Latest financial news

| MOROCCO | COSUMAR | NIGS down 17% in 2025, DPS stable at MAD 10

The financial indicators of Cosumar evolved as follows:

  • Revenue increased slightly, rising from MAD 10,239 Mn to MAD 10,487 Mn, a growth of 2.4%.
  • EBIT declined from MAD 1,341 Mn to MAD 1,298 Mn, representing a decrease of 3.2%.
  • EBIT margin fell from 13.1% to 12.4%, down 0.7 point.
  • NIGS contracted sharply, dropping from MAD 850 Mn to MAD 704 Mn, a decline of 17.2%.
  • The net margin decreased from 8.3% to 6.7%, down 1.6 point.
  • The ordinary dividend per share (DPS) fell from MAD 10 to MAD 9, a reduction of 10%.
  • An extraordinary dividend of MAD 1 was also distributed in 2025.

| MOROCCO | CASH PLUS | NIGS up 23% in 2025, DPS set at MAD 9.73

The financial performance of between 2024 and 2025 evolved as follows:

  • The NBI increased from MAD 760 Mn to MAD 863 Mn, representing growth of 13.6%.
  • EBIT rose from MAD 378 Mn to MAD 450 Mn, an increase of 19%.
  • The EBIT margin improved from 49.7% to 52.1%, up 2.4 points.
  • NIGS grew from MAD 196 Mn to MAD 242 Mn, an increase of 23.5%.
  • The net margin strengthened from 25.8% to 28.0%, up 2.2 points.
  • The dividend per share (DPS) increased from MAD 8.89 to MAD 9.73, reflecting growth of 9.4%.

| MOROCCO | AFMA | Consolidated net income down 1% in 2025, DPS raised to MAD 62

The financial results of AFMA between 2024 and 2025 are as follows:

  • Revenue increased from MAD 286 Mn to MAD 317 Mn, representing growth of 10.8%.
  • Consolidated net income declined slightly from MAD 74 Mn to MAD 73 Mn, a decrease of 1.4%.
  • The net margin fell from 25.9% to 23.0%, down 2.9 points.
  • The dividend per share (DPS) was raised from MAD 60 to MAD 62, an increase of 3.3%.

| MOROCCO | AGMA | NIGS up 11% in 2025, DPS raised to MAD 310

The financial performance of AGMA between 2024 and 2025 evolved as follows:

  • Revenue increased from MAD 172 Mn to MAD 188 Mn, representing growth of 9.2%.
  • EBITDA rose from MAD 95 Mn to MAD 105 Mn, an increase of 9.8%.
  • The EBITDA margin improved slightly from 55.3% to 55.6%, up 0.3 point.
  • NIGS increased from MAD 67 Mn to MAD 74 Mn, representing growth of 10.8%.
  • The net margin advanced from 38.7% to 39.2%, up 0.5 point.
  • The dividend per share (DPS) was raised from MAD 300 to MAD 310, an increase of 3.3%.

| MOROCCO | DELTA HOLDING | NIGS up 4% in 2025, DPS lowered to MAD 2

The financial indicators of Delta Holding evolved as follows:

  • Revenue declined from MAD 3,138 Mn to MAD 3,050 Mn, representing a decrease of 2.8%.
  • EBIT increased from MAD 395 Mn to MAD 454 Mn, a growth of 14.9%.
  • The EBIT margin improved significantly, rising from 12.6% to 14.9%, up 2.3 points.
  • NIGS grew from MAD 295 Mn to MAD 307 Mn, an increase of 4%.
  • The net margin increased from 9.4% to 10.1%, up 0.7 point.
  • The dividend per share (DPS) was reduced from MAD 2.25 to MAD 2.00, representing a decline of 11.1%.

| MOROCCO | MICRODATA | Net income up 3% in 2025, DPS stable at MAD 40

The financial performance of Microdata between 2024 and 2025 is as follows:

  • Revenue increased from MAD 900 Mn to MAD 979 Mn, representing growth of 8.8%.
  • Net income rose from MAD 68 Mn to MAD 70 Mn, a slight increase of 2.5%.
  • The net margin declined from 7.5% to 7.1%, down 0.4 point.
  • The dividend per share (DPS) remained stable at MAD 40.

Economic news

| NIGER | INFLATION | An inflation rate of -10.1% in February 2026

According to (INS), the Harmonized Consumer Prices Index of Niger rose by 0.4% in February 2026 compared to the previous month. On an annual basis, the inflation rate stood at -10.1%.

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