H1 2026 report
Skonsolidowane przychody w I półroczu 2026 wzrosły o 42,8% r/r do 181,4 mln zł, a zysk netto o 58,9% r/r do 42,2 mln zł — wzrost napędzany przede wszystkim segmentem spalania odpadów niebezpiecznych (+48,2% przychodów) i produkcją paliw alternatywnych (+63,2%), gdzie rosły zarówno wolumeny, jak i ceny jednostkowe za przyjmowane odpady.
Sentiment
Positive
No guidance change
MBR
H1 2026 report
Revenue
181.41 m PLN
— YoY
Net income
42.17 m PLN
— YoY
EBITDA
74.75 m PLN
— YoY
Gross margin
40.11%
— YoY
Summary
Investment thesis
- Jakość zysku jest bardzo dobra — OCF (49,1 mln zł) przewyższa zysk netto (42,2 mln zł), a konwersja OCF/EBITDA wynosi 65,6%; wolne przepływy pieniężne (FCF) wzrosły ponad czterokrotnie r/r do 35,4 mln zł dzięki niższemu CAPEX-owi na majątek trwały.
- Wskaźnik długu netto do EBITDA (metoda spółki, TTM) spadł do 0,95x z 1,31x na koniec 2025 r. — bezpieczny poziom lewarowania mimo sfinansowania akwizycji Eco Point i utworzenia zobowiązania z tytułu deklarowanej dywidendy 54,0 mln zł.
- Zwycięstwo formalno-prawne: SKO we Wrocławiu ostatecznie uchyliło opłaty podwyższone za składowanie odpadów za 2016 i 2020 rok (łącznie ok. 122 mln zł żądania pierwotnego), co redukuje regulacyjny cień ciążący nad spółką od lat — choć sprawy za 2018-2019 (razem ok. 52,3 mln zł zapłaconych kwot głównych, w 100% odpisanych w 2025 r.) wciąż czekają na rozstrzygnięcie NSA.
- Płynność bieżąca (0,66x) i kapitał obrotowy netto (ujemny, −53,8 mln zł) wyglądają słabo na pierwszy rzut oka, ale to głównie efekt jednorazowego, krótkoterminowego zobowiązania z tytułu uchwalonej dywidendy (54,0 mln zł, płatnej do 5.10.2026) — po jego wypłacie struktura bilansu powinna się unormować.
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Financials
BETA
MBR · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 181.41 | 319.9 | −43.3% | 181.41 | −43.3% | reported | — | 1.00 |
| Gross profit | 72.76 | — | — | 72.76 | — | reported | — | 1.00 |
| EBITDA | 74.75 | 87.46 | −14.5% | 74.75 | −14.5% | reported | — | 1.00 |
| EBIT | 59.29 | 55.03 | +7.7% | 59.29 | +7.7% | reported | — | 1.00 |
| EBT | 52.77 | 35.28 | +49.6% | 52.77 | +49.6% | reported | — | 1.00 |
| Net income | 42.17 | 15.2 | +177.4% | 42.17 | +177.4% | reported | — | 1.00 |
| EPS (basic) (PLN) | 12 | 4.33 | — | 12 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 12 | — | — | 12 | — | reported | — | 1.00 |
| D&A | 15.46 | 32.43 | −52.3% | 15.46 | −52.3% | reported | — | 1.00 |
| Interest expense | 4.39 | — | — | 4.39 | — | reported | — | 1.00 |
| Income tax | 10.61 | 20.08 | −47.2% | 10.61 | −47.2% | reported | — | 1.00 |
| Shares (basic) (m units) | 3.51 | — | — | 3.51 | — | reported | — | 1.00 |
| Gross margin | 40.11% | — | — | 40.11% | — | derived | — | 1.00 |
| EBITDA margin | 41.21% | 27.34% | +13.9 pp | 41.21% | +13.9 pp | derived | — | 1.00 |
| EBIT margin | 32.68% | 17.2% | +15.5 pp | 32.68% | +15.5 pp | derived | — | 1.00 |
| EBT margin | 29.09% | — | — | 29.09% | — | derived | — | 1.00 |
| Net margin | 23.24% | 4.75% | +18.5 pp | 23.24% | +18.5 pp | derived | — | 1.00 |
| D&A margin | 8.52% | — | — | 8.52% | — | derived | — | 1.00 |
| Cash | 32.89 | 34.03 | −3.4% | — | — | reported | — | 1.00 |
| Total debt | 190.22 | 219.92 | −13.5% | — | — | reported | — | 1.00 |
| Net debt | 157.33 | 185.89 | −15.4% | — | — | reported | — | 1.00 |
| Equity | 200.09 | 215.84 | −7.3% | — | — | reported | — | 1.00 |
| Total assets | 530.12 | 516.9 | +2.6% | — | — | reported | — | 1.00 |
| Working capital | -53.81 | — | — | — | — | derived | — | 1.00 |
| Current assets | 105.58 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 159.39 | 129.6 | +23% | — | — | reported | — | 1.00 |
| Non-current liabilities | 170.64 | 171.46 | −0.5% | — | — | reported | — | 1.00 |
| Inventory | 9.99 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 53.01 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 19.93 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 86.37 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 113.72 | — | — | — | — | derived | — | 1.00 |
| CFO | 49.06 | 69.15 | −29.1% | 49.06 | −29.1% | reported | — | 1.00 |
| CapEx | 13.69 | — | — | 13.69 | — | reported | — | 1.00 |
| FCF | 35.37 | — | — | 35.37 | — | derived | — | 1.00 |
| FCF conversion | 47.31% | — | — | 47.31% | — | derived | — | 1.00 |
| CFO conversion | 65.63% | 79.06% | −13.4 pp | 65.63% | −13.4 pp | derived | — | 1.00 |
| Net acquisitions | 42.58 | — | — | 42.58 | — | reported | — | 1.00 |
| ROE | 46.6% | — | — | — | — | adjusted | — | 0.90 |
| ROA | 17.6% | — | — | — | — | adjusted | — | 0.90 |
| Current ratio | 0.66x | — | — | — | — | derived | — | 1.00 |
| Quick ratio | 0.6x | — | — | — | — | derived | — | 1.00 |
| Cash ratio | 0.21x | — | — | — | — | derived | — | 1.00 |
| Interest coverage | 13.52x | — | — | — | — | derived | — | 1.00 |
| Net debt / EBITDA | 0.95x | 2.13x | −1.18x | — | — | adjusted | — | 0.90 |
| Debt / equity | 0.95x | 1.02x | −0.07x | — | — | derived | — | 1.00 |
| Debt / assets | 0.36x | 0.43x | −0.07x | — | — | derived | — | 1.00 |
| Net debt / equity | 0.79x | 0.86x | −0.07x | — | — | derived | — | 1.00 |
| Revenue growth (YoY) | 42.77% | 12.68% | — | — | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 43.87% | -25.07% | — | — | — | derived | — | 1.00 |
| EBIT growth (YoY) | 59.85% | -42.49% | — | — | — | derived | — | 1.00 |
| Net income growth (YoY) | 58.89% | -78.39% | — | — | — | derived | — | 1.00 |
| EPS growth (YoY) | 58.94% | -78.37% | — | — | — | derived | — | 1.00 |
| FCF growth (YoY) | 320.51% | — | — | — | — | derived | — | 1.00 |
| Gross margin Δ (YoY) | 5.06 pp | — | — | — | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | 0.32 pp | -13.77 pp | — | — | — | derived | — | 1.00 |
| EBIT margin Δ (YoY) | 3.49 pp | -16.5 pp | — | — | — | derived | — | 1.00 |
| Net margin Δ (YoY) | 2.36 pp | -20.02 pp | — | — | — | derived | — | 1.00 |
H1 2026 · Δ YoY
Revenue
181.41
−43.3%
181.41
−43.3%
- H1 2025
- 319.9
- YTD 2026
- 181.41
- Δ YoY
- −43.3%
Gross profit
72.76
—
72.76
—
- H1 2025
- —
- YTD 2026
- 72.76
- Δ YoY
- —
EBITDA
74.75
−14.5%
74.75
−14.5%
- H1 2025
- 87.46
- YTD 2026
- 74.75
- Δ YoY
- −14.5%
EBIT
59.29
+7.7%
59.29
+7.7%
- H1 2025
- 55.03
- YTD 2026
- 59.29
- Δ YoY
- +7.7%
EBT
52.77
+49.6%
52.77
+49.6%
- H1 2025
- 35.28
- YTD 2026
- 52.77
- Δ YoY
- +49.6%
Net income
42.17
+177.4%
42.17
+177.4%
- H1 2025
- 15.2
- YTD 2026
- 42.17
- Δ YoY
- +177.4%
EPS (basic)
(PLN)
12
—
12
—
- H1 2025
- 4.33
- YTD 2026
- 12
- Δ YoY
- —
EPS (diluted)
(PLN)
12
—
12
—
- H1 2025
- —
- YTD 2026
- 12
- Δ YoY
- —
D&A
15.46
−52.3%
15.46
−52.3%
- H1 2025
- 32.43
- YTD 2026
- 15.46
- Δ YoY
- −52.3%
Interest expense
4.39
—
4.39
—
- H1 2025
- —
- YTD 2026
- 4.39
- Δ YoY
- —
Income tax
10.61
−47.2%
10.61
−47.2%
- H1 2025
- 20.08
- YTD 2026
- 10.61
- Δ YoY
- −47.2%
Shares (basic)
(m units)
3.51
—
3.51
—
- H1 2025
- —
- YTD 2026
- 3.51
- Δ YoY
- —
Gross margin
40.11%
—
40.11%
—
- H1 2025
- —
- YTD 2026
- 40.11%
- Δ YoY
- —
EBITDA margin
41.21%
+13.9 pp
41.21%
+13.9 pp
- H1 2025
- 27.34%
- YTD 2026
- 41.21%
- Δ YoY
- +13.9 pp
EBIT margin
32.68%
+15.5 pp
32.68%
+15.5 pp
- H1 2025
- 17.2%
- YTD 2026
- 32.68%
- Δ YoY
- +15.5 pp
EBT margin
29.09%
—
29.09%
—
- H1 2025
- —
- YTD 2026
- 29.09%
- Δ YoY
- —
Net margin
23.24%
+18.5 pp
23.24%
+18.5 pp
- H1 2025
- 4.75%
- YTD 2026
- 23.24%
- Δ YoY
- +18.5 pp
D&A margin
8.52%
—
8.52%
—
- H1 2025
- —
- YTD 2026
- 8.52%
- Δ YoY
- —
Cash
32.89
−3.4%
32.89
−3.4%
- H1 2025
- 34.03
- YTD 2026
- —
- Δ YoY
- —
Total debt
190.22
−13.5%
190.22
−13.5%
- H1 2025
- 219.92
- YTD 2026
- —
- Δ YoY
- —
Net debt
157.33
−15.4%
157.33
−15.4%
- H1 2025
- 185.89
- YTD 2026
- —
- Δ YoY
- —
Equity
200.09
−7.3%
200.09
−7.3%
- H1 2025
- 215.84
- YTD 2026
- —
- Δ YoY
- —
Total assets
530.12
+2.6%
530.12
+2.6%
- H1 2025
- 516.9
- YTD 2026
- —
- Δ YoY
- —
Working capital
-53.81
—
-53.81
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
105.58
—
105.58
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
159.39
+23%
159.39
+23%
- H1 2025
- 129.6
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
170.64
−0.5%
170.64
−0.5%
- H1 2025
- 171.46
- YTD 2026
- —
- Δ YoY
- —
Inventory
9.99
—
9.99
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
53.01
—
53.01
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
19.93
—
19.93
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
86.37
—
86.37
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
113.72
—
113.72
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
49.06
−29.1%
49.06
−29.1%
- H1 2025
- 69.15
- YTD 2026
- 49.06
- Δ YoY
- −29.1%
CapEx
13.69
—
13.69
—
- H1 2025
- —
- YTD 2026
- 13.69
- Δ YoY
- —
FCF
35.37
—
35.37
—
- H1 2025
- —
- YTD 2026
- 35.37
- Δ YoY
- —
FCF conversion
47.31%
—
47.31%
—
- H1 2025
- —
- YTD 2026
- 47.31%
- Δ YoY
- —
CFO conversion
65.63%
−13.4 pp
65.63%
−13.4 pp
- H1 2025
- 79.06%
- YTD 2026
- 65.63%
- Δ YoY
- −13.4 pp
Net acquisitions
42.58
—
42.58
—
- H1 2025
- —
- YTD 2026
- 42.58
- Δ YoY
- —
ROE
46.6%
—
46.6%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROA
17.6%
—
17.6%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current ratio
0.66x
—
0.66x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.6x
—
0.6x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.21x
—
0.21x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
13.52x
—
13.52x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / EBITDA
0.95x
−1.18x
0.95x
−1.18x
- H1 2025
- 2.13x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.95x
−0.07x
0.95x
−0.07x
- H1 2025
- 1.02x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.36x
−0.07x
0.36x
−0.07x
- H1 2025
- 0.43x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.79x
−0.07x
0.79x
−0.07x
- H1 2025
- 0.86x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
42.77%
—
42.77%
—
- H1 2025
- 12.68%
- YTD 2026
- —
- Δ YoY
- —
EBITDA growth (YoY)
43.87%
—
43.87%
—
- H1 2025
- -25.07%
- YTD 2026
- —
- Δ YoY
- —
EBIT growth (YoY)
59.85%
—
59.85%
—
- H1 2025
- -42.49%
- YTD 2026
- —
- Δ YoY
- —
Net income growth (YoY)
58.89%
—
58.89%
—
- H1 2025
- -78.39%
- YTD 2026
- —
- Δ YoY
- —
EPS growth (YoY)
58.94%
—
58.94%
—
- H1 2025
- -78.37%
- YTD 2026
- —
- Δ YoY
- —
FCF growth (YoY)
320.51%
—
320.51%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin Δ (YoY)
5.06 pp
—
5.06 pp
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin Δ (YoY)
0.32 pp
—
0.32 pp
—
- H1 2025
- -13.77 pp
- YTD 2026
- —
- Δ YoY
- —
EBIT margin Δ (YoY)
3.49 pp
—
3.49 pp
—
- H1 2025
- -16.5 pp
- YTD 2026
- —
- Δ YoY
- —
Net margin Δ (YoY)
2.36 pp
—
2.36 pp
—
- H1 2025
- -20.02 pp
- YTD 2026
- —
- Δ YoY
- —