Business
Auto Hall : Successful Push into Growth Segments
After a 2025 marked by a clear recovery in its financial indicators, Auto Hall carried that momentum into the first quarter of this year. The group recorded strong growth in its activity in Q1 2026, outpacing the national market.
Auto Hall started 2026 on a particularly strong growth trajectory. The car distributor posted Q1 increases in sales and revenue at a pace higher than the national market, thereby confirming the momentum started last year in an environment marked by intensified competition and the arrival of new players.
At the end of the first three months of the year, consolidated revenue stood at 1.62 billion dirhams, up 30.2% compared with the same period in 2025. This performance rests on the strength of the group’s historical brands, but also on the development of high-potential segments, notably electric vehicles.
It was achieved thanks to growth in sales volumes. Indeed, Auto Hall sold 6,432 units in the quarter, compared with 5,026 a year earlier, an increase of nearly 28%, including 6,141 new vehicles, up 31%. It should be noted that this growth occurs in a Moroccan automotive market that remains on an upward trend.
In Q1, registrations reached 58,901 units, up 22.3%. The passenger car segment rose 23% to 52,015 units, while the light commercial vehicle segment increased 16% to 6,886 units.
Market share strengthened
In this favorable context, Auto Hall managed to gain market share. The group recorded 5,923 sales in the passenger car and light commercial vehicle segments, an increase of 27.5%, a level higher than that of the market. Its consolidated market share gained 50 basis points, rising from 9.6% to 10.1% in one year.
The group is also strengthening its position in several strategic segments. In passenger cars, its market share reached 7%, compared with 6.6% a year earlier (+40 bps). In the light commercial vehicle segment, it consolidated its leadership with a market share of 33%, compared with 31.5% at the end of March 2025.
It should be noted that this dynamic continues the trend of 2025, which was marked by a clear improvement in financial indicators. Last year ended with consolidated revenue of 5.91 billion dirhams, up 18%, and an operating income of 273 million dirhams, up 98%.
Consolidated net income reached 100 million dirhams versus 17 million a year earlier. This is partly explained by the expansion of the product range with the introduction of hybrid and plug-in hybrid models.
As a reminder, Royal Air Maroc acquired 150 electric vehicles delivered by Auto Hall through its long-term rental subsidiary, Leader Location. This fleet is composed of two SUV models from the Seres brand (the Seres 3 and the Seres 5) as well as the DFSK EC35 utility vehicle.
Scaling up on the agenda
Beyond its historic car distribution business, Auto Hall continues to develop growth drivers. Auto Hall Crédit recorded a 58% increase in production in 2025 to 2.15 billion dirhams, while Autocaz consolidated its position in the used-vehicle market with 1,879 units sold.
To support this new phase of development, the group continues to strengthen its financial resources.
Its board of directors approved last March a comprehensive financing plan of 1.1 billion dirhams, including a 500 million dirham capital increase and a 600 million dirham bond issuance.
The objective is to support the widening of the offer, the development of financing activities, the strengthening of the network, and acceleration in hybrid and electric segments.
Ultimately, present through a portfolio covering more than twenty brands, the group remains well positioned in the passenger car and light commercial vehicle segments with Ford, Nissan, Mitsubishi, DFSK and Opel; in industrial vehicles with Fuso and Ford Trucks; in tractors with New Holland; and in construction equipment with Case, Belaz, Valvoline and Bridgestone.
Auto Hall therefore seeks to take advantage of the changes in the Moroccan market while consolidating its positions in the most promising segments.
Looking ahead, the distributor projects with confidence. Its forecasts for 2026 remain focused on continued growth, with emphasis on operational excellence, digital transformation, improving the customer experience and developing new mobility solutions.
In a market where competition is rapidly intensifying, Auto Hall relies on diversifying its offer, its service activities and its investment capacity to preserve its growth trajectory.
A stock that struggles to convince
Despite the recovery of its fundamentals, the stock still struggles to convince the market. After finishing 2025 down 9.3%, the share has continued its correction in 2026 with a decline of nearly 25%, bringing the price to 71 dirhams.
This remains at odds with the group’s commercial momentum. This correction follows a strong revaluation of the stock in 2024, when the price had risen nearly 25%.
The market now seems to factor in more risks related to intensified competition, notably the massive arrival of Chinese brands, pressure on margins, and financing needs induced by new development projects.
This price level offers fairly attractive valuation metrics with a PE of 23x estimated for 2027. With a dividend to be distributed of 2 dirhams per share, the yield is 2.10%, compared with 2.7% for the market.
