Grupa Azoty (ATT) investor relations material

Executive summary

• Performance in Q2 and H1 2026 was shaped by ongoing geopolitical conflicts, especially in the Strait of Hormuz and Ukraine, causing severe supply chain disruptions and volatility in feedstock and energy prices.

• EBITDA improved significantly to PLN 274 million in Q2 2026 from a loss of PLN -71 million in Q2 2025, while H1 2026 EBITDA was PLN 26.6 million, down from PLN 78.4 million in H1 2025, reflecting mixed segment performance and cost pressures.

• Net loss for H1 2026 narrowed to PLN 212.6 million, an improvement from PLN 292.5 million loss in H1 2025.

• The company accelerated restructuring, cost discipline, and efficiency programs, adapting trade and production strategies to volatile market conditions.

Financial highlights

• Q2 2026 revenue was approximately PLN 3.3 billion, stable year-over-year, while H1 2026 revenue grew 7.6% to PLN 1,135 million.

• EBITDA for Q2 2026 reached PLN 274 million, a major turnaround from negative EBITDA in prior years; H1 2026 EBITDA was PLN 26.6 million.

• Operating loss for H1 2026 was PLN 49.7 million, improved from PLN 164.7 million loss in H1 2025.

• Cash and cash equivalents at June 30, 2026, were PLN 774.3 million, down from PLN 978.8 million at the start of the year.

• Total assets as of June 30, 2026, were PLN 9,036 million, with equity at PLN 2,328 million.

Outlook and guidance

• Management remains cautious for Q3 2026, expecting continued market volatility and unpredictability.

• The company’s strategy to 2030 targets annual revenues of PLN 17–18 billion and EBITDA of PLN 1.9–2.0 billion, with an EBITDA margin above 10%.

• Key priorities for 2026 include completing the Polyolefins sale to Orlen, finalizing financial restructuring, and securing a capital injection.