Grupa Azoty (ATT) Q2 2026 earnings summary

Executive summary

• Q2 2026 EBITDA reached PLN 294m, up from a PLN 71m loss a year earlier; adjusted EBITDA excluding GA Polyolefins was PLN 334m versus PLN 73m.

• Strait of Hormuz disruption and geopolitical tensions drove supply-chain disruption and volatility in energy and raw-material prices.

• A two-year restructuring programme targets debt reduction, restored operating margins and a stronger market position.

Financial highlights

• Q2 revenue was PLN 3.37bn versus PLN 3.32bn in Q2 2025; excluding GA Polyolefins, revenue was PLN 3.02bn versus PLN 3.37bn.

• Total costs by nature fell 2.1% YoY to PLN 3,289m; variable costs rose 0.6% to PLN 2,337m, while fixed costs fell 7.9% to PLN 952m.

• H1 2026 net loss narrowed to PLN 212.6m from PLN 292.5m; operating loss improved to PLN 49.7m from PLN 164.7m.

• H1 operating cash flow was PLN 555.9m, down from PLN 658.2m; period-end cash was PLN 774.3m.

Outlook and guidance

• Natural gas prices are expected to remain elevated and volatile amid shipping uncertainty and European storage below the five-year average.

• Urea prices are normalising after an April peak of USD 918/t; resumed Chinese imports and an EU tariff suspension subject to an 890 kt quota may pressure prices in H2.

• PA6 faces feedstock-cost pressure, weak demand and increased Chinese imports; OXO and plasticizer demand also remains weak.

• H1 strategy to 2030 targets annual revenue of PLN 17–18bn and EBITDA of PLN 1.9–2.0bn, with a margin above 10%; planned 2025–2030 investment is PLN 3–4bn.