Mo-bruk S.a. · GPW:MBR
Mo-bruk — FY2025 Earnings Presentation
21 slides from Mo-bruk's earnings presentation, Apr 23, 2026
Slide 1: Full-Year 2025 Results Presentation
mWIG40 Results Presentation, April 23, 2026 Full-Year 2025 Results
Slide 2: Four diversified business segments
Four diversified business segments Mo-BRUK is a leader in circular economy, operating in four complementary areas of the waste treatment industry Incineration of Waste Production of RDF Processing of Other activities industrial and solidification and oils and oily medical waste stabilization water W
Slide 3: Focus on high-quality circular economy
Focus on high-quality circular economy Mo-BRUK processes approximately 1,500 tonnes of industrial waste (primarily hazardous) per day in a zero-waste manner We hold: ▪ ISO 9001 ▪ ISO 14001 ▪ ISO 45001 ▪ ISO 17025 ▪ An accredited laboratory 3
Slide 4: Financial results
mWIG40 Financial results
Slide 5: One-off events
One-off events ▪ Impairment charge of PLN 65.2 million (recognized in other operating and financial expenses), related to the payment of disputed increased fees for 2018–2019, partially offset by PLN 5.0 million in interest income received from the Marshal (relating to unduly collected amounts for 2
Slide 6: Impact of one-off events on EBITDA and net profit in 2025
Impact of one-off events on EBITDA and net profit in 2025 Impairment of Breakdown receivables and fixed Recurring result 2025 Reported result 2025 (data in PLN thousand) assets (extraordinary loss) Net sales revenue, including: 319 897.8 - 319 897.8 Cost of sales 190 929.2 - 190 929.2 Selling expens
Slide 7: Scale of operations – sales revenue
Scale of operations – sales revenue +14.1% total Revenue (PLN million) +12.7% 350 319.9 284 300 267 243 53.2 237 24.7 250 53.4 1.3 24 179 200 15.5 150 259.2 266.7 235.7 100 162.9 213.8 219.3 In 2025, the Mo-BRUK Group generated 50 record-high sales revenue of PLN 320 0 2020 2021 2022 2023 2024 2025
Slide 8: Scale of operations – EBITDA and net profit
The core business generates a stable and Scale of operations – EBITDA and net growing EBITDA margin at a level profit* exceeding 48%, translating into an increase in EBITDA of nearly 22% year- EBITDA (PLN million) and EBITDA margin (%) 48% on-year. 45% 160 151.1 70% 141.9 140 58% 57% 60% The main dr
Slide 9: Quarterly EBITDA margin
Quarterly EBITDA margin* Quarterly EBITDA (PLN million) 60,0 53.3 50,0 40,0 36.1 37.1 32.0 30,0 27.5 25.9 24.1 21.8 20,0 10,0 ▪ Results for Q4 2025 were the highest recorded over the past 17 quarters, 0,0 1Q 2024 1Q 2025 2Q 2024 2Q 2025 3Q 2024 3Q 2025 4Q 2024 4Q 2025 providing a solid foundation fo
Slide 10: Debt
Debt Total debt (PLN million) 250 219.9 Earn-out for EKJ 200 and EP + second 66.9 147.4 tranche of the 141.2 137.2 EP purchase 134 150 price 29.2 29.2 29.2 29.2 100 153.0 112.0 108.0 118.2 50 104.8 0 31.12.2024 31.03.2025 30.06.2025 30.09.2025 31.12.2025 The net debt to EBITDA ratio as at the end of
Slide 11: Business structure
Business structure Revenue by segment (PLN million) Incineration (+28.7% y/y): growth in volumes and 350 294.7 prices, as well as capacity expansion in Karsy to 25 300 248.2 258.4 7.8 thousand tonnes. 221.1 217.1 250 200 162.6 100.5 129.3 RDF (+7.8% y/y): launch of a modern line in Karsy 123 150 96
Slide 12: “Ecological time bombs”
“Ecological time bombs” Estimated volume Estimated revenue in Project Unite price Status (tonnes) 2026 (PLN) Gmina Mykanów 1 400.00 5 950.00 10 010 000.00 In progress Gmina Siemanowice Śl. 160.00 6 700.00 8 710 000.00 In progress Mazowieckie 18 000.00 4 850.00 87 300 000.00 In progress Voivodeship G
Slide 13: Cost structure
The share of costs (excluding depreciation) in revenue Cost structure for the full year 2025 amounted to 57.6%, down from 59.5% in 2024. After excluding depreciation and Breakdown amortization, the increase in operating costs year-on- 2025 2024 change % change (PLN ‘000) year was significantly lower
Slide 14: Operational structure optimization
Operational structure optimization In order to optimize its operational structure, Mo-BRUK establishes special purpose vehicles (SPVs) to manage individual plants. This strategy prevents potential risks from cascading to the parent (holding) company. As a result, should difficulties arise in one ent
Slide 15: Investments
mWIG40 Investments
Slide 16: New RDF line in Karsy and internal logistics upgrade
New RDF line in Karsy and internal logistics upgrade CAPEX: ▪ RDF line: PLN 13.3 million ▪ RDF hall upgrade: PLN 6.8 million Capacity: 150 thousand tonnes per year Commissioning: June–July 2025 Additional internal logistics upgrade of approximately PLN 7-8 million 16
Slide 17: RDF waste storage facility and PASi pool roofing
RDF waste storage facility and PASi pool roofing Requirement of the Marshal’s Office (Urząd Marszałkowski) under the new permit (PZ) CAPEX: ▪ Waste storage facility: PLN 2.71 million ▪ RDF roofing structure: PLN 0.48 million Completion: by December 30, 2025 Status: 100% completed Storage area: 1,500
Slide 18: Raf-Ekologia: expansion of waste incineration plant
Raf-Ekologia: expansion of the waste incineration plants (ITPO’s) plant to increase permitted capacity CAPEX: ▪ 2024 – PLN 9.4 million (completed): transformer station, CMS system with mercury measurement, laboratory floor construction, deep wells, boiler upgrade, photovoltaic farm (150 kWe) and own
Slide 19: Facility in Niecew – commissioning completed
Facility in Niecew – commissioning completed CAPEX: ▪ Total approx. PLN 29 million, including: ▪ technology: PLN 3.7 million ▪ roads and yards: PLN 1.8 million ▪ Commissioning: completed 19
Slide 20: EKJ – New investments
EKJ – New investments CAPEX: ▪ Phase I: approx. PLN 15 million Effects: ▪ Increase in processing capacity to fully utilize the permitted capacity (220 thousand tonnes) ▪ Threefold increase in storage capacity 20
Slide 21: Disclaimers
Disclaimers This document has been prepared by Mo-BRUK S.A. (“Mo-BRUK”) with its registered office in Niecew 68, Korzenna 33-322, entered in the Register of Commercial Undertakings of the National Court Register kept by the District Court for Kraków-Śródmieście in Kraków, 12th Commercial Division of