EPA:IAM 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	36,681	36,699	36,786	35,731	35,790
Revenue Growth (YoY)	-0.05%	-0.24%	2.95%	-0.17%	-2.66%
Cost of Revenue	7,825	7,860	8,230	8,033	9,155
Gross Profit	28,856	28,839	28,556	27,698	26,635
Selling, General & Admin	-	574	492	426	398
Other Operating Expenses	7,598	15,330	8,767	11,138	7,174
Operating Expenses	15,309	22,777	16,950	18,709	15,049
Operating Income	13,547	6,062	11,606	8,989	11,586
Interest Expense	-1,053	-1,074	-892	-706	-826
Interest & Investment Income	65	59	42	18	27
Earnings From Equity Investments	-1	-	-	-	-
Currency Exchange Gain (Loss)	-	-86	-84	-34	-52
Other Non Operating Income (Expenses)	-25	-10	27	-22	-113
EBT Excluding Unusual Items	12,533	4,951	10,699	8,245	10,622
Merger & Restructuring Charges	-	-	-	-2	-14
Other Unusual Items	-	-	-700	-	-
Pretax Income	12,533	4,951	9,999	8,243	10,608
Income Tax Expense	4,610	2,291	3,838	4,604	3,680
Earnings From Continuing Operations	7,923	2,660	6,161	3,639	6,928
Minority Interest in Earnings	-955	-859	-878	-889	-920
Net Income	6,968	1,801	5,283	2,750	6,008
Net Income to Common	6,968	1,801	5,283	2,750	6,008
Net Income Growth	286.90%	-65.91%	92.11%	-54.23%	10.79%
Shares Outstanding (Basic)	879	879	879	879	879
Shares Outstanding (Diluted)	879	879	879	879	879
EPS (Basic)	7.93	2.05	6.01	3.13	6.83
EPS (Diluted)	7.93	2.05	6.01	3.13	6.83
EPS Growth	286.90%	-65.91%	92.11%	-54.20%	10.72%
Free Cash Flow	9,095	-65	5,076	4,929	8,265
Free Cash Flow Per Share	10.35	-0.07	5.77	5.61	9.40
Dividend Per Share	4.000	1.430	4.200	2.190	4.780
Dividend Growth	179.72%	-65.95%	91.78%	-54.18%	19.20%
Gross Margin	78.67%	78.58%	77.63%	77.52%	74.42%
Operating Margin	36.93%	16.52%	31.55%	25.16%	32.37%
Profit Margin	19.00%	4.91%	14.36%	7.70%	16.79%
Free Cash Flow Margin	24.80%	-0.18%	13.80%	13.79%	23.09%
EBITDA	21,277	12,273	16,996	15,047	17,632
EBITDA Margin	58.01%	33.44%	46.20%	42.11%	49.27%
D&A For EBITDA	7,730	6,211	5,390	6,058	6,046
EBIT	13,547	6,062	11,606	8,989	11,586
EBIT Margin	36.93%	16.52%	31.55%	25.16%	32.37%
Effective Tax Rate	36.78%	46.27%	38.38%	55.85%	34.69%

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