Maroc Telecom - 2024 half year Financial Report 24/07/2024

HALF YEAR

FINANCIAL REPORT

Preliminary remarks:

This financial report and the condensed financial statements for the half year ended June 30th, 2024 were approved by the Management Board on July 22th, 2024, and reviewed by the Audit Committee at its meeting on July 22th, 2024.

This report should be read in conjunction with the Management Board's report for the year ended December 31, 2023 as published in Registration Document as filed with the Securities Regulator (AMF) on March 26th, 2024 ("2023 universal registration document").

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CONTENTS

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Highlights

January 2024

• In Morocco, advance launch in Africa of the FTTR Fiber To The Room solution. This service allows our Fiber Optic Internet customers to extend the coverage of the fiber network and provide an ultra powerful and smooth speed to all the rooms of their home or business premises;
• In Morocco, launch of the first SD-WAN offer for B2B, SME/SMI and Key Account customers, enabling them to automate and streamline 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 major operators in these markets, and decision defining the obligations to be complied with by the major operators;
• Decrease in the 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 international call termination rate to Niger and operator remuneration terms, and reinstating the Tax on Incoming International Traffic Termination;
• In Niger, operators have decided to automatically deduct FCFA 10 per call and per subscription to a fixed price plan (above FCFA 200) for the Solidarity Fund for the Protection of the Homeland.

February 2024

• In Morocco, new ANRT decision relating to the administrative, technical and commercial management of ".ma" and "برغملا." Internet domain names;
• In Chad, notification of a decision on the regulation of Internet capacity tariffs at the international level for Mobile telecom operators.

March 2024

• In Morocco, launch of the new National Mobile B2B and Professional unlimited voice plans. This generous plan offers 30 GB of Mobile Data in addition to unlimited National Voice;
• In Morocco, Omra promotion offering free incoming calls as well as a reduction on the Internet Roaming rate (2GB at MAD100) to Maroc Telecom Roaming customers in Saudi Arabia, during the Omra 2024 period at the time of the Sacred Month of Ramadan;
• In Benin, adoption by the Council of Ministers of the migration of the national numbering plan from 8 to 10 digits according to a defined timetable;
• Conclusion of a bilateral protocol agreement for the implementation of Free Roaming between the regulators of Benin and Ghana;
• Breakage of four international submarine fiber optic cables serving the West African region, causing the interruption of the Internet, Fixed-line and Mobile services of several telecom operators and Internet service providers with the exception of the Moov Africa subsidiaries thanks to their connection to Maroc Telecom Group's West Africa cable.

April 2024

• In Morocco, launch of the MT Cloud platform, a Marketplace dedicated to Business customers, which allows them to order online ICT services in various areas ranging from messaging to productivity and infrastructure services;
• In Burkina Faso, reduction in the national Mobile call termination rate from FCFA 6/min to FCFA 3/min;
• In Gabon, Gabon Telecom declared a major operator in all relevant markets.

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May 2024

• In Benin, notification of a decision by the regulator on the organization of the customer identification process, with a six-month period granted to operators to identify all their customers;
• In Togo, official launch of Mobile number portability on May 3, 2024.

June 2024

• In Morocco, implementation of a special visitor offer. This offer allows this target to order a prepaid e-SIM online, even before their arrival in Morocco. The card includes 15 GB of Internet access and a credit of MAD 20, which can be used for national and international calls. The price of the package is MAD 120 including tax, payable directly online, by national and international bank cards;
• In Morocco, Hajj 2024 promotion offering free incoming calls as well as a reduction on the Internet Roaming rate (2GB at MAD 100) to Maroc Telecom roaming customers in Saudi Arabia, during the Hajj 2024 period (from 06/01/2024 to 07/31/2024);
• In Togo, launch of the interoperability project of financial services.

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1-CERTIFICATIONS

1- CERTIFICATIONS

In this document, "Maroc Telecom" or "the Company" refers to the company Itissalat Al-Maghrib, and "the Group" refers to the group constituted by the Company and all of its directly and indirectly owned subsidiaries.

1.1PERSON RESPONSIBLE FOR THE INTERIM REPORT

Mr. Abdeslem Ahizoune

Chairman of the Management Board

1.2CERTIFICATION OF THE INTERIM REPORT

I hereby attest, to my knowledge, that the condensed interim financial statements are established in accordance with applicable accounting standards and give a true and fair view of the income and financial position and results of the company and all of the consolidated companies, and that the interim management report gives a true and fair view of the significant events having occurred during the first six months of the year, and their impact on the condensed interim financial statements, the main related-party transactions as well as a description of the principal risks and uncertainties for the remaining six months of the year.

Mr. Abdeslem Ahizoune

Chairman of the Management Board

1.3PERSONS RESPONSIBLE FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Statutory Auditors

Deloitte Audit, represented by M. Adnane FAOUZI

Boulevard Sidi Mohammed Ben Abdellah, Tour Ivoire III, 3ème étage, La Marina Casablanca, Maroc

First appointed by the general meeting of 26 April 2016, his mandate was renewed at the general meeting of 29 April 2022 for a period of three financial years, i.e. until the end of the ordinary general meeting called to approve the accounts for the financial year ending 31 December 2024.

BDO Audit, Tax & Advisory, represented by M. Abderrahim GRINE

Rue Al Maysse AC9 Secteur 15 Hay Riad Rabat, Maroc

First appointed by the Annual General Meeting of March 31, 2023, for a term of three years, i.e. until the close of the Annual General Meeting called to approve the financial statements for the year ending December 31, 2025.

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To shareholders

ITISSALAT AL-MAGHRIB (IAM) S.A

Avenue Annakhil, Rabat

Maroc

This is a free translation into English of the statutory auditor's limited review report on the half-yearly financial information issued in French and is provided solely for the convenience of English-speaking users.

LIMITED REVIEW REPORT ON THE INTERIM CONSOLIDATED FINANCIAL

SITUATION OF ITISSALAT AL MAGHRIB (IAM) S.A

PERIOD FROM JANUARY 1st TO JUNE 30th, 2024

We have conducted a limited review of the interim consolidated financial situation of Itissalat Al Maghrib (IAM) S.A and its subsidiaries (Itissalat Al Maghrib Group) which comprise the consolidated statement of financial position, the consolidated statement of comprehensive income, the consolidation perimeter and a selection of explanatory information related to the period from 1st to June 30th June 2024. These interim consolidated financial statements show an amount of consolidated equity of MMAD 15.642 including a consolidated loss of MMAD 690.

We conducted our review in accordance with professional standards applicable in Morocco. Those standards require that a limited review should be planned and executed in order to obtain a moderate assurance that the interim consolidated financial situation referred to in the preceding first paragraph are free from material misstatement. A limited review includes mainly making inquiries of the company's staff and analytical review to financial data; thus, it provides a lower level if assurance than an audit. We have not conducted an audit, and accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the approved accompanying consolidated financial situation, do not give a true and fair view of financial performance of the Group Itissalat Al Maghrib S.A. at June 30th, 2024, and its financial position and assets according to International Accounting Standards IAS/IFRS, as adopted by the European Union.

We refer you to the mentions inserted in notes 8.2 and 9 which sets out the accounting treatment related to the litigation presented in these statements. Our conclusion remains unchanged.

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To Shareholders

ITISSALAT AL-MAGHRIB (IAM) S.A

Annakhil Avenue, Rabat

Morocco

This is a free translation into English of our limited review report on the half-year individual financial statements issued in French and it is provided solely for the convenience of English-speaking users.

REPORT ON THE LIMITED REVIEW OF INTERIM FINANCIAL STATEMENTS of

ITISSALAT AL-MAGHRIB (IAM) S.A. (Statutory Financial Statement)

PERIOD FROM JANUARY 1st TO JUNE 30th, 2024

In application of provisions of the Dahir carrying Law No. 1-93-212 of 21 September 1993, as modified and completed, we have reviewed the interim financial statements of ITISSALAT AL MAGHRIB (IAM) S.A. which comprise the statement of financial position, the statement of profit and loss and a selection of additional disclosures (ETIC), related to the period from January 1st to June 30th, 2024. Those interim financial statements, which show a total equity of MAD 13.418.841 thousand including a loss of MAD 1.686.678 thousand, are the responsibility of management of ITISSALAT AL MAGHRIB (IAM) S.A.

We conducted our review in accordance with professional Standards applicable in Morocco related to limited review engagements. Those standards require that we plan and perform the review in order to obtain a moderate assurance that financial statements are free from material misstatement. A review includes mainly making inquiries of the company's staff and analytical review of financial data; thus, it provides a lower level of assurance than an audit. We have not conducted an audit, and accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the approved accompanying interim financial statements, do not present fairly the result of the period's transactions of ITISSALAT AL MAGHRIB (IAM) S.A., the financial position and its assets as at June 30th, 2024, in accordance with Generally Accepted Accounting Principles in Morocco.

We refer you to the mentions inserted in statement B5, B15 and C5 which sets out the accounting treatment relating to the litigation presented in these statements. Our conclusion remains unchanged.

Casablanca, 23th July 2024

The Statutory Auditors

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2. HALF YEAR ACTIVITY REPORT