Managem S.A. (MNG) H1 2025 earnings summary

Executive summary

• Consolidated revenue for H1 2025 reached 4,422 million MAD, stable year-over-year, with a 47% increase in net income attributable to the group, reaching 380 million MAD.

• Major milestones included the start of gold production at Boto (Senegal) and completion of the Tizert copper project (Morocco), with first commercial outputs expected in H2 2025.

Financial highlights

• EBITDA rose to 1,442 million MAD, up 19 million MAD year-over-year.

• Operating income increased to 723 million MAD from 660 million MAD in H1 2024.

• Net financial result improved by 94 million MAD, mainly due to positive currency effects.

• Net income attributable to the group surged by 122 million MAD to 380 million MAD.

• Consolidated net profit reached 515.4 million MAD, up from 354.3 million MAD in H1 2024.

Outlook and guidance

• Focus for H2 2025 is ramping up new mines (Tizert and Boto) to full capacity by year-end.

• Sulfate de Cobalt and Tendrara gas projects are on track for commissioning in 2026.

• Strategic alliance with Barrick Gold for gold exploration in Senegal.