Managem S.A. (MNG) H2 2025 earnings summary

Executive summary

• Consolidated revenue reached MAD 13,694 million, up 55% year-over-year, driven by the successful ramp-up of Boto (gold, Senegal) and Tizert (copper, Morocco), and favorable metal prices.

• EBITDA rose 125% to MAD 5,982 million, with a margin of 44% versus 30% in 2024.

• Net income attributable to the group soared to MAD 3,002 million, a 384% increase from 2024.

• Major investments of MAD 5,878 million focused on new projects and infrastructure, notably Tizert, Boto, and the Tendrara gas project.

• The group consolidated its position in critical and precious metals, and advanced its diversification into industrial natural gas.

Financial highlights

• Revenue: MAD 13,694 million (+55% vs. 2024).

• EBITDA: MAD 5,982 million (+125%).

• Operating income: MAD 3,993 million (+210%).

• Net income (group share): MAD 3,002 million (+384%).

• Net financial debt: MAD 12,674 million (gearing ratio 101.2%).

• Equity: MAD 12,530 million.

• Dividend: MAD 55 per share.

Outlook and guidance

• Focus on consolidating SMI performance and launching Tizert underground mine by 2028.

• Commissioning of Tendrara gas project phase 1 in 2026.

• Continued development of energy transition projects and gold assets in West Africa (Karita, Etéké).