Under the chairmanship of Abdessamad Kayouh, the Board of Directors of ONCF met on 9 April 2026 to review 2025 performance and approve the financial statements and consolidated accounts.
The session confirmed progress on the 96 billion dirham rail investment programme launched in April 2025, with implementation advancing in line with forecasts. The year also included the launch of the Grand Casablanca railway project.
Director General Mohamed Rabie Khlie reported strong investment activity in 2025, including the acceleration of civil works on the Kenitra–Marrakech High-Speed Line and the signing of three major contracts for the acquisition of 168 new-generation trainsets.
ONCF recorded turnover exceeding 5 billion dirhams for the first time. Passenger traffic reached 55.6 million, generating 2.9 billion dirhams in revenue, an increase of 5% year-on-year. The high-speed service Al Boraq carried 5.6 million passengers, generating 848 million dirhams.
Freight activity also expanded, with revenue reaching 744 million dirhams, up 6%, and volumes increasing to 9 million tonnes. Phosphate transport exceeded 14.2 million tonnes, up more than 12%, generating 1.245 billion dirhams in revenue.
Operational performance improved, with EBITDA rising to 2.173 billion dirhams from 1.949 billion dirhams in 2024. The company returned to a positive operating result and reported a net result of nearly 878 million dirhams, excluding infrastructure-related capital charges.
ONCF is advancing a 2030 ESG strategy and has obtained ISO 37001 certification for its anti-corruption management system.
The Board noted continued expansion of rail services, including the deployment of additional trains and new station infrastructure to support major events, and reaffirmed the role of rail in supporting passenger mobility, freight growth, and national logistics.
