Grupa Azoty (ATT) Q1 2026 earnings summary

Executive summary

• Q1 revenue was PLN 3.700bn, down 3.2% YoY; EBITDA was PLN 316.5m versus negative PLN 8m in Q1 2025, and net loss narrowed to PLN 210.6m from PLN 325.0m.

• Reported EBITDA margin was 8.6%; a separate presentation gives adjusted EBITDA of PLN 341m and margin of 9.2%, excluding the one-time CO₂ allowance provision estimate effect.

• A PLN 97m positive EBIT and EBITDA effect arose from revising the 2025 CO₂ allowance provision; significant going-concern uncertainty remains.

Financial highlights

• Gross profit was PLN 430.8m versus PLN 219.8m YoY; operating profit was PLN 89.4m versus an operating loss of PLN 291.8m.

• Net loss was PLN 210.6m, or PLN 1.59 per share, versus PLN 325.0m and PLN 2.91 per share a year earlier.

• Operating cash flow was PLN 1.978bn; investing and financing cash outflows were PLN 58.8m and PLN 1.902bn, respectively.

• Cash and equivalents were PLN 521.7m at quarter-end; total assets were PLN 19.471bn and equity was negative PLN 99.5m.

Segment performance

• Agro revenue rose 2.6% YoY to PLN 2.675bn; EBITDA was PLN 239m, with an 8.9% margin. Sales volume rose 4% and domestic sales represented 60% of segment product sales.

• Chemistry revenue declined 4.4% to PLN 563.8m; EBITDA was PLN 17m and margin 3.0%. Melamine production at Puławy remained suspended.

• Plastics revenue fell 43.2% to PLN 252.6m; EBITDA was negative PLN 27m and margin negative 10.7%, or negative 1.2% excluding Polyolefins.

• Energy revenue rose 10.1% to PLN 129.6m; EBIT was PLN 17.8m and EBITDA PLN 53.6m.