MBR Mo-BRUK Giełda Papierów Wartościowych w Warszawie · annual · publ. April 23, 2026

FY 2025 report

Rekordowe przychody 319,9 mln zł (+12,7%) i marża ze sprzedaży 33% potwierdzają siłę podstawowej działalności w gospodarce odpadami.

Sentiment

Positive No guidance change

Website

MBR FY 2025 report

Revenue

319.9 m PLN

— YoY

Net income

15.2 m PLN

— YoY

EBITDA

87.46 m PLN

— YoY

Net debt / EBITDA

2.13x

— YoY

Summary

Investment thesis

Zysk netto spadł o 78% do 15,2 mln zł głównie przez jednorazowy odpis na opłaty podwyższone za lata 2018–2019 (ok. 52–65 mln zł).
Spór o opłaty podwyższone został w praktyce zamknięty, co usuwa wieloletnie ryzyko pierwotnie szacowane na ok. 268 mln zł.
Dług netto wzrósł z 82 do 186 mln zł (dług netto/EBITDA 2,13), a do tego dochodzą zobowiązania earn-out.
Portfel zamówień na 2026 r. przekracza 100 mln zł, a program modernizacyjny 250 mln zł ma przełożyć się na wyniki 2026 r.

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Financials

BETA

FY 2025

MBR · FY 2025

Metric	FY 2025	FY 2024	Δ YoY	Value type	Segment	Conf.

Revenue	319.9	—	—	reported	—	1.00
EBITDA	87.46	—	—	reported	—	1.00
EBIT	55.03	—	—	reported	—	1.00
EBT	35.28	—	—	reported	—	1.00
Net income	15.2	—	—	reported	—	1.00
EPS (basic) (PLN)	4.33	—	—	reported	—	1.00
D&A	32.43	—	—	reported	—	1.00
Income tax	20.08	—	—	reported	—	1.00

EBITDA margin	27.34%	—	—	derived	—	0.70
EBIT margin	17.2%	—	—	derived	—	0.70
Net margin	4.75%	—	—	derived	—	0.70

Cash	34.03	—	—	reported	—	1.00
Total debt	219.92	—	—	reported	—	0.90
Net debt	185.89	—	—	reported	—	1.00
Equity	215.84	—	—	reported	—	1.00
Total assets	516.9	—	—	reported	—	1.00
Current liabilities	129.6	—	—	reported	—	1.00
Non-current liabilities	171.46	—	—	reported	—	1.00

CFO	69.15	—	—	reported	—	1.00
CFO conversion	79.06%	—	—	derived	—	0.70
Dividends paid	46.26	—	—	reported	—	0.90

Net debt / EBITDA	2.13x	—	—	derived	—	0.70
Debt / equity	1.02x	—	—	derived	—	0.70
Debt / assets	0.43x	—	—	derived	—	0.70
Net debt / equity	0.86x	—	—	derived	—	0.70

Revenue growth (YoY)	12.68%	—	—	derived	—	0.70
EBITDA growth (YoY)	-25.07%	—	—	derived	—	0.70
EBIT growth (YoY)	-42.49%	—	—	derived	—	0.70
Net income growth (YoY)	-78.39%	—	—	derived	—	0.70
EPS growth (YoY)	-78.37%	—	—	derived	—	0.70
EBITDA margin Δ (YoY)	-13.77 pp	—	—	derived	—	0.70
EBIT margin Δ (YoY)	-16.5 pp	—	—	derived	—	0.70
Net margin Δ (YoY)	-20.02 pp	—	—	derived	—	0.70

FY 2025 · Δ YoY

Revenue

319.9 —

FY 2024: —

EBITDA

87.46 —

FY 2024: —

EBIT

55.03 —

FY 2024: —

EBT

35.28 —

FY 2024: —

Net income

15.2 —

FY 2024: —

EPS (basic) (PLN)

4.33 —

FY 2024: —

D&A

32.43 —

FY 2024: —

Income tax

20.08 —

FY 2024: —

EBITDA margin

27.34% —

FY 2024: —

EBIT margin

17.2% —

FY 2024: —

Net margin

4.75% —

FY 2024: —

Cash

34.03 —

FY 2024: —

Total debt

219.92 —

FY 2024: —

Net debt

185.89 —

FY 2024: —

Equity

215.84 —

FY 2024: —

Total assets

516.9 —

FY 2024: —

Current liabilities

129.6 —

FY 2024: —

Non-current liabilities

171.46 —

FY 2024: —

CFO

69.15 —

FY 2024: —

CFO conversion

79.06% —

FY 2024: —

Dividends paid

46.26 —

FY 2024: —

Net debt / EBITDA

2.13x —

FY 2024: —

Debt / equity

1.02x —

FY 2024: —

Debt / assets

0.43x —

FY 2024: —

Net debt / equity

0.86x —

FY 2024: —

Revenue growth (YoY)

12.68% —

FY 2024: —

EBITDA growth (YoY)

-25.07% —

FY 2024: —

EBIT growth (YoY)

-42.49% —

FY 2024: —

Net income growth (YoY)

-78.39% —

FY 2024: —

EPS growth (YoY)

-78.37% —

FY 2024: —

EBITDA margin Δ (YoY)

-13.77 pp —

FY 2024: —

EBIT margin Δ (YoY)

-16.5 pp —

FY 2024: —

Net margin Δ (YoY)

-20.02 pp —

FY 2024: —