Mo-BRUK (MBR) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue grew 8.7–9% year-over-year, with 19% higher processed waste volume and 90% of sales from waste management services.

• EBITDA margin in core business was 45%, with company-wide margin at 40.7–45%; El-Kajo facility contributed significantly.

• Net profit for Q1 2025 was PLN 12.6 million, down 5.9% year-over-year, mainly due to higher depreciation and interest expenses.

• Operating expenses rose 14.2% year-over-year, driven by higher depreciation, amortization, and external service costs.

• The group remains a leader in industrial waste processing in Poland, with ongoing investments to expand capacity and efficiency.

Financial highlights

• Q1 2025 revenues reached PLN 59.6 million, up from PLN 54.2 million in Q1 2024.

• EBITDA for Q1 2025 was PLN 24.1–24.3 million, with a margin of 40.7–45%.

• Net profit for Q1 2025 was PLN 12.6 million, down from PLN 13.4 million in Q1 2024.

• Operating cash flow was PLN 15.1 million, with net cash outflow of PLN -7.1 million.

• Total assets stood at PLN 478.1 million; equity at PLN 259.5 million; cash and equivalents at PLN 51.7 million.

Outlook and guidance

• Management targets a 50% EBITDA margin in core business for 2025.

• Further revenue growth and improved profitability are expected, supported by El-Kajo, new contracts, and market trends.

• Anticipated interest rate cuts and principal repayments are expected to reduce interest expenses.

• Market and regulatory trends are expected to drive demand for recycling and hazardous waste services.

• No financial forecasts for 2025 were published.