Maroc Telecom SaCSEMA: IAM

2024 Universal Registration Document 31/03/2025

Mar 30, 2025 at 10:00 PM UTC · Issued by Maroc Telecom Sa

2024

Universal

Registration

Document

including the annual financial report

C O N T E N T

MESSAGE FROM THE CHAIRMAN OF THE MANAGEMENT BOARD	2
CORPORATE GOVERNANCE	3
MAROC TELECOM IN BRIEF	4
PRESENTATION OF THE GROUP	7
1.1	Highlights of 2024	8
1.2	Key figures for 2024	12
1.3	Group guidelines and strategy	14
RISK FACTORS AND BUSINESS CONTROL FRAMEWORK	19
2.1	Risk factors	20
2.2	Risk management framework	27

3	INFORMATION CONCERNING THE COMPANY	33

	3.1 Person responsible for the Universal Registration Document and for the audit of the	34
	financial statements
	3.2 Information about the Company and corporate governance	36
4	DESCRIPTION OF THE GROUP, ITS ACTIVITIES, LEGAL	79
	AND ARBITRATION PROCEEDINGS

4.1	Description of the Group	80
4.2	Description of activities	107
4.3	Legal and arbitration proceedings	149

FINANCIAL REPORT	151
5.1	Consolidated results of the past three years	152
5.2	Overview	154
5.3	Consolidated financial statements at December 31, 2022, 2023 and 2024	164
5.4	Statutory financial statements	211
5.5	Special report of the Statutory auditors	236

RECENT EVENTS	245
Ordinary General Meeting of March 27, 2025	246
APPENDICES	249
Cross-reference table	250
Cross-reference table for the annual financial report	253
Taxonomy	254
Annual information 2024	262
Statement of fees paid to Statutory auditors	263
Ordinary General Meeting of March 27, 2025	265
Certification report on the sustainability information and audit
of the information disclosure requirements provided for in Article 8 of Regulation (EU)	268
2020/852 of ITISSALAT AL MAGHRIB SA
Glossary	272

2024

Universal

Registration

Document

including the annual financial report

This Universal Registration Document was ﬁled on March 26, 2025 with the AMF in its capacity as the French ﬁnancial regulator under Regulation (EU) 2017/1129 without prior approval pursuant to Article 9 of said regulation.

The Universal Registration Document may be used for a public offering of ﬁnancial securities or the listing of ﬁnancial securities on a regulated market if it is accompanied by a securities note and, where applicable, a summary as well as any supplements to the Universal Registration Document. The whole thus formed is approved by the AMF under Regulation (EU) 2017/1129.

This Universal Registration Document in PDF format is a reproduction of the official version of the Universal Registration Document prepared in XHTML format and available on the website of the AMF and that of the Company.

MAROC TELECOM UNIVERSAL REGISTRATION DOCUMENT 2024 1

MESSAGE FROM THE CHAIRMAN OF THE MANAGEMENT BOARD

MOHAMED BENCHAABOUN

In 2024, Maroc Telecom recorded an increase in its operational achievements and now has a total of more than 79 million customers, including 57 million in its subsidiaries. This performance once again attests to the robustness and sustainability of its fundamentals, supported notably by the expansion of Moov Africa and the development of fiber optics in Morocco, which continue to drive growth.

Aware of the challenges posed by a demanding global economic context, the Group has strengthened its initiatives to optimize costs, pool skills and infrastructure, thus enabling it to maintain its competitiveness and achieve its strategic objectives.

Capital expenditures remain at a sustained level to meet the growing needs of customers, both nationally and internationally, in particular through the expansion of Very High-Speed Broadband. The priorities include the continued deployment of ﬁber optics, the modernization and densiﬁcation of networks, as well as the preparation for the arrival of future generations of technology.

The settlement of the unbundling dispute in Morocco also had a signiﬁcant impact on the ﬁnancial results, while opening up new prospects for the future. With a strategy of innovation and a proactive approach, the Group adapts its offers and services to the speciﬁcities of each market, with a proactive policy of reducing prices and improving the customer experience, while fully assuming its role as the driver of digital transformation on the continent.

Convinced that economic performance goes hand in hand with a positive social impact, Maroc Telecom is stepping up its commitments to sustainable development and reaffirming its social and environmental responsibility. The Group is adopting eco-responsible practices and implementing tangible actions aimed at local communities.

These efforts will continue in 2025, in order to consolidate inclusive and sustainable growth, creating value for Maroc Telecom and its entire ecosystem, across the Group's entire geographical footprint. "

2 MAROC TELECOM UNIVERSAL REGISTRATION DOCUMENT 2024

CORPORATE GOVERNANCE

MANAGEMENT BOARD

François	Hassan	Mohamed	Brahim	Abdelkader
VITTE	RACHAD	BENCHAABOUN	BOUDAOUD	MAAMAR
Managing Director	Managing Director	Chairman	Managing Director	Managing Director
Administration	Networks	of the Management	Legal and	Services
& Finance (CFO)	& Systems	Board	Regulatory Affairs

Maroc Telecom also includes

8 regional offices

reporting to the Chairman of the Management Board.

SUPERVISORY BOARD

CHAIRMAN		MEMBERS	Luis ENRIQUEZ,

Nadia FETTAH ALAOUI,		Abdelouaﬁ LAFTIT,
Minister of the Economy		Minister of the Interior	Partner, Graﬁne Capital Partners
and Finance		Abdellatif ZAGHNOUN,	Hesham Abdulla AL QASSIM,

VICE-CHAIRMAN		General Manager of the National	Chief Executive Officer of Wasl Asset
	Agency for Strategic Management	Management Group
Jassem Mohammed Bu		of State Holdings and Monitoring	Mohammed Karim BENNIS,
	of the Performance of Public
	Chief Financial Officer of Etisalat Group
Ataba AL ZAABI,		Establishments and Enterprises
	Khaled HEGAZY,
Chairman of Abu Dhabi		Hatem DOWIDAR,
Department of Finance,		Chief Operating Officer,
	Chief Executive Officer
Chairman of Etisalat Group		Etisalat International
	of Etisalat Group
		and Etisalat Group

MAROC TELECOM UNIVERSAL REGISTRATION DOCUMENT 2024 3

MAROC TELECOM IN BRIEF

A major player in economic and social development in

11 African countries

MAROC TELECOM

100%				100%
MAROC				MAROC
TELECOM				TELECOM
MOROCCO				NIGER
CASANET				MOOV AFRICA
				NIGER
100%				100%
MAROC
TELECOM				MAROC
				TELECOM
MOROCCO				CHAD
MT CASH
				MOOV AFRICA
				CHAD
51.5%				61%
MAROC
TELECOM
				MAROC
MAURITANIA				TELECOM

MAURITEL				BURKINA FASO

				ONATEL
51%				100%
TELECOM
MAROC
				MAROC
MALI				TELECOM

SOTELMA				CENTRAL AFRICAN

				REPUBLIC
85%	95%	100%	51%	MOOV AFRICA
CENTRAFRIQUE

MAROC	MAROC	MAROC	MAROC
TELECOM	TELECOM	TELECOM	TELECOM
CÔTE D'IVOIRE	TOGO	BENIN	GABON
MOOV AFRICA	MOOV AFRICA	MOOV AFRICA	GABON
CÔTE D'IVOIRE	TOGO	BENIN	TELECOM

CONSOLIDATED	GROUP ADJUSTED**	GROUP
REVENUES	EBITDA* MARGIN	INVESTMENTS
36.7	52.3 %	11.2 of MAD
		billion
billions of MAD	of revenue

GROUP EMPLOYEES	ADJUSTED** GROUP	NUMBER OF CUSTOMERS
SHARE OF NET INCOME	79.3 million
8,543
6.1 of MAD
	billion

The deﬁnition of EBITDA is detailed in section 5.2.

** EBITDA and Net income - Group share adjustments are set out in the schedule on page 159.

4 MAROC TELECOM UNIVERSAL REGISTRATION DOCUMENT 2024

HISTORY

Maroc Telecom is the incumbent telecommunications operator in the Kingdom of Morocco. It operates in the Fixed-line telephony, Mobile telephony and Internet segments.

Launch of the West Africa cable
New visual identity "Moov

Africa" which brings together
the ten subsidiaries of the	2021
Maroc Telecom Group (present
in Mauritania, Burkina Faso, Gabon,
Mali, Côte d'Ivoire, Benin, Togo, Niger,
Central African Republic and Chad)
Acquisition of Tigo Chad

Disposal of 8% of the capital of Maroc Telecom	2019
held by the Kingdom of Morocco

Liquidation of the Prestique Telecom subsidiary

Merger of Gabon Telecom	2016
and AT Gabon

Etisalat acquires a stake	2014
in Maroc Telecom

Acquisition of a 51% stake in Gabon Telecom

Disposal of 4% of the

capital of Maroc Telecom 2007 held by the Kingdom

of Morocco on the Casablanca Stock Exchange

IPO in Casablanca and Paris 2004

2020	Launch of the Mobile payment
solution "MT Cash"

	Acquisition of a 10% stake in Onatel SA
2018	on the Abidjan Regional Stock Exchange,
bringing Maroc Telecom's stake in its

	Burkinabe subsidiary to 61%

Acquisition of Etisalat's six African subsidiaries

2015 in Benin, Côte d'Ivoire, Gabon, Niger, The Central African Republic and Togo

Acquisition of

2009 a 51% stake in Sotelma

2006	Acquisition of a 51% stake
in Onatel

Creation of Maroc
Telecom SA
Promulgation of Law	1998
54-96 and related
implementing decrees

2001

Acquisition of a 54% stake in Mauritel SA

Vivendi's entry into Maroc Telecom's capital

on telecommunications

	Création of the
1984	National Post and
Telecommunications

	Office (ONPT)

MAROC TELECOM UNIVERSAL REGISTRATION DOCUMENT 2024 5

Un monde nouveau vous appelle

6 MAROC TELECOM UNIVERSAL REGISTRATION DOCUMENT 2024

PRESENTATION OF THE GROUP

1.1	Highlights of 2024	8
1.2	Key ﬁgures for 2024	12
1.3	Group guidelines and strategy	14
1.3.1	Moroccan telecoms market outlook and Maroc
	Telecom's business strategy	14
1.3.2	International outlook and strategy of Maroc Telecom
	Group's sub-Saharan subsidiaries	15
1.3.3	Maroc Telecom Group's sustainable development
	strategy	16

MAROC TELECOM UNIVERSAL REGISTRATION DOCUMENT 2024 7

PRESENTATION OF THE GROUP
1.1 Highlights of 2024

January

In Morocco, ﬁrst launch in Africa of the Fiber to the Room (FTTR) solution. This service allows our Fiber Optic Internet customers to extend the coverage of the ﬁber network, to bring an ultra powerful and ﬂuid speed in all the rooms of their home or business premises;
In Morocco, launch of the ﬁrst SD-WAN offer for B2B, SME/SMI and Key Accounts customers, enabling them to automate and simplify the management, optimization and security of their WAN networks;
In Mauritania, launch of National Roaming between operators;
In Burkina Faso, decision determining the relevant markets and designation of operators with signiﬁcant power in these markets, and decision deﬁning
the obligations to be complied with by signiﬁcant operators;
Decrease in Mobile call termination rate in Côte d'Ivoire from FCFA 3 to 2/min and in Chad from FCFA 12
to 10/min;
In Niger, adoption by the Council of Ministers of a draft decree setting the minimum rate for the termination of an international call to Niger and the terms of remuneration of operators, and reinstating the tax on the termination of Incoming International Traffic;
In Niger, operators decide to automatically levy FCFA 10 per call for the Solidarity Fund for the Protection of the Homeland and per subscription to a ﬁxed price plan (above FCFA 200).

February

In Morocco, a new ANRT decision relating to the administrative, technical and commercial management of ".ma" and "Maghrib" Internet domain names;
In Chad, notiﬁcation of a decision to limit Internet capacity rates at the international level for Mobile telephony operators.

March

In Morocco, launch of the new National Mobile B2B and Professional Unlimited Voice plan. This generous plan offers, in addition to Unlimited National Voice, 30GB of Mobile Data;
In Morocco, Omra promotion offers Maroc Telecom Roaming customers in Saudi Arabia free calls received as well as a reduction on the Internet Roaming rate (2GB at MAD 100), during the period of Omra 2024 on the occasion of the Sacred Month of Ramadan;
In Benin, adoption by the Council of Ministers of the plan to migrate National Numbering Plan from 8 to 10 digits according to a deﬁned timetable;

8 MAROC TELECOM UNIVERSAL REGISTRATION DOCUMENT 2024

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