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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to OCR text and compared cell by cell with the page image; read from the page image) (9 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Maroc Telecom

IAM · Bourse de Casablanca · Consolidated statements

On this page
Company details
Legal name
Itissalat Al-Maghrib (IAM) S.A.
Listing
IAM on the Bourse de Casablanca, active · ISIN MA0000011488 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · published summary of audited statements, final status not established · source

Read with these figures

  • Published summary of audited statements not confirmed as final. The published copy is not confirmed as the final version. The FY2025 figures come from it.
  • Auditor's emphasis of matter. Observation (report on the consolidated financial statements, p1): 'Nous vous renvoyons aux mentions insérées dans les notes 31.4 et 2 qui exposent les impacts de la clôture des litiges relatifs au dégroupage et de l'évolution de la participation de Maroc Telecom dans le capital de Sotelma.
Full wording and sources

  • Published summary of audited statements for 2025: final status not established

    Results publication by Maroc Telecom (Itissalat Al-Maghrib) through the Casablanca exchange: consolidated balance sheet and comprehensive income only. It reprints the commissaires aux comptes' report on the full consolidated financial statements (Deloitte Audit, Adnane Faouzi, Associé; BDO SA, Abderrahim Grine, Associé), unqualified with an 'Observation', dated 'Casablanca, le 12 février 2026', with handwritten signatures and a BDO stamp (PDF p1, page image). No auditor's report on this publication itself is printed, and no board approval date is printed.

    Source: MAROC TELECOM : COMPTES CONSOLIDÉS 2025 (dated 2026-02-12)

  • 2025, 2024: figures from a published summary

    These columns come from a summary of the audited statements, not the full audited financial statements. The publication does not state the source of its statements; it reprints the auditors' report on the full consolidated financial statements and states 'Maroc Telecom annonce que son rapport financier annuel est disponible sur le site de la société' (p1). No auditor's report on the publication itself is printed. It reprints the 'Rapport des commissaires aux comptes - exercice du 1er janvier 2025 au 31 décembre 2025 - Audit des états financiers consolidés', unqualified: 'Nous certifions que les états financiers consolidés cités au premier paragraphe ci-dessus, sont réguliers et sincères et donnent dans tous leurs aspects significatifs, une image fidèle de la situation financière consolidée du groupe au 31 décembre 2025, ainsi que de sa performance financière consolidée et de ses flux de trésorerie consolidés pour l'exercice clos à cette date, conformément aux Normes Internationales d'Information Financière (IFRS) telles qu'adoptées dans l'Union Européenne.' The report states consolidated equity of 24 785 millions de dirhams including a consolidated net profit of 7 923 millions de dirhams, matching the printed statements. Key audit matters: revenue recognition for telecommunication activities; goodwill valuation; provisions for risks and charges. Signed Deloitte Audit and BDO SA, Casablanca, 12 février 2026 (p1). Consolidated état de la situation financière and état de résultat global with résultat par action, 2024 and 2025 columns (PDF p1). No cash-flow statement, statement of changes in equity or notes; the publication refers to the annual financial report on the issuer's website (p1). Company (comptes sociaux) statements on p2 (not transcribed).

    Source: MAROC TELECOM : COMPTES CONSOLIDÉS 2025 (dated 2026-02-12)

  • Auditor's emphasis of matter

    Observation (report on the consolidated financial statements, p1): 'Nous vous renvoyons aux mentions insérées dans les notes 31.4 et 2 qui exposent les impacts de la clôture des litiges relatifs au dégroupage et de l'évolution de la participation de Maroc Telecom dans le capital de Sotelma. Notre conclusion n'est pas modifiée à cet égard.'

    Source: MAROC TELECOM : COMPTES CONSOLIDÉS 2025 (dated 2026-02-12)

  • Revenue

    MAD 36.7 billion

    36,681 MAD millions · p1

    −0.0% vs 2024

  • Operating profit / (loss)

    MAD 13.5 billion

    13,547 MAD millions · p1

    +123.5% vs 2024

  • Profit / (loss) for the year

    MAD 7.92 billion

    7,923 MAD millions · p1

    +197.9% vs 2024

  • Total assets

    MAD 75.8 billion

    75,811 MAD millions · p1

    +7.7% vs 2024

  • Total equity

    MAD 24.8 billion

    24,785 MAD millions · p1

    +32.5% vs 2024

  • Cash from operations

    Not reported in this filing

Large amounts are rounded for reading (MAD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in MAD millions unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — published summary of audited statements (summary), final status not established; reported for the year · source
  • FY2024 — published summary of audited statements (summary), final status not established; comparative in the FY2025 filing · source
    • 2025, 2024: figures from a published summary. These columns come from a summary of the audited statements, not the full audited financial statements. The publication does not state the source of its statements; it reprints the auditors' report on the full consolidated financial statements and states 'Maroc Telecom annonce que son rapport financier annuel est disponible sur le site de la société' (p1). No auditor's report on the publication itself is printed. It reprints the 'Rapport des commissaires aux comptes - exercice du 1er janvier 2025 au 31 décembre 2025 - Audit des états financiers consolidés', unqualified: 'Nous certifions que les états financiers consolidés cités au premier paragraphe ci-dessus, sont réguliers et sincères et donnent dans tous leurs aspects significatifs, une image fidèle de la situation financière consolidée du groupe au 31 décembre 2025, ainsi que de sa performance financière consolidée et de ses flux de trésorerie consolidés pour l'exercice clos à cette date, conformément aux Normes Internationales d'Information Financière (IFRS) telles qu'adoptées dans l'Union Européenne.' The report states consolidated equity of 24 785 millions de dirhams including a consolidated net profit of 7 923 millions de dirhams, matching the printed statements. Key audit matters: revenue recognition for telecommunication activities; goodwill valuation; provisions for risks and charges. Signed Deloitte Audit and BDO SA, Casablanca, 12 février 2026 (p1). Consolidated état de la situation financière and état de résultat global with résultat par action, 2024 and 2025 columns (PDF p1). No cash-flow statement, statement of changes in equity or notes; the publication refers to the annual financial report on the issuer's website (p1). Company (comptes sociaux) statements on p2 (not transcribed).

Income statement

Income statement, MAD millions. Columns: FY2025 — published summary of audited statements (final status not established), as reported for the year; FY2024 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2025.
Line (as printed) FY2025Published summary of audited statements (summary)reported for the yearFY2024Published summary of audited statements (summary)comparative in FY2025 filingsource limitations
Chiffre d'affaires 36,681 36,699
Achats consommés1 (4,781) (4,903)
Charges de personnel (3,044) (2,957)
Impôts et taxes2 (3,855) (3,616)
Autres produits et charges opérationnels*3 (3,743) (12,288)
Dotations nettes aux amortissements, dépréciations et aux provisions4 (7,711) (6,873)
Résultat opérationnel 13,547 6,062
Autres produits et charges des activités ordinaires5 0 0
Quote-part du résultat net des sociétés mises en équivalence (1) 0
Résultat des activités ordinaires6 13,546 6,062
Produits de trésorerie et d'équivalents de trésorerie 65 59
Coût de l'endettement financier brut7 (1,053) (1,074)
Coût de l'endettement financier net8 (988) (1,015)
Autres produits et charges financiers9 (25) (96)
Résultat financier10 (1,013) (1,111)
Charges d'impôt (4,610) (2,291)
Résultat net 7,923 2,660
Écart de change résultant des activités à l'étranger11 151 (427)
Autres produits et charges12 (17) 20
Résultat global total de la période 8,058 2,252
Intérêts minoritaires13 955 859
Notes and alternative reported figures (13)
  1. “Achats consommés” is an issuer-specific line, not mapped to a shared definition: Purchases consumed (printed negative).
  2. “Impôts et taxes” is an issuer-specific line, not mapped to a shared definition: Taxes other than income tax (printed negative).
  3. “Autres produits et charges opérationnels*” is an issuer-specific line, not mapped to a shared definition: Other operating income and charges, net (footnote *: 2024 affected by the Wana Corporate litigation, 6,4 billion dirhams).
  4. “Dotations nettes aux amortissements, dépréciations et aux provisions” is an issuer-specific line, not mapped to a shared definition: Net depreciation, amortisation, impairment and provisions (printed negative).
  5. “Autres produits et charges des activités ordinaires” is an issuer-specific line, not mapped to a shared definition: Printed 0 in both years.
  6. “Résultat des activités ordinaires” is an issuer-specific line, not mapped to a shared definition: Operating result after share of equity-accounted results.
  7. “Coût de l'endettement financier brut” is an issuer-specific line, not mapped to a shared definition: Gross cost of financial debt (printed negative).
  8. “Coût de l'endettement financier net” is an issuer-specific line, not mapped to a shared definition: Net cost of financial debt: gross cost less cash income.
  9. “Autres produits et charges financiers” is an issuer-specific line, not mapped to a shared definition: Other financial income and charges.
  10. “Résultat financier” is an issuer-specific line, not mapped to a shared definition: Net financial result.
  11. “Écart de change résultant des activités à l'étranger” is an issuer-specific line, not mapped to a shared definition: Other comprehensive income: translation of foreign operations.
  12. “Autres produits et charges” is an issuer-specific line, not mapped to a shared definition: Other comprehensive income items, other.
  13. “Intérêts minoritaires” is an issuer-specific line, not mapped to a shared definition: Net result attributable to minority interests.

Balance sheet

Balance sheet, MAD millions. Columns: FY2025 — published summary of audited statements (final status not established), as reported for the year; FY2024 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2025.
Line (as printed) FY2025Published summary of audited statements (summary)reported for the yearFY2024Published summary of audited statements (summary)comparative in FY2025 filingsource limitations
Goodwill1 9,094 8,969
Autres immobilisations incorporelles 11,654 10,295
Immobilisations corporelles 34,178 31,228
Droits d'utilisation de l'actif 1,593 1,578
Titres mis en équivalence 549 0
Actifs financiers non courants2 3,201 2,858
Impôts différés actifs 374 357
Actifs non courants 60,643 55,285
Stocks 451 323
Créances d'exploitation et autres 12,554 12,698
Actifs financiers à court terme 198 89
Trésorerie et équivalents de trésorerie 1,966 1,979
Actifs disponibles à la vente3 0 0
Actifs courants 15,168 15,089
TOTAL ACTIF 75,811 70,374
Capital 5,275 5,275
Réserves consolidées4 8,235 7,832
Résultats consolidés de l'exercice5 6,968 1,801
Capitaux propres - part du groupe 20,478 14,908
Intérêts minoritaires 4,307 3,794
Capitaux propres 24,785 18,702
Provisions non courantes6 712 684
Emprunts et autres passifs financiers à long terme 10,449 5,630
Impôts différés passifs 811 92
Autres passifs non courants7 0 0
Passifs non courants 11,972 6,406
Dettes d'exploitation 26,575 24,835
Passifs d'impôts exigibles 2,444 767
Provisions courantes 881 852
Emprunts et autres passifs financiers à court terme 9,154 18,812
Passifs courants 39,054 45,266
TOTAL PASSIF 75,811 70,374
Notes and alternative reported figures (7)
  1. “Goodwill” is an issuer-specific line, not mapped to a shared definition: Goodwill (IFRS 3).
  2. “Actifs financiers non courants” is an issuer-specific line, not mapped to a shared definition: Non-current financial assets.
  3. “Actifs disponibles à la vente” is an issuer-specific line, not mapped to a shared definition: Assets held for sale (printed 0 in both years).
  4. “Réserves consolidées” is an issuer-specific line, not mapped to a shared definition: Consolidated reserves.
  5. “Résultats consolidés de l'exercice” is an issuer-specific line, not mapped to a shared definition: Group share of the year's consolidated result, within equity.
  6. “Provisions non courantes” is an issuer-specific line, not mapped to a shared definition: Non-current provisions.
  7. “Autres passifs non courants” is an issuer-specific line, not mapped to a shared definition: Other non-current liabilities (printed 0 in both years).

Per share and shares

Per share and shares. Columns: FY2025 — published summary of audited statements (final status not established), as reported for the year; FY2024 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2025.
Line (as printed) FY2025Published summary of audited statements (summary)reported for the yearFY2024Published summary of audited statements (summary)comparative in FY2025 filingsource limitations
Earnings / (loss) per share (per share)1 7.93 2.05
Profit / (loss) attributable to shareholders (MAD millions)2 6,968 1,801
Shares in issue at year end (shares)3 879,095,340 879,095,340
Notes and alternative reported figures (3)
  1. Earnings / (loss) per share: printed as “Résultat net par action(enMAD)”.
  2. Profit / (loss) attributable to shareholders: printed as “Part du groupe”.
  3. Shares in issue at year end: printed as “Nombre d'actions au 31 décembre”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

No dividend statement or amount collected.

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • MAROC TELECOM : COMPTES CONSOLIDÉS 2025

    Year ended 31 December 2025 · Published summary of audited statements (summary) · final status not established

    Audit: Deloitte Audit; BDO SA (commissaires aux comptes) (named); no auditor's opinion on the full statements in this document

    Final status: Results publication by Maroc Telecom (Itissalat Al-Maghrib) through the Casablanca exchange: consolidated balance sheet and comprehensive income only. It reprints the commissaires aux comptes' report on the full consolidated financial statements (Deloitte Audit, Adnane Faouzi, Associé; BDO SA, Abderrahim Grine, Associé), unqualified with an 'Observation', dated 'Casablanca, le 12 février 2026', with handwritten signatures and a BDO stamp (PDF p1, page image). No auditor's report on this publication itself is printed, and no board approval date is printed.

    Document date
    12 Feb 2026
    Auditor's report
    date not recorded
    Board approval
    date not found in this document
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · MAD millions (printed “en millions de dirhams (millions MAD)”)
    • Directory name 'ITISSALAT AL-MAGHRIB'; the publication prints 'Maroc Telecom' and 'Itissalat Al-Maghrib (IAM) S.A' (auditors' report) and 'Maroc Telecom - Itissalat Al-Maghrib - Société Anonyme ... RC 48 947' (p1 footer).
    • Columns printed oldest first (31/12/2024, 31/12/2025). Charges printed negative and kept as printed. 'Résultat net' is printed twice (before and after the OCI lines). The PDF carries an invisible scanner OCR text layer (garbled, no hidden figures differing from the print); it is not used.
    • No auditor's report on the publication itself is printed. It reprints the 'Rapport des commissaires aux comptes - exercice du 1er janvier 2025 au 31 décembre 2025 - Audit des états financiers consolidés', unqualified: 'Nous certifions que les états financiers consolidés cités au premier paragraphe ci-dessus, sont réguliers et sincères et donnent dans tous leurs aspects significatifs, une image fidèle de la situation financière consolidée du groupe au 31 décembre 2025, ainsi que de sa performance financière consolidée et de ses flux de trésorerie consolidés pour l'exercice clos à cette date, conformément aux Normes Internationales d'Information Financière (IFRS) telles qu'adoptées dans l'Union Européenne.' The report states consolidated equity of 24 785 millions de dirhams including a consolidated net profit of 7 923 millions de dirhams, matching the printed statements. Key audit matters: revenue recognition for telecommunication activities; goodwill valuation; provisions for risks and charges. Signed Deloitte Audit and BDO SA, Casablanca, 12 février 2026 (p1).
    • Consolidated état de la situation financière and état de résultat global with résultat par action, 2024 and 2025 columns (PDF p1). No cash-flow statement, statement of changes in equity or notes; the publication refers to the annual financial report on the issuer's website (p1). Company (comptes sociaux) statements on p2 (not transcribed).
    Technical details
    File
    2 pages, scanned (figures read by OCR and checked against the page image)
    SHA-256
    b41ed8341415013735470d3299927bf44a499537255a591d89a2d24cf2a0fe40
    Entity as printed
    Itissalat Al-Maghrib (IAM) S.A et ses filiales; 'Maroc Telecom - Itissalat Al-Maghrib - Société Anonyme à Conseil d'administration au Capital de 5 274 572 040 Dh - RC 48 947' (p1 footer)
    Exchange copy
    retrieved 2026-10-08T18:21:13Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to OCR text and compared cell by cell with the page image; read from the page image) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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