Revenue Accelerates with Strong Traction Across Divisions

CMGP Group delivered a notable growth acceleration in the second quarter of 2026, pushing first-half consolidated revenue to MAD 1.588 billion—a 41.7% increase from the same period in 2025. On a proforma basis, growth reached 8.7%, reflecting the solid performance of the Group's historical businesses alongside the rapid momentum of recently integrated subsidiaries.

CPCM, Agrosem, and Sodipire contributed significantly, posting a combined 27.2% proforma increase compared to H1 2025, underscoring their role in the Group's expanding ecosystem.

Agricultural Division: Commercial Momentum and Industrial Scale-Up

The Agriculture segment benefited from a more favorable market environment in Q2, supporting a rebound in agro-equipment activity, sustained growth in agro-supply, and continued ramp-up of new subsidiaries and industrial capabilities. The Retail business unit maintained robust commercial activity across all segments.

Agro-equipment recovered strongly in Q2 after weather-related delays in early 2026, while agro-supply continued its growth trajectory with plastic films up 73.8%, fertilizers up 19.4%, and phytosanitary products up 5.6%. These gains came amid ongoing supply chain disruptions linked to geopolitical tensions.

Infrastructure & Industrial Projects: Order Book Provides Visibility

The Project business unit regained momentum in Q2 following a slower Q1 impacted by challenging execution conditions on irrigation projects. The solid order book and the launch of major hydraulic infrastructure projects in the Saïss and Khémisset regions support a favorable outlook for the second half of 2026.

The agricultural industrial segment continued expanding its production capacity at the Jorf and Drarga sites, with strong performance from irrigation ducts and the new twine plant.

Non-Agricultural Activities: Growth Led by Industrial Chemistry

Non-agricultural activities grew 9.4% on a proforma basis year-on-year, driven by solid momentum in industrial chemistry and a gradual recovery in infrastructure. The Infrastructure business regained execution pace in Q2, while industrial chemistry expanded with new solutions for paper and cardboard markets.

Investment and Debt Position

H1 2026 investments totaled MAD 73 million, up from MAD 22 million a year earlier. Net debt reached MAD 1.075 billion at end-June 2026, up from MAD 949 million at end-December 2025, primarily reflecting increased working capital requirements aligned with business growth.

Management remains confident about H2 2026, citing the recovery of historical activities, improved agricultural conditions, and the progressive deployment of synergies with CPCM, Agrosem, and Sodipire.

BOURSSOLE Newsroom

CMGP Group Reports 41.7% Revenue Surge in H1 2026, Sees Strong Momentum Ahead