Half Year 2026 Grupa Azoty SA Earnings Call Transcript

Sep 11, 2026 / 08:30 AM GMT

Transcript

Key Points

Positve

Grupa Azoty SA (STU:5PL) reported H1 2026 EBITDA of PLN370 million, a major improvement year over year, with Q2 2026 EBITDA reaching PLN274 million versus a loss of PLN71 million in the prior-year quarter.
The chemicals segment delivered exceptional results, with revenues rising roughly 50% year over year to about PLN900 million and EBITDA nearly PLN200 million higher, driven by technical urea and sulfur at high prices.
All operating segments improved year over year, with the agro segment contributing PLN86 million in Q2 2026 and the plastics segment reducing its loss compared to the second quarter of 2025.
Grupa Azoty SA (STU:5PL) is making strong progress on financial restructuring, with advanced bank negotiations, shareholder approvals for asset collateral, and a planned share issue to the Treasury expected to conclude by end-2026.
The company completed the sale of GA Polyolefins to Orlan, obtained all necessary regulatory consents, and is awaiting final court approval, marking a key milestone in its restructuring program.
Grupa Azoty SA (STU:5PL) benefits from a more supportive EU regulatory environment, including the revised ETS policy and CBAM, which improve the competitiveness of EU-produced fertilizers and chemicals.
The company maintained uninterrupted production throughout the quarter by dynamically optimizing plant operations and product mix, while also increasing export sales amid lower global supply.

Negative

Natural gas prices surged 92% due to the Strait of Hormuz conflict, creating unprecedented volatility in feedstock costs and severely pressuring Grupa Azoty SA (STU:5PL)'s production economics.
Variable costs rose over 26% year over year, and fixed costs increased slightly, mainly due to higher labor costs, keeping overall cost pressure elevated despite some normalization.
The agro segment faced lower sales volumes due to farmer uncertainty over subsidy timing and amounts, resulting in a negative impact on segment performance despite overall improvement.
The plastics segment continued to report a loss, with clients suspending production or reducing purchase volumes amid market uncertainty, and production of caprolactam, PP, and PA was halted.
Grupa Azoty SA (STU:5PL) continues to bear high costs for legal and financial advisors related to the prolonged restructuring process, with advisory costs expected to remain elevated until agreements are finalized.
Ongoing collective disputes with trade unions over wage demands of PLN1,500 per month cannot be met, as the company states it cannot afford them, creating social tension during restructuring.
The company remains unable to provide a positive outlook for Q3 2026, citing persistent market volatility, no signs of stability, and a neutral to cautious stance on future performance.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ATTP.WA - Grupa Azoty SA
Half Year 2026 Grupa Azoty SA Earnings Call
Sep 11, 2026 / 08:30AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, everyone, and welcome to the earnings call, which is devoted to the financial and operational performance of Nupaso Theatre in the second quarter 2026.

This is an online earnings call and we will remind you that first the speakers will present the key facts and figures for the operational and financial performance. And then we'll move on to the Q&A session.

As usual, you will be able to ask your questions in the chat.

Well, today's conference, today's earnings call will be held by Martin Salevsky, President of the Management Board CEO, and Yasuk Todbulski, Vice President.

Ladies and gentlemen, everyone, welcome to the earnings call which is devoted to our results after the quarter.

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