Mo-Bruk S.A. – Analytical report

Due to the better-than-expected reported data for Q2 2025 and the expected improvement in the combustion and solidification segment, we are slightly revising our revenue assumptions upwards. At the same time, taking into account the Management Board's expectations regarding EBITDA margin, but also recognising the negative trends related to the increase in external service costs and financial costs, we are revising our profitability forecasts slightly downwards in 2025 and slightly upwards in subsequent years. We include the write-off planned for Q3 2025 in our forecasts, but we adjust the data for comparative valuation purposes. As a result, we still see 15% upside potential for the share price in the medium term. Therefore, we maintain our ACCUMULATE recommendation, raising the target price to PLN 338.0 per share (from PLN 321.0). At the same time, we are initiating coverage of the company as part of the WSE Analytical Coverage Support Programme.