Mo-Bruk S.A.
Company Overview
Mo-Bruk S.A. is a Polish waste-management and recycling company specializing in processing hazardous, medical, and industrial wastes. Mo-Bruk operates incinerators, stabilization lines, and recycling installations to convert waste into useful materials or alternative fuel (RDF). The group also sells recycled construction materials (via its Polskie Materiały Drogowe unit) and provides ancillary services (e.g. bomb disposal, lab testing, fuel stations). In sum, Mo-Bruk brands itself as “the national leader in industrial waste processing,” having invested heavily in waste neutralization capacity and now able to handle almost all types of Polish industrial waste
Business Segments
- Incineration (thermal treatment) of Industrial and Medical Waste. This segment produces energy from waste in the form of steam which they sell or use to dry RDF.
- RDF (Refuse-Derived Fuel) Production. They produce RDF which a substiture for coal in cement kilns and power plants.
- Stabilization and Solidification of Inorganic Waste. They produce artificial aggregates and prefabricates.
- Sale of liquid fuels via petrol stations
Key Drivers
- Attractive economics of ecological remediation projects ("ecological bombs")
- Structural shortage of hazardous waste treatment capacity in Poland
- Tightening environmental regulations and enforcement
- High utilization of incineration and RDF capacities
- Growing demand for circular-economy solutions from municipalities and industry
Key Risks
- Regulatory and permitting risk for waste installations
- Temporary volatility from one-off accounting events (environmental fees provisions)
- Energy cost volatility affecting RDF economics
- High capital intensity of installations
- Administrative and legal disputes related to environmental fees
What to Watch
- Q4 2025 results normalization after one-off provisions
- Utilization rates of incineration and RDF lines
- New multi-year waste treatment tenders
- Progress on energy self-sufficiency projects (ORC turbines). Installation of ORC power units at the Raf-Ekologia incineration site Jedlicze.
- Capacity usage from recent investements in RDF production plant at Karsy a new waste stabilization line at Niecew.
- In October 2025, Mo-Bruk finalized the acquisition of Eco Point P.S.A., a specialized port and shipyard waste processor based in Gdańsk. Eco Point will be consolidated from Q4 2025, contributing an estimated ~PLN 7 m revenue and PLN 2–3 m EBITDA in the last quarter
Foundational Analysis
Business Model
Mo-Bruk operates a vertically integrated waste management model focused on high-barrier segments: hazardous waste incineration, RDF production, and stabilization of inorganic waste. Revenue is primarily gate-fee based, providing strong pricing power and resilience across cycles.
Competitive Positioning
Clear domestic leader in hazardous and industrial waste processing with scarce, difficult-to-replicate permits and installations. One of very few operators capable of handling complex waste streams and ecological bomb remediation at scale.
Economics & Capital Allocation
Capital-intensive but structurally high-margin business. Core operations generate EBITDA margins around 45–50% excluding one-off items. Strong operating leverage at high capacity utilization.
Historically shareholder-friendly with significant dividends, while maintaining flexibility for selective M&A. Near-term capex expected to normalize to maintenance levels after completion of major projects.
Long-term Risks
Adverse regulatory changes, prolonged administrative disputes, or material tightening of environmental compliance rules. Execution risk in large remediation projects.
What Would Break the Thesis
- Structural loss of permits for key installations
- Permanent regulatory price caps on hazardous waste treatment
- Limiting tenders for the removal of ecological hazards (eco bombs). Limiting subsidies for municipalities by the Ministry of Climate and Environment.
- Agressive pricing competition from other waste operators
Contracts Intelligence
Currency Note: All amounts in PLN. Foreign currency contracts converted at announcement date rates.
| Contract | 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | 2026 Q3 | 2026 Q4 | 2027 Q1 | 2027 Q2 | 2027 Q3 | 2027 Q4 | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue per Quarter | 4,973,333.33 | 29,537,333.33 | 29,537,333.33 | 29,537,333.33 | 29,537,333.33 | 29,537,333.33 | 4,030,000.00 | 4,030,000.00 | 4,030,000.00 | 4,030,000.00 | 168,779,999.98 |
|
Framework agreement for waste management services (codes 07 01 10* and 07 01 08*)
|
- | 4,030,000.00 | 4,030,000.00 | 4,030,000.00 | 4,030,000.00 | 4,030,000.00 | 4,030,000.00 | 4,030,000.00 | 4,030,000.00 | 4,030,000.00 | 36,270,000.00 |
|
Execution of hazardous and non-hazardous waste removal and recovery/disposal in Nowy Miszewo
|
- | 17,460,000.00 | 17,460,000.00 | 17,460,000.00 | 17,460,000.00 | 17,460,000.00 | - | - | - | - | 87,300,000.00 |
|
Removal of hazardous waste from plot no. 440/4, Chabielice, Municipality of Szczerców
|
- | 3,074,000.00 | 3,074,000.00 | 3,074,000.00 | 3,074,000.00 | 3,074,000.00 | - | - | - | - | 15,370,000.00 |
|
Removal of illegal hazardous waste landfill in Kokawa, gm. Mykanów
|
4,973,333.33 | 4,973,333.33 | 4,973,333.33 | 4,973,333.33 | 4,973,333.33 | 4,973,333.33 | - | - | - | - | 29,839,999.98 |
AI-Generated Revenue Allocation: Revenue allocations follow IFRS 15 principles with AI-derived timing assumptions. Verify with official financial statements.
Financial Performance
Quarterly Data
| Metric | 2023Q1 | 2023Q2 | 2023Q3 | 2023Q4 | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | 2025Q1 | 2025Q2 | 2025Q3 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement Revenue (Quarterly) | 55.1M | 57.0M | 57.5M | 67.4M | 54.8M | 65.3M | 80.0M | 83.7M | 59.6M | 67.5M | 83.1M |
| Income Statement Gross Profit (Quarterly) | 27.5M | 28.2M | 28.7M | 29.1M | 23.8M | 25.4M | 36.9M | 37.8M | 20.9M | 23.7M | 33.0M |
| Income Statement EBITDA (Quarterly) | 25.8M | 27.9M | 29.1M | 26.3M | 21.9M | 26.2M | 36.6M | 32.0M | 24.3M | 27.7M | -15.0M |
| Income Statement EBIT (Quarterly) | 23.9M | 24.8M | 25.1M | 22.1M | 17.8M | 22.1M | 32.3M | 23.5M | 17.1M | 20.0M | -23.3M |
| Income Statement Net Income (Quarterly) | 19.6M | 21.0M | 20.9M | 17.3M | 13.4M | 17.0M | 24.7M | 15.3M | 12.6M | 14.0M | -38.7M |
| Costs Selling & Distribution Costs | 747.6K | 817.4K | 980.7K | 1.8M | 2.8M | -184.6K | 1.1M | 8.2M | 842.5K | 1.1M | 1.1M |
| Costs Administrative Expenses | 2.3M | 4.8M | 2.5M | 3.7M | 4.1M | 4.5M | 4.1M | 5.7M | 3.8M | 4.0M | 3.5M |
| Cash Flow Operating Cash Flow | 21.1M | 20.9M | 21.8M | 4.0M | 4.6M | 27.2M | 27.2M | 34.3M | 15.1M | 21.2M | -10.5M |
| Cash Flow Capital Expenditure | -27.0M | -31.5M | -46.6M | -63.6M | -31.0M | -58.3M | -105.4M | -119.9M | -16.5M | -27.9M | -34.0M |
| Cash Flow Free Cash Flow | 48.2M | 52.3M | 68.4M | 67.7M | 35.6M | 85.5M | 132.6M | 154.2M | 31.6M | 49.1M | 23.5M |
| Cash Flow Depreciation & Amortization | 1.8M | 3.1M | 4.0M | 4.2M | 4.1M | 4.1M | 4.3M | 8.6M | 7.2M | 7.7M | 8.3M |
| LTM Metrics Revenue (LTM) | 55.1M | 112.1M | 169.6M | 237.0M | 236.7M | 245.1M | 267.6M | 283.9M | 288.7M | 290.8M | 293.9M |
| LTM Metrics EBITDA (LTM) | 25.8M | 53.7M | 82.8M | 109.1M | 105.2M | 103.5M | 111.0M | 116.7M | 119.1M | 120.6M | 69.0M |
| LTM Metrics Net Income (LTM) | 19.6M | 40.6M | 61.5M | 78.9M | 72.6M | 68.6M | 72.4M | 70.3M | 69.5M | 66.5M | 3.2M |
| Profitability Gross Margin | 49.8% | 49.5% | 50.0% | 43.2% | 43.4% | 38.9% | 46.1% | 45.1% | 35.0% | 35.1% | 39.7% |
| Profitability EBITDA Margin | 46.7% | 49.0% | 50.6% | 39.0% | 39.9% | 40.1% | 45.7% | 38.3% | 40.7% | 41.0% | -18.1% |
| Profitability EBIT Margin | 43.4% | 43.5% | 43.7% | 32.7% | 32.5% | 33.8% | 40.4% | 28.0% | 28.6% | 29.7% | -28.1% |
| Profitability Net Margin | 35.6% | 36.9% | 36.4% | 25.7% | 24.4% | 26.0% | 30.8% | 18.3% | 21.1% | 20.7% | -46.5% |
| Profitability ROIC | - | - | - | - | 22.7% | 27.6% | 27.3% | 23.3% | 20.6% | 23.6% | -0.8% |
| Profitability Cash Conversion | 108.0% | 99.0% | 104.0% | 23.0% | 34.0% | 160.0% | 110.0% | 225.0% | 120.0% | 152.0% | 27.0% |
| Balance Sheet Current Assets | 114.2M | 131.8M | 92.8M | 80.1M | 87.5M | 86.2M | 123.9M | 120.1M | 116.5M | 124.2M | 97.6M |
| Balance Sheet Current Liabilities | 27.8M | 82.5M | 29.7M | 55.9M | 95.8M | 140.8M | 105.3M | 57.2M | 52.8M | 101.8M | 135.4M |
| Balance Sheet Inventories | 1.2M | 1.4M | 1.1M | 2.0M | 2.0M | 3.0M | 2.8M | 3.8M | 4.1M | 3.8M | 3.7M |
| Balance Sheet Total Equity | 207.9M | 182.7M | 203.5M | 221.8M | 235.2M | 205.9M | 230.6M | 246.9M | 259.5M | 227.2M | 188.5M |
| Balance Sheet Total Debt | 4.0K | 0 | 0 | 7.7M | 32.7M | 35.3M | 52.1M | 50.0M | 47.5M | 44.1M | 41.6M |
| Balance Sheet Cash & Equivalents | 81.7M | 99.4M | 61.2M | 18.2M | 14.3M | 15.9M | 54.9M | 58.8M | 51.7M | 55.0M | 35.2M |
| Balance Sheet Invested Capital | 126.2M | 83.3M | 142.3M | 211.4M | 253.6M | 225.3M | 227.8M | 238.1M | 255.3M | 216.3M | 194.8M |
| Ratios Current Ratio | 4.11 | 1.60 | 3.12 | 1.43 | 0.91 | 0.61 | 1.18 | 2.10 | 2.21 | 1.22 | 0.72 |
Revenue (Quarterly) - Visual Analysis
Revenue (Quarterly) (PLN)
Growth Rates (QoQ% and YoY%)
Data Source: Financial data sourced from company filings and periodic reports. Values in PLN. Margins and ratios stored as decimals converted to percentages for display.
Recent News & Developments
Sentiment Analysis (Last 6 Months)
| Positive | 63% |
| Neutral | 21% |
| Negative | 16% |
Based on 19 articles
Mo-BRUK S.A. Eyes Growth Amid Regulatory Changes and Strategic Expansion
Mo-BRUK S.A., a leading Polish waste management company, is poised for significant growth as new EU regulations bolster the circular economy. According to CEO Henryk Siodmok, these changes positively impact the construction sector, increasing the demand for recycled aggregates. The company anticipates a revenue growth of at least 20% in 2026 compared to 2025, driven by its expanded production capacity and focus on maintaining high profitability.
The management is exploring opportunities to consolidate production capabilities and diversify its waste processing portfolio to stabilize margins. Additionally, Mo-BRUK is considering innovative, start-up-like projects and plans to execute three acquisitions in 2026 to strengthen its position in the waste management sector. Long-term, the company aims to transition to a "total waste management" model, offering comprehensive waste services, including support for smaller industrial entities currently underserved by its offerings.
These developments align with Mo-BRUK’s strategic focus on environmental remediation, waste recovery, and leveraging tightening regulations to expand its market presence.
Mo-BRUK S.A. Secures Major Public Tender for Hazardous Waste Cleanup
Polish waste management leader Mo-BRUK S.A. has been awarded a significant public tender to manage the cleanup of hazardous waste at an illegal landfill site in southern Poland. The project, valued at approximately PLN 50 million, involves the removal, treatment, and disposal of industrial and hazardous waste, as well as the remediation of contaminated land. The initiative is part of a broader government-funded program aimed at addressing environmental hazards and restoring ecological balance in the region.
Mo-BRUK will leverage its advanced thermal waste treatment facilities in Karsy and Jedlicze, as well as its expertise in stabilization and solidification processes, to execute the project. The company’s innovative approach to waste management, including the production of synthetic aggregates and alternative fuels, will play a key role in ensuring the project’s success. This contract further strengthens Mo-BRUK’s position as a leader in environmental remediation and waste management in Poland.
Relevance: This development aligns with Mo-BRUK’s core business of hazardous waste disposal and environmental remediation, highlighting its role in addressing ecological challenges and benefiting from public tenders and tightening environmental regulations.
Mo-BRUK S.A. Secures Favorable Rulings in Waste Storage Fee Disputes
Mo-BRUK S.A., a leading Polish waste management company, has announced the resolution of two significant legal disputes concerning elevated waste storage fees. The Regional Administrative Court in Wrocław overturned prior decisions by the Marshal of the Lower Silesian Voivodeship, effectively nullifying the imposed fees for waste storage in 2016 and 2020 at the company’s Wałbrzych facility. The contested fees amounted to PLN 17.48 million and PLN 104.7 million, respectively. These rulings are final and conclude the disputes for the specified years.
However, Mo-BRUK remains engaged in ongoing legal proceedings regarding similar fees for 2018 and 2019, which are currently under review by the Supreme Administrative Court. The company has reaffirmed its commitment to defending its position in these cases.
Relevance: This development is significant for Mo-BRUK S.A. as it directly impacts the company’s financial liabilities and underscores its legal strategy in disputes related to waste management regulations, a core aspect of its operations.
Mo-BRUK S.A. Secures Major Waste Management Contract with ORLEN Eko
Mo-BRUK S.A., in collaboration with its subsidiary Raf-Ekologia Sp. z o.o., has signed a framework agreement with ORLEN Eko Sp. z o.o. for the management of hazardous waste coded 07 01 10* and 07 01 08*. The contract, valued at an estimated net amount of PLN 36.27 million (gross PLN 39.17 million), will run until December 31, 2027. The final value of the agreement will depend on the actual volume of waste processed during the contract period.
The agreement underscores Mo-BRUK's strategic role in hazardous waste management and aligns with its core business of industrial and environmental services, further strengthening its market position in Poland.
Mo-BRUK S.A. Secures Major Hazardous Waste Removal Contract Worth PLN 94.28 Million
Mo-BRUK S.A., a leader in waste management and environmental services, has announced the signing of a significant contract with the Mazowieckie Voivodeship for the removal and processing of hazardous and non-hazardous waste in Nowe Miszewo. The agreement, executed on December 30, 2025, was signed on behalf of a consortium led by Mo-BRUK S.A., with Zakład Utylizacji Odpadów Sp. z o.o. and Raf-Ekologia Sp. z o.o. as partners.
The contract, valued at a maximum of PLN 94.28 million gross (PLN 87.3 million net), involves the recovery or disposal of waste and is expected to be completed within 10 months from the signing date. The final value of the agreement will depend on the actual volume of waste removed and processed. This deal has been deemed significant by Mo-BRUK's management due to its high value. With this contract, the Mo-BRUK Group has already secured agreements worth PLN 150 million net for 2026, representing 50% of its total revenue for 2025.
This development underscores Mo-BRUK's expertise in hazardous waste management and its ability to secure high-value public tenders, aligning with its core business operations and growth strategy.
Mo-BRUK S.A. Reports Mixed Financial Results Amid Strategic Investments and Legal Challenges
Mo-BRUK S.A., a leading Polish waste management and recovery company, has released its consolidated financial report for the third quarter of 2025, highlighting both challenges and opportunities. The company reported a 5% year-on-year increase in revenue, reaching PLN 210.16 million, driven by growth in waste processing volumes. However, the quarter was marked by a significant net loss of PLN 12.12 million, primarily due to a one-time write-off of PLN 65.2 million related to disputed environmental fees for 2018 and 2019.
The company’s core business segments showed varied performance. Revenue from hazardous and medical waste incineration grew by 17%, while alternative fuel production increased by 2%. However, the stabilization and solidification segment saw a 2% decline in revenue due to lower average prices, despite an 18% increase in waste volumes processed. Mo-BRUK also highlighted its ongoing investments, including the modernization of its RDF production line in Karsy and the expansion of its waste recovery facilities in Niecew and Jedlicze.
In addition to operational updates, Mo-BRUK disclosed several legal developments. The company resolved disputes over environmental fees for 2017, resulting in a favorable court ruling and the recovery of PLN 4.99 million in interest. However, legal proceedings regarding fees for 2018, 2019, and 2020 remain ongoing. Mo-BRUK has also made strategic acquisitions, including the purchase of Eco Point P.S.A. and its subsidiary, expanding its presence in northern Poland and enhancing its capabilities in hazardous waste management.
Looking ahead, Mo-BRUK anticipates growth in its core segments, supported by increased demand for waste processing services, stricter environmental regulations, and public funding for ecological remediation projects. The company remains focused on leveraging its advanced technologies and expanding its market presence through strategic investments and acquisitions.
Relevance: This article is relevant to Mo-BRUK S.A.'s business profile as it highlights the company's financial performance, strategic investments, legal challenges, and growth opportunities in the waste management and recovery sector, aligning with its core operations and market positioning.
Mo-BRUK S.A. Secures Major Public Tender for Hazardous Waste Disposal
Polish waste management leader Mo-BRUK S.A. has been awarded a significant public tender for the disposal of hazardous waste, further solidifying its position as a key player in the environmental services sector. The contract, valued at several million PLN, involves the collection, treatment, and safe disposal of industrial and hazardous waste from multiple sites across Poland. The project is expected to leverage Mo-BRUK’s advanced thermal waste treatment facilities in Karsy and Jedlicze, as well as its expertise in stabilization and solidification processes.
This development aligns with Mo-BRUK’s strategy to capitalize on tightening environmental regulations and increased public funding for waste remediation projects. The company’s ability to secure such contracts highlights its operational efficiency and compliance with stringent environmental standards.
Relevance: This news is directly relevant to Mo-BRUK S.A.’s business profile as it underscores the company’s leadership in hazardous waste disposal and its success in securing public tenders, a key growth driver for its operations.
Mo-BRUK S.A. Resolves 2017 Waste Storage Fee Dispute
Mo-BRUK S.A., a leading Polish waste management company, announced the resolution of a long-standing administrative case concerning elevated waste storage fees from 2017. The Marshal of the Lower Silesian Voivodeship issued a decision on December 5, 2025, to dismiss the case as irrelevant, confirming that no additional payment of PLN 19,044,933 is required. The decision pertains to Mo-BRUK's hazardous waste landfill located on Górnicza Street in Wałbrzych, which includes a dedicated section for asbestos-containing waste. This ruling concludes the matter of increased fees for the specified year, aligning with the company's earlier communication in October 2025.
Relevance: This development is significant for Mo-BRUK S.A. as it resolves a financial and administrative issue related to its waste management operations, reinforcing its compliance with environmental regulations and financial stability.
Mo-BRUK S.A. Faces Legal Setback Over Waste Storage Fees
Mo-BRUK S.A., a leading Polish waste management company, has announced that the Provincial Administrative Court in Wrocław (WSA) has dismissed the company’s appeal regarding increased fees imposed for waste storage in 2019. The case pertains to the storage of hazardous waste containing asbestos at the Wałbrzych facility without an approved landfill instruction. The court upheld the decision of the Local Government Appeals Board (SKO) issued in May 2025. While the ruling is not final, Mo-BRUK has already paid the increased fees as disclosed in a prior company statement. The management is currently reviewing the court's justification and will decide whether to file a cassation complaint.
This development is relevant to Mo-BRUK S.A.'s business profile as it highlights regulatory compliance challenges in hazardous waste management, a core segment of the company’s operations.
Mo-Bruk Consortium Positioned Competitively in Hazardous Waste Tender
The recent tender for the removal and recovery/disposal of hazardous waste, valued at 36 million PLN gross for the base contract, has attracted three bids. The Mo-Bruk S.A. consortium, which includes Raf-Ekologia and Epichem, submitted an offer of 30.518 million PLN, comfortably within the allocated budget. However, the lowest bid of 25.230 million PLN was submitted by the Hydrogeotechnika consortium, positioning them as the likely winner of the tender.
The project involves the processing of 4,000 Mg of hazardous waste, including derivatives of benzene, toluene, phenols, and isocyanates, with the possibility of a massive optional extension of up to 24,000 Mg. The evaluation criteria include price (60%), contractual insurance amount (15%), and execution time for stages 1 and 2 (25%). While Mo-Bruk’s offer was competitive and aligned with its expertise in hazardous waste processing, the lower bid from Hydrogeotechnika may result in a missed opportunity for Mo-Bruk.
Relevance to Mo-Bruk S.A.: This tender directly aligns with Mo-Bruk’s core business in hazardous waste management, a high-margin segment, and highlights the competitive dynamics in the industry.
2026 EPS Estimates
- Incineration capacity usage estimate for 2026: 92.5%, Solidification capacity usage estimate for 2026: 67.5%
- RDF capacity usage estimate for 2026: 98%
- Incineration - Revenue per ton per type of waste processing: PLN 3750
- Solidification - Revenue per ton per type of waste processing: PLN 400
- RDF - Revenue per ton per type of waste processing: PLN 660
- Annualized revenue from petrol stations: PLN: 20MLN
- EBITDA margin (excluding petrol stations): 45%
- Net profit margin (excluding petrol stations): 25%
- EBITDA margin from petrol stations segment: 4%
- Net profit margin from petrol stations segment: 2.5%
- Incineration capacity usage estimate for 2026: 95%
- Solidification capacity usage estimate for 2026: 70%
- RDF capacity usage estimate for 2026: 99%
- Incineration - Revenue per ton per type of waste processing: PLN 4000
- Solidification - Revenue per ton per type of waste processing: PLN 450
- RDF - Revenue per ton per type of waste processing: PLN 670
- Annualized revenue from petrol stations: PLN: 21MLN
- EBITDA margin (excluding petrol stations): 47.5%
- Net profit margin (excluding petrol stations): 26%
- EBITDA margin from petrol stations segment: 4.5%
- Net profit margin from petrol stations segment: 3%
- Incineration capacity usage estimate for 2026: 96%
- Solidification capacity usage estimate for 2026: 75%
- RDF capacity usage estimate for 2026: 99%
- Incineration - Revenue per ton per type of waste processing: PLN 4100
- Solidification - Revenue per ton per type of waste processing: PLN 450
- RDF - Revenue per ton per type of waste processing: PLN 680
- Annualized revenue from petrol stations: PLN: 21MLN
- EBITDA margin (excluding petrol stations): 48.5%
- Net profit margin (excluding petrol stations): 27%
- EBITDA margin from petrol stations segment: 4.5%
- Net profit margin from petrol stations segment: 3%
Note: EPS estimates are for informational purposes only and represent our analytical framework, not investment recommendations. These financial results estimates are based on stated assumptions and may change as new information becomes available.
Key Metrics
Company-specific performance indicators tailored to Mo-Bruk S.A.'s business model.
Key Metrics Coming Soon
We're building custom performance indicators for Mo-Bruk S.A..
Examples of metrics we'll track:
Data Source: Key metrics are extracted from company disclosures, periodic reports, and management commentary.