Mutandis SCA Income Statement

Financials in millions MAD. Fiscal year is January - December.

Millions MAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	2,022	2,117	2,167	2,329	1,685
Revenue Growth (YoY)	-4.48%	-2.31%	-6.97%	38.22%	20.68%
Cost of Revenue	1,199	1,190	1,362	1,593	1,099
Gross Profit	822.4	926.75	804.1	735.57	586.36
Selling, General & Admin	493.84	559.41	509.73	460.36	357.02
Amortization of Goodwill & Intangibles	-	-	-	89.63	-
Other Operating Expenses	41.37	-9.1	24.63	14	24.06
Operating Expenses	640.56	666.35	618.8	563.99	467.34
Operating Income	181.83	260.4	185.3	171.59	119.03
Interest Expense	-13.84	-47.93	-52.47	-29.87	-36.11
Other Non Operating Income (Expenses)	12.03	-	-0	-	0
EBT Excluding Unusual Items	180.02	212.47	132.83	141.71	82.92
Gain (Loss) on Sale of Investments	-	-	-	-	-1.4
Pretax Income	180.02	212.47	132.83	141.71	81.52
Income Tax Expense	53.25	53.82	39.87	42.02	21.41
Earnings From Continuing Operations	126.77	158.65	92.96	99.7	60.11
Minority Interest in Earnings	-0.61	-	-	-0.17	-0.17
Net Income	126.16	158.65	92.96	99.52	59.94
Net Income to Common	126.16	158.65	92.96	99.52	59.94
Net Income Growth	-20.48%	70.67%	-6.60%	66.05%	-11.36%
Shares Outstanding (Basic)	9	9	9	9	-
Shares Outstanding (Diluted)	9	9	9	9	-
Shares Change (YoY)	-	0.01%	-0.04%	-	-
EPS (Basic)	13.64	17.16	10.05	10.76	-
EPS (Diluted)	13.64	17.16	10.05	10.76	-
EPS Growth	-20.48%	70.65%	-6.56%	-	-
Free Cash Flow	170.9	46.84	39.69	-181.91	153.31
Free Cash Flow Per Share	18.48	5.07	4.29	-19.67	-
Dividend Per Share	10.500	10.500	10.500	8.500	-
Dividend Growth	-	-	23.53%	-	-
Gross Margin	40.68%	43.79%	37.11%	31.58%	34.80%
Operating Margin	8.99%	12.30%	8.55%	7.37%	7.06%
Profit Margin	6.24%	7.50%	4.29%	4.27%	3.56%
Free Cash Flow Margin	8.45%	2.21%	1.83%	-7.81%	9.10%
EBITDA	287.19	421.74	269.73	261.22	205.29
EBITDA Margin	14.21%	19.93%	12.45%	11.22%	12.18%
D&A For EBITDA	105.36	161.35	84.44	89.63	86.26
EBIT	181.83	260.4	185.3	171.59	119.03
EBIT Margin	8.99%	12.30%	8.55%	7.37%	7.06%
Effective Tax Rate	29.58%	25.33%	30.02%	29.65%	26.26%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.