MOROCCO · TELECOMS
Key Facts
- —What is happening Maroc Telecom, a Moroccan phone and internet group, published nine-month 2026 results on Friday, 23 October. Sales rose 5.1% to MAD 28.68 billion (about US$2.92 billion).
- —Why it matters Profit fell because 2025 included a one-off gain from a Wana Corporate agreement. Excluding it, the company says net profit rose 4.3%.
- —The numbers Net profit was MAD 3.86 billion (about US$393 million), down from MAD 5.52 billion (about US$562 million); operating profit before depreciation, EBITDA, was MAD 14.38 billion (about US$1.46 billion).
- —Who is who Maroc Telecom is a Moroccan phone group. Its Moov Africa subsidiaries serve customers in Ivory Coast, Burkina Faso, Chad, Mali, Niger and five more markets.
- —What to watch Watch whether energy costs, which the company flags as a pressure, and the 20.1% investment ratio keep the margin near 50%. Net debt is now about one times EBITDA.
- —What it means for you The results show how one large African phone group is growing through mobile data and mobile money, while profit is distorted by a 2025 one-off.
Maroc Telecom is a Moroccan phone and internet group with operations in ten African markets. It sold more and kept its margin in nine months, but booked a lower profit than in 2025.
Maroc Telecom results for nine months of 2026 show sales of MAD 28.68 billion (about US$2.92 billion), up 5.1%. Net profit attributable to shareholders fell to MAD 3.86 billion (about US$393 million), down about 30%.
The fall comes from a one-off gain booked in 2025, not from weaker trading. Excluding that gain, the company says net profit rose 4.3%.
The results came out on Friday, 23 October 2026, so this is not a story from the last 24 hours. No fresher Maroc Telecom news was confirmed for 26 or 27 October.
What Maroc Telecom Reported for Nine Months
Sales were up 5.1% and the customer base reached nearly 78 million, up 2.4% on a year earlier. Customers at the foreign subsidiaries grew faster, by 4.5%, according to company figures carried by four Moroccan outlets.
Operating profit before depreciation and amortisation, called EBITDA, was MAD 14.38 billion (about US$1.46 billion), up 4.9%. The EBITDA margin was 50.1%, stable on the year, meaning about half of sales turned into operating cash profit.
Operating profit after depreciation, called EBITA, was more than MAD 8.62 billion (about US$878 million). Excluding the 2025 one-off, it rose 6.1%.
Why Net Profit Fell While the Business Grew
Net profit attributable to shareholders was MAD 3.86 billion (about US$393 million), against MAD 5.52 billion (about US$562 million) a year earlier. The company ties the gap to one-off income from an agreement with Wana Corporate, booked in 2025.
Because that income does not repeat, the company points to a 4.3% rise on a like-for-like basis. Les Eco puts the published fall at 30.1%.
The nine-month coverage does not give the size of the 2025 gain. Boursenews quotes the company as linking it to the Wana dispute, but the terms are not restated.
Morocco and the Rest of Africa
Morocco, covering mobile and fixed lines, produced sales of MAD 14.33 billion (about US$1.46 billion), up 2.7%. The company credits data growth, while Les Eco adds that the mobile base fell 2.9% to about 18.95 million customers.
The international arm, Moov Africa, produced sales of MAD 15.18 billion (about US$1.54 billion), up 6.9%. It now earns slightly more than the Moroccan home market, which shows how much of the group sits outside the country.
Within that arm, mobile data revenue rose 10.4%, fixed internet 16.8% and mobile money 18.8%. Mobile money is a service that lets customers send and store money on a phone, and it is growing fastest.
Ivory Coast is the largest foreign market with about 13.2 million mobile customers, then Burkina Faso with 8.63 million. The group also reports customers in Chad, Mali, Niger, Benin, Togo, Mauritania, Gabon and the Central African Republic.
Cash, Debt and the Dividend
Operating cash flow was MAD 7.14 billion (about US$727 million), up 9.1%. Investment, excluding spectrum and licence fees, was 20.1% of sales, in line with the company’s annual outlook.
Net debt was about MAD 21.02 billion (about US$2.14 billion), roughly one times annualised EBITDA. That is after a dividend of MAD 3.5 billion (about US$356 million) was paid to shareholders in September.
Management points to higher energy costs and says cost control protected margins. It says it will keep building shared network infrastructure in Morocco and push very fast internet and mobile money in Africa.
The Terms in Plain English
EBITDA is operating profit before the yearly write-down of equipment and licences. EBITA is the same profit after the equipment write-down, so it is always lower.
Net debt is borrowings minus cash, and at one times EBITDA it equals about a year of operating profit. Conversions in this article use the rate of 27 October 2026, about 9.83 dirhams per US$1.
What It Means for US Readers
For US readers, the report shows how much of one African phone group’s sales now come from outside its home market. Its international arm earned MAD 15.18 billion (about US$1.54 billion), against MAD 14.33 billion (about US$1.46 billion) in Morocco.
Investment was 20.1% of sales and a MAD 3.5 billion (about US$356 million) dividend was paid in September. Net debt still equals about one times annual EBITDA, according to the company.
What Is Not Known
The company’s own release on iam.ma could not be opened, so the figures rest on four Moroccan outlets that agree. Boursenews carries what reads as the company’s results statement.
The nine-month release as reported gives no standalone third-quarter figures and no numeric full-year guidance. It also does not explain the exact amount of the 2025 Wana Corporate gain.
The dividend per share and the share price reaction to the results were not confirmed. The Moroccan mobile-base fall comes from Les Eco alone.
What Comes Next
No date for the full-year 2026 results was found in the sources. That report will show whether margins held through the fourth quarter.
The results do not change the company’s ownership or listing. They also do not show whether the Wana Corporate income will recur.
Frequently Asked Questions
What did Maroc Telecom report on 23 October 2026?
It reported nine-month sales of MAD 28.68 billion (about US$2.92 billion), up 5.1%. Net profit attributable to shareholders was MAD 3.86 billion (about US$393 million).
Why did Maroc Telecom profit fall 30%?
The 2025 period included a one-off gain from an agreement with Wana Corporate. Excluding it, the company says net profit rose 4.3%.
How many customers does Maroc Telecom have?
The group has nearly 78 million customers, up 2.4%. About 18.95 million are mobile customers in Morocco, and the rest are in ten African markets.
Where does Maroc Telecom earn most of its sales?
The international arm earned MAD 15.18 billion (about US$1.54 billion), slightly more than Morocco’s MAD 14.33 billion (about US$1.46 billion). Ivory Coast is its largest foreign market.
How much debt does Maroc Telecom have?
Net debt was about MAD 21.02 billion (about US$2.14 billion) at the end of September. The company says that equals one times annualised EBITDA.
Sources: Hespress FR, 23 October 2026; Le Matin, 23 October 2026; Boursenews, 23 October 2026; Les Eco, 26 October 2026 (all accessed 27 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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