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Grupa Azoty (ATT) investor relations material
Grupa Azoty Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
The group faced a challenging first half of 2025 due to high energy costs, weak demand, and regulatory pressures in the European chemical sector, resulting in a net loss of PLN 877.7 million, deepening from PLN 748.4 million in H1 2024.
Positive EBITDA was achieved in core segments excluding Polyolefins, with improved operational performance and financial liquidity compared to H1 2024.
Significant penalties were recovered from the Polimery Police Project contractor, and ongoing negotiations with Orlen and other stakeholders are focused on the Polyolefins project.
Management and Supervisory Board changes were implemented, with new representatives appointed.
The AZOTY BUSINESS transformation program was launched, focusing on cost optimization, capex control, and divestment of non-core assets.
Financial highlights
H1 2025 revenue rose 6% year-over-year to PLN 7.14 billion, with Q2 2025 revenue at PLN 3.32 billion.
EBITDA loss narrowed to -PLN 71 million in H1 2025 from -PLN 128 million in H1 2024; adjusted EBITDA (excluding Polyolefins) was positive at PLN 73 million.
Net loss per share was PLN 8.10, compared to PLN 6.84 in H1 2024.
Fixed costs fell by PLN 93 million, mainly due to lower employment and cost-cutting measures.
Available funds at end-June ranged from PLN 670.4 million in cash to PLN 1.3 billion including credit and factoring facilities.
Outlook and guidance
Fertilizer spreads are expected to remain stable in 2025, with potential improvement in 2026 following customs duties on Russian and Belarusian imports.
The AZOTY BUSINESS transformation program and cost savings initiatives are expected to continue.
Standstill agreements with financial institutions have been extended to 30 September 2025, with expectations for further extension and long-term solutions.
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