Grupa Azoty reported its results for the first quarter of 2026. Consolidated sales revenue amounted to PLN 3.70 billion, compared with PLN 3.82 billion in the corresponding period of the previous year, representing a decline of 3.14%. At the same time, the Group significantly improved its operating profitability. EBITDA reached PLN 317 million, compared with PLN -8 million in the first quarter of 2025. This means an improvement of PLN 325 million year on year. EBITDA excluding the impact of GA Polyolefins amounted to PLN 341 million, compared with PLN 86 million a year earlier, which represents an increase of PLN 255 million. The consolidated EBITDA margin stood at 8.6%, compared with -0.2% a year earlier, an increase of 8.8 percentage points.
According to the company, the Agro segment was of key importance to the result at segment level. EBITDA in this area increased by PLN 146 million year on year, or 157.0%, to PLN 239 million. Improvement was also recorded in the Chemicals segment, which generated positive EBITDA of PLN 17 million. As Grupa Azoty emphasised, this was the first positive result for this segment since the fourth quarter of 2023. The company also noted that the quarterly result was affected by a change in the estimated provision for CO2 emission allowances for 2025, resulting from a decline in market prices of CO2 emission allowances. This effect amounted to PLN 97 million and resulted from IAS regulations.
Jacek Podgórski, Vice President of the Management Board of Grupa Azoty, said: "The first quarter of 2026 brought a clear improvement in the profitability of the entire Group, as confirmed by consolidated EBITDA of PLN 317 million, higher by PLN 325 million compared with the corresponding period of last year. A key pillar of this success was the very good result in the Agro segment, where EBITDA increased year on year by PLN 146 million, an increase of 157.0%, reaching PLN 239 million. Also highly important for us is the positive result in the Chemicals segment, which generated positive EBITDA of PLN 17 million, representing a significant improvement compared with the negative result a year earlier. It is worth emphasising that this segment delivered a positive result for the first time since the fourth quarter of 2023. We do not hide the fact that support for the quarterly result came from a change in the estimate of the provision for CO2 emission allowances for 2025, caused by a fall in market prices of CO2 emission allowances in the amount of PLN 97 million, which directly results from IAS regulations".
Talks with banks and the restructuring agreement
The company also referred to its debt situation. As stated by Marcin Celejewski, President of the Management Board of Grupa Azoty, a large part of the management board's and the organisation's work is currently focused on talks with banks and financial institutions. The Group still operates on the basis of monthly stabilisation agreements, which require continuous renegotiation. The objective remains to conclude a target restructuring agreement, which is intended to make it possible to move away from day-to-day management of the debt crisis and focus on the strategic development of the business.
Marcin Celejewski commented: "Today, a very large part of the work of the management board and the entire organisation consists of talks with banks and financial institutions. We are still operating on the basis of monthly stabilisation agreements, which require constant renegotiation. Our goal is to sign a target restructuring agreement that will allow us to focus no longer on day-to-day management of the debt crisis, but on the strategic development of Grupa Azoty's business. The goal of signing the restructuring agreement is getting closer and closer".
Action plan for the fertiliser sector
The statement also referred to the Fertiliser Action Plan announced by the European Commission on 19 May 2026. According to Grupa Azoty, this initiative indicates a change in the European Union's approach to the importance of the European fertiliser industry. The company believes that, for the first time, agricultural and fertiliser policy, food security, industrial competitiveness and the pursuit of the European Union's strategic autonomy in fertiliser production have been linked so clearly.
The President of Grupa Azoty added: "Recent geopolitical events, including tensions around the Strait of Hormuz, have clearly shown how important fertiliser security and the maintenance of domestic production capacity are for Europe. The European Commission has begun to recognise that Europe's food security is inseparably linked to a strong fertiliser industry. Fertiliser production must take place close to the customer. The further we push it outside Europe, the greater the risks to supply stability and, consequently, food prices".
