Mo-Bruk S.A. – Result note

We assess the Q3 2025 results as slightly positive. Although they are affected by a large write-off, this was communicated earlier, so it should come as no surprise. However, both the reported and adjusted data are above our forecast. Without the write-down, the company would have recorded a record quarter. Excluding one-off events, the Group maintained high EBITDA profitability from its core operations, amounting to 46% cumulatively and 49% for Q3 2025 alone. In the third quarter, the Group managed 98.3 thousand tonnes of waste, of which 61.8 thousand tonnes were in the solidification and stabilisation segment, 27.6 thousand tonnes in the RDF segment, and 8.9 thousand tonnes in incineration. As a result, sales revenues by segment amounted to PLN 24.1 million, PLN 24.5 million and PLN 27.7 million, respectively. Based on the Management Board's extrapolation, it can be expected that revenues for the entire year 2025 will exceed PLN 300 million, and the EBITDA margin should approach 50% for core operations, excluding one-off items, which would mean a result significantly above our forecast. The Management Board does not rule out the payment of a dividend for 2025 despite the weaker result. In light of the information presented during the conference, the outlook for Q4 2025 and 2026 looks promising. We assess the tone of the conference following the results as positive.