Managem stock: Managem reports 166 percent revenue growth. What it means for Managem stock

Published on 10/22/2026 at 05:35 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half revenue reached MAD 11.76 billion, up 166 percent. Managem stock net income rose to MAD 3.78 billion from MAD 380 million.

Earnings and scale in view

On September 25, 2026, Le Matin reported MAD 11.76 billion in first-half revenue, up 166 percent.
Operating margin reached 53 percent in the first half of 2026, versus 33 percent a year earlier.
Net income attributable to the group reached MAD 3.78 billion in the first half of 2026, versus MAD 380 million.

MNG, MA0000012866, Illustration mit AI erstellt.

Managem (ISIN MA0000012866) reported MAD 11.76 billion in consolidated revenue for the first half of 2026, up 166 percent from MAD 4.42 billion a year earlier. Le Matin reported the figures on September 25, 2026, linking the increase to the ramp-up of the Tizert copper mine in Morocco and the Boto gold mine in Senegal.

What does the growth mean?

The earnings mix shifted sharply toward the new mines. Net income attributable to the group reached MAD 3.78 billion in the first half of 2026, compared with MAD 380 million in the first half of 2025. MarketScreener also reported first-half sales of MAD 11.764 billion and net income of MAD 3.778 billion, both compared with the prior-year period.

Margins show the operating change

Operating leverage was visible in the first-half margin. Managem's operating earnings before depreciation and amortization reached MAD 6.19 billion, versus MAD 1.44 billion a year earlier, while the operating margin rose to 53 percent from 33 percent. The increase was not uniform across the portfolio: Le Matin reported weaker silver output at Imiter and lower gold production at Tri-K during the period.

For Managem stock, the key question is whether the new assets can sustain their contribution after reaching nominal capacity. The first-half figures show a company with higher production scale, but they also leave investors watching operating execution at the older mines.

New mines set the earnings context

Tizert and Boto were the central operational developments behind the first-half comparison. Their contribution combined with higher precious-metal and copper prices to lift revenue, while the group described the second half of 2026 as a consolidation phase after the production ramp-up.

Company profile and listing

Managem is a Morocco-based mining and hydrometallurgical company producing gold, silver, cobalt, zinc, copper and related concentrates. Its shares trade under ticker MNG on the Casablanca Stock Exchange.