Addoha: The Rise in Production Units Redefines Quarterly Assessment

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Addoha’s Q1 2026 Results: Looking Beyond Revenue Growth

At Addoha, the results for the first quarter of 2026 extend beyond a modest increase in revenue. The key takeaway from this quarter lies in the dynamics of production units and the operational pipeline, which more accurately reflect the future trajectory of the company.

A Modest Increase in Revenue

The group reported consolidated revenue of 758 million dirhams, which represents a year-on-year increase of approximately 5%.

While this growth is moderate, it only partially captures the group’s momentum in a sector where revenues are recognized with a time lag.

Slight Rise in Pre-sales

During the quarter, Addoha pre-sold 3,018 units, compared to 2,908 units in the same period last year.

Morocco: 2,369 units
Africa: 649 units (up from 590 previously)

This increase confirms a generally stable demand, with growing contributions from African markets.

A Strong Acceleration in Production

The most significant signal from this quarter comes from ongoing production, which reached 26,995 units, compared to approximately 19,240 units last year.

This increase marks a clear acceleration in the project pipeline, indicating a ramp-up in operational activity for the upcoming quarters.

West Africa Gains Significance

The West African region now accounts for approximately 34% of the units in production, confirming its strategic role in the group’s geographical diversification.

Enhanced Visibility on Future Revenues

Addoha has secured revenue of over 12.1 billion dirhams, distributed as follows:

8.3 billion dirhams in Morocco
3.8 billion dirhams in West Africa

This order backlog provides significant visibility on future revenues, depending on the pace of construction and delivery.

A Controlled Financial Structure

By the end of March 2026, the group’s net debt stood at 4.6 billion dirhams, compared to 4.4 billion at the end of 2025.

The group states that these figures are estimated and unaudited.

A Volume-Centric View of the Quarter

This quarter illustrates an essential point: in real estate, performance cannot be solely assessed through revenue figures.

At Addoha, the significant rise in production units serves as a true forward-looking indicator of growth, far more revealing than immediate revenues.

Transforming this pipeline into realized revenue will be a central challenge in the upcoming quarters, especially given that the group already has a substantial base of committed projects ramping up significantly.