Maroc Telecom reported net profit of 6.969 billion dirhams ($760 million) for 2025, reflecting a sharp increase compared with the previous year, when earnings were significantly impacted by a one-off settlement related to a local-loop unbundling dispute.
The result represented a 288 percent year-on-year increase, largely influenced by the low comparison base in 2024, when the operator recorded a 6.368 billion dirham payment to competitor Wana Corporate as part of the settlement. The dispute related to local-loop unbundling requirements, which oblige dominant operators to provide competitors access to fibre infrastructure.
Excluding exceptional items, adjusted net profit declined by 4.9 percent to 5.649 billion dirhams, as the company increased investment in network modernisation. Maroc Telecom allocated 25.6 percent of its revenue toward capital expenditure, primarily driven by the rollout of 5G infrastructure across Morocco.
Consolidated revenue remained broadly stable, slipping marginally by 0.1 percent to 36.6 billion dirhams. The operator’s total customer base grew by 3.6 percent to reach 77 million subscribers, supported by expansion across its African subsidiaries operating under the Moov Africa brand. The domestic Moroccan customer base remained steady at approximately 22 million users.
Maroc Telecom also announced a dividend distribution of 4 dirhams per share, amounting to a total payout of 3.5 billion dirhams. The results reflect ongoing investment priorities as the operator balances infrastructure expansion and regional growth with evolving competitive and regulatory dynamics in its home market.
