Mo-BRUK (MBR) Q3 2025 earnings summary

Executive summary

• Operates in four waste treatment segments: incineration, solidification/stabilization, RDF production, and oil processing, with additional activities in fuel sales and coal recovery; waste management accounted for over 91% of Q1–Q3 2025 sales.

• Processes 1,500 tons of mainly hazardous industrial waste daily, with a total of 256,400 tons accepted in Q1–Q3 2025, emphasizing circular economy and quality certifications (ISO 9001, 14001, 45001, 17025).

• Net loss for Q1–Q3 2025 was PLN 12.1 million, compared to a profit of PLN 55.0 million in the prior year, mainly due to a one-off write-down of PLN 65.2 million related to increased fees for 2018–2019.

• Excluding one-off items, net profit would have been PLN 53.0 million, close to the previous year’s result.

Financial highlights

• Net revenues for Q1–Q3 2025 reached PLN 210.2 million, up 5% year-over-year.

• EBITDA for Q1–Q3 2025 was PLN 36.9 million, significantly impacted by a one-off write-off; adjusted EBITDA (excluding one-offs) was PLN 88.7 million, up 5.8% year-over-year.

• Net loss for Q1–Q3 2025 was PLN 12.1 million; adjusted net profit was PLN 53.0 million.

• Operating cash flow was PLN 25.8 million, down from PLN 59.1 million in the prior year.

• Volume of waste processed increased 8% year-over-year to 256,400 tons for Q1–Q3 2025.

Outlook and guidance

• Full-year 2025 revenues projected to exceed PLN 300 million, with core business EBITDA margin approaching 50% (excluding one-offs).

• Management expects continued high revenue levels, driven by increased capacity, new investments, and strong market prospects due to regulatory changes.

• Growth anticipated in medical and hazardous waste incineration and inorganic waste solidification due to recent capacity expansions.