Slide 1: Results Presentation: H1 Financial Results
RESULTS PRESENTATION H1 FINANCIAL RESULTS Casablanca, 17 September 2026
Slide 2: Disclaimer
DISCLAIMER This presentation (the "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 reported on by the Company's statutory auditors. The Company relies on information obtained from sou
Slide 3: Investor Relations: All financial information, accessible in one click
INVESTOR RELATIONS All financial information, accessible in one click ACCESS THE PLATFORM Financial reports, press releases, share price and financial calendar: find all Scan the QR code information for investors on TAQA Morocco's corporate website. https://www.taqamorocco.ma/en/investors/ financial
Slide 4: Contents
CONTENTS Macroeconomic context : TAQA Morocco: a new investment cycle driving a key player supporting Morocco's energy transformation this transformation Consolidated and standalone Outlook financial results at H1 2026 4
Slide 5: Macroeconomic context: a new investment cycle driving Morocco's energy transformation
Macroeconomic context: a new investment cycle driving Morocco's energy transformation
Slide 6: A resilient economy driven by a new investment cycle
A resilient economy DRIVEN BY A NEW INVESTMENT CYCLE A solid macroeconomic trajectory is underpinning an unprecedented investment cycle through 2030… Key indicators 2023 2024 2025 2026F Q1 2026 FIGURES Economic growth (%) 3.4 3.8 4.9 5.2 +4.6% Non-agricultural GDP (%) 4.0 5.6 4.5 4.1 Economic growth
Slide 7: Nearly MAD 1,000 bn of investment to sustainably transform Morocco's economy
Nearly MAD 1,000 bn of investment TO SUSTAINABLY TRANSFORM MOROCCO'S ECONOMY 900–1,000 Bn in investment through 2030 / Rollout of transport infrastructure with 556 km of roads and highways underway (Ain Aouda–Oued Zem, Rabat–Casablanca, Tit Mellil–Berrechid, Guercif / Nador expressways, RN7, Nador W
Slide 8: The energy transition, a strategic pillar of the new investment cycle
The energy transition , A STRATEGIC PILLAR OF THE NEW INVESTMENT CYCLE Accelerate the energy transition and strengthen supply security / Raise the share of renewables to more than 52% of the power mix by 2030 NATIONAL ENERGY / Deploy an investment plan of MAD 177 billion (2025-2030), of which nearly
Slide 9: Morocco's power sector: solid fundamentals and accelerating demand
Morocco's power sector SOLID FUNDAMENTALS AND ACCELERATING DEMAND Moroccan energy mix * 45,899 GWh (+5%) 49,035 GWh (+7%) Other 11% National power generation Net energy called up Renewables in 2025 in 2025 Gaz 9% 27% 12,314 MW (+2%) 100% Installed capacity Access to electricity in 2025 (% of populat
Slide 10: TAQA Morocco: a key player supporting this transformation
TAQA Morocco: a key player supporting this transformation
Slide 11: A longstanding track record in developing major strategic projects
TAQA MOROCCO A LONGSTANDING TRACK RECORD IN DEVELOPING MAJOR STRATEGIC PROJECTS Nearly 30 years of industrial 6,684 GWh of power Top decile globally in technical performance excellence generated as of end-June 2026, reinforcing TAQA Morocco's major role in national power supply. Transition toward an
Slide 12: A strategic energy player in transformation, diversifying its businesses through 2030
TAQA MOROCCO A STRATEGIC ENERGY PLAYER IN TRANSFORMATION, DIVERSIFYING ITS BUSINESSES THROUGH 2030 TAQA Morocco to quadruple its installed capacity by 2030, diversifying a mix that is 100% coal today. NEW BUSINESSES PROJECTED CAPACITY OVERVIEW OF THE INFRASTRUCTURE CURRENT CAPACITY PLANNED IN THE ME
Slide 13: Summary of key achievements: project development progress overview
Project developpement progress overview SUMMARY OF KEY ACHIEVEMENTS Desalination – Oriental Desalination – Tanger Desalination – Tantan & TAH II & III - ~ 1,400 MW 300 mln m3 /year 150 mln m3 /year Souss Massa - 450 mln m3 /year / Development agreement signed; / Development agreement signed; / Devel
Slide 14: TAQA Morocco initiates reorganization into a holding company structure
TAQA Morocco initiates REORGANIZATION INTO A HOLDING COMPANY STRUCTURE TO SUPPORT ITS MULTI-ASSET DIVERSIFICATION JULY 17, 2026 FIRST STEP UPCOMING Supervisory Board Transfert of assets to JLEC 1-4 Execution of the transfert Approval of the reorganization principle Rights, obligations and assets of
Slide 15: Operational and financial performance review as of June 30, 2026
OPERATIONAL AND FINANCIAL PERFORMANCE REVIEW AS OF JUNE 30, 2026
Slide 16: Key events impacting the first half of 2026
KEY EVENTS IMPACTING THE FIRST HALF OF 2026 Macroeconomic environment 1 Execution of the maintenance plan 2 / The average USD/MAD exchange rate decreased by 3%, from 9.52 as / 25-day minor overhaul of Unit 3; of June 30, 2025 to 9.23 as of June 30, 2026; / Scheduled inspections: Unit 1 (10 days), Un
Slide 17: Review of key figures
Review OF KEY FIGURES 5,088 M MAD 6,684 GWh 1,660 M MAD 601 M MAD Consolidated revenue Power Generation EBITDA Consolidated net income 86.6 % 36% Overall availability rate Gearing 17
Slide 18: Operating performance and availability rate
Operating performance & AVAILABILITY RATE H1 2025 H1 2026 / As of June 30, 2026, the overall availability rate of 91,7% 93,6% Units 1 to 6 stood at 86.6%, 86,6% 86,0% 87,8% 87,6% compared with 91.7% in the first half of 2025. / This change mainly reflects : • A minor overhaul on Unit 3; • Inspection
Slide 19: International coal market trends in H1 2026 and 2026 outlook
International coal market trends in H1 2026 & 2026 OUTLOOK 389,0 / Q2 2026: Increase in prices 325,3 /3 compared with H1 2025, with the API 2 index up 10%. Average change H1 2026 vs. H1 2025 Index : +10% / H2 2026 outlook: Impact of 231,4 227,9 Purchase Price : +8% the geopolitical environment, with
Slide 20: Evolution of H1 2026 revenue
H1 2026 Revenue EVOLUTION In M MAD -5.4% 5.379 5.088 -73 -202 -16 / Consolidated revenue stood at MAD 5,088 million, reflecting the change in availability resulting from the minor overhaul of Unit 3 and scheduled inspections of the other Units, as well as the H1 2025 Capacity Cost Energy Cost Other
Slide 21: Profitability and evolution of net income H1 2025 vs H1 2026
Profitability & evolution OF NET INCOME H1 2025 VS H1 2026 In M MAD H1 2026 H1 2025 Change Revenue 5,088 5,379 -5.4% / Operating income stood at MAD 1,249 million as of EBITDA 1,660 1,648 +0.7% June 30, 2026, with the operating margin improving Operating income 1,249 1,254 -0.4% by 1.2 points ; Oper
Slide 22: Outlook 2026 – 2027
2026 – 2027 OUTLOOK
Slide 23: Outlook 2026 – 2027
2026 – 2027 OUTLOOK 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 project Commissioning of Boujmil 23
Slide 24: WaNQuaN
WaNQuaN MOrocco