T2S Group Holding is pursuing its financial strengthening strategy with a capital increase of approximately MAD 142.53 million, only a few weeks after its listing on the Casablanca Stock Exchange. The transaction comes as the group, which specializes in medical technologies and solutions, enters a phase of accelerated growth.

The capital increase amounts to precisely MAD 142.531 million, including the issue premium, and involves the issuance of 798,944 new shares at a price of MAD 178.40 per share, with a nominal value of MAD 50 per share.

The transaction follows T2S Group’s initial public offering (IPO) completed in July 2026. The IPO included the issuance of 1,569,506 new shares at MAD 223 per share, representing a capital increase of MAD 350 million.

In addition, 3,363,228 existing shares were offered for sale, for an amount that could reach MAD 750 million, bringing the maximum overall value of the stock-market transaction to approximately MAD 1.10 billion.

The listing enabled T2S Group to enter a new phase of development, diversify its sources of financing and strengthen its presence on Morocco’s capital market.

Financial data contained in the group’s regulatory documentation show strong business growth. Consolidated revenue increased from MAD 1.374 billion in 2023 to MAD 1.508 billion in 2024, before reaching MAD 1.763 billion in 2025.

Revenue therefore increased by approximately MAD 389 million between 2023 and 2025, representing cumulative growth of around 28.3% over two years.

Gross margin also improved significantly, rising from MAD 469.7 million in 2023 to MAD 545.9 million in 2024, and then to MAD 683.1 million in 2025.

Gross margin now represents around 39% of revenue, compared with approximately 34% two years earlier, reflecting the group’s improved ability to generate value from its operations.

Operating income before operating depreciation and provisions reached MAD 453.7 million in 2025, compared with MAD 308.8 million in 2024 and MAD 285.6 million in 2023, representing annual growth of nearly 47%.

Consolidated net income recorded an even stronger increase. After reaching MAD 79.9 million in 2023 and MAD 77.6 million in 2024, it surged to MAD 211.3 million in 2025, an increase of more than 172% in one year.

Net margin consequently reached approximately 12% of revenue in 2025, compared with 5.1% in 2024.

At the same time, the group’s consolidated equity strengthened, increasing from MAD 1.153 billion in 2023 to MAD 1.225 billion in 2024, and then to MAD 1.442 billion in 2025.

Another significant indicator is the reduction in net debt, which fell from MAD 553.2 million in 2024 to MAD 222.3 million in 2025, a decrease of nearly 60% in one year.

The net debt-to-equity ratio, or gearing, also declined substantially, from 45.1% to 15.4%, highlighting a significant improvement in the group’s financial structure.

The new MAD 142.53 million capital increase therefore comes against a backdrop of rising revenue, stronger profitability, higher equity and lower debt.

According to the business plan presented as part of the IPO, the group expects to maintain this growth trajectory over the coming years. Consolidated revenue is projected to reach MAD 2.144 billion in 2026, MAD 2.589 billion in 2027, MAD 3.029 billion in 2028, MAD 3.526 billion in 2029 and MAD 4.168 billion in 2030.

If these targets are achieved, revenue would rise from MAD 1.763 billion in 2025 to more than MAD 4.1 billion in 2030, representing an increase of approximately 2.4 times over five years.

Consolidated net income is projected at MAD 241 million in 2026, MAD 312 million in 2027, MAD 390 million in 2028, MAD 481 million in 2029 and MAD 607 million in 2030.

Net investments are expected to reach MAD 84 million in 2026, MAD 134 million in 2027, before declining to MAD 33 million in 2028, MAD 39 million in 2029 and MAD 46 million in 2030.

The business plan also forecasts a continued strengthening of consolidated equity, which could rise from MAD 1.684 billion in 2026 to MAD 2.507 billion in 2030.

At the same time, net financial debt is expected to decline progressively, from approximately MAD 244 million in 2026 to MAD 239 million in 2027 and MAD 125 million in 2028, before turning into a net cash position from 2029 and reaching approximately negative MAD 229 million in 2030, according to the business plan assumptions.

The projected dividend policy includes distributions of MAD 195 million in 2027, MAD 220 million in 2028, MAD 250 million in 2029 and MAD 300 million in 2030.

Through this MAD 142.53 million capital increase, T2S Group therefore aims to consolidate its financial structure and use the capital market as a tool to support its expansion.

The transaction goes beyond a simple capital increase and reflects the growing importance of financial markets in financing Moroccan companies, particularly those operating in technology- and industrial sectors with high added value.

For T2S Group, the challenge now is to turn its access to the capital market into an effective tool for financing growth and investment while maintaining a solid financial structure.

If the objectives set out in its business plan are achieved, the group aims to exceed MAD 4.1 billion in revenue and reach MAD 607 million in net income by 2030, marking a new phase of growth and expansion.