• 2025 revenue stands at 36.7 billion dirhams, up 1.4% at constant exchange rates.
• African subsidiaries post 5.3% growth, offsetting flat domestic performance.
• Group maintains CAPEX at around 25% of revenue as 5G and fiber expand.

In 2025, Maroc Telecom reported consolidated revenue of 36.7 billion dirhams (about $4 billion), broadly stable compared with 2024 (–0.1%), but up 1.4% at constant exchange rates.

According to figures released by the operator on February 13, performance was mainly driven by its African subsidiaries, while revenue in Morocco stood at about 18.7 billion dirhams amid competitive pressure and a mature domestic market.

International operations and modernization drive momentum

African subsidiaries grouped under Moov Africa generated revenue of 19.15 billion dirhams, up 5.3% year on year. Growth was supported by expanding data services and Mobile Money, which have become strategic pillars for the group.

In the fourth quarter of 2025, international revenue rose 4.1%, partly offsetting stagnation in the domestic market.

Investments excluding frequencies and licenses represented 25.6% of revenue, underscoring the group’s commitment to strengthening infrastructure. The commercial launch of 5G in Morocco in November 2025, along with the creation of joint ventures UniFiber and UniTower, is supporting the rollout of FTTH and fixed fiber networks.

These initiatives aim to improve network quality, accelerate digital service adoption and prepare future growth drivers.

Subscriber base and 2026 outlook

The group’s total customer base reached nearly 77 million subscribers, up 3.6%, mainly driven by Moov Africa (+5.1%). The customer base in Morocco remained stable at around 22 million, while rising data and mobile usage confirmed the relevance of ongoing investments in networks and digital services.

For 2026, Maroc Telecom expects revenue and EBITDA growth, with CAPEX maintained at around 25% of revenue, excluding frequencies and licenses. The group plans to rely on expanding data and Mobile Money services, continuing large-scale digitalization programs, consolidating African subsidiaries and extending 5G coverage to strengthen competitiveness.

Samira Njoya