A significant acceleration in listed companies' revenues

During the third quarter of 2025, listed companies on posted broadly positive results. These were achieved in a favorable context marked by the acceleration of the GDP growth to almost +5.0%(1) during the first three quarters, a controlled inflation below 1.0% and a continued strong public investment.

Investors positively welcomed the achievements of listed companies in Q3-25, as evidenced by a +2.2% rebound in the MASI index during the last week of results releases, following a -8.4% decline since mid-September 2025.

The key takeaways from our analysis of Q3-25 results of listed companies are as follows:

  • After a slowdown in growth during the first two quarters of 2025, listed companies displayed an acceleration in revenue growth in Q3-25, up +7.2%. This trend was confirmed by the results at the end of September, with aggregate revenue increasing by +7.3% to MAD 252 Bn;
  • The Building Materials sector confirmed its status as a new growth driver for the Moroccan stock market, leading the way in revenue growth during Q3-25. Indeed, the sector posted a quarterly revenue of MAD 6,719 Mn, up +25.4%. is expected to enhance the visibility of the this sector on the stock market, increasing its share from 6.0% pre-IPO to 8.3% post-IPO, and positioning it among the top three listed sectors, just behind Telecom ;
  • The year 2025 is expected to be marked by the crossing of new symbolic records. On the one hand, Attijariwafa Bank is projected to be the first listed company in Morocco to exceed MAD 10 Bn in terms of profits. On the other hand, CIH Bank is expected to reach MAD 1 Bn in bottom line for the first time in its history.

The building materials sector confirms its status as a growth driver

After a slowdown in revenue growth between Q4-24 and Q2-25, falling from +10.2% to +6.7%, listed companies showed a strong recovery at the end of Q3-25. This is an increase of +7.2% in their aggregate revenue to MAD 84 Bn. This accelera-tion is also confirmed on a pro-forma basis (adjusted for the TGCC-STAM effect), with growth rising from +5.4% in Q2-25 to +6.1% in Q3-25.

Upon the analysis of sectors’ contribution to the change in the market’s revenue in Q3-25, we note the following trends:

  • The Building Materials sector led the market's revenue growth for the second consecutive quarter, with an increase in its turnover of MAD +1.359 Bn (+25%). This growth is partly attributable to the acquisition of STAM by TGCC Group;
  • The Mining sector posted a revenue increase of MAD +977 Mn after a decline of MAD -337 Mn in the previous quarter. This was driven by the performance of , whose revenue jumped by MAD +871 Mn;
  • In the opposite, the Energy sector experienced a technical drop in revenue of MAD -413 Mn due to the decrease in international oil prices. Such an evolution should not impact the profitability of the sector’s operators.

Performance of the different listed sectors

During the first nine months of the FY 2025, the aggregate revenue of the stock market increased by +7.3% to reach MAD 252 Bn. More specifically, the various listed sectors recorded the following changes:

  • 14 listed sectors saw an increase in their activity levels at the end of September 2025, including the following sectors: Healthcare (+48.3%), Automotive (+27.4%), Building Materials (+25.4%), Industries & Services (+16.1%), Ports (+15.8%), Mining (+14.2%), IT (+13.6%), Retail (+12.4%), Cement (+11.0%), Insurance (+6.9%), Agriculture (+6.5%), Banks (+6.3%), Financing (+5.9%), and finally Agri-business (+1.9%). It should be noted that these sectors represent nearly 78% of the total market capitalization;
  • 3 listed sectors, whose weight in the market capitalization exceeds 22%, experienced a decline in their revenues, such as Telecoms (-0.7%), Real Estate (-1.5%) and Energy (-4.2%).

Attijariwafa bank and CIH Bank would reach historic milestones in 2025

The publication of the banking sector’s earnings at the end of September 2025 reveals that two listed banks would reach new profit milestones. Specifically:

  • Attijariwafa bank: The Group posted a NIGS worth MAD 8.3 Bn at the end of September 2025, representing an achievement rate of 80% compared to our annual forecast. Attijariwafa bank would thus be the first listed company to exceed MAD 10.0 Bn in profits in 2025E;
  • CIH Bank: The bank reported a net income of MAD 862 Mn at the end of September 2025, up +31% compared to an estimated NIGS of MAD 1,088 Mn for the FY 2025, representing a high achievement rate of 79%. Thus, CIH Bank is expected to surpass the profit threshold of MAD 1.0 Bn, an all time high.

Attijariwafa Bank posts a profit above 10 billion MAD

The analysis of the estimated profits of AGR-30 companies for the FY 2025 reveals the following observations:

  • Attijariwafa bank stands out as the only listed company in Morocco to post profits exceeding MAD 10 Bn;
  • 8 companies of our universe, representing nearly 43% of the market’s capitalization, would show a net income included between MAD 1 Bn and MAD 10 Bn;
  • 7 companies of the AGR-30 would record profits between MAD 500 Mn and MAD 1 Bn, i.e. 18% of the capitalization;
  • 12 issuers of the AGR-30, which account for 9% of the capitalization, would show profits ranging from MAD 100 Mn to MAD 500 Mn;
  • 5 companies in the AGR-30 would achieve a net profit lower than MAD 100 Mn, i.e. 2% of the capitalization.
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