Financial and economic news – April 1

Latest financial news

| MOROCCO | CMGP GROUP | Consolidated net income up 34% in 2025, DPS raised to MAD 6.5

CMGP Group reports improved performance in 2025, with growth across its key indicators.

• Revenue increased by 25.7% to reach MAD 2,925 million in 2025.
• EBITDA rose by 25.4%, totaling MAD 470 million, with the EBITDA margin remaining stable at 16.1%.
• Consolidated net income grew by 33.8% to MAD 244 million, bringing the net margin to 8.4% (+0.6 pt).
• The DPS was raised to MAD 6.5, up 3.2%.

| MOROCCO | ADDOHA | NIGS up 66% in 2025

Addoha reports results marked by slightly higher activity and a clear improvement in profitability.

• Revenue posted a moderate increase of 4.4%, reaching MAD 2,709 million.
• Operating income declined by 1.5% to MAD 448 million, with the operating margin decreasing to 16.5% (- 1 pt).
• NIGS jumped by 65.6% to MAD 454 million, boosting the net margin to 16.8% (+6.2 pts).

| MOROCCO | ALLIANCES | Consolidated net income up 32% in 2025, DPS raised to MAD 4

Alliances confirms its positive momentum in 2025, supported by strong growth in its results.

• Revenue increased by 2.9%, reaching MAD 2,432 million.
• EBITDA rose by 6.2% to MAD 603 million, with the EBITDA margin improving to 24.8% (+0.8 pt).
• Consolidated net income strengthened by 31.8% to MAD 402 million, and the net margin gained 3.6 pts to reach 16.5%.
• The DPS was raised to MAD 4, up 11.1%

| MOROCCO | RDS | A profit of MAD 4 Mn in 2025 against a loss of MAD -80 Mn in 2024

RDS achieved a turnaround in 2025, returning to a growth trajectory and regaining profitability.

• Revenue nearly doubled, rising by 100.4% to MAD 469 million.
• EBIT turned positive, moving from MAD - 47 million to MAD + 33 million, an improvement of MAD 80 million.
• The EBIT margin stands at 7% (NS in 2024).
• Consolidated net income returned to positive territory at MAD 4 million after MAD - 80 million in 2024, an improvement of MAD 84 million.
• The net margin stands at 0.9%.

| MOROCCO | SRM | A profit of MAD 12 Mn in 2025

SRM shows an overall positive performance in 2025, with improved operating and net results.

• Revenue increased by 10.4% to MAD 394 million.
• EBIT rose by MAD 14 million to reach MAD 21 million, lifting the EBIT margin to 5.3% (+3.3 pts).
• Net income improved by MAD 10 million, reaching MAD 12 million, with the net margin rising to 3.1% (+2.6 pts).

| MOROCCO | BALIMA | Consolidated net income down 4% in 2025

Balima recorded mixed performance in 2025, with higher activity but lower net income.

• Revenue grew by 11% to MAD 70.1 million.
• EBIT increased by 16.6%, reaching MAD 19.9 million, with an EBIT margin of 28.4% (+1.3 pt).
• Consolidated net income fell by 4.4% to MAD 13.7 million, lowering the net margin to 19.5% (- 3.1 pts).

| MOROCCO | PROMOPHARM | Net income up 9% in 2025, DPS set at MAD 30

Promopharm posted continued performance growth in 2025, with improvements in both activity and profitability.

• Revenue increased by 9% to MAD 980 million.
• Net income rose by 8.6% to MAD 60 million, with the net margin stable at 6.1%.
• The DPS increased from MAD 0 to MAD 30.

| MOROCCO | S2M | NIGS up 11% in 2025

S2M shows a positive trend in 2025, marked by growth in activity and improved operating performance.

• Revenue rose by 17.3% to MAD 367 million.
• EBIT increased by 21.6% to MAD 54 million, bringing the EBIT margin to 14.7% (+0.5 pt).
• NIGS improved by 10.7% to MAD 33 million, with a slightly lower net margin of 8.9% (- 5 pt).

| MOROCCO | CTM | NIGS up 21% in 2025, DPS raised to MAD 26

CTM experienced notable expansion in 2025, accompanied by mixed margin movements.

• Revenue surged by 40.4%, reaching MAD 1,827 million.
• EBITDA increased by 12.1% to MAD 162 million, although the EBITDA margin declined to 8.9% (- 2.2 pts).
• NIGS rose by 20.6% to MAD 56 million, despite a lower net margin of 3.1% (- 0.5 pt).
  The DPS was raised to MAD 26 (+4%).

| MOROCCO | MED PAPER | Net income down 15% in 2025

Med Paper went through a more challenging year in 2025, marked by lower activity and deteriorated operating results.

• Revenue fell by 16.3% to MAD 88 million.
• EBIT dropped significantly, moving from MAD + 6 million to MAD - 10 million, a deterioration of MAD 17 million.
• Net income declined by 15.2% to MAD 7 million, with the net margin remaining nearly stable at 7.6% (+0.1 pt).

| MOROCCO | RISMA | Sale of Sofitel Casablanca Tour Blanche to Pickalbatros Group

In a press release, Risma announced that it signed a preliminary sale agreement (subject to conditions precedent) on February 9 th 2026, with Pickalbatros Group for the disposal of Sofitel Casablanca Tour Blanche, for an amount of MAD 450 Mn.

It should be noted that this transaction will generate a positive non-recurring income of around MAD 160 Mn (net of corporate tax) in Risma’s consolidated accounts for the FY 2026.

Economic news

| MOROCCO | GDP | A growth rate of 4.1% in Q4 2025

According to HCP, the growth rate of the Moroccan economy stood at 4.1% in Q4 2025 compared to 4.2% a year earlier. This results from the increase of 4.0% in non-crop activities and 4.7% in crop activities.

| MOROCCO | FOREIGN TRADE | Travel receipts up 22% at the end of February 2026

At the end of February 2026, imports of goods and services amounted to MAD 134.7 Bn, up 4.3%. Likewise, exports increased by 7.0% to MAD 115.8 Bn. In this context, the trade deficit stood at MAD -18.9 Bn at the end of February 2026 compared to MAD -20.8 Bn at the end of February 2025. The coverage rate increased by 2.1 pts to 86.0%.

Travel receipts and workers remittances recorded respective increases of 22.2% and 4.2% to MAD 21.4 Bn and MAD 18.5 Bn. Meanwhile, FDI receipts recorded a decrease of 28.4% to MAD 6.9 Bn.