The Marsa Maroc group, the main port operator in Morocco, closed the 2025 fiscal year with a total traffic of 67.1 million tons, which represents a 6% increase compared to the previous year, according to the financial communication related to the fourth quarter indicators published by the company. The result was supported by the positive performance of all activity segments, with particular emphasis on the traffic of import and export containers, and was achieved despite the adverse weather conditions recorded during the last quarter of the year, which temporarily affected vessel call operations.
In the container segment, the accumulated traffic as of December 31, 2025 reached 3,024,680 TEU, 4% more than in the previous year. Domestic traffic recorded a growth of 6%, reaching 1,311,656 TEU, while transshipment operations totaled 1,713,024 TEU, with an advance of 3%. Bulk traffic also showed positive figures: liquid bulk increased by 5%, reaching 11 million tons, and solid bulk and general cargo rose by 4%, reaching 22 million tons, supported by higher volumes of coal, scrap, and clinker. In the new vehicles section, the increase was 50%, with 154,000 units, while IRT (international road transport) traffic grew by 11%, with 27,000 units. In isolation, total traffic in the fourth quarter was 16 million tons, with a slight increase of 0.2%.
The consolidated revenues of the group reached 533 million euros, 16% more than in 2024, when they were 462 million. In the fourth quarter, sales amounted to 136 million euros, 15% above the 119 million in the same period of the previous year. According to the company, these results reflect both the increase in managed volumes and the progressive expansion of the group's service offering, particularly through the integration of new logistics services, in line with its strategy of consolidation in the port and logistics value chain.
In terms of international expansion, Marsa Maroc took two significant steps during the last part of 2025. In October, the group formalized a strategic agreement with CMA CGM for the operation of the West Container Terminal at the Nador West Med port. The alliance combines CMA CGM's global maritime transport network and traffic volumes with Marsa Maroc's operational expertise. In December, the company closed a strategic alliance with Boluda Maritime Corporation, through which its subsidiary Marsa Maroc International Logistics (MMIL) acquired a 45% stake in the capital and voting rights of Boluda Maritime Terminals, the port terminal division of the Spanish group. This operation expands the group's presence on both sides of the Strait of Gibraltar and extends its activity to 34 terminals in 20 ports, according to the company's financial communication.
The group's consolidation perimeter was modified during the fourth quarter with the integration of West Med Container Terminal (WMCT), which operates the East Container Terminal at Nador West Med port. Marsa Maroc possesses a 50% plus one share in WMCT. The terminal was consolidated at 100% by Marsa Maroc as of December 31, 2025, with the entry of the partner Terminal Investment Limited (TIL), which will take 50% minus one share of the capital and voting rights of WMCT starting January 2026.
Regarding investments, the group committed a total of 223 million euros as of December 2025, compared to 66 million in the previous fiscal year, representing a 238% increase. The investment program included the acquisition of 18 quay cranes (STS) and 50 RTG cranes for the container terminals at Nador West Med and Casablanca ports, as well as superstructure works at the two new terminals in Nador West Med and modernization and capacity expansion efforts at the ports of Casablanca and Jorf Lasfar, aimed at improving service quality, productivity, and competitiveness.
The financial structure of the group remained solid at the end of the fiscal year, with a negative net debt of 69 million euros, consisting of a financial debt of 126 million euros and cash and equivalents of 195 million euros. This financial position, according to Marsa Maroc, supports the group's ability to finance its growth and investment projects while maintaining a high degree of financial flexibility.