Marrakech – TAQA Morocco reported a consolidated revenue of MAD 10.64 billion ($1.06 billion) for the fiscal year ending December 31, 2025. The figure marks a 2.2% decline from MAD 10.88 billion ($1.09 billion) recorded in 2024.
The company attributed the drop to lower international coal prices, an unfavorable USD/MAD exchange rate, and the impact of a planned 25-day maintenance shutdown on Unit 6.
The group’s EBITDA fell 7.4% to MAD 3.2 billion ($320 million), down from MAD 3.45 billion ($345 million) the previous year. Operating profit came in at MAD 2.44 billion ($244 million), a 7.2% decrease. The consolidated operating margin narrowed to 23% from 24.2% in 2024.
Net income attributable to the group stood at MAD 981 million ($98.1 million), compared to MAD 1.05 billion ($105 million) in 2024, representing a 6.8% decline. Consolidated net income dropped 7.4% to MAD 1.28 billion ($128 million). The financial result improved by 8.2%, narrowing its loss to MAD 371 million ($37.1 million). Net debt-to-EBITDA edged up slightly to 1.7x from 1.6x.
“The 2025 results reflect the strength of our operational model, with a high availability rate and controlled overall performance in a less favorable market environment,” said Abdelmajid Iraqui Houssaini, Chairman of the Management Board.
The company maintained a global availability rate of 92.1%, down marginally from 93% in 2024. The slight dip reflected the planned minor overhaul on Unit 6 and inspections on Units 1, 3, 4, and 5.
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On the strategic front, TAQA Morocco accelerated its diversification push. The 144 MW Boujmil wind farm entered construction in Q4 2025, with financial close expected in Q2 2026.
The group also created four new wholly-owned subsidiaries in Q4: TAQA Morocco Flexible Generation for low-carbon flexible production, TAQA Morocco Transmission for energy and water transport infrastructure, TAQA Morocco Water for seawater desalination, and JLEC 1-4 dedicated to legacy thermal operations.
A consortium of TAQA Morocco and Moeve advanced its green hydrogen project by signing preliminary land contracts and launching feasibility studies for green ammonia and industrial fuel production. The group also signed memoranda of understanding with UK Export Finance and Japan Bank for International Cooperation to support energy transition and infrastructure financing.
On the social accounts side, net income came in at MAD 951 million ($95.1 million), down from MAD 1.06 billion ($106 million) in 2024, mainly due to the unfavorable dollar-dirham exchange rate.
In sustainability, TAQA Morocco set a target of reducing its carbon intensity by 25% by 2030. Its community program benefited over 20,400 people through 28 projects, mobilizing 131 employee volunteers across health, education, and environmental initiatives.
The management board proposed a dividend of MAD 38 ($3.8) per share, a 3% increase over the previous year. Looking ahead, TAQA Morocco indicated it will continue pursuing operational excellence while accelerating its shift toward a decarbonized energy mix by 2030, targeting renewable capacity expansion, seawater desalination, and green hydrogen development.
