MBF Group
Since the announcement of the three consortium projects – IRYDA Plus, MALLARD and ARES – MBF Group S.A. has pursued a consistent plan to build technological, industrial and operational competence. What remains unchanged is the assumption that a company’s value should be derived from viable operations, growing knowledge resources, production capabilities and predictable business models. The last nine months have been a period of transition from concept to structured institutional cooperation that has the real ability to translate into future revenues, contracts and sustained growth in shareholder value.
In the following summary, we present the most important agreements signed by the Company, their importance for further development and the strategic context – relevant from the point of view of investors and the capital market.
Agreement with Warsaw University of Technology
November 21, 2025. MBF Group S.A. has signed a confidentiality agreement with the Warsaw University of Technology, laying the foundation for further technological cooperation on the MALLARD project and the consortium’s other ventures. The document defines the rules for exchanging technical data, test results, project documentation and know-how. The University can support the Company in engineering analysis, testing, R&D, certification and technological evaluation by providing access to laboratory facilities and research infrastructure.
The current report underscores that this is the last part of the preparatory contract cycle – which means moving from the organizational and conceptual phase to the operational phase, including testing, development, integration and commercialization. This is an important signal to the market: the consortium is not reporting ambitions, but is entering the implementation stage.
The framework agreement with Franklin Sp. z o.o.
Also on November 21, 2025. The company has entered into a long-term framework agreement with Franklin Sp. z o.o., a manufacturer of aircraft engines and propulsion systems. The agreement covers the design, integration, testing and development of propulsion units designed for IRYDA Plus and MALLARD. It also assumes certification consultations, joint construction work and the possibility of commercializing solutions in Poland and abroad.
In addition, the agreement allows for potential equity or quasi-equity involvement of a partner in future project phases, which could increase the scale of financing and the pace of commercialization. In practice, this means that MBF Group is securing a strategic technology component – without which it would be difficult or impossible to enter the UAV market.
Other agreements reported in ESPI
PCO S.A.
October 23, 2025. A confidentiality agreement was signed covering the exchange of information on optoelectronic technologies, sensors, observation systems and solutions to support the development of IRYDA Plus and C-UAS technologies. The cooperation makes it possible to analyze the potential integration of PCO S.A.’s systems with unmanned platforms, which increases their operational and export utility. PCO S.A. is a member of the Polish Armaments Group, which further strengthens the importance of this relationship in the national defense ecosystem.
AutoBOX Innovations Sp. z o.o.
In a 63/2025 report, the company announced agreements to integrate STAR 266M2 vehicles as ground platforms for consortium systems. This opens the way for the construction of mobile command posts, transportation, maintenance and test infrastructure – components that are essential for future military or civilian deployments. AutoBOX Innovations has experience in retrofitting specialized vehicles to flexibly match the operational needs of unmanned systems under development.
Experts: prof. Jerzy Ejsmont and Eng. pil. Henryk Bronowicki
October 6 and 23, 2025. expert cooperation agreements have been concluded, including advice on aerodynamics, ballistics, aviation safety and testing of IRYDA Plus prototypes. This is a real safeguard of competence in the areas that are required for the development of medium- and long-range unmanned systems. Prof. Jerzy Ejsmont is a recognized specialist in military technology and vehicle dynamics research, which gives the project high scientific credibility. Eng. Pilot Henryk Bronowicki brings operational experience in the field of aircraft testing and operation to create solutions that meet the practical requirements of end users.
Contract for R&D work and project preparation
Report 59/2025 announces a signed agreement for the preparation of technological, organizational and process documentation – necessary to start the implementation phase and launch commercialization paths in Poland and abroad. Each of the above contracts deals with a different stage of project development – from design, to testing, to future production, integration and maintenance.
Communication strategy and other agreements
MBF Group S.A. emphasizes that it has also signed a number of other agreements in recent months – including. with ammunition manufacturer, composite fiber supplier, logistics companies, testing laboratories, design units and certification entities. They were not reported in the ESPI system for two reasons:
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after analysis did not meet the materiality criteria under the MAR Regulation,
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Their publication would generate unnecessary information noise, making it difficult for investors to assess actual milestones.
Such communication management is in line with the practice of technology and industrial companies – crucial for information predictability, credibility and transparency to the market.
The importance of signed contracts – an investor perspective
The partnerships being built are not a random collection of agreements, but a consistently designed system of cooperation between industry, science, engineering and business. Their common denominator is technological security, broad access to competence and reduced risk – both operational and capital.
Cooperation with the Warsaw University of Technology strengthens scientific and research credibility, with Franklin providing a key technological component and manufacturing capability, and AutoBOX, PCO and aerospace experts building the functional basis for future deployments. It is also important that these agreements include not only the ongoing exchange of information, but also mechanisms to move to the prototyping, testing, approval, certification and scaling stages.
From the point of view of the capital market, it is worth noting that the signed agreements reduce the information asymmetry regarding the real advancement of technology projects, which in the long term may favor a more effective valuation of the company. The market usually responds not to declarations, but to visible organizational progress, access to resources, competence and infrastructure – and these elements have already been secured.
If confirmed tests, prototypes, approvals or first commercial deployments are the next step, MBF Group could enter the group of technology developers with export potential, which historically in many cases has led to a systematic increase in shareholder value. The final outcome will, of course, depend on the pace of implementation, the market situation and financing capacity, but the foundation for future scale has already been built. From the perspective of shareholders, this means that project risks are gradually diminishing and the probability of reaching the commercial phase is increasing – which in the high-tech sector has real significance for future market valuation.
Conclusions and outlook
The current stage of MBF Group S.A.’s development indicates that the foundation for future revenues and expansion has already been largely built. The value created within the consortium is not a single product, but the entire ecosystem – propulsion technologies, sensors, airframes, ground infrastructure, partner network, experts and commercialization model. All this creates an advantage that cannot be easily copied.
As we move to the next design stages – testing, certification, approval and first deployments – the natural expectation of the market will be for the Company’s value to increase. If the IRYDA Plus and MALLARD projects reach operational readiness, this could open the door for MBF Group’s domestic revenues, exports and international cooperation, a potential catalyst for future capitalization.
Although the most important tasks are yet to come, the pace of work, the scope of signed agreements and the quality of partners indicate that a structure is being built that can generate long-term value – both industrial and investment.
