Grupa Azoty (ATT) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was PLN 3.37bn and EBITDA was PLN 294m, versus a PLN 71m EBITDA loss in Q2 2025.

• Excluding GA Polyolefins, Q2 revenue was PLN 3.02bn and EBITDA was PLN 334m, versus PLN 3.37bn and PLN 73m, respectively, a year earlier.

• H1 standalone net loss narrowed to PLN 212.6m from PLN 292.5m; the wider group reported EBITDA of PLN 610.3m and net loss of PLN 593.9m.

• Significant uncertainty over continuing operations remains, with stability dependent on financing arrangements, liquidity measures, restructuring and the planned share issue.

• ORLEN transaction documents provide PLN 1.183bn for Polyolefins restructuring, creditor settlements and purchase of remaining shares; closing remained pending.

Financial highlights

• Q2 revenue was PLN 3.37bn versus PLN 3.32bn a year earlier; EBITDA improved to PLN 294m from a PLN 71m loss.

• H1 standalone revenue was PLN 1,135.1m; Q2 standalone revenue was PLN 553.7m versus PLN 447.5m, while Q2 net loss narrowed to PLN 137.1m from PLN 203.5m.

• H1 standalone gross profit rose to PLN 133.7m from PLN 36.7m; operating loss narrowed to PLN 49.7m from PLN 164.7m, while net finance costs increased to PLN 139.9m from PLN 119.8m.

• Variable costs rose 0.6% YoY to PLN 2,337m; fixed costs fell 7.9% to PLN 952m and total costs declined 2.1% to PLN 3,289m.

Segment performance

• Agro Q2 revenue fell 8.3% YoY to PLN 2,034m; EBITDA rose to PLN 80m from PLN 26m, with margin improving to 3.9% from 1.2%.

• Chemistry Q2 revenue increased 48.8% to PLN 890m; EBITDA reached PLN 177m from a PLN 22m loss, and margin improved to 19.9%.

• Plastics Q2 revenue declined 22.1% to PLN 264m; EBITDA loss narrowed to PLN 37m from PLN 187m, with a reported margin of -14.0% and a 0.9% margin excluding GA Polyolefins.

• H1 Agro sales volume fell 12% YoY amid maintenance-related lower production; Plastics volumes declined, caprolactam production did not restart in Q2, and the Polyolefins polypropylene unit remained idle.