5 percentage points compared to the comparable 2025 baseline. Second quarter occupancy climbed even higher to 68%. Management attributes this enhanced performance to an improved product mix resulting from renovation programs implemented in recent years.
Strategic Asset Sale Strengthens Balance Sheet
A significant corporate event during the period was the completion of the Sofitel Casablanca Tour Blanche sale on May 7, 2026. The transaction, valued at 450 million dirhams, had an immediate positive impact on the company's financial position. Net debt dropped substantially from 1.444 billion dirhams at end-March 2026 to 1.029 billion dirhams by end-June. According to Risma, the divestiture served dual purposes: eliminating recurring losses generated by the property while accelerating the group's deleveraging strategy.
Capital Expenditure Reflects Strategic Priorities
Investment spending totaled 89 million dirhams during the first half, down 66% from the pro forma 2025 comparison period. The expenditures focused primarily on maintenance and renovation activities. The year-over-year decrease is explained by the absence of major acquisitions, as the 2025 period had included a 135-million-dirham land purchase in Tangier.
Management Transition Marks New Era
In a transformative operational shift beginning in April 2026, Risma transitioned from franchisee to direct hotel operator. The company signed a master franchise agreement with Accor covering 21 properties, fundamentally changing its business model. This internalization of hotel management represents a strategic evolution for the group, giving it greater operational control and flexibility.
Outlook and Development Pipeline
Regarding external factors, Risma notes that geopolitical tensions in the Middle East have not impacted operations to date. However, the company announced it will not proceed with the planned acquisition of the Bavaro hotel and two land parcels in Dakhla, as certain conditions precedent in the sales agreement were not fulfilled. The group indicates that other development projects remain under consideration.
With strong first-half results, an improved balance sheet, and a new operational structure in place, Risma appears well-positioned to navigate the evolving hospitality landscape in Morocco and pursue selective growth opportunities.