Maroc Telecom revenue rises 5.4% in first half as data growth offsets weaker voice business

Maroc Telecom reported higher first-half revenue and operating earnings in 2026, driven by rising demand for mobile data, fibre broadband and Mobile Money services across its African subsidiaries, despite a decline in reported net profit due to a one-off gain booked last year.

The telecom group said consolidated revenue increased 5.4% year-on-year to more than 19 billion dirhams in the six months to June, supported by growth in mobile data, fibre-to-the-home (FTTH) and wholesale services in Morocco, alongside continued expansion at its Moov Africa operations.

Revenue from Moroccan operations rose 2.2% to 9.4 billion dirhams, with fixed-line revenue up 4.5% and mobile revenue increasing 1.4%. Fixed data revenue climbed 12.3%, while mobile data revenue jumped 20.2%.

International operations generated 10.14 billion dirhams, up 7.5%, as Mobile Money revenue grew 18.2% and mobile data revenue increased 12.5%, offsetting declines in voice and incoming international traffic.

The group’s customer base expanded **2.9%** to more than 77 million, driven by subscriber growth across Moov Africa markets and mobile broadband in Morocco.

Net profit attributable to shareholders fell to 2.48 billion dirhams, reflecting comparison with an exceptional gain linked to the Wana Corporate agreement recorded in the first half of 2025. Excluding that one-off item, net profit increased 8.1%, while operating profit (EBITA) rose 6.8% on the same basis.

EBITDA increased 5.1% to 9.54 billion dirhams, with the EBITDA margin remaining above 50%, reflecting higher revenue, improved gross margins and continued cost optimisation.

Maroc Telecom said operating cash flow rose 3.9% to 4.6 billion dirhams, while net debt stood at 18.19 billion dirhams, equivalent to 0.9 times annualised EBITDA.

The group said it would continue investing in high-speed mobile and fixed broadband networks, Mobile Money services and shared digital infrastructure.