Mo-BRUK (MBR) Q2 2025 earnings summary

Executive summary

• Operates in hazardous and industrial waste processing, including incineration, stabilization, RDF production, and expanding into oils and lubricants through acquisitions; supports the circular economy.

• H1 2025 saw continued revenue and EBITDA growth, with a focus on expanding production capacity, integrating acquisitions, and strong segment performance led by medical waste incineration.

• Net sales for H1 2025 reached PLN 284 million, up 7% year-over-year; core business revenue grew 6%.

• EBITDA margin in core business exceeded 45%, with an 8% year-over-year improvement.

• Dividend of PLN 46.3m was allocated from 2024 profit.

Financial highlights

• H1 2025 revenue reached PLN 284 million, up 7% year-over-year; EBITDA was PLN 151.3 million, with a margin exceeding 45%.

• Net profit for H1 2025 was PLN 92.2 million, with a net margin of 33%.

• Net result decreased due to higher depreciation from recent CapEx and increased interest costs.

• Q2 2025 results surpassed both Q1 2025 and Q2 2024 in total revenues, EBITDA, and EBITDA margin.

• Costs rose 12% year-over-year, mainly from depreciation and regulatory wage increases, but revenue growth outpaced cost increases.

Outlook and guidance

• Second half of 2025 expected to outperform the first half, with targets including a 50% EBITDA margin.

• Anticipates strong contribution from eco bomb projects, with 22 million PLN in 2025 and 20 million PLN already contracted for 2026.

• Expects to win at least 100 million PLN from eco bomb tenders by 2027.

• New RDF line in Karsy (PLN 13.3m CAPEX) to start operations in July 2025.

• No significant seasonality expected in core operations.