Mo-BRUK (MBR) Q4 2024 earnings summary

Executive summary

• Achieved record-high sales revenue in 2024, marking the highest in company history, despite ongoing investments and modernization at key facilities.

• Operates in three main segments: incineration of industrial/medical waste, solidification and stabilization, and RDF production, with additional activities in coal sludge recovery and fuel sales.

• Major investments completed or underway at Karsy and Niecew, increasing processing and energy generation capacities.

Financial highlights

• Total revenue reached PLN 323.5M in 2024, up from PLN 262.8M in 2023.

• Normalized EBITDA for 2024 was PLN 115.8M, with a margin of 44.8%.

• Net profit for 2024 was PLN 116.0M, with a net profit margin of 44%.

• Operating expenses increased by 28.5% year-over-year, mainly due to the consolidation of El-Kajo and PMD.

Outlook and guidance

• Anticipates increased demand for hazardous waste incineration and RDF, driven by regulatory changes and market trends.

• Expects further reduction in energy costs in 2025 due to new PV and ORC installations.

• Ongoing investments in modernization and capacity expansion at Karsy and Niecew to support future growth.