Grupa Azoty (ATT) Q4 2025 earnings summary

Executive summary

• EBITDA improved from PLN -1,366 million in 2023 to PLN 323 million in 2025, reflecting a turnaround in operating performance and marking the second consecutive year of positive EBITDA.

• Major restructuring and transformation, including the historic agreement with Orlen for the sale of Grupa Azoty Polyolefins, stabilized financial footing, reduced debt, and protected jobs.

• Export sales grew, with Plastics at 74%, Chemicals at 55%, and Agro at 46% of segment revenues, supporting improved competitiveness.

• Focused on core business segments, especially agro, with growing export sales and improved competitiveness.

Financial highlights

• Adjusted EBITDA for 2025 reached PLN 350 million, up from PLN -330 million in 2024 and PLN -1,366 million in 2023, while consolidated EBITDA was PLN 323 million.

• Revenues remained stable at over PLN 13 billion from 2023 to 2025, but EBITDA improved by nearly PLN 1.7 billion over this period.

• Net result remains negative at minus PLN 5.2 billion due to significant write-offs related to past investments, though the net loss narrowed to PLN -776 million (adjusted) in 2025.

• Total debt reduced by PLN 4.7 billion to PLN 13.5 billion after the Orlen transaction.

Outlook and guidance

• Expectation of further improvement in 2026, especially in agro, chemicals, and plastics segments, with continued implementation of transformation programs targeting process optimization and digital sales growth.

• Focus on core business and further efficiency improvements following the Polyolefins divestment.

• Anticipate better performance from international assets and synergies across the group.