Grupa Azoty (ATT) Q4 2025 earnings summary

Executive summary

• 2025 EBITDA improved to PLN 323m from a PLN 330m loss in 2024; excluding Grupa Azoty Polyolefins (GAP), EBITDA was PLN 350m.

• Revenue was PLN 13.1bn, versus PLN 13.0bn in 2024; Agro was the main earnings driver, while Chemicals and Plastics remained loss-making.

• An agreement with Orlen and a creditor arrangement for GAP are expected to reduce debt and financial exposure, enabling renewed focus on core businesses.

Financial highlights

• Revenue reached PLN 13.1bn in 2025, compared with PLN 13.0bn in 2024 and PLN 13.5bn in 2023.

• Reported EBITDA was PLN 323m, versus a PLN 330m loss in 2024; EBITDA excluding GAP was PLN 350m, versus a PLN 112m loss in 2024.

• Reported EBIT was a PLN 5.260bn loss and net income a PLN 5.145bn loss; excluding GAP, EBIT was a PLN 639m loss and net income a PLN 776m loss.

• EBITDA improved by PLN 653m YoY, supported by Agro (+PLN 386m), Plastics (+PLN 223m), Chemicals (+PLN 117m), Energy (+PLN 100m) and Other (+PLN 27m).

Outlook and guidance

• The Nowe Horyzonty program targets operational and organizational simplification, production optimization, asset portfolio review and sales growth through digital tools and data analytics.

• The planned sale of Polimery Police to Orlen is positioned as a step to lower debt and refocus on core business activities.

• Agro priorities include specialist and foliar product expansion, production efficiency investments, a farmer sales platform and the GARDEN line for individual customers.

• COMPO EXPERT Polska plans to expand biostimulants and microbiological products, strengthen distributor-supported technical advice and introduce fertilizer decision tools.