In the quarter the Group processed 104.9 thousand tonnes of waste, of which 59.1 thousand tonnes were allocated to the stabilization and compaction segment, 26.6 thousand tonnes to the RDF segment, 14.0 thousand tonnes to incineration, and 5.8 thousand tonnes to the new segment of processing greased waters and industrial oils, related to the acquisition of Eco Point. As a result, sales revenues by segment were 25.0 million PLN, 15.9 million PLN, 54.5 million PLN and 7.8 million PLN respectively.
The Board does not rule out a dividend for 2025 despite a weaker result. Based on the current value of the order and project portfolio, revenues and results for the entire year 2026 can be expected to be record-breaking, just like 4Q25. We assess the conference tone slightly positively
4Q24/25 results:
Reported revenues for 4Q25 were 109.7 million PLN, compared to 83.7 million PLN in the previous year (up 31% YoY). They are 21% above our forecast and 16% above market consensus.
In the quarter the Group processed 104.9 thousand tonnes of waste, of which 59.1 thousand tonnes were allocated to the stabilization and compaction segment, 26.6 thousand tonnes to the RDF segment, 14.0 thousand tonnes to incineration, and 5.8 thousand tonnes to the new segment of processing greased waters and industrial oils, related to the acquisition of Eco Point. As a result, sales revenues by segment were 25.0 million PLN, 15.9 million PLN, 54.5 million PLN and 7.8 million PLN respectively.
In the same period of the previous year the Group processed a total of 84.9 thousand tonnes of waste. The positive point is the increase in volumes of processed waste in each segment.
EBITDA, EBIT. The level of EBITDA and operating profit, as well as revenues, are also record-breaking. Operating profit in the fourth quarter of 2025 rose 76% YoY to 41.3 million PLN, and EBITDA grew 58% to 50.5 million. EBITDA margin rose YoY to 46.1% from 38.3% in 4Q24. Excluding one‑off events, EBITDA for the full year would be nearly 142 million PLN according to the company.
Operating cost growth of 12% YoY (significantly slower than revenues) is mainly due to increased employee benefits (+39% to 14.7 million PLN) and external service costs (+16.5% to 28.2 million PLN), which the company attributes to higher alternative fuel purchase costs and higher costs of processing aggregate produced in the stabilization and compaction of inorganic waste.
Debt. At the end of the reporting period the Group had bank loan and borrowing obligations worth 72.8 million PLN. Other financial obligations mainly arise from leasing agreements, whose value is 80.2 million PLN.
Other financial obligations of 66.9 million PLN represent the discounted maximum value of the premium that can be obtained by sellers of EL-KAJO and EcoPoint shares after achieving the financial results specified in the earn‑out clause of the agreement.
At the end of December 2025 the group had 34.0 million PLN in cash, and the net financial debt to EBITDA ratio at the end of 4Q25 was 2.13x vs 0.71 a year earlier and 1.63 in the previous quarter.
Conference summary:
• Based on the current value of the order and project portfolio, revenues and results for the entire year 2026 can be expected to be record-breaking, just like 4Q.
• Income from the disposal of illegal hazardous waste dumps amounted to 53.2 million PLN in the first three quarters. The company estimates that the 2026 outlook in this area is even higher – the current value of the order and project portfolio is 127 million PLN.
• Starting from the fourth quarter a new segment of processing oils and greased waters (Eco Point) is reported.
• The shelf announces an acquisition in the waste collection segment. Companies with revenues up to 100 million PLN are of interest. Similar in size to the recently acquired Eco Point.
• Additionally, a modernization investment in EL Kajo has been announced. The planned cost is about 30 million PLN over 3 years.
• According to the Board, the first significant scale benefits are already visible – costs grow slower than revenues.
• For 2026 the group, after completing investments in the main business segments, plans APEX at 20‑25 million PLN.
• In the RDF segment the company obtained/notified Ukraine and subsequent notifications for the Netherlands and Czech Republic.
• Own energy still does not cover the previously announced 60% level of demand.
• Winter hampered activity at Eco Point and the stabilization and compaction segment, which may slightly burden 1Q26 results.
• Fuel station profitability operated by the company is 3‑4% with 1.3‑1.5 million PLN annual EBITDA.
• The Board does not rule out a dividend for 2025.
• We assess the conference tone slightly positively
We maintain our valuation and recommendation. Latest recommendation: BUY as of 14.01.2026 with a target price of 424.8 PLN. The price on the day of issuance was 352.5 PLN
