Slide 1: RISMA Results Presentation 2025
RISMA Results Presentation - 2025 Sofitel Casablanca 23/04/2026 Sofitel Rabat – Jardin des Roses
Slide 2: Agenda
◊ 1 – The tourism sector in Morocco ◊ 2 – Highlights and performance ◊ 3 – 2025 Results ◊ 4 – Q1 2026 Performance ◊ 5 – Guidance ◊ 6 – 2026 Calendar Sofitel Casablanca Tour Blanche RISMA 2025 Results 2
Slide 3: The tourism sector in Morocco: record performance with nearly 20 million arrivals
1 The tourism sector in Morocco Record performance with nearly 20 million arrivals in 2025 Border arrivals January – December 2025 19,8 +14% vs. 2024 Millions Overnight stays in classified hotels January – December 2025 43,4 +9% vs. 2024 Millions Occupancy rate January – December 2025 58% +3 pts vs.
Slide 4: The tourism sector
1 The tourism sector Evolution of overnight stays Occupancy Rate evolution 58% +8% 43.427 +3 pts 55% 39.519 2024 2025 2024 2025 Source: Tourism Observatory Source: Tourism Observatory Occupancy rate at end December 2025 is 58%, ▪ 28% of overnight stays are domestic up 3 pts vs. 2024 – with a gradual
Slide 5: Highlights and performance
◊ 1 – The tourism sector in Morocco ◊ 2 – Highlights and performance ◊ 3 – 2025 Results ◊ 4 – Q1 2026 Performance ◊ 5 – Guidance ◊ 6 – 2026 Calendar Sofitel Marrakech – Palais Imperial RISMA 2025 Results 5
Slide 6: Highlights and performance: CMG acquisition and capital increase
2 Highlights and performance Acquisition of CMG and a prime-location plot on the Bay of Tangier for a 5-star hotel ▪ In June 2025, RISMA acquired a prime-location plot on the Bay of Tangier to build a 5-star hotel. ▪ RISMA completed the acquisition of 100% of CMG on 8 October 2025, owner of the Radi
Slide 7: Highlights and performance: franchise and Sofitel Casablanca disposal
2 Highlights and performance Franchise: RISMA takes over direct management of 21 Accor hotels ▪ On 2 April 2026, RISMA signed a new framework agreement with Accor: conversion to franchise of 21 hotels with immediate effect – ending 30 years of management mandate. ▪ RISMA becomes the operator and tak
Slide 8: Key strategic projects announced in parallel
2 Highlights and performance Key strategic projects announced in parallel ▪ Sofitel 5* in Tangier (over 170 rooms): opening planned for 2029 ▪ Renovation and repositioning programme for the existing hotel portfolio ▪ Hospitality Training Academy co-funded by RISMA & Accor RISMA 2025 Results 8
Slide 9: A strong 2025 for RISMA
2 Highlights and performance A strong 2025 for RISMA Occupancy rate Overnight stays In % In thousands 1.160 +8% 1.070 2025 as reported Market 2024 2025 ▪ RISMA outperformed the market with an ▪ Overnight stays up 8%, with a strong contribution occupancy rate of 64%, approaching the all- from renovat
Slide 10: 2025 Results
◊ 1 – The tourism sector in Morocco ◊ 2 – Highlights and performance ◊ 3 – 2025 Results ◊ 4 – Q1 2026 Performance ◊ 5 – Guidance ◊ 6 – 2026 Calendar Ibis Casablanca City Center RISMA 2025 Results 10
Slide 11: Consolidated revenue shows strong growth
3 2025 Results Consolidated revenue shows strong growth Turnover (Mdh) ▪ Consolidated revenue amounts to 1,634 Mdh, up 29%. ▪ On a like-for-like basis (excluding CMG), revenue stands at 1,411 Mdh, up 12%, primarily driven by a rise in rooms sold (+8%). ▪ The hotels contributing most to revenue growt
Slide 12: EBITDA growth in line with the strong increase in activity
3 2025 Results EBITDA growth in line with the strong increase in activity EBITDA and EBITDA margin In MDH 33% 37% 38% 39% 2025 as reported ▪ RISMA’s consolidated EBITDA amounts to 631 Mdh. Excluding non-recurring items, consolidated EBITDA stands at 615 Mdh, up 33% compared to 2024. ▪ Excluding CMG,
Slide 13: Strong EBITDA growth and record net income (NIGS)
3 2025 Results Strong EBITDA growth and record net income (NIGS) +37% +33% EBITDA at 631 Mdh EBITDA (excl. non- recurring items) at 615 Mdh +47% +39% Record NIGS of 270 NIGS (excl. non-recurring Mdh items) at 254 Mdh RISMA 2025 Results 13
Slide 14: NIGS (Net Income, Group Share) Evolution
3 2025 Results NIGS (Net Income, Group Share) Evolution NIGS Consolidated 2025 as reported NIGS reaches a record level in 2025 at 270 Mdh (including CMG) and at 241 Mdh excluding CMG, up +47% vs. 2024. RISMA 2025 Results 14
Slide 15: Rising investments and CAPEX; debt under control
3 2025 Results Rising investments and CAPEX ▪ 2025 CAPEX totals 936 Mdh, of which 524 Mdh corresponds to the acquisition of CMG (Radisson Blu 5- star hotel Marrakech and Carré Eden shopping centre). ▪ Renovation investments reach 237 Mdh in 2025, versus 109 Mdh in 2024 (+128 Mdh). Debt under control
Slide 16: Cash Flow Statement
3 2025 Results Cash Flow Statement Operating Cashflows Maintenance & Renovation CAPEX 542 Mdh − 264 Mdh = Free Cashflow 278 Mdh Dividend 109 Mdh Scope investments Scope variation Increase in net debt 672 Mdh 382 Mdh 883 Mdh Supervisory Board Meeting 16
Slide 17: Distributable income and dividend per share
3 2025 Results Distributable income Dividend per share 144 Mdh 9 dhs for fiscal year 2025 payable in 2026 Given the results achieved, the Board of Directors has resolved to propose to the General Meeting the distribution of an ordinary dividend of 9 dhs per share, payable in 2026, representing a dis
Slide 18: Q1 2026 Performance
◊ 1 – The tourism sector in Morocco ◊ 2 – Highlights and performance ◊ 3 – 2025 Results ◊ 4 – Q1 2026 Performance ◊ 5 – Guidance ◊ 6 – 2026 Calendar Sofitel Agadir Thalassa Sea & Spa RISMA 2025 Results 18
Slide 19: A record first quarter 2026: occupancy and room nights
4 Q1 2026 Performance A record first quarter 2026 Occupancy rate Room nights In % In thousands +18% T1 2025 published 1 2026 published ▪ In Q1 2026, RISMA delivers a solid ▪ Room nights up 18%, with a strong contribution performance, with occupancy rising sharply from renovated hotels to 60%, despit
Slide 20: A record first quarter 2026: revenue and net debt
4 Q1 2026 Performance A record first quarter 2026 Revenue Net debt In Mdh In Mdh T1 2025 published T1 2026 published T1 2025 published T1 2026 published ▪ The Group’s activity shows sustained growth ▪ Net debt stands at 1,444 MDH at 31 March 2026, across all cities and all segments. slightly up from
Slide 21: Guidance
◊ 1 – The tourism sector in Morocco ◊ 2 – Highlights and performance ◊ 3 – 2025 Results ◊ 4 – Q1 2026 Performance ◊ 5 – Guidance ◊ 6 – 2026 Calendar Sofitel Agadir Thalassa Sea & Spa RISMA 2025 Results 21
Slide 22: Guidance: 2026 tax impact
5 Guidance 2026 Tax impact 2025 Summary Having exhausted its tax loss carry- RISMA delivers record 2025 results, forwards, RISMA will pay corporate tax driven by strong operational momentum at the full rate. From 2026, pre-tax and the accretive integration of CMG. income and net income will diverge
Slide 23: 2026 Calendar
◊ 1 – The tourism sector in Morocco ◊ 2 – Highlights and performance ◊ 3 – 2025 Results ◊ 4 – Q1 2026 Performance ◊ 5 – Guidance ◊ 6 – 2026 Calendar Sofitel Agadir Thalassa Sea & Spa RISMA 2025 Results 23
Slide 24: 2026 Calendar
6 2026 Calendar Results Conference General Board Dividend Results 31 Dec. 2025 Analysts Meeting Payment 30 Jun. 2026 25 March 23 April 02 June 30 June 24 September 21 April 30 April 31 August 27 November Annual Indicators Indicators Indicators financial Q1 2026 Q2 2026 Q3 2026 report 2025 Annual res
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