Mo-BRUK (MBR) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached PLN 79.0 million, up 32.6% year-over-year, with 92% from waste management operations and core business revenue rising 35.6%.

• Net profit rose 23.9% year-over-year to PLN 15.6 million, with EBITDA up 25.1% to PLN 30.4 million and EBIT up 33.4%.

• Waste processed increased to 82.9 thousand tons from 73.2 thousand tons in Q1 2025.

• Segment growth was driven by higher prices and volumes in alternative fuels and hazardous waste incineration.

• A new subsidiary, SOLIDRA Sp. z o.o., was established to optimize group structure.

Financial highlights

• EBITDA for Q1 2026 was PLN 30.4 million, with a margin of 38% and core business EBITDA margin at 41.3%.

• Net profit margin for Q1 2026 was 21%, with depreciation, financial expenses, and tax increases impacting net profit.

• Operating expenses rose 31% year-over-year, with cost-to-revenue ratio (excl. depreciation) at 62.2%.

• Net financial debt-to-EBITDA ratio improved to 1.2x as of March 31, 2026, from 1.3x at end-2025.

• Total assets: PLN 519.1 million; Equity: PLN 231.4 million.

Outlook and guidance

• Management expects continued high demand for waste management services, supported by regulatory trends and public funding for hazardous waste removal.

• Ongoing and planned investments in capacity expansion, modernization, and compliance with regulatory requirements.

• Several large "ecological bomb" remediation projects in progress or planned, with estimated 2026 revenue of PLN 127 million.

• No significant seasonality or cyclicality expected to impact results.

• Completion of modernization projects in Niecew and Karsy provides advanced facilities for further expansion.