Maroc Telecom is the incumbent Moroccan operator and the market's best-known dividend stock. This is a research profile of the group (ticker IAM, listed in Casablanca and Paris): who owns it, how it earns, the Inwi settlement that cut then restored the payout, and the factors that actually move the share price.
Why investors follow it: IAM is held mostly for income. It trades more like a bond proxy than a growth stock, so the single biggest driver is the dividend, and the dividend has just been through a dramatic cut-and-recovery cycle driven by a competitor lawsuit.
Maroc Telecom (Itissalat Al-Maghrib) is Morocco's incumbent telecom operator, dual-listed on the Bourse de Casablanca and Euronext Paris and controlled by the UAE group e& (formerly Etisalat, about 53%), with the Moroccan State at roughly 22%. Alongside Morocco it runs 10 African subsidiaries under the Moov Africa brand, for a group total of 77 million customers. For FY2025 it reported revenue of about 36.7 billion MAD (up 1.4%) and group EBITDA of about 18.5 billion MAD; reported net income of about 7.0 billion MAD was flattered by roughly 2 billion of exceptional income from the Inwi settlement, leaving underlying net income near 5.65 billion (down 4.3%).
Analysis basis: as of 23 July 2026. Sources: the FY2025 results release (published February 2026) as reported by Moroccan and French financial media, Maroc Telecom investor relations, and the AMMC issuer record. Figures are reported values, not forecasts; the official iam.ma PDF is the version to check before relying on any single decimal.
Résumé (FR) : Maroc Telecom (Itissalat Al-Maghrib) est l'opérateur historique du Maroc, coté à Casablanca et à Paris, contrôlé par l'émirati e& (ex-Etisalat, environ 53%), l'État marocain détenant environ 22%. Pour l'exercice 2025, le chiffre d'affaires consolidé atteint environ 36,7 milliards de dirhams (+1,4%) et l'EBITDA de groupe environ 18,5 milliards. Le résultat net publié (environ 7,0 milliards) est gonflé par près de 2 milliards de produits exceptionnels liés à l'accord avec Inwi ; hors cet effet, le résultat net sous-jacent ressort à environ 5,65 milliards (-4,3%). Le dividende proposé au titre de 2025 remonte à 4,00 dirhams après la coupe de 2024.
Maroc Telecom, legally Itissalat Al-Maghrib S.A., is Morocco's incumbent telecom operator, offering mobile, fixed-line, broadband and fibre, and mobile-money services. It is dual-listed under the ticker IAM on both the Bourse de Casablanca and Euronext Paris, which gives it international visibility and a base of European institutional holders alongside a large domestic retail following. As a listed issuer it sits under AMMC market supervision, while the telecom sector itself is regulated by the ANRT (Agence Nationale de Reglementation des Telecommunications), whose rulings on interconnection, unbundling and spectrum shape the whole industry's economics.
Beyond Morocco, the group runs 10 African subsidiaries that have operated since January 2021 under a single brand, Moov Africa: Benin, Burkina Faso, Cote d'Ivoire, Gabon, Mali, Mauritania, Niger, the Central African Republic, Chad and Togo. Together with Morocco the group served a total of 77 million customers at end-FY2025 (up 3.6%), of which roughly 22 million are in Morocco. That split matters: the Moroccan base is mature and under competitive pressure, while the international book is the group's growth engine, so reading IAM means reading the geography inside the results, not just the consolidated headline. A governance change also landed in early 2025, when Mohamed Benchaaboun (a former ANRT director general, finance minister and bank CEO) took over as head of the board from 1 March 2025, ending Abdeslam Ahizoune's 27-year tenure at the top of the company.
Control sits with e& (Emirates Telecommunications Group, formerly Etisalat), which holds about 53% of the capital and has been the reference shareholder since 2014, when it raised its stake from 48.4% to 53% and put a shareholders' pact in place. The Kingdom of Morocco is the second anchor at roughly 22%, a level it has held since 2019, when it sold an 8% block (bringing its stake down from 30%) under that year's Finance Law. The remaining free float of about 25% is what actually trades in Casablanca and Paris. For a minority investor the practical takeaway is that strategy and payout are set by e& and the State together; the free float has limited sway over group decisions, so the read is on what those two owners want from the asset, which has historically been cash.
The first and largest driver is the dividend. IAM is bought for yield, paid once a year after the general meeting, and the payout ratio is high, so anything that threatens free cash flow, be it a legal charge or a step-up in capital spending, feeds straight through to the share price. FY2025 CAPEX ran at about 25.6% of revenue as the group built out 5G (launched in Morocco during the year) and fibre, which is the structural tension in the story: a mature cash cow that still has to invest heavily to defend its network.
The second driver is domestic competition. Morocco is a three-player mobile market shared with Inwi and Orange Maroc, and price competition keeps pressure on Moroccan ARPU and margins; the Morocco segment's EBITDA fell about 6.6% in FY2025 even as the group total held up. The third is the Moov Africa growth engine: international revenue rose about 5.3% in FY2025 and increasingly offsets the flat-to-declining domestic base, so African subscriber and revenue trends can re-rate or de-rate the stock. Layered on top are ANRT regulatory decisions and the euro, since African results flow back through currencies that are often euro-linked, which is why EUR/MAD sits in the stat bar above.
No single factor mattered more to IAM's shares across 2024 and 2025 than its long-running dispute with Wana Corporate (Inwi) over access to the local loop. Moroccan commercial courts, on appeal in Casablanca, ordered Maroc Telecom to pay roughly 6.4 billion MAD to Inwi for anticompetitive conduct, and the group paid the bulk of it in July 2024. That charge is the direct reason the FY2024 dividend was slashed to 1.43 MAD per share.
On 27 March 2025 the two operators announced a settlement and a pivot to partnership: Inwi waived about 2 billion MAD of the indemnity (reducing it from roughly 6.4 to 4.4 billion), and the pair agreed to build two jointly owned infrastructure ventures, a 50/50 fibre company and a 50/50 towers company, to share the cost of the next network build-out. The waiver is what produced the roughly 2 billion MAD of exceptional income that inflated FY2025 reported net profit, and the improved outlook is what let the board propose restoring the dividend to 4.00 MAD. For a reader, the lesson is durable: for a company held for income, a single regulatory or legal ruling can matter more than a year of operating trends.
Maroc Telecom published FY2025 results in February 2026. As reported by Moroccan and French financial media citing the group's release, consolidated revenue was about 36.7 billion MAD (up 1.4%), group EBITDA about 18.5 billion MAD (down 2.4%) at a margin above 50%, and the total customer base 77 million. The line that needs care is net income. The reported net income group share of about 7.0 billion MAD was lifted by roughly 2 billion MAD of exceptional income from the Inwi settlement; excluding that one-off, adjusted net income group share was about 5.65 billion MAD, down 4.3%. When a headline profit jumps on a settlement reversal, the adjusted figure is the one that describes the underlying business, and here it says underlying earnings actually softened.
Two supporting numbers frame the balance sheet and the payout: net debt was a comfortable 0.9 times EBITDA, and CAPEX (excluding frequencies and licences) was about 25.6% of revenue. When a new IAM filing lands, the split worth opening the document for is Morocco versus international: the domestic segment shows the competitive squeeze, while Moov Africa shows the growth. The primary regulatory filings are archived on the AMMC issuers space, and the group's own results brochure is published on iam.ma.
IAM has long been one of the MASI's core income names, historically paying a high and regular dividend in the region of 4 MAD per share before the FY2024 disruption. The table below shows the recent, well-sourced arc; the pre-2023 per-share figures reported by data aggregators mix financial-year and payment-year labelling, so they are described in prose rather than published here as precise numbers.
| Financial year | Dividend / share (MAD) | Note |
|---|---|---|
| FY2023 | 4.20 | the high-payout norm before the dispute |
| FY2024 | 1.43 | cut to fund the ~6.4bn MAD Inwi payment |
| FY2025 | 4.00 | proposed by the Board, subject to AGM approval |
Source: FY2023 and FY2024 figures from Moroccan financial media reporting the results; the FY2025 figure is from the official FY2025 release and is a Board proposal pending the general meeting.
The clearest risk is dividend sustainability: a mature domestic market plus heavy 5G and fibre CAPEX means the payout is not guaranteed, as FY2024 demonstrated. The second is legal and regulatory risk, which the Inwi case showed can cost billions of dirhams and force a payout cut from a single ruling, and which continues through ANRT decisions on tariffs, unbundling and spectrum. The third is competitive erosion of Moroccan ARPU by Inwi and Orange. The fourth is African country and currency risk across Sahel and Central African markets, where political, security and FX conditions can be volatile. Finally there is ownership concentration: with e& at about 53% and the State at about 22%, the free float has little influence over how the group is run or how much cash it returns.
Maroc Telecom is a cash-generative incumbent whose share price is anchored to its dividend, and the last two years are a case study in why the payout, not the revenue line, is the number to watch. A competitor lawsuit cut the FY2024 dividend by roughly two thirds, and a settlement then restored it while temporarily flattering reported profit. Underneath the noise, FY2025 shows a mature Moroccan base under price pressure and a Moov Africa book still growing. For a reader, the discipline is to separate the one-off from the trend: look at adjusted net income and the Morocco-versus-Africa split, and treat the headline profit with caution in any year that carries a settlement. None of this is a recommendation; it is how to read the disclosures the group publishes.
Company facts and figures are drawn from Maroc Telecom's FY2025 results release (published February 2026) as reported by Moroccan and French financial media (Boursenews, Medias24, LesEco, Le360, Morocco World News, MAP), the group's investor-relations publications, and the AMMC issuer record; the reported ISIN is MA0000011488. Market context is from the Bourse de Casablanca. The delayed price on this page comes from the Drahmi feed and may be up to about 90 minutes old.
Maroc Telecom files market disclosures with the AMMC and its sector is regulated by the ANRT. Results are published semiannually (H1) and annually. Where a figure could not be confirmed from a reliable source it has been left out rather than estimated, and the shaky pre-2023 dividend figures are described in words rather than published as precise numbers; how figures are validated is described in the methodology, and any revision is logged in the corrections log. Facts last reviewed 2026-07-23.