Maroc Telecom, Morocco’s largest telecommunications operator, reported a sharp rise in net profit to 6.97 billion dirhams (approximately $760 million) in 2025, reflecting a strong rebound from the previous year’s weaker performance.
The figure represents a 288% increase compared with 2024, when earnings were significantly impacted by a 6.37 billion dirham payment to rival Wana Corporate. That settlement resolved a dispute over local-loop unbundling rules, which require dominant operators to grant competitors access to their fibre network infrastructure.
While headline profit surged, adjusted net profit, which excludes exceptional items, declined by 4.9% to 5.65 billion dirhams. The dip reflects increased capital expenditure as the company accelerated its 5G rollout strategy in Morocco. According to reported figures, capital expenditure accounted for 25.6% of total revenue, underscoring the group’s investment-heavy growth phase.
Consolidated revenue edged down slightly by 0.1% to 36.6 billion dirhams, indicating relative stability in topline performance despite regulatory headwinds and competitive pressures.
The company’s total customer base expanded by 3.6% to 77 million subscribers, largely driven by growth in its African subsidiaries operating under the Moov Africa brand. In contrast, its domestic Moroccan subscriber base remained steady at around 22 million, suggesting market maturity at home while regional operations continue to scale.
Maroc Telecom has proposed a dividend of 4 dirhams per share, representing a total payout of 3.5 billion dirhams, a move likely aimed at reassuring investors following the volatility of the prior year.
The telecoms group is listed on the Casablanca Stock Exchange and Euronext Paris. It is majority-owned by Etisalat, which holds a 53% stake, while the Moroccan state retains 22%. Beyond Morocco, the operator maintains a significant footprint across West and Central Africa, with operations in countries including Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, and Togo.
The 2025 results highlight a company balancing regulatory recovery with long-term infrastructure investment. While underlying profitability faced pressure from heavy 5G spending, the absence of one-off settlement costs enabled a dramatic rebound in reported earnings.
For investors, the outlook now hinges on whether sustained regional subscriber growth and next-generation network expansion can translate into stronger revenue momentum in the years ahead.
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