Financial and Economic News – February 2

Latest financial news

| MOROCCO | AFRIQUIA GAZ | Consolidated net income almost stable in 2025, DPS stable at MAD 175

In 2025, Afriquia Gaz recorded a 2.5% increase in revenue, rising from MAD 8,773 million in 2024 to MAD 8,989 million. EBIT, however, posted a slight decline of 2.3%, reaching MAD 1,167 million compared with MAD 1,195 million the previous year. This led to a contraction in the EBIT margin, which fell from 13.6% to 13.0%, representing a 0.6 percentage point decrease.

Consolidated net income remained broadly stable at MAD 751 million, compared with MAD 747 million in 2024, reflecting a modest 0.4% increase. The net margin edged down slightly from 8.5% in 2024 to 8.3% in 2025, a decline of 0.2 percentage points. Meanwhile, the dividend per share remained unchanged at MAD 175.

| MOROCCO | MAGHREB OXYGÈNE | Consolidated net income up 24% in 2025, DPS stable at MAD 4

In 2025, Maghreb Oxygène recorded a 6.1% increase in revenue, reaching MAD 330 million, up from MAD 311 million in 2024. EBIT showed a strong growth of 54.3%, rising to MAD 13 million compared with MAD 8 million the previous year. This improvement is reflected in the EBIT margin, which expanded from 2.6% to 3.8%, a gain of 1.2 percentage points.

Consolidated net income followed the same positive trend, increasing by 24.2% to MAD 15 million from MAD 12 million in 2024. The net margin also improved, rising from 4.0% to 4.7%, an increase of 0.7 percentage points. Meanwhile, the dividend per share remained stable at MAD 4.

| TUNISIA | POULINA GROUP HOLDING | Revenue up 6% in 2025

In FY 2025, Poulina Group Holding revenue recorded an increase of 6.3% to reach TND 4,160.5 Mn against TND 3,912.7 Mn during the previous year.

Economic news

| MOROCCO | BANK LOANS | An increase of 8% in 2025

In 2025, the net outstanding bank loans reached MAD 1,258.1 Bn, up 8.0% YoY. In more detail, mortgages loans (MAD 321.5 Bn), equipment loans (MAD 304.2 Bn) and consumer loans (MAD 61.5 Bn) show respective increases of 3.4%, 25.4% and 5.0%. Meanwhile, treasury loans reached MAD 254.4 Bn, down 1.5%. Finally, non-profitable loans stood at MAD 100.5 Bn, up 3.1%.

| MOROCCO | FOREIGN TRADE | FDI receipts up 28% in 2025

During the year 2025, imports of goods and services amounted to MAD 875.0 Bn, up 9.0%. Likewise, exports increased by 7.5% to MAD 722.5 Bn. To this end, the trade deficit stood at MAD -152.5 Bn in 2025 compared to MAD -130.2 Bn a year earlier. The overall coverage rate settled at 82.6%, down 1.2 points.

Travel receipts and workers remittances recorded respective increases of 20.6% and 2.6% to MAD 138.1 Bn and MAD 122.0 Bn. Finally, FDI receipts amounted to MAD 56.1 Bn, up 28.0%.