Morocco’s telecommunications giant, Maroc Telecom, reported a 5% increase in revenues in the first quarter of 2026, underpinned by strong growth in its African subsidiaries and a gradual recovery in its domestic market, according to the company’s earnings report.
The expansion was largely driven by its Moov Africa operations, where revenues rose 8.5%, while activities in Morocco recorded a more modest 0.7% increase.
The results reflect a structural shift in telecom usage, as demand continues to move toward mobile data and high-speed internet. Growth in mobile data and fixed broadband, particularly fiber-to-the-home (FTTH), helped offset declines in traditional services such as voice and ADSL.
Moov Africa is still the group’s main growth engine. Its customer base expanded by 3.9% amid rising demand for mobile data, fixed internet, and mobile money services.
At the group level, Maroc Telecom’s total customer base topped 76 million, up 1.8% over last year. This came despite a 3.3% decline in customers in Morocco.
Group earnings before interest, taxes, depreciation, and amortization (EBITDA) reached nearly MAD 5 billion, while net income stood at MAD 1.3 billion, down 3.4%. Excluding the impact of a social solidarity contribution, net income would have increased by 3.3%, indicating underlying profitability remains solid.
In Morocco alone, revenues were MAD 4.58 billion, with EBITDA at MAD 2.46 billion and a strong margin of 53.7%. Profitability improvements were supported by higher data usage and cost optimization, even as operating expenses increased.
The company is maintaining significant investment in high-speed infrastructure, including mobile broadband and 5G-related technologies. These investments weighed on short-term cash flow, with operating cash flow in Morocco declining 5.5% to MAD 1.48 billion, mainly due to equipment-related spending after the company recently deployed 5G services in the country.
International activities generated MAD 5.03 billion in revenue. EBITDA from international operations rose 11.2% to MAD 2.2 billion, while Earnings Before Interest, Taxes, and Amortization (EBITA) increased 7.4% to MAD 1.11 billion.
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