Financial and economic news of Nov 11, 2025

Latest financial news

| MOROCCO | DELTA HOLDING | Consolidated revenue down 4% at the end of September 2025

In Q3 2025, Delta Holding's consolidated revenue stood at MAD 709 Mn, down 7% compared to Q3 2024. In this context, the Group's consolidated revenue amounted to MAD 2,043 Mn at the end of September 2025, i.e. a decrease of 4%.

| MOROCCO | AKDITAL | Issuance of an ordinary bond loan by private placement for MAD 1.2 Bn

In a press release, Akdital Group announced that it has issued an ordinary bond loan by private placement for a total amount of MAD 1.2 Bn, with qualified investors. The transaction was structured as follows:

• Tranche A: 7-year bonds, amortizable with a one-year grace period on the principal, at a fixed rate, traded over-the-counter, for an amount of MAD 610 Mn;
• Tranche B: 7-year bonds, amortizable with a one-year grace period on the principal, at a rate revised annually, traded over-the-counter, for an amount of MAD 240 Mn;
• Tranche C: 7-year bonds, repayable in fine, at a fixed rate, traded over-the-counter, for an amount of MAD 50 Mn;
• Tranche D: 7-year bonds, repayable in fine, at a rate revised annually, traded over-the-counter, for an amount of MAD 300 Mn.

Economic news

| MOROCCO | TOURISM | Tourist arrivals up 14% at the end of October 2025

According to the Ministry of Tourism, Handicrafts and Social and Solidarity Economy, tourist arrivals in Morocco reached 16.6 million tourists at the end of October 2025, up 14% compared to the same period of the previous year.

| MALI | FOREIGN TRADE | Figures in Q2 2025

According to the National Institute of Statistics (INSTAT), Mali's exports rose by 19.3% y-o-y in Q2 2025 to FCFA 623.8 Bn. Likewise, imports increased by 10.5% to FCFA 1,000.8 Bn during the same period. In this context, the trade balance shows a deficit of FCFA -377.1 Bn in Q2 2025 against FCFA -382.6 Bn a year earlier.