MBR GPW mWIG40 Periodic report · PAP Biznes
Mo-Bruk SA (MBR) · Q2 2026 results
Share price: 414.50 zł · 2026-11-10
Mo-Bruk SA is a capital group whose activities are subject to environmental protection regulations and rules regarding the use of land and fixed assets. The provided text does not specify the company's specific products, customers, or markets. Source: Half-year report (2026-08-27)
Results Q2 2026 vs Q2 2025 · year over year · published 27 Aug 2026 and 21 Aug 2025
Operating income down 36.0% year on year. The language turned more upbeat.
1 · Numbers
−36.0%
Operating income vs Q2 2025
Operating income 59.3M vs 92.6M
Revenue +42.8%
Why Operating income fell primarily due to a negative impact on processed volumes at the Skarbimierz plant resulting from changes in the Marshal's approach to interpreting Integrated Permit provisions.
2 · How the report reads
More upbeat
Language tone vs last period
Report language: upbeat for a company report — more upbeat than in Q2 2025.
Weak signal: formal report language, not a call.
3 · What stood out
The shareholder meeting of Raf Ekologia Sp. z o.o. resolved to allocate 18 million PLN from 2025 profits as a dividend to the parent company, Mo-Bruk SA.
Valuation
Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
Valuation unavailable: free cash flow and profit were negative in the last full year and on average over the last three, so there is nothing to discount.
Current price
414.50 zł
close of 2026-11-10
P/E
96.9
today
Revenue growth, 3 years
+9.5% a year
compound annual rate (CAGR)
Read between the lines
-
Figure
Excluding Eco Point costs, operating costs increased due to a 11.0 million PLN (34%) rise in external services, a 5.2 million PLN (36%) rise in materials and energy, and 4.6 million PLN (24%) in employee benefits.
Source quote
“The increase in operating costs, excluding the costs of the Eco Point company, resulted primarily from the increase in outsourced service costs, which rose by PLN 11.0 million (34%), as well as the increase in material and energy consumption by PLN 5.2 million (36%) and employee benefit costs by PLN 4.6 million (24%).”
-
Figure
Earnings per ordinary share decreased from 12.00 to 7.55, 2.82 to 1.79, and 1.79 to 1.79 in the reported figures.
Source quote
“X. Earnings (loss) per ordinary share (in PLN / EUR) 12.00 7.55 2.82 1.79.”
-
Figure
MBR reported growth in sales profit by 68%, EBITDA by 44%, operating profit by 60%, gross profit by 62%, and net profit by 59% compared to the previous year.
Source quote
“In particular, an increase was recorded: sales profit by 68%, EBITDA by 44%, operating profit by 60%, gross profit by 62%, and net profit by 59%.”
-
Figure
The net financial debt to EBITDA ratio was 0.95 on June 30, 2026, which improved from 1.31 at the end of 2025 but increased from 0.65 in the previous year.
Source quote
“The net financial debt to EBITDA ratio as of June 30, 2026, was 0.95, representing an improvement compared to the level of 1.31 at the end of 2025, while simultaneously increasing compared to 0.65 recorded in the same period of the previous year.”
-
Figure
The shareholder meeting of Raf Ekologia Sp. z o.o. resolved to allocate 18 million PLN from 2025 profits as a dividend to the parent company, Mo-BRUK S.A.
Source quote
“On May 6, 2026, the General Meeting of Shareholders of the subsidiary company Raf Ekologia Sp. z o.o. adopted a resolution to allocate PLN 18 million from the 2025 profit for the payment of a dividend to the sole shareholder, the parent company Mo-BRUK S.A.”
2 more
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Key theme
The Group's development plans include increasing production capacities through both organic growth and acquisitions.
Source quote
“The Group's development plans include an increase in production capacity through organic growth and acquisitions.”
-
Key theme
Expected synergy effects from the Eco Point integration with the Mo-BRUK Group are expected to support further revenue growth in future periods.
Source quote
“Expected synergy effects resulting from the integration of Eco Point with the Mo-BRUK Group should support further revenue growth in subsequent periods.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q2 2025.
Upbeat for a company report — more upbeat than in Q2 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.
Sentences that drove the tone
“The above actions are in line with the long-term development goals of the Mo-BRUK Capital Group, aimed at increasing management efficiency, improving the transparency of the organizational structure, and further strengthening the risk management system.”
Full figures
PLN · PAP Biznes report (2026-08-27)
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | 181.4M | 127.1M | +42.8% |
| Gross profit | 72.8M | — | |
| Operating income | 59.3M | 92.6M | −36.0% |
| Net income | 42.2M | — | |
| EPS | 12.00 | 7.55 | +58.9% |
| P/E today 96.9 | 95.2 | 15.0 | +80.2 |
Topics
Topics are drawn from the full report text, not management commentary.
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Latest announcements
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