T2S Group: Revenue Soars by 27% in H1 2026
T2S Group continues its growth momentum both in Morocco and internationally. The Moroccan specialist in integrated medical technologies reported consolidated revenue of 983 million dirhams in the first half of 2026, compared to 772 million dirhams during the same period in 2025, marking an impressive 27% increase.
In the second quarter alone, the group’s revenue reached 485 million dirhams, representing a 10% rise from the 441 million dirhams recorded in the second quarter of 2025.
This performance comes amid a buoyant Moroccan medical technology market, boosted by increased public investment in healthcare, the expansion of the private sector, and the widening of medical coverage.
Medical Equipment Drives Growth
High-tech equipment remains the core business of T2S Group. By the end of June 2026, this segment generated 464 million dirhams, up from 330 million dirhams the previous year.
This segment includes solutions for radiology, oncology, operating rooms, and hospital care. The group emphasizes that demand is particularly fueled by the modernization of public health facilities and a growing interest in equipment that incorporates advanced technologies, especially artificial intelligence and digitalization solutions.
Other activities also experienced growth. Medical devices and in-vitro diagnostic solutions accounted for 272 million dirhams, up from 249 million dirhams a year earlier. Services reached 115 million dirhams, while the Pharma diagnostic segment totaled 70 million dirhams.
However, the most notable growth was in digital systems, which saw revenue surge from 24 million to 62 million dirhams within a year.
International Activity Sees Strong Growth
T2S Group is also witnessing an acceleration in its international development.
Revenue generated in Morocco amounted to 861 million dirhams, reflecting a 16% year-on-year increase. This represents 88% of the group’s consolidated revenue.
On the international front, revenue skyrocketed to 122 million dirhams, marking a staggering 297% increase and now accounting for 12% of consolidated revenue.
This growth is mainly driven by projects aimed at equipping healthcare facilities in French-speaking African countries. The group aims to continue its expansion in African markets where it already has a presence.
Maintenance Contracts Strengthen Recurring Revenue
The services sector is also benefiting from the increase in installed equipment.
By the end of June 2026, 244 healthcare facilities were covered by maintenance contracts, a 20% increase over the previous year. The number of devices under contract reached 2,473 units, a rise of 24% compared to June 2025.
This development allows T2S Group to enhance the recurrence of its revenues and solidify its relationships with clients.
Investment Decreases by 19%
Despite the growth in its business, T2S Group has reduced its investments during the first six months of the year.
Investments amounted to 13 million dirhams, down from 16 million dirhams a year earlier, representing a 19% decrease.
Expenditures primarily focused on expanding the commercial fleet and acquiring laboratory automation systems aimed at supporting the sales of reagents marketed by the group in Morocco.
Net Debt Reaches 788 Million Dirhams
As of June 30, 2026, T2S Group’s consolidated net debt stood at 788 million dirhams, compared to 222 million dirhams at the end of December 2025.
The group attributes this change mainly to collection seasonality. In the high-tech medical equipment sector, the first half of the year is largely dedicated to installation, user training, and commissioning of equipment, while revenue collection primarily takes place in the second half.
The increase in debt is also linked to the acquisition of 45.5% of the minority shares in Cyclopharma S.A.
T2S Expands its Scope Following IPO
The group’s consolidation scope expanded in the first half of 2026 with the integration of this additional stake in Cyclopharma.
T2S Group also established a 100%-owned subsidiary in the United Arab Emirates, named Techniques Sciences Santé International Medical Trading, aimed at supporting its development in Africa.
These results come just weeks after T2S Group’s listing on the Casablanca Stock Exchange in July 2026, making it the 81st company to be publicly listed on the Moroccan financial market.
The data released corresponds to consolidated accounts prepared in accordance with IFRS standards and remains unaudited.
