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Managem

MNG · Bourse de Casablanca · Consolidated statements

On this page
Company details
Legal name
MANAGEM S.A.
Listing
MNG on the Bourse de Casablanca, active · ISIN MA0000012866 (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.
Full wording and sources

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

    Results publication issued by Managem through the Casablanca exchange. It reproduces the commissaires aux comptes' report on the full consolidated financial statements (Fidaroc Grant Thornton, Faïçal Mekouar, Associé; PwC Maroc, Mounsif Ighiouer, Associé), unqualified, dated 'Casablanca, le 30 avril 2026', with handwritten signatures over stamps (PDF p4, page image). No auditor's report on the publication or its condensed statements is printed, and no board approval date is printed.

    Source: Managem — États financiers sociaux au 31 décembre 2025; États financiers consolidés au 31 décembre 2025 (dated 2026-04-30)

  • 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 the condensed statements; p3 says 'Le rapport financier annuel comprenant le jeu complet des états financiers au 31 décembre 2025 sera mis en ligne à partir du 30 avril 2026 sur le site internet de Managem', and it reproduces the auditors' report on the full consolidated financial statements (p4). No auditor's report on the publication itself is printed. It reproduces the statutory auditors' 'Rapport des commissaires aux comptes sur les états financiers consolidés, exercice du 1er janvier au 31 décembre 2025' (p4), 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 par l'Union Européenne.' The report states consolidated equity of 12 530 MMAD including consolidated net profit of 3 470,4 MMAD, matching the printed statements; key audit matter: goodwill of the mining subsidiaries (305,4 MMAD). Signed Fidaroc Grant Thornton and PwC Maroc, 'Casablanca, le 30 avril 2026' (p4). The 'Rapport général' on the company états de synthèse (p2) is also unqualified, same date and signatories. No emphasis-of-matter paragraph is visible in either. Consolidated état de la situation financière and compte de résultat (with the number of parent shares and earnings per share) on p3, in millions of dirhams; no consolidated cash-flow statement, statement of comprehensive income, changes in equity or notes. P3 states: 'Le rapport financier annuel comprenant le jeu complet des états financiers au 31 décembre 2025 sera mis en ligne à partir du 30 avril 2026 sur le site internet de Managem'. Company (social) bilan and compte de produits et charges in dirhams on p1 (not transcribed).

    Source: Managem — États financiers sociaux au 31 décembre 2025; États financiers consolidés au 31 décembre 2025 (dated 2026-04-30)

  • Revenue

    MAD 13.7 billion

    13,693.6 MAD millions · p3

    +54.6% vs 2024

  • Operating profit / (loss)

    MAD 3.99 billion

    3,992.8 MAD millions · p3

    +210.1% vs 2024

  • Profit / (loss) for the year

    MAD 3.47 billion

    3,470.4 MAD millions · p3

    +340.7% vs 2024

  • Total assets

    MAD 37.7 billion

    37,705.9 MAD millions · p3

    +24.7% vs 2024

  • Total equity

    MAD 12.5 billion

    12,529.6 MAD millions · p3

    +9.7% 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 the condensed statements; p3 says 'Le rapport financier annuel comprenant le jeu complet des états financiers au 31 décembre 2025 sera mis en ligne à partir du 30 avril 2026 sur le site internet de Managem', and it reproduces the auditors' report on the full consolidated financial statements (p4). No auditor's report on the publication itself is printed. It reproduces the statutory auditors' 'Rapport des commissaires aux comptes sur les états financiers consolidés, exercice du 1er janvier au 31 décembre 2025' (p4), 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 par l'Union Européenne.' The report states consolidated equity of 12 530 MMAD including consolidated net profit of 3 470,4 MMAD, matching the printed statements; key audit matter: goodwill of the mining subsidiaries (305,4 MMAD). Signed Fidaroc Grant Thornton and PwC Maroc, 'Casablanca, le 30 avril 2026' (p4). The 'Rapport général' on the company états de synthèse (p2) is also unqualified, same date and signatories. No emphasis-of-matter paragraph is visible in either. Consolidated état de la situation financière and compte de résultat (with the number of parent shares and earnings per share) on p3, in millions of dirhams; no consolidated cash-flow statement, statement of comprehensive income, changes in equity or notes. P3 states: 'Le rapport financier annuel comprenant le jeu complet des états financiers au 31 décembre 2025 sera mis en ligne à partir du 30 avril 2026 sur le site internet de Managem'. Company (social) bilan and compte de produits et charges in dirhams on p1 (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 13,693.6 8,859.4
Autres produits de l’activité1 1,047.9 363.9
Produits des activités ordinaires2 14,741.5 9,223.3
Achats3 (6,497.1) (4,301.1)
Autres charges externes4 (4,042.5) (3,328.7)
Frais de personnel (1,416.3) (1,344.2)
Impôts et taxes5 (164.9) (109.1)
Amortissements et provisions d’exploitation6 (2,012.4) (1,368.9)
Autres produits et charges d’exploitation7 3,389.0 2,481.1
Charges d’exploitation courantes8 (10,744.3) (7,971.0)
Résultat d’exploitation courant9 3,997.2 1,252.3
Cessions d’actifs10 0.0 1.1
Cessions de filiales et participations11 (6.2) 27.0
Ecarts d’acquisition négatifs12 0.0 44.6
Autres produits et charges d’exploitation non courants13 1.8 (37.2)
Autres produits et charges d’exploitation14 (4.4) 35.4
Résultat des activités opérationnelles 3,992.8 1,287.7
Produits d’intérêts15 96.6 58.8
Charges d’intérêts (772.5) (529.5)
Autres produits et charges financiers16 481.1 156.5
Résultat financier17 (194.7) (314.3)
Résultat avant impôts des entreprises intégrées18 3,798.0 973.5
Impôts sur les bénéfices19 (456.0) (260.2)
Impôts différés20 66.9 61.7
Résultat net des entreprises intégrées21 3,409.0 775.0
équivalence 61.4 12.5
Résultat net des activités poursuivies22 3,470.4 787.5
Résultat net des activités abandonnées23 0.0 0.0
Résultat de l’ensemble consolidé 3,470.4 787.5
Intérêts minoritaires24 468.4 167.6
Notes and alternative reported figures (24)
  1. “Autres produits de l’activité” is an issuer-specific line, not mapped to a shared definition: Other income from activities.
  2. “Produits des activités ordinaires” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: revenue plus other income from activities.
  3. “Achats” is an issuer-specific line, not mapped to a shared definition: Purchases (printed negative).
  4. “Autres charges externes” is an issuer-specific line, not mapped to a shared definition: Other external charges (printed negative).
  5. “Impôts et taxes” is an issuer-specific line, not mapped to a shared definition: Taxes and duties other than income tax (printed negative).
  6. “Amortissements et provisions d’exploitation” is an issuer-specific line, not mapped to a shared definition: Operating depreciation and provisions, net (printed negative).
  7. “Autres produits et charges d’exploitation” is an issuer-specific line, not mapped to a shared definition: Other current operating income and charges, net.
  8. “Charges d’exploitation courantes” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of the current operating charges (printed negative).
  9. “Résultat d’exploitation courant” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: ordinary activity income less current operating charges.
  10. “Cessions d’actifs” is an issuer-specific line, not mapped to a shared definition: Non-current operating item.
  11. “Cessions de filiales et participations” is an issuer-specific line, not mapped to a shared definition: Non-current operating item.
  12. “Ecarts d’acquisition négatifs” is an issuer-specific line, not mapped to a shared definition: Non-current operating item (bargain purchase gains).
  13. “Autres produits et charges d’exploitation non courants” is an issuer-specific line, not mapped to a shared definition: Non-current operating item.
  14. “Autres produits et charges d’exploitation” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of the non-current operating items (third printing of the phrase on p3).
  15. “Produits d’intérêts”: mapping to a shared definition is uncertain. Interest income, printed within the financial result.
  16. “Autres produits et charges financiers” is an issuer-specific line, not mapped to a shared definition: Other financial income and charges, net.
  17. “Résultat financier” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of the financial lines.
  18. “Résultat avant impôts des entreprises intégrées”: mapping to a shared definition is uncertain. Profit before tax of the fully consolidated entities; the share of results of equity-accounted entities (61,4; 2024: 12,5) is added after tax.
  19. “Impôts sur les bénéfices” is an issuer-specific line, not mapped to a shared definition: Current income tax (printed negative).
  20. “Impôts différés” is an issuer-specific line, not mapped to a shared definition: Deferred tax (credit in both years).
  21. “Résultat net des entreprises intégrées” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: net result of fully consolidated entities, before the share of equity-accounted entities.
  22. “Résultat net des activités poursuivies” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: net result from continuing operations.
  23. “Résultat net des activités abandonnées” is an issuer-specific line, not mapped to a shared definition: Net result from discontinued operations (printed 0,0 in both years).
  24. “Intérêts minoritaires” is an issuer-specific line, not mapped to a shared definition: Minority interests' share of the consolidated result.

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 305.4 305.4
Immobilisations incorporelles, net 4,730.0 4,531.5
Immobilisations corporelles net 16,613.8 14,933.7
Immobilisations en droit d'usage 181.8 180.1
Immeubles de placement, net 8.9 8.9
Participations dans les entreprises associées 209.1 166.3
Autres actifs financiers2 332.4 408.4
Impôts différés actifs 298.1 129.2
Autres débiteurs non courants, net3 73.8 77.4
Actifs non courants 22,753.2 20,741.0
Stocks et en-cours, net 2,774.8 2,079.7
Créances clients, net4 2,554.8 1,686.2
Autres débiteurs courants, net5 2,909.8 2,779.7
Trésorerie et équivalent de trésorerie 4,390.3 2,589.1
Actifs non courants détenus en vue de la vente6 2,323.0 349.6
Actif courant 14,952.6 9,484.2
TOTAL ACTIF 37,705.9 30,225.2
Capital 1,186.5 1,186.5
Primes d'émission et de fusion 4,449.4 4,449.4
Réserves7 2,835.6 4,019.7
Ecarts de conversion8 4.9 412.4
Résultat net part du groupe9 3,002.0 619.8
Capitaux propres attribuables aux actionnaires 11,478.3 10,687.8
Intérêts minoritaires 1,051.3 730.9
Capitaux propres de l'ensemble consolidé 12,529.6 11,418.7
Provisions10 215.4 231.5
Avantages du personnel11 292.0 261.0
Dettes financières non courantes12 10,544.2 7,951.6
Impôts différés Passifs 10.9 12.0
Autres créditeurs non courants13 788.7 71.4
Passifs non courants 11,851.1 8,527.4
Dettes financières courantes14 6,487.2 5,028.3
Dettes fournisseurs courantes15 2,266.1 2,661.0
Autres créditeurs courants16 3,990.7 2,520.8
Passifs liés aux actifs non courants destinés à la vente17 581.1 69.0
Passif courant 13,325.2 10,279.2
TOTAL PASSIF 25,176.3 18,806.6
TOTAL CAPITAUX PROPRES ET PASSIFS 37,705.9 30,225.2
Notes and alternative reported figures (17)
  1. “Goodwill” is an issuer-specific line, not mapped to a shared definition: Goodwill (non-current).
  2. “Autres actifs financiers” is an issuer-specific line, not mapped to a shared definition: Non-current other financial assets (hedging derivatives, loans and receivables, assets at fair value through profit or loss; sub-lines not transcribed).
  3. “Autres débiteurs non courants, net” is an issuer-specific line, not mapped to a shared definition: Other non-current debtors.
  4. “Créances clients, net” is an issuer-specific line, not mapped to a shared definition: Trade receivables only; other current debtors are printed on a separate line.
  5. “Autres débiteurs courants, net” is an issuer-specific line, not mapped to a shared definition: Other current debtors.
  6. “Actifs non courants détenus en vue de la vente” is an issuer-specific line, not mapped to a shared definition: Non-current assets held for sale (within current assets).
  7. “Réserves” is an issuer-specific line, not mapped to a shared definition: Group reserves.
  8. “Ecarts de conversion” is an issuer-specific line, not mapped to a shared definition: Currency translation differences within equity.
  9. “Résultat net part du groupe” is an issuer-specific line, not mapped to a shared definition: Group share of the year's result within equity.
  10. “Provisions”: mapping to a shared definition is uncertain. Printed among the non-current liabilities (no current provisions line is printed).
  11. “Avantages du personnel”: mapping to a shared definition is uncertain. Employee benefits; the summary does not say whether all are post-employment obligations.
  12. “Dettes financières non courantes”: mapping to a shared definition is uncertain. Non-current financial debt including derivative instruments (1 707,9; 2024: 560,7), bank debt, bonds and right-of-use lease liabilities ('Dont Dettes liées aux contrats à droit d'usage' 85,1; 2024: 66,2); the sub-lines are not transcribed.
  13. “Autres créditeurs non courants” is an issuer-specific line, not mapped to a shared definition: Other non-current creditors.
  14. “Dettes financières courantes”: mapping to a shared definition is uncertain. Current financial debt including derivative instruments (0,0; 2024: 19,7) and bank debt; sub-lines not transcribed.
  15. “Dettes fournisseurs courantes” is an issuer-specific line, not mapped to a shared definition: Trade payables only; other current creditors are printed on a separate line.
  16. “Autres créditeurs courants” is an issuer-specific line, not mapped to a shared definition: Other current creditors.
  17. “Passifs liés aux actifs non courants destinés à la vente” is an issuer-specific line, not mapped to a shared definition: Liabilities associated with assets held for sale and discontinued operations (within current liabilities).

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)21 253.1 54.8
Profit / (loss) attributable to shareholders (MAD millions)3 3,002.0 619.8
Shares in issue at year end (shares)54 11,864,676 11,864,676
Notes and alternative reported figures (5)
  1. “Calcul du résultat par action”: mapping to a shared definition is uncertain. Earnings per share in dirhams as printed ('Calcul du résultat par action'); the summary does not say basic or diluted.
  2. Earnings / (loss) per share: printed as “Calcul du résultat par action”.
  3. Profit / (loss) attributable to shareholders: printed as “Résultat net - Part du groupe”.
  4. “Nb d’actions - Mère”: mapping to a shared definition is uncertain. Number of shares of the parent as printed; the summary does not say whether this is the number in issue or a weighted average (the same in both years).
  5. Shares in issue at year end: printed as “Nb d’actions - Mère”.

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.

  • Managem — États financiers sociaux au 31 décembre 2025; États financiers consolidés au 31 décembre 2025

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

    Audit: Fidaroc Grant Thornton; PwC Maroc (commissaires aux comptes) (named); no auditor's opinion on the full statements in this document

    Final status: Results publication issued by Managem through the Casablanca exchange. It reproduces the commissaires aux comptes' report on the full consolidated financial statements (Fidaroc Grant Thornton, Faïçal Mekouar, Associé; PwC Maroc, Mounsif Ighiouer, Associé), unqualified, dated 'Casablanca, le 30 avril 2026', with handwritten signatures over stamps (PDF p4, page image). No auditor's report on the publication or its condensed statements is printed, and no board approval date is printed.

    Document date
    30 Apr 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”)
    • Rounded figures in millions: printed subtotals differ from the sum of their printed lines by 0,1 in places (e.g. non-current assets, equity attributable to owners, profit before tax). Kept as printed.
    • No auditor's report on the publication itself is printed. It reproduces the statutory auditors' 'Rapport des commissaires aux comptes sur les états financiers consolidés, exercice du 1er janvier au 31 décembre 2025' (p4), 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 par l'Union Européenne.' The report states consolidated equity of 12 530 MMAD including consolidated net profit of 3 470,4 MMAD, matching the printed statements; key audit matter: goodwill of the mining subsidiaries (305,4 MMAD). Signed Fidaroc Grant Thornton and PwC Maroc, 'Casablanca, le 30 avril 2026' (p4). The 'Rapport général' on the company états de synthèse (p2) is also unqualified, same date and signatories. No emphasis-of-matter paragraph is visible in either.
    • Consolidated état de la situation financière and compte de résultat (with the number of parent shares and earnings per share) on p3, in millions of dirhams; no consolidated cash-flow statement, statement of comprehensive income, changes in equity or notes. P3 states: 'Le rapport financier annuel comprenant le jeu complet des états financiers au 31 décembre 2025 sera mis en ligne à partir du 30 avril 2026 sur le site internet de Managem'. Company (social) bilan and compte de produits et charges in dirhams on p1 (not transcribed).
    Technical details
    File
    4 pages, with a text layer
    SHA-256
    d25320cc4ae07e06eb7a10bd8d7590bc10e0fe0b0af919899eadf766fe08c551
    Entity as printed
    MANAGEM S.A., TWIN CENTER, Tour A, Angle Bd. Zerktouni et Bd. Al Massira Al Khadra, Casablanca
    Exchange copy
    retrieved 2026-10-08T18:21:11Z

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 the document's text) (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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