Mo-BRUK (MBR) Q4 2025 earnings summary

Executive summary

• Achieved record-high sales revenue of PLN 320 million in 2025, up 13% year-over-year, with core business revenue growing over 14% and processed waste volume up 12%.

• Operates in four segments: incineration, solidification and stabilization, RDF production, and processing of oils and oily water, with a focus on circular economy and zero-waste processing.

• Q4 2025 delivered the highest quarterly EBITDA in 17 quarters, supporting future growth.

Financial highlights

• EBITDA (excluding one-offs) reached PLN 141.98 million, up nearly 22% year-over-year, with a margin exceeding 48%.

• Net profit (excluding one-offs) was PLN 77.6 million; reported net profit after one-off charges was PLN 15.2 million.

• One-off impairment charge of PLN 65.2 million related to disputed fees for 2018-2019, partially offset by PLN 5.0 million in interest income.

• Operating expenses (excluding depreciation) grew 9.1% year-over-year, below revenue growth.

Outlook and guidance

• Strong Q4 2025 results provide a solid foundation for continued revenue and EBITDA growth.

• Estimated revenue from "ecological time bombs" projects in 2026 is PLN 127 million.