Grupa Azoty Spolka Akcyjna · GPW:ATT
Grupa Azoty Spolka Akcyjna — Grupa Azoty — FY2025 Earnings Presentation
25 slides from Grupa Azoty Spolka Akcyjna's earnings presentation, May 4, 2026
Slide 1: Grupa Azoty Financial Results for 2025
Grupa Azoty Financial Results for 2025 4 May 2026
Slide 2: Disclaimer
Disclaimer The information presented below has been prepared by the Grupa Azoty Group (the “Group”) solely for the purpose of its presentation on 4 May 2026 (the “Presentation”). By participating in the meeting at which the Presentation is delivered or by referring to this Presentation, you agree to
Slide 3: Presented by
Presented by Marcin Małgorzata Artur Celejewski Królak Chołody, PhD President of the Vice President of the Vice President of the Management Board Management Board Management Board, Chief Executive Officer 3
Slide 4: Agenda
Agenda Summary Financial results – total Financial results – segments Outlook
Slide 5: Summary
Summary ▪ Agreement with Orlen on Grupa Azoty Polyolefins GRADUAL IMPROVEMENT IN OPERATING PERFORMANCE ▪ Development of the Agro EBITDA 2023 segment and stable EBITDA margin PLN -1,366 million ▪ Tangible effects of financial restructuring and business transformation EBITDA 2024 ▪ Growing export sale
Slide 6: Agreement with Orlen on Grupa Azoty Polyolefins
Agreement with Orlen on Grupa Azoty Polyolefins IMPACT ON GRUPA AZOTY RESULTS Reported Adjusted (PLN million) CHANGE 2025 2025* EBITDA 323 350 27 EBIT -5,260 -639 4,621 Net profit/(loss) -5,145 -776 4,369 Total debt 18,188 13,493 -4,695 ▪ Debt reduced by PLN 4.7 billion ▪ Risks successfully mitigate
Slide 7: Polimery Police Project
Polimery Police Project FROM DECISION ON INVESTMENT TO RESTRUCTURING 2015 2016 2017 Project launch (PDH) First signs of risk Key turning point Decision to construct a propylene (PDH) Deterioration of business fundamentals Decision to expand the project to include unit and recognition of the project
Slide 8: Between 2014 and 2025, the Group's debt increased from PLN 3.5 billion to PLN 18.2 billion
Between 2014 and 2025, the Group’s debt increased from PLN 3.5 billion to PLN 18.2 billion, i.e., by PLN 14.7 bilion (419%) DURING THIS PERIOD, THE GROUP PROVIDED PLN 3.0 BILLION IN UNSECURED FINANCING FOR THE POLIMERY POLICE PROJECT EVOLUTION OF GRUPA AZOTY DEBT LEVEL IN 2015–2025, MLD PLN (as at 3
Slide 9: Restructuring of Grupa Azoty Polyolefins
Restructuring of Grupa Azoty Polyolefins WILL REDUCE EXTERNAL DEBT BY PLN 4.7 BILLION (25.4%) FROM PLN 18.2 BILLION, AND DECREASE THE GROUP’S TOTAL FINANCIAL EXPOSURE BY PLN 7.5 BILLION (35.6%), FROM PLN 21.0 BILLION 25 FINANCIAL EXPOSURE OF GRUPA AZOTY AS AT 31 DECEMBER 2025 (PLN billion) Risk of s
Slide 10: Agreement with Orlen on Grupa Azoty Polyolefins
Agreement with Orlen on Grupa Azoty Polyolefins IMPACT ON GRUPA AZOTY RESULTS Reported Adjusted (PLN million) CHANGE 2025 2025* EBITDA 323 350 27 EBIT -5,260 -639 4,621 Net profit/(loss) -5,145 -776 4,369 Total debt 18,188 13,493 -4,695 ▪ Debt reduced by PLN 4.7 billion ▪ Risks successfully mitigate
Slide 11: Agenda
Agenda Summary Financial results – total Financial results – segments Outlook
Slide 12: Grupa Azoty on global markets
Grupa Azoty on global markets (REVENUE, PLN MILLION) North America Asia 3.4% 2.4% 272 417 11 8 18 27 Poland 52.1% EU 27.8% 4,809 2,003 1,007 321 447 259 798 838 143 16 420 12 7 42 2 7 0 South America Africa Australia 3.3% 1.4% and Oceania 959 0.1% 219 2 74 Other Europe 9.5% Agro Fertilizers Energy P
Slide 13: Stable revenue and improving efficiency
Stable revenue and improving efficiency REVENUE, PLN BILLION EBITDA, PLN MILLION EBITDA*, PLN MILLION 350 323 13,5 13,0 13,1 -330 -112 -1,366 -1,090 2023 2024 2025 2023 2024 2025 2023 2024 2025 13 * Data adjusted by GA Polyolefins effect.
Slide 14: EBITDA performance drivers
EBITDA performance drivers PERFORMANCE IMPROVEMENT DRIVEN BY AGRO SEGMENT 117 100 27 223 386 323 (PLN million) -330 12M 2024 EBITDA Agro Plastics Chemicals Energy Other Activities 12M 2025 EBITDA RESULTS IMPACTED BY ONE-OFF EVENTS 587 (PLN million) 422 125 323 231 -330 EBITDA One-off events related
Slide 15: Agro
Agro SOLID FOUNDATION FOR GROWTH IMPROVEMENT IN OPERATING METRICS KEY OPERATIONAL INITIATIVES AND ACHIEVEMENTS OF THE AGRO SEGMENT ▪ EBITDA: PLN 386 million ▪ Expansion of the portfolio: increase Introduction of specialty and (from PLN -185 foliar products (including million to BioShot, Nitroguard,
Slide 16: Ambitious plans of COMPO EXPERT Poland
Ambitious plans of COMPO EXPERT Poland COMPO EXPERT FINANCIAL RESULTS (PLN MILLION) OPERATIONAL PRIORITIES Stabilna EBITDA margin Revenue ze sprzedaży Przychody EBITDA EBITDA net profit/(loss) Wynik netto ▪ Development of the offering in the area of 1,945 2,031 biostimulants and microbiological prod
Slide 17: Azoty Group SIARKOPOL
Azoty Group SIARKOPOL RETURN TO PROFITABILITY DRIVEN BY RISING SULFUR PRICES FINANCIAL RESULTS Grupa Azoty SIARKOPOL (PLN MILLION) OPTIMISATION MEASURES Revenueze sprzedaży Przychody EBITDA EBITDA net profit/(loss) Wynik netto 2024 2025 ▪ Sale or lease of non-core assets 400 350 338 ▪ Renegotiation
Slide 18: Agenda
Agenda Summary Financial results – total Financial results – segments Outlook
Slide 19: Agro
Agro REVENUE (PLN million) 4 500 23% (PLN million) Q4 2024 Q4 2025 Change 2024 2025 Change 4 000 3 500 REVENUE 1,999 2,154 7.8% 7,885 8,928 13.2% 3 000 2 500 4% 3% 2 000 EBITDA -30 9 x -185 201 x 1 500 11% 19% 1 000 EBITDA MARGIN -1.5% 0.4% 1.9pp -2.3% 2.3% 4.6pp 500 0 Nitrogen fertilizers Nitrogen-
Slide 20: Chemicals
Chemicals REVENUE (PLN million) 800 -2% (PLN million) Q4 2024 Q4 2025 Change 2024 2025 Change -19% 700 600 REVENUE 554 565 2.0% 2,383 2,260 -5.2% 8% 500 18% 400 -24% EBITDA -35 -20 42.9% -225 -108 52.0% 300 200 EBITDA 100 MARGIN -6.3% -3.5% 2.8pp -9.4% -4.8% 4.6pp 0 Titanium AdBlue Urea OXO Other wh
Slide 21: Plastics
Plastics REVENUE (PLN million) (PLN million) Q4 2024 Q4 2025 Change 2024 2025 Change 1 200 -66% -17% REVENUE 450 189 -58.0% 2,023 1,225 -39.4% 1 000 800 600 EBITDA -149 -15 89.9% -331 -108 67.4% 400 EBITDA 200 -33% -8% MARGIN -33.1% -7.9% 25.2pp -16.4% -8.8% 7.6 pp 0 Caprolactam Total polyamide Poly
Slide 22: Segment results
Segment results 2025 (PLN million) Agro Chemicals Plastics Energy Other ▪ The Agro segment accounts for more than two- Activities thirds of revenue generation REVENUE 8,928 2,260 1,225 447 278 ▪ The Energy segment’s result boosted by high EBITDA 201 -108 -108 138 200 depreciation and amortisation ch
Slide 23: Agenda
Agenda Summary Financial results – total Financial results – segments Outlook
Slide 24: New Horizons – Grupa Azoty's business transformation
New Horizons – Grupa Azoty’s business transformation New Horizons is a Group-wide umbrella programme combining several areas of activity. Each of them operates within a dedicated team responsible for analysis, preparation and implementation: Operational and organisational Optimisation of the asset p
Slide 25: Thank you for your attention
Thank you for your attention ir.tarnow@grupaazoty.com