Taqa Morocco Sa · CSEMA:TQM
Taqa Morocco Sa — FY2025 Earnings Presentation
18 slides from Taqa Morocco Sa's earnings presentation, April 2026
Slide 1: 2025 Financial Results
2025 Financial Results April 2026
Slide 2: Disclaimer
DISCLAIMER This presentation ("Presentation") has been prepared by TAQA Morocco S.A. ("TAQA Morocco" or the "Company"). The information contained in the Presentation may not have been reviewed or audited by the Company's auditors. The Company relies on information obtained from sources believed to b
Slide 3: Summary
SUMMARY TAQA MOROCCO’S 2025 TRANSITION TO AN OPERATIONAL & FINANCIAL INTEGRATED AND PERFORMANCE REVIEW INCLUSIVE POWER & WATER PLATFORM 2030 2026/2027 TARGET STRUCTURE OUTLOOK 3
Slide 4: TAQA Morocco's Transition to an Integrated and Inclusive Power & Water Platform
TAQA MOROCCO’S TRANSITION TO AN INTEGRATED AND INCLUSIVE POWER & WATER PLATFORM
Slide 5: Portfolio overview by 2030
Portfolio overview by 2030 KEY HIGHLIGHTS OF THE STRATEGIC PARTNERSHIP (MAY 19, 2025) INVESTMENT RELATED TO THE CURRENT CAPACITY CAPACITY BY 2030 + 8 GW STRATEGIC PARTNERSHIP 14 Bn 35.6 Bn MAD 900 Mil/m3 per year 1,200 Mil/m3 per year Water transfer MAD 18.6 Bn Water transfert MAD Seawater desalinat
Slide 6: 2025 Key Achievements: Development projects progress overview
Development projects progress overview 2025 KEY ACHIEVEMENTS GAS PROJECTS DESALINATION PROJECTS RENEWABLES FOR DESALINATION / Tahaddart 1 acquisition structure finalized / Development agreements executed / 300 MW authorization obtained (Law 13-09) / Development agreement signed for Tahaddart / Orien
Slide 7: 2025 Key Highlights
Other 2025 KEY HIGHLIGHTS NAVER-NEXUS CORE UKEF JBIC PROJECT: DATA CENTER MoU MoU Nexus Core Systems and TAQA Morocco are TAQA Morocco and UK Export Finance have signed TAQA Morocco and Japan Bank for International engaging to partner on of flagship AI and a MoU to support TAQA Morocco’s transition
Slide 8: Initiatives & Achievements for Sustainability Pillars
ESG INITIATIVES & ACHIEVEMENTS FOR SUSTAINABILITY 3 PILLARS ... / Implementation of low carbon projects, including large scale renewables, low carbon, and desalination projects 91.48% ENVIRONMENT / Use of low-sulphur coal in the power plant of fly ash recycled Preserving the environment / Developing
Slide 9: 2030 Target Structure
2030 TARGET STRUCTURE
Slide 10: Overview of the Group Structure
Transformation roadmap OVERVIEW OF THE GROUP STRUCTURE 85.79% 100% 66% 100% 100% 100% 100% TAQA Morocco Power Trans. Tahaddart I Desal Oriental Wind Corp. 100% 42.5% 42.5% Projects 42.5% REN Projects ONEE Water Trans Tahaddart II & III Desal Tangier offtake 42.5% 42.5% 42.5% Projects CO 42.5% REN fo
Slide 11: 2025 Operational & Financial Performance Review
2025 OPERATIONAL & FINANCIAL PERFORMANCE REVIEW
Slide 12: Key Figures
Overview KEY FIGURES 10,638 M MAD 14,487 GWh 3,199 M MAD 1,275 M MAD Consolidated revenue Power generation EBITDA Consolidated Net Income 92.1% 38% Overall availability rate Gearing 12
Slide 13: Operational performance & availability rate
Operational performance & AVAILABILITY RATE 2024 2025 / Continuous roll out of preventive & predictive maintenance strategy 96.1% 93% 93% / Maintenance plan 92.1% 91.4% execution with : 90.5% • 25-day minor overhaul on Unit 6 • Inspections on Units 1,3,4 and 5. Overall availability Availability Avai
Slide 14: Profitability & net income: 2025 vs. 2024 evolution
Profitability & net income 2025 VS. 2024 EVOLUTION In M MAD 2025 2024 Variance / Preservation of profitability with an operating margin Revenue 10,638 10,878 (2.2%) of 23%. / Improved financial results. EBITDA 3,199 3,454 (7.4%) Operating income 2,443 2,633 (7.2%) Operating margin 23.0% 24.2% (1.2 p
Slide 15: Financial Resilience
Financial Resilience STRENGTHNED 2024 2025 / The evolution of net debt 5,582 reflects the debt -5.2% x1.7 40% repayments made during (2 Bp) the period and the 5,293 evolution of cash. x1.6 38% Net Debt Net Debt/EBITDA Gearing in Bn MAD 15
Slide 16: Outlook 2026/27
2026/27 OUTLOOK
Slide 17: Outlook 2026/2027
2026/2027 O U T LO O K Completion of Tahaddart I Start of construction for Launch of desalination and acquisition Tahaddart II & III water transfer projects Start of construction for seawater desalinations plants and water transfer Commissioning of Boujmil project 17
Slide 18: WaNQuaN
WaNQuaN MOrocco