Mo-bruk S.A. – Analytical Report

We are updating our valuation and recommendation following the publication of full-year 2025 results. In light of the ongoing consolidation of EcoPoint and the record order and project pipeline for 2026, we are revising our revenue forecasts upwards. At the same time, given the sustained decline in prices in tenders for the disposal of environmental bombs and rising operating costs, we are revising our profitability forecasts downwards. As a result, we see a 31% upside potential for the share price in the medium term. We therefore maintain our BUY recommendation, raising the 12-month target price to PLN 456.9 per share (from PLN 424.8).