On April 25, Maroc Telecom published its consolidated results for the first quarter of 2025, underscoring the group's resilience in an increasingly competitive market. While revenues in Morocco continue to decline, strong performances from its African subsidiaries have helped stabilize overall activity. Consolidated revenue stood at 8.88 billion dirhams, remaining virtually unchanged (+0.1% at constant exchange rates). The 3.7% drop in domestic revenue was offset by a 4.1% increase from Moov Africa subsidiaries, driven by the growth of mobile data, fiber-to-the-home (FTTH), and Mobile Money services. The customer base now totals nearly 80 million, reflecting a 3.6% year-on-year increase. Adjusted EBITDA fell to 4.39 billion dirhams (-5.7%), with a margin of 49.4%. Net income dropped by 5.9% to 1.44 billion dirhams, while operational cash flow declined by 11.6%. In Morocco, the group's activities remain under pressure: revenue dropped to 4.55 billion dirhams, with EBITDA down 9.3% and cash flow from operations (CFFO) down 16.4%. This erosion is reflected in a 2.7% decline in the mobile customer base and a 3.9% drop in mobile internet users. Maroc Telecom is banking on a strategic partnership with Inwi to share fiber and 5G infrastructure, backed by a planned investment of 4.4 billion dirhams over three years. In sub-Saharan Africa, the subsidiaries continue to show positive momentum despite varying local contexts. Their revenue reached 4.63 billion dirhams, with EBITDA up 3.2% and EBITA rising 8.3%. Growth in Mobile Money, wider smartphone adoption, and rising demand for ultra-fast broadband are driving these gains. The group is also pursuing its innovation strategy with the launch of iNJOY, a 100% digital mobile offering in Morocco, and new partnerships with Visa, Zoho, and Vodafone to enhance services for both individuals and businesses. Despite the overall decline in key financial indicators, Maroc Telecom is betting on sustained investment and technological synergies to reignite growth in the medium term.
