TotalEnergies Marketing Maroc (TMA) H1 2025 earnings summary

Executive summary

• Net income for the first half of 2025 was 360 million MAD (standalone) and 324 million MAD (consolidated), down from 402 million MAD and 406 million MAD respectively year-over-year.

• Results are in line with forecasts amid a favorable but less robust environment than the prior year.

• The network includes 389 service stations, with 116 solarized, and a 15% market share in Morocco.

Financial highlights

• Standalone revenue for H1 2025: 9.63 billion MAD, down from 10.53 billion MAD in H1 2024.

• Standalone net income: 360 million MAD, down from 402 million MAD year-over-year.

• Consolidated revenue: 7.54 billion MAD, down from 8.49 billion MAD year-over-year.

• Consolidated net income: 324 million MAD, down from 406 million MAD year-over-year.

• Operating cash flow (consolidated): 849 million MAD, up from 533 million MAD year-over-year.

Outlook and guidance

• Management notes performance is aligned with expectations, but the environment is less favorable than the previous year.

• No explicit forward guidance provided, but caution is noted regarding market conditions and risk factors.