https://mobruk.pl/grupa-mo-bruk-z-8-proc-wzrostem-ebitda-w-i-polroczu-2025/
https://mobruk.pl/raporty_okresowe/skonsolidowany-raport-polroczny-psr-2025/
🔢 Important points from the half-year report:
- +6% turnover: PLN 127 million / ~€30 million
- +8% EBITDA: PLN 52 million / ~€12 million
- -7% EBIT: PLN 37 million / ~€9 million
- -13% Net profit: PLN 26.5 million / ~€ 6 million
- 45% EBITDA margin
- 21% Net margin
The higher depreciation and amortization (+ PLN 6.7 million / ~€ 1.6 million) due to new capacities is striking here
🏭 Core business:
- +6% processed waste (~158t / ~149t)
Incineration 🔥
- +36% turnover
- +20% processed waste during incineration
- 100% capacity utilization
Full capacity utilization of incineration plants until the end of the year with good prices. Significant price increase visible.
Stabilization 🧱
- +4% turnover
- +15% processed waste in stabilization
- 100% capacity utilization in Skarbimierz and Niecwia
- 70% capacity utilization in El-Kajo
The utilization of El-Kajo is clearly noticeable here, although the price has fallen by -14%.
RDF ♻️
- -24% production
- -5% RDF prices
- -18% processed waste for RDF production
- 50% capacity utilization
However, sales have almost doubled from Q1 to Q2 ... this trend is expected to continue with the start of exports to foreign markets. Annual sales from RDF are expected to increase by ~20-30% in 2025.
Ecological bombs 💣
- PLN 1.6 million turnover recorded in Q2
- PLN 30 million secured for 2025
- PLN 20 million secured for 2026
Major tenders are due in Q3 and Q4, which should expand this portfolio and remain a key growth driver in the coming years 💰💰💰
🔺 The three main business divisions should continue to grow in the second half of the year. 📈
🔺 RDF is supplied to Ukrainian cement plants 🇺🇦
🔺 Share buybacks will not take place until next year due to investments. Takeover bids and market buybacks are planned. 🛒
🔺 The idea of investing in energy storage exists. 🔋
🔻 Depreciation and amortization in Q3: PLN 52 million / ~€12.2 million other operating costs and PLN 10 million / ~€2.3 million interest (net result PLN -61 million / EBITDA PLN -52 million) 📉
Since it is always very difficult for me as a German to read the reports, I relied heavily on the Polish summary on Twitter. You can also read it here:
⚠️ https://x.com/kamilzamojc/status/1958496589615427745?s=46
🔋 https://x.com/valueseekerpl/status/1958473453108912361?s=46
https://x.com/valueseekerpl/status/1958470251235918230?s=46
🤪 https://x.com/kamilzamojc/status/1958474768698474498?s=46
The figures give me mixed feelings. I particularly like the strong results in the lucrative combustion business. I also find the speculation about possible investments in energy storage systems exciting. However, the weak RDF figures and the continued negative effects on profits are dampening my mood. However, I assume that these are only temporary effects. As capacity utilization increases, these negative feelings will also dissipate. I am very optimistic about the coming quarters, especially with regard to the ecological bombs...
👉 What do you think of the figures?
