Mo-Bruk S.A. – Result note 4Q’25

We view the Q4 2025 results positively. The reported figures, which are historically record-breaking, exceed our forecast across the board. The Group achieved a high EBITDA margin of 46.1% in the fourth quarter (+7.8 percentage points year-over-year). During the quarter, the Group processed 104,900 tons of waste, of which 59,100 tons were in the solidification and stabilization segment, 26,600 tons to the RDF segment, 14,000 tons to incineration, and 5,800 tons to the new segment of oil-contaminated water and industrial oil processing, related to the acquisition of Eco Point. As a result, sales revenue by segment amounted to PLN 25.0 million, PLN 15.9 million, PLN 54.5 million, and PLN 7.8 million, respectively. The Management Board does not rule out a dividend payment for 2025 despite the weaker results. Based on the current value of the order and project backlog, revenues and results for the full year 2026 are expected to be record-breaking, similar to 4Q25. We view the tone of the conference as slightly positive.