Half-year report 2025📕/ net profit falls -13%

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/

🔢**Key points of the half-year report**:
*+6% Revenue: 127 mPLN/ ~30 m€
*+8% EBITDA: 52 mPLN/ ~12 m€
*-7 % EBIT: 37 mPLN/ ~9 m€
*-13% net profit: 26,5 mPLN/ 6 m€ 

*45% EBITDA margin
*21% net margin 

>Increased depreciation (+6.7 mPLN/~1.6 m€) is noticeable here for the new capacities

🏭**core business**:
*+6% processed waste (~158t / ~149t)

**incineration** 🔥
*+36% revenue 
*+20% processed waste during incineration
*100% capacity utilization

>Full capacity of incineration plants until the end of the year at good prices. noticeable increase in prices.

**stabilization**🧱
*+4% revenue 
*+15% processed waste in stabilization
*100% capacity utilization in skarbimierz and niecwia
*70% capacity utilization in El-Kajo

>Here, the use of El Kajo is clearly noticeable although the price fell by -14%

**RDF**♻️
*-24% RDF production
*-5% RDF prices
*-18% processed waste for RDF production
*50% capacity utilization

>However, sales almost doubled from Q1 to Q2 …the trend should continue with exports launched to foreign markets. Annual revenues from RDF are guided to rise ~20-30% in 2025.

**Ecological bombs**💣
*1,6 mPLN revenue booked in q2. 
*30 mPLN secured for 2025
*20 mPLN secured for 2026

>Upcoming large tenders in q3 and q4 should expand this portfolio and remain a major growth driver in the coming years. 💰💰💰


🔺The three main business areas are expected to continue growing in the second half of the year. 📈

🔺RDF to be delivered to Ukrainian cement plants🇺🇦

🔺 Share buybacks will not take place until next year due to investments. Takeover offers and market buybacks are planned.🛒

🔺 The idea of ​​investing in energy storage exists.🔋

🔻 Depreciation in Q3,52 mPLN/~12,2 m€ other operating costs and 10 mPLN/ ~2,3 m€ interest (net result -61 mPLN / EBITDA -52 mPLN)📉

Since it's always very difficult for me, as a German, to read the reports, I relied heavily on the Polish summary on Twitter. Feel free to also read:

⚠️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 numbers evoke mixed feelings in me. I particularly like the strong figures for the lucrative incineration business. I also like the speculation about possible investments in energy storage. However, the weak RDF figures and the continued negative impact on profits are dampening my mood. However, I assume these are only temporary effects. With increasing capacity utilization, these negative feelings will also dissipate. I'm very optimistic about the coming quarters with regard to these ecological bombs... What do you think of the numbers?




