Industry Revenue Breakdown:

• Cement: 70%
• Aggregates: 20%
• Concrete: 10%

TOP 3 Markets:

• Morocco: 60%
• Spain: 25%
• France: 15%

Ciments du Maroc Société Anonyme generates the majority of its revenue from the cement sector, which is typical for companies in this industry. The domestic market in Morocco accounts for the largest share of revenue, followed by Spain and France, which are also significant markets for the company. This distribution demonstrates a strong regional presence and a strategic focus on the European market.

Production sites of Ciments du Maroc:

• Cement plants: Safi, Agadir, and Marrakesh
• Grinding plants: Laâyoune and Jorf Lasfar
• Concrete plants: Several locations in Morocco

Ciments du Maroc, a leading company in Morocco's cement industry, operates multiple production facilities in the country. The main cement plants are located in Safi, Agadir, and Marrakesh, while the grinding plants are situated in Laâyoune and Jorf Lasfar. In addition, the company operates a variety of concrete plants to meet the regional demand for concrete products. This strategic distribution of production sites enables Ciments du Maroc to efficiently respond to demand in different regions of the country.

Strategy for Future Growth:

Ciments du Maroc Société Anonyme (CBSE:CMA) is pursuing a multi-faceted growth strategy based on several pillars:

1. Capacity Expansion and Modernization: The company is continuously investing in expanding and modernizing its production facilities to increase efficiency and production capacities. This includes both expanding existing plants and constructing new facilities.

2. Sustainability and Environmental Friendliness: A central part of the strategy is promoting sustainable practices. Ciments du Maroc focuses on reducing CO2 emissions and using alternative fuels. This is intended not only to reduce the ecological footprint but also to enable cost savings.

3. Market Expansion: The company plans to expand its market presence both nationally and internationally. This involves entering new markets and strengthening its position in existing markets through strategic partnerships and acquisitions.

4. Product Innovation: Ciments du Maroc is investing in research and development to develop innovative products that meet the changing needs of the construction industry. This includes particularly the development of specialty cements and other advanced building materials.

This strategy aims to maximize the company's growth potential and secure its competitiveness in a changing market environment.

Main raw materials: Clinker, Gypsum, Coal

Countries of origin:

• Clinker: Spain, Portugal
• Gypsum: Spain, Tunisia
• Coal: South Africa, Russia

Ciments du Maroc mainly imports clinker, gypsum, and coal for cement production. Clinker and gypsum are primarily sourced from Spain and Portugal, as these countries are geographically close and logistically convenient. Coal, used as fuel in cement production, is imported from South Africa and Russia, as these countries export large quantities of high-quality coal.

This import strategy enables Ciments du Maroc to benefit from stable supply chains and competitive prices, which are crucial for cost control and production capacity of the company.

Market share in Morocco: 23% (estimated for 2026)
EBITDA margin: 31% (2025)
Return on Equity (ROE): 18% (2025)

Ciments du Maroc Société Anonyme (CMA) holds a significant competitive advantage in the Moroccan cement market. With an estimated market share of 23% in 2026, the company has a strong position in the industry, attributed to its established brand and broad geographical presence.

The EBITDA margin of 31% in 2025 demonstrates an efficient cost structure and the ability to generate high profits from its operations. A Return on Equity of 18% in the same year indicates that the company effectively maximizes its return on equity.

Additionally, CMA benefits from a solid infrastructure and a well-developed distribution network, increasing barriers to entry for new market participants. Continuous investments in sustainable technologies and optimization of production processes further enhance the company's long-term competitiveness.

Institutional Investor Share: 60% (estimated, 2026)
Insider Buys/Sells: No significant transactions in the last year (estimated, 2026)

Ciments du Maroc Société Anonyme has an estimated institutional investor share of about 60%. This demonstrates the confidence of institutional investors in the company's stability and growth potential.

In 2026, there were no significant insider buys or sells, indicating a stable internal assessment of the company's development. Insider activities are often seen as an indicator of a company's future performance, and the absence of such transactions suggests a neutral to positive assessment of the current company situation by management.

Market share of Ciments du Maroc: Estimated 15% (2026)

Main competitors and their market shares:

1. LafargeHolcim Maroc: 30%
2. Ciments de l'Atlas (CIMAT): 20%
3. Ciments du Maroc (CBSE:CMA): 15%
4. Asment Temara: 10%
5. Ciments du Moyen-Atlas: 8%

Moat of Ciments du Maroc:

Ciments du Maroc has a moderate moat, mainly characterized by its established market presence and strong brand recognition. The company benefits from a solid infrastructure and a well-developed distribution network that helps efficiently distribute its products.

Compared to its competitors, especially LafargeHolcim Maroc, the moat of Ciments du Maroc is less pronounced. LafargeHolcim Maroc has a significant advantage due to its global presence and more extensive resources, allowing it to invest in research and development as well as sustainable technologies. This gives LafargeHolcim a stronger competitive edge.

Ciments de l'Atlas (CIMAT) also has a strong moat through its strategic partnerships and investments in modern production facilities that enable cost-efficient production.

Overall, Ciments du Maroc has a solid but not outstanding moat compared to its main competitors. To strengthen its competitive position, the company could invest in innovations and sustainable practices to differentiate itself from the competition.

Revenue Growth: 8% (2025) Profit Growth: 6% (2025) Market Share in Morocco: 25% (2025)

Ciments du Maroc Société Anonyme achieved a revenue growth of 8% in 2025, attributed to stable demand in the construction sector and an effective market strategy. The 6% profit growth indicates the company's ability to efficiently manage costs and benefit from increased demand.

The company holds a significant market share of 25% in Morocco, highlighting its strong position in the domestic market. This market position allows Ciments du Maroc to benefit from infrastructure projects and the general economic development in the region.

Furthermore, the company has invested in sustainable production methods in recent years, which could lead to long-term cost savings and a better environmental footprint. These factors suggest that Ciments du Maroc has a solid foundation for future growth.

Overall, Ciments du Maroc's stock could be a good investment, especially for investors interested in long-term growth in the construction sector. However, it is important to also consider external factors such as the economic development in Morocco and potential regulatory changes.

Dividend yield: 4.2% (estimated for 2026)
Dividend history: Stable payouts over the last five years

Ciments du Maroc Société Anonyme has regularly distributed dividends in recent years, indicating a reliable dividend policy. The estimated dividend yield of 4.2% for the year 2026 suggests that the company continues to offer an attractive return to its shareholders.

The stability of payouts over the last five years demonstrates that the company is capable of maintaining its dividend policy even in economically challenging times. This indicates a solid financial foundation and a sustainable business model.