TotalEnergies Marketing Maroc (TMA) H1 2026 earnings summary

Executive summary

• H1 2026 net income was MAD 287.2m on a standalone basis and MAD 285.0m consolidated, down from MAD 360.1m and MAD 324.3m, respectively, in H1 2025.

• Lower results reflected Q1 logistics disruptions from severe weather and reduced commercial margins amid high international oil-product prices; positive inventory effects partly offset the pressure.

Financial highlights

• Consolidated revenue reached MAD 8,627.9m, versus MAD 7,543.6m in H1 2025; operating result was MAD 435.1m, versus MAD 570.0m.

• Standalone revenue was MAD 10,624.9m versus MAD 9,977.4m; operating result was MAD 450.8m versus MAD 483.4m.

• Consolidated net income was MAD 285.0m, versus MAD 324.3m; standalone net income was MAD 287.2m versus MAD 360.1m.

Key financial ratios and metrics

• Consolidated EPS was MAD 32, down from MAD 36 in H1 2025; diluted EPS was also MAD 32 versus MAD 36.

• Standalone operating cash-generation capacity (CAF) was MAD 454.4m versus MAD 439.9m; self-financing was negative MAD 348.1m versus negative MAD 572.6m.

• Consolidated operating cash flow was MAD 319.6m versus MAD 849.5m; cash at period-end was MAD 251.5m versus MAD 709.3m at H1 2025.