In Q2 2026, listed companies recorded an acceleration in business activity growth.
Despite persistent geopolitical tensions and their impact on input costs, listed companies’ activity shows accelerated growth in Q2-26. This trend is in line with Management’s expectations disclosed during the publication of Q1-26 results, in May 2026 (Cf. Listed Companies Results Q1-26). The key takeaways from the market’s achievements are as follows :
In Q2-26, the market’s revenue growth reached its highest level since Q2-22, at +13.5%, almost double that observed in Q1-26. This acceleration in growth remains driven by the mining sector, which contributes to more than 1/3 of the market’s revenue variation. Excluding this sector, the market’s turnover shows a recovery of +9.1% against +2.6% in the previous quarter;
- After a -4.4% decline in its consolidated NBI in Q1-26, the first since Q1-21, the banking sector returns to growth, with NBI up +7.1%. Nevertheless, the sector’s H1-26 growth stands at +1.4%, reinforcing our downward revision of the sector’s forecasts for 2026E (Cf. Listed Banks: Revision of our Forecasts 26E-28E);
- At the end of June 2026, the market’s revenue displayed a sustained increase of +10.9%. This is its highest level since H1-22. The Building Materials sector appears to be the market’s exception, with a decline in revenue of -3.6% in H1-26.
- Our analysis of the market’s reaction to the release of listed companies’ H1-26 results highlights a strong investor sensitivity to the level of revenue growth relative to the trajectory observed over the 2024-2025 period. Thus, sectors within AGR-30 whose half-year revenue growth accelerated compared to the 2024-2025 average show a positive market performance over the period under study. While those whose growth is losing momentum underperform the stock market.
Acceleration of listed companies' revenue growth in line with expectations
In Q2-26, listed companies’ activity shows a marked recovery, in line with Management's expectations disclosed at the release of Q1-26 results (Cf. Listed Companies Results Q1-26). In this context, the market’s aggregate revenue posts an increase of +13.5%. This is the highest revenue growth since Q2-22. Thus, 15 out of 16 listed sectors displayed an improvement in their revenue:
- The Mining sector remains the top contributor to the market’s revenue growth, with turnover more than doubling from MAD 2.6 Bn in Q2-25 to MAD 6.7 Bn in Q2-26. Excluding this sector’s activity, the market’s revenue growth still remains high at +9.1%;
- The Banking sector returns to growth with a consolidated NBI rising by MAD +1.8 Bn (+7.1%), against a decline of MAD -1.1 Bn (-4.4%) in Q1-26;
- In the opposite, the Building Materials sector posts a slight decline in its quarterly revenue of MAD -327 Mn (-3.0%), driven by SGTM’s turnover drop of MAD -591 Mn (-14.2%). Note that the company accounts for 34% of the listed sector’s revenue.
In H1-26, listed companies’ cumulative revenue stand at MAD 195.5 Bn, up +10.9%, their strongest growth since H1-22. By sector of activity, we note the following trends :
- 14 listed companies, accounting for more than 87% of the market’s capitalization, show positive revenue growth in H1-26. These are: Mining (+145%), Insurance (+20.8%), Healthcare (+19.6%), Automotive (+19.2%), Retail (+16.8%), IT (+15,2%), Seaports (+13.1%), Industry & Services (+12.7%), Energy (+12.0%), Financing (+10.2%), Real Estate (+8.5%), Cement (+7.6%), Telecoms (+5.4%) and Banks (+1.4%);
- The Agri-Business sector shows almost-stable revenue (-0.1%) in H1-26;
- The Building Materials sector records a decrease of - 3.6 % in its revenue, with an 8% weight in the market’s capitalization.
The stock market's reaction to revenue growth profile
When analyzing the market’s reaction over the past two months when mid-term releases took place, we note that the stock market’s performance shows a strong sensitivity to listed companies’ revenue growth trajectory. To carry out this exercise, we compared the AGR-30 sector’s market performance over the period July-August with the growth published in H1-26 and the average revenue growth over the 2024-2025 period. At the end of this exercise, the following observations emerge :
- Sectors whose growth improved in H1-26 relative to the 2024-2025 average, show a positive stock market performance ranging from 9% to 26%, such as the Mining, Telecoms and Retail sectors;
- Sectors experiencing a slowdown, or even a decline, in their activity growth compared to the corresponding period under review recorded a correction on the market such as the Banking, Building Materials and healthcare sectors
