Taqa Morocco: Consolidated Net Income Increases by 5.1% by the End of September 2026

Taqa Morocco Continues Financial Growth in the First Nine Months of 2026

Taqa Morocco has reported financial progress during the first nine months of 2026. By the end of September, the group’s consolidated net income stood at 930 million dirhams (MDH), reflecting a 5.1% increase compared to the same period last year. The group’s share of net income (RNPG) reached 723 MDH, marking a rise of 6.1%.

This growth comes amid a slight uptick in business activity. The consolidated revenue rose to 8 billion dirhams (MMDH), up from 7.95 MMDH at the end of September 2025, reflecting an increase of 42 MDH. Operating income also saw a growth of 1.2%, rising from 1.82 MMDH to 1.85 MMDH over the period.

Significant Growth in Q3

In the third quarter of 2026 alone, Taqa Morocco recorded a marked increase in revenue. The consolidated revenue hit 2.91 MMDH, up from 2.57 MMDH in the same period of 2025, which translates to a growth of 12.9%.

According to the group, this increase is mainly attributed to rising energy costs following the surge in coal prices on international markets.

From an operational standpoint, the overall availability rate of Units 1 to 6 of the thermal power plant was 89.3% during the first nine months of 2026, down from 91.9% a year earlier. This decline is largely due to a scheduled minor overhaul lasting 25 days for Unit 3, as well as planned inspections for Units 1, 2, 5, and 6.

Conversely, availability improved in the third quarter, reaching 94.7%, compared to 92.5% during the same period in 2025.

Net Debt Decreases by 463 Million Dirhams

The group’s financial situation also highlighted a decrease in consolidated net debt, which stood at 5.38 MMDH as of September 30, 2026, a reduction of 463 MDH compared to September 30, 2025.

Taqa Morocco credits this development to effective cash flow management and adherence to its debt repayment schedule.

In addition, investments surged in the third quarter, increasing from 15 MDH in 2025 to 128 MDH in 2026. This growth aligns with the group’s strategy of diversifying and developing its activities.

This transformation is accompanied by a gradual reorganization of its operational model, traditionally centered on thermal production, towards a structure encompassing multiple businesses and activities. This restructuring principle was approved by the Supervisory Board on July 17, 2026.

The initial phase, currently being implemented, involves consolidating certain rights, obligations, and assets related to Units 1 to 4 of the Jorf Lasfar thermal power plant within the Jorf Lasfar Energy Company 1-4 (JLEC 1-4), a wholly owned subsidiary of Taqa Morocco.

Within this framework, the transfer of a 2.7 billion dirham bond loan to JLEC 1-4 was unanimously approved by the bondholders’ General Assembly, convened on October 26, 2026.

Four New Companies in Gas, Renewables, and Desalination

The group’s diversification strategy also materialized in 2026 with the establishment of four new special purpose vehicles (SPVs), each owned 42.5% by Taqa Morocco. These entities were included in the group’s consolidation scope for the first time as of September 30, 2026.

The first, Tahaddart Energy Company 2&3, is dedicated to developing, constructing, and operating combined cycle gas-fired power plants, as well as the associated gas pipelines.

The second, Lamsid Green Energy Company, focuses on the development and operation of electricity production plants powered by renewable sources, including wind and solar energy, along with the marketing of the generated electricity.

The other two companies are dedicated to seawater desalination. Oriental Desalination Company is responsible for the development, construction, and operation of a desalination facility and associated renewable electricity production installations in Al Barkanyene, Nador province, in the Oriental region.

Tanger Desalination Company is working on a seawater desalination project and developing renewable electricity production facilities associated with it in Tangier.

Through these new entities, Taqa Morocco aims to build a diverse portfolio of activities based on various energy and water technologies and infrastructures.

Boujmil: A First Green Financing for a 96 MW Wind Farm

In the renewable energy sector, the group also reached a new milestone by securing its first green financing aimed at developing the first phase of the Boujmil wind farm.

The project is expected to have a production capacity of 96 megawatts (MW), with an estimated investment of around 1.3 billion dirhams. This initiative aligns with Taqa Morocco’s goal of strengthening its positioning in low-carbon energy infrastructure, complementing its historical activities in coal-fired electricity production.

Additionally, the group continues to integrate environmental, social, and governance (ESG) criteria into its operations and management processes. In this regard, it highlights its renewal of membership in the MASI ESG index in 2026 as part of its ongoing extrafinancial performance monitoring efforts.

These various initiatives reflect the evolution of Taqa Morocco’s model, which aims to gradually expand its portfolio beyond thermal production by investing in renewable energy, natural gas, and desalination infrastructure.