Q2 2026 Grupa Azoty SA Earnings Call

September 11, 2026

Speaker #1: Good morning, everyone, and welcome to the earnings call devoted to the financial performance of the second quarter of 2026. This is an online earnings call, and we would like to remind you that...

Marcin Celejewski: Good morning everyone, and welcome to the earnings call, which will be devoted to the financial and operational performance of Grupa Azoty after Q2 2026. This is an online earnings call. We will remind you that first, the speakers will present the key facts and figures for the operational and financial performance, and then we will move on to the Q&A session. As usual, you will be able to ask your question in the chat. Today's conference, today's earnings call, will be held by Marcin Celejewski, President of the Management Board, CEO, and Jacek Podgórski, Vice President. Ladies and gentlemen, everyone, welcome to the earnings call, which is devoted to our results after Q2 2026. While we start discussing our performance, it is always necessary to describe the background and the broader picture, which impacted that performance.

Operator: Good morning everyone, and welcome to the earnings call, which will be devoted to the financial and operational performance of Grupa Azoty after Q2 2026. This is an online earnings call. We will remind you that first, the speakers will present the key facts and figures for the operational and financial performance, and then we will move on to the Q&A session. As usual, you will be able to ask your question in the chat. Today's conference, today's earnings call, will be held by Marcin Celejewski, President of the Management Board, CEO, and Jacek Podgórski, Vice President.

Speaker #1: First, the speakers will present the key facts and figures for the operational and financial performance, and then we'll move on to the Q&A session as usual.

Speaker #1: You will be able to ask your questions in the chat. Today's conference, today's earnings call, will be held by Martin Savic, President of the Management Board and CEO, and Jacek Podgórski, Vice President.

Speaker #1: Ladies and gentlemen, welcome to the earnings call devoted to our results after the second quarter of 2026. Before we start discussing our performance, it is always necessary to describe the background and the broader picture which impacted that performance.

Marcin Celejewski: Ladies and gentlemen, everyone, welcome to the earnings call, which is devoted to our results after Q2 2026. While we start discussing our performance, it is always necessary to describe the background and the broader picture, which impacted that performance. In H1 2026, the main driver which impacted our performance was still the conflict which started in the Strait of Hormuz, which resulted in the unprecedented destabilization of many markets as well as shattered a lot of supply chains for the very basic feedstocks such as natural gas or sulfur. Those feedstocks, which have always been considered the very foundations of economy. It shattered the foundations of our economy, and it highlighted the problems which were unnoticed or went unnoticed, or which were considered or had been considered natural and which were unlikely, had been unlikely to appear.

Speaker #1: In the first half of 2026, the main driver which impacted our performance was still the conflict which started in the Strait of Hormuz, which resulted in the unprecedented destabilization of many markets as well as shattered a lot of supply chains for very basic feedstocks, such as natural gas or silver.

Marcin Celejewski: In H1 2026, the main driver which impacted our performance was still the conflict which started in the Strait of Hormuz, which resulted in the unprecedented destabilization of many markets as well as shattered a lot of supply chains for the very basic feedstocks such as natural gas or sulfur. Those feedstocks, which have always been considered the very foundations of economy. It shattered the foundations of our economy, and it highlighted the problems which were unnoticed or went unnoticed, or which were considered or had been considered natural and which were unlikely, had been unlikely to appear.

Speaker #1: Those feedstocks have always been considered the very foundations of the economy. It shattered the foundations of the economy and highlighted the problems that were noted.

Speaker #1: Went unnoticed or which were considered, or had been considered, natural and which were unlikely—had been unlikely—to appear. The stabilization of especially gas, which is not only fuel for us, but also one of the key feedstocks—gas feedstock that we use for the production of fertilizers—resulted in gigantic problems and fluctuations of not only the prices of urea or ammonia, but also resulted in unprecedented, volatile, and unexpected behaviors and sentiment in the market.

Marcin Celejewski: Destabilization of especially gas, which is not only fuel for us, but only the key feedstock, that feedstock that we use for the production of fertilizers, resulted in gigantic problems, and fluctuations of not only the prices of urea or ammonia, but also resulted in unprecedentedly volatile and unexpected behaviors and sentiment in the market. As you can see, it resulted in the 92% hike in gas prices, and those prices now exceed €80. What is interesting, and on a more positive note, is the fact that the gigantic market shock and stabilization of main feedstock also impacted how we look as business, but also as politicians on how they look at the economy, which is based on such important conditions as food security.

Marcin Celejewski: Destabilization of especially gas, which is not only fuel for us, but only the key feedstock, that feedstock that we use for the production of fertilizers, resulted in gigantic problems, and fluctuations of not only the prices of urea or ammonia, but also resulted in unprecedentedly volatile and unexpected behaviors and sentiment in the market. As you can see, it resulted in the 92% hike in gas prices, and those prices now exceed EUR 8. What is interesting, and on a more positive note, is the fact that the gigantic market shock and stabilization of main feedstock also impacted how we look as business, but also as politicians on how they look at the economy, which is based on such important conditions as food security.

Speaker #1: As you can see, it resulted in a 92% hike in gas prices, and those prices now exceed a euro. What is interesting, and on a more positive note, is the fact that this gigantic market shock, and stabilization of main feedstock, also impacted how we look as businesses—but also as politicians—on how we look at the economy, which is based on such important foundations as food security.

Speaker #1: It might seem grotesque, or unlikely, or unbelievable that in 2026, the European Union—and actually the entire world—had to think about food security and how to ensure it in today's world.

Marcin Celejewski: It might seem grotesque or unlikely or unbelievable that in 2026, the European Union, and actually the entire world, had to think about food security and how to ensure it in today's world. So it seems unlikely that this could happen, but we saw this unprecedented, unbelievable thing in May, and the European Commission had to release an action plan and also something that we should consider as a plus. It actually outlined the basic conditions for the production of fertilizers in the European Union. Other positive elements that came out of it. First, understand what the impact of the blockade in the Strait of Hormuz meant for all of us. All those who have seen the European Union politics.

Speaker #1: So it seems unlikely that this would happen, but we saw this unprecedented, unbelievable thing in May, and the European Commission had to release an action plan and also something that we should consider as a plus it actually outlined the conditions for the very conditions for the basic conditions for the production of fertilizers in the European Union.

Speaker #1: Other positives or elements that came out of it: first, understanding what the impact of the blockade in the Strait of Hormuz meant for us.

Speaker #1: It was also seen in the European Union politics. That is, a very steady and strong decision to actually focus on the fertilizer prices, as well as the policy concerning ETFs, which is considered a very important burden for our business, for the chemical business, and for the fertilizer business as well.

Marcin Celejewski: First, understand what the impact of the blockade in the Strait of Hormuz meant for all of us. All those who have seen the European Union politics. That it's a very steady decision and strong decision to actually focus on the fertilizer prices as well as the policy concerning ETS, which is considered a very important burden for our business, for the chemical business, for the fertilizers business as well. Especially so that in the fertilizers business, we use gas quite a lot, not only as a fuel. You have to remember that in the production of ammonia, it is extremely important.

Marcin Celejewski: That it's a very steady decision and strong decision to actually focus on the fertilizer prices as well as the policy concerning ETS, which is considered a very important burden for our business, for the chemical business, for the fertilizers business as well. Especially so that in the fertilizers business, we use gas quite a lot, not only as a fuel. You have to remember that in the production of ammonia, it is extremely important. So the ETS policy has been revised quite strongly, and we decided to maintain or implement the CBAM, Carbon Border Adjustment Mechanism, in order to compare or be able to compare the competitiveness of those products that are produced in the European Union and those that are produced outside of the EU, which are subject to such additional fees. This is something on a more positive note.

Speaker #1: And especially so in the fertilizers business, we use gas quite a lot—not only as a fuel, but, as you remember, you have to keep in mind that in the production of ammonia, it is extremely important.

Speaker #1: So the ETF policy has been revised quite strongly, and we decided to maintain or implement the CBAM, so Carbon Border Adjustment Mechanism, in order to compare or be able to compare the competitiveness of those products that are produced in the European Union and those that are produced outside of the EU, which are subject to such additional fees.

Marcin Celejewski: The ETS policy has been revised quite strongly, and we decided to maintain or implement the CBAM, Carbon Border Adjustment Mechanism, in order to compare or be able to compare the competitiveness of those products that are produced in the European Union and those that are produced outside of the EU, which are subject to such additional fees. This is something on a more positive note. However, what's also important is the fact that in this external environment that I've just described, we did have some negative events. But they resulted in pretty positive decisions. This impacts Grupa Azoty, and this is why Grupa Azoty has been accelerating its restructuring and optimization and efficiency-boosting projects for the past two years.

Speaker #1: And this is something on a more positive note. However, what's also important is the fact that in this external environment that I've just described, we did have some negative events, but they resulted in pretty positive decisions.

Speaker #1: And this impacts Group Azoty and this is why Group Azoty has been accelerating its restructuring and optimization and efficiency boosting projects. For the past two years, and we are pretty hopeful when we look at the conditions ahead of us, but we don't we cannot forget that production of fertilizers, production of chemical products did not or had not functioned in a positive environment, like an environment regulatory environment.

Marcin Celejewski: However, what's also important is the fact that in this external environment that I've just described, we did have some negative events. But they resulted in pretty positive decisions. This impacts Grupa Azoty, and this is why Grupa Azoty has been accelerating its restructuring and optimization and efficiency-boosting projects for the past 2 years. We are pretty hopeful when we look at the conditions ahead of us. But we cannot forget that the production of fertilizers and production of chemical products did not, or had not functioned in a positive environment, like environment and regulatory environment. So as a management board, we're not only responsible for structuring processes, but we need to rebuild and restore our production capacities in order to tap into the opportunities that are out there in order to move on with our plans, but also in order to follow the European Union directions.

Marcin Celejewski: We are pretty hopeful when we look at the conditions ahead of us. But we cannot forget that the production of fertilizers and production of chemical products did not, or had not functioned in a positive environment, like environment and regulatory environment. As a management board, we're not only responsible for structuring processes, but we need to rebuild and restore our production capacities in order to tap into the opportunities that are out there in order to move on with our plans, but also in order to follow the European Union directions.

Speaker #1: So as a management board, we are only not we're not only responsible for structuring processes, but we need to rebuild and restore our production capacities in order to tap into the opportunities that are out there in order to move on with our plans, but also in order to follow the European Union directions.

Speaker #1: After all those problems I've just described, as you know, we still had a bit at 370 million PLN, and this is a major improvement on previous years.

Speaker #1: In the second quarter, we're talking about EBITDA of 274 million, compared to a loss of minus 71 million a year before. So, this is yet another quarter when the effects and the fruits of our measures and actions that we had taken are visible.

Marcin Celejewski: After all those problems I've just described, as you know, we still had EBITDA at PLN 317 million, and this is a major improvement on the previous years. For the Q2, we're talking about PLN 274 million in EBITDA compared to the loss of minus PLN 71 million a year before. So this is yet another quarter when the effects and the fruits of our measures and actions we had taken are visible. This is something that we do in order to stabilize our company. The gigantic fundamental change in our trade policy. Since the conflict in the Strait of Hormuz started, we revamped our trade policy. We monitor it, and we are able to change or modify our prices even on a weekly basis.

Marcin Celejewski: After all those problems I've just described, as you know, we still had EBITDA at PLN 317 million, and this is a major improvement on the previous years. For the Q2, we're talking about PLN 274 million in EBITDA compared to the loss of PLN -71 million a year before. So this is yet another quarter when the effects and the fruits of our measures and actions we had taken are visible. This is something that we do in order to stabilize our company. The gigantic fundamental change in our trade policy. Since the conflict in the Strait of Hormuz started, we revamped our trade policy. We monitor it, and we are able to change or modify our prices even on a weekly basis.

Speaker #1: And this is something that we do in order to stabilize our company. The gigantic fundamental change in our trade policy—so, since the conflict in the Strait of Hormuz started, we revamped our trade policy.

Speaker #1: We monitor it, and we are able to change or modify our prices even on a weekly basis. We set up a new trade team, and they monitor the situation in the gas market and optimize the production of our products and our facilities based on the efficiency figures and our potential.

Speaker #1: So we have a weekly meetings, verification meetings, and this is our tactical response to those problems that are macro in their effect. We also continue the Azoty business program, which is meant to maintain cost discipline, and find key areas for disinvestments and optimization of processes, savings, optimization of costs, and also which will be probably discussed by Mr. Podgórski later on, the enormous success in the second quarter was which was meant to stabilize our financial situation in the negotiations with the Bank also took place.

Marcin Celejewski: We set up a new production trade team that monitor the situation in the gas market and optimize the production of our products in our facilities based on the efficiency figures and our potential. So we have weekly meetings, verification meetings, and this is our tactical response to those problems that are macro in their effect. We also continued the Azoty Business Program, which is meant to maintain cost discipline and find key areas for disinvestments and optimization of processes, savings, optimization of costs, and also, which will be probably discussed by Mr. Podgórski later on, the enormous success in the Q2, which was meant to stabilize our financial situation, and the negotiations with the bank also took place.

Speaker #1: So, these were all the major tactical measures, fast-track measures, and actions which we took and are also very flexible in order for us to respond to the macro situation and also other conditions.

Speaker #1: So those changes that we will be discussing, and our performance that we will be discussing, are not something that came out of the blue. We...

Marcin Celejewski: These were all the tactical measures, fast-track measures and actions which we took, and they were also very flexible in order for us to respond to the macro situation and also other conditions. Those changes that we will be discussing and our performance that we will be discussing, is not something that came out of the blue. We did our best in order to maximize the utilization of all our resources in order to generate maximum results possible. As far as the results per segment or by segment and by cost are concerned, those will be discussed by Mr. Podgórski, which will walk you through the details and facts and figures for the H1 of the year. As Mr. Stawiarz said, the Q2 and the H1 of the year was a period of a great challenge for the company.

Speaker #1: Our best in order to maximize the utilization of all our resources in order to generate the maximum results possible. As far as the results per segment.

Speaker #1: Segment and by cost are concerned. This will be discussed by Mr. Podgórski, who will walk you through the details, facts, and figures for the first half of the year.

Speaker #1: And Mr. Zalewski said the first quarter and the second quarter, and the first half of the year, was a period of great challenge for the company.

Speaker #1: So the situation, the conflict in the Middle East actually meant that we had to we were caught by surprise, but also we had to react in order to function in this highly uncertain situation in terms of the costs of heat flux and also the prices of our product.

Jacek Podgórski: As Mr. Celejewski said, the Q2 and the H1 of the year was a period of a great challenge for the company. The situation, the conflict in the Middle East actually meant that we were caught by surprise, but also we had to react in order to function in this highly uncertain situation in terms of the costs of goods and also the prices of our product. As far as the revenue is concerned, the revenue was at about PLN 3.3 billion, just similarly to what we reported before. But if we look at the EBITDA level, EBITDA has been growing consistently in the Q2. Before, we had figures such as -120 million, -71 million. Right now, we had a positive EBITDA of PLN 274 million. What happened in the second part of this period, the right-hand side of the slide we are showing, is as follows. In the Q2, EBITDA came in at PLN 334 million already.

Speaker #1: As far as revenue is concerned, the revenue was at about PLN 3.3 billion, just similarly to what we reported before. But if we look at the EBITDA level, EBITDA has been growing consistently.

Marcin Celejewski: The situation, the conflict in the Middle East actually meant that we were caught by surprise, but also we had to react in order to function in this highly uncertain situation in terms of the costs of goods and also the prices of our product. As far as the revenue is concerned, the revenue was at about PLN 3.3 billion, just similarly to what we reported before. But if we look at the EBITDA level, EBITDA has been growing consistently in the Q2. Before, we had figures such as -120 million, -71 million. Right now, we had a positive EBITDA of PLN 274 million. What happened in the second part of this period, the right-hand side of the slide we are showing, is as follows. In the Q2, EBITDA came in at PLN 334 million already.

Speaker #1: In the second quarter, EBITDA came in at, I mean, before, in the previous quarters we had figures such as minus 120, minus 71. Right now, we had a positive EBITDA of 274 million.

Speaker #1: What happened in the second part of this period—on the right-hand side of the slide we're showing—is as follows. In the second quarter, EBITDA came in at 334 million already.

Speaker #1: The next slide shows results by segment and the contribution of individual segments to our performance. And if we look at this data, you can clearly see that in each of our segments, the data and the performance are better.

Speaker #1: Then we reported a year before in the second quarter, for the second quarter of 2025. If we were to walk through individual segments, we'll see that.

Marcin Celejewski: The next slide shows results by segment and the contribution of individual segments to our performance. When you look at this data, you can clearly see that in each of our segments, the data and the performance are better than we reported a year before for the Q2 of 2025. If we were to walk through individual segments, we will see that agro improved quite a bit to PLN 86 million. The chemicals segment fared better as well year-on-year, going up by nearly PLN 200 million. As far as plastics are concerned, the loss was lower than the year before. In the energy segment, given the costs that were growing and are still growing, this contribution to EBITDA is not that high.

Jacek Podgórski: The next slide shows results by segment and the contribution of individual segments to our performance. When you look at this data, you can clearly see that in each of our segments, the data and the performance are better than we reported a year before for the Q2 of 2025. If we were to walk through individual segments, we will see that agro improved quite a bit to PLN 86 million. The chemicals segment fared better as well year-on-year, going up by nearly PLN 200 million. As far as plastics are concerned, the loss was lower than the year before. In the energy segment, given the costs that were growing and are still growing, this contribution to EBITDA is not that high.

Speaker #1: Growth improved quite a bit to 86 million. The chemical segment felt better as well year-on-year, going up by nearly 200 million PLN.

Speaker #1: As far as plastics are concerned, the loss was lower than the year before. In the energy segment, given the costs that were growing and are still growing, this contribution to EBITDA is not that high.

Speaker #1: However, the last bullet point shows you that EBITDA, which applies directly to the company's group, went up by around a dozen million.

Speaker #1: Moving on to our costs, you can see variable costs in a formula, which is, first of all, nominal. You can see what the variable costs in the second quarter of 2026 were, and also what the change was.

Marcin Celejewski: However, the last bullet point shows you that EBITDA, which applies directly to the company as a group, it went up by around a dozen of million. Moving on to our costs. You can see variable costs in a formula, which is, first of all, nominal. You can see what variable costs in the Q2 of 2026 were and also what the change was. The change was not insignificant. We are talking only about over 6%. Our fixed cost went up. However, all in all, our cost by nature went down by 2%. When we look at costs by nature, when we neutralize and trying to offset them or neutralize them by comparison. Excluding the part of costs, which was due to depreciation and amortization from our performance in terms of costs in Q2 2026, then we arrive at a level of PLN 900 million.

Jacek Podgórski: However, the last bullet point shows you that EBITDA, which applies directly to the company as a group, it went up by around a dozen of million. Moving on to our costs. You can see variable costs in a formula, which is, first of all, nominal. You can see what variable costs in the Q2 of 2026 were and also what the change was. The change was not insignificant. We are talking only about over 6%. Our fixed cost went up. However, all in all, our cost by nature went down by 2%. When we look at costs by nature, when we neutralize and trying to offset them or neutralize them by comparison. Excluding the part of costs, which was due to depreciation and amortization from our performance in terms of costs in Q2 2026, then we arrive at a level of PLN 900 million.

Speaker #1: And the change was insignificant— we're talking only about just over 6%. Our fixed costs went up. However, all in all, our cost by nature went down by 2%.

Speaker #1: When we look at costs by nature, when we neutralize and try to offset them or neutralize them by comparison—so excluding the part of costs which was due to depreciation and amortization—from our performance in terms of costs and…

Speaker #1: In order to, in 2026, we then arrive at the level of 900 million. And if we look at normalized fixed costs, then if you compare it year on year, we see a slight increase, which is due to an increase in labor costs, mainly.

Speaker #1: However, the difference between those costs—the fixed costs year on year—was only around 3%. So, this is less than the inflation rate year on year.

Speaker #1: And the inflation increased year on year. A segment breakdown now. As I said before, all the segments contribute positively to our EBITDA. Maybe not all of them, but overall, they contribute better to our EBITDA year on year.

Marcin Celejewski: If we look at normalized fixed costs, if we compare it year on year, we see a slight increase, which is due to an increase in labor costs mainly. However, the difference between those costs, the fixed costs year on year, we are only talking about around 3%. This is less than inflation rate year on year and inflation increase year on year. A segment breakdown now. As I said before, all the segments contribute positively to our EBITDA. Maybe not all of them, but in all, they contribute better to our EBITDA year on year. If we look at Agro only in 2025, in the second quarter, it came in at 18 million PLN, which was an increase on 2025. As you can see on the slide, cost of sales contributed positively to that.

Jacek Podgórski: If we look at normalized fixed costs, if we compare it year on year, we see a slight increase, which is due to an increase in labor costs mainly. However, the difference between those costs, the fixed costs year on year, we are only talking about around 3%. This is less than inflation rate year on year and inflation increase year on year. A segment breakdown now. As I said before, all the segments contribute positively to our EBITDA. Maybe not all of them, but in all, they contribute better to our EBITDA year on year. If we look at Agro only in 2025, in the second quarter, it came in at 18 million PLN, which was an increase on 2025. As you can see on the slide, cost of sales contributed positively to that.

Speaker #1: But if we look at Agro only, in 2025, in the second quarter, it came in at 80 million PLN, which was an increase on 2024.

Speaker #1: And as you can see on the slide, cost of sales contributed positively to that. But in total, this positive contribution was lower than before, which was due to the fact that in the second quarter, the company started maintenance shutdowns.

Speaker #1: Which were accelerated.

Speaker #2: In the second quarter, we had a great variability of prices and lots of uncertainty among our customers and end users—so, farmers. So, no subsidies.

Marcin Celejewski: But in total, this positive contribution was lower than before, which was due to the fact that in the second quarter, the company started maintenance shutdowns, which were accelerated.

Jacek Podgórski: But in total, this positive contribution was lower than before, which was due to the fact that in the second quarter, the company started maintenance shutdowns, which were accelerated.

Speaker #2: Uncertainty regarding the timing and the amount of subsidies. So, as a result, sales were slightly lower, and this is why we have the negative impact. Nevertheless, the other businesses and the technical cost of production have given us a positive EBITDA.

Jacek Podgórski: In the second quarter, we had a great variability of prices and lots of uncertainty among our customers and end users, so farmers. So no subsidies, uncertainty regarding the timing and the amount of subsidies. As a result, the sales were slightly lower, and this is why we have this negative impact. Nevertheless, the other businesses and the technical cost of production have given us a positive EBITDA. Now, Chemicals. Chemicals is the largest beneficiary of the changes triggered by the war against Iran. As you can see here, the greatest revenues came from technical urea, followed by sulfur. Here we have a growth in excess of 100%, which explains the shift of our production capabilities to the Chemicals sector, because technical urea sold at very high prices in the second quarter, pretty much like sulfur.

Speaker #2: Now, chemicals is the largest beneficiary of the changes triggered by the war against Iran. As you can see here, the greatest revenues came from technical urea, followed by...

Speaker #2: Sulfur—and here we have a growth in excess of 100%, which explains the shift of our production capabilities to the chemicals sector—because technical urea, sold at very high prices in the second quarter, behaved pretty much like sulfur.

Speaker #2: So, when you look at the EBITDA and the impact on EBITDA of this particular segment, the difference would be in the range of nearly PLN 200 million.

Speaker #2: So you can see revenues changing from 600 to 900 million, 50% more year on year. And the EBITDA is nearly 200 million higher, and the margin is just under 20%.

Speaker #2: So, a result long not seen in this segment. Now, plastics. Here, the revenues were lower for a number of reasons. Firstly, as we've heard from the CEO, there was a lot of market uncertainty, as a result of which some of our clients suspended their production operations or reduced their purchase volumes.

Jacek Podgórski: So when you look at the EBITDA and the impact on EBITDA of this particular segment, then the difference would be in the range of nearly 200 million PLN. So you can see revenues changing from 600 to 900 million, 50% more year on year, and the EBITDA is nearly 200 million higher and the margin is just under 20. So, a result long not seen in this segment. Now, Plastics. Here, the revenues were lower for a number of reasons. Firstly, as we have heard from the CEO, lots of market uncertainty, as a result of which some of our clients suspended their production operations or reduced the purchase volumes. As a result, our revenues were lower. But nevertheless, our prices and our margins remained higher. As a result, the loss on Plastics was much lower than in the second quarter of 2025.

Speaker #2: As a result, our revenues were lower, but nevertheless, our prices and our margins remained higher. So, as a result, the loss on plastics was much lower than in the second quarter of 2025.

Speaker #2: As you can see here, we did not produce caprolactam or PP, and PA, which has the largest impact on our sales in plastics. However, the revenues were higher from PA because of greater prices.

Speaker #2: Okay, thank you very much. Now, outlook before we move on to Q&A. A few comments about our outlooks. Let's start with the transaction from the 31st of March.

Speaker #2: Transaction with Orlan on the sales of polyolefins—that deal is done and dusted. And right now, we are waiting for the final verdict from the court to make sure that the transaction is confirmed.

Jacek Podgórski: As you can see here, we did not produce caprolactam or PP and PA, which has the largest impact on our sales in plastics. Well, the revenues were higher from PA because of greater prices. Okay. Thank you very much. Now, outlook. Before we move on to Q&A, a few comments about our outlooks. Let's start with the transaction from 31 March, transaction with Orlen on the sales of polyolefins. That deal is done and dusted, and right now we are waiting for the final verdict from the court to make sure that the transaction is confirmed. As Mr. Podgórski mentioned, he and his team played a major role in this process. We are still negotiating. We have been negotiating with the banks on the conditions of the restructuring contract that will stabilize the foundation, which is so important in the context of the group's progress.

Speaker #2: And as Mr. Podgórski mentioned, he and his team played a major role in this process. We are still negotiating—we have been negotiating with the banks on the conditions of the restructuring contract that will stabilize the foundation, which is so important in the context of the Group's progress.

Marcin Celejewski: Okay. Thank you very much. Now, outlook. Before we move on to Q&A, a few comments about our outlooks. Let's start with the transaction from 31 March, transaction with Orlen on the sales of polyolefins. That deal is done and dusted, and right now we are waiting for the final verdict from the court to make sure that the transaction is confirmed. As Mr. Podgórski mentioned, he and his team played a major role in this process. We are still negotiating. We have been negotiating with the banks on the conditions of the restructuring contract that will stabilize the foundation, which is so important in the context of the group's progress.

Speaker #2: The process has been very dynamic. We've been making good progress day after day, and another important thing that we're working on—and that is also heading towards a happy ending, with a great deal of involvement from the Ministry of Treasury—is a capital injection for the company.

Speaker #2: In this way, we will obtain funding that will then be effectively used for our growth. These are the three directions that are essential for us this year.

Speaker #2: And we want to complete all these processes in 2026. So, as of now, the discussions and the plans of the management of the Group and each individual company include this component in their plans for 2027.

Jacek Podgórski: The process has been very dynamic. We have been making good progress day after day. Another important thing that we are working on, and that is also heading towards a happy ending with a great deal of involvement from the Ministry of State Assets, is a capital injection for the company. In such a way, we will obtain funding that will then be effectively used for our growth. These are the three directions that are essential for us this year, and we want to complete all these processes in 2026. As of now, the discussions and the plans of the management of the group and each individual company include this component in their plans for 2027. To wrap it all up and to prepare the road for the results for Q3 and Q4.

Marcin Celejewski: The process has been very dynamic. We have been making good progress day after day. Another important thing that we are working on, and that is also heading towards a happy ending with a great deal of involvement from the Ministry of State Assets, is a capital injection for the company. In such a way, we will obtain funding that will then be effectively used for our growth. These are the three directions that are essential for us this year, and we want to complete all these processes in 2026. As of now, the discussions and the plans of the management of the group and each individual company include this component in their plans for 2027. To wrap it all up and to prepare the road for the results for Q3 and Q4.

Speaker #2: So, to wrap it all up and to prepare the road for the results for the third quarter and the fourth quarter: even though our performance has been clearly improving, I am very grateful to all the people of Azoty Group, because all of you have made a great contribution to our growth and our transformation, which has been so intense in 2025.

Speaker #2: So, this performance is surely good news and we want to share those results with you as far as possible. But if you look at the external environment, we can't slow down.

Speaker #2: We have to keep watching what's going on in the external markets because we were hoping the turbulence would be over, but it seems to be accelerating.

Jacek Podgórski: Even though our performance has been clearly improving, and I am very grateful to all the people of Grupa Azoty, because all of you have made a great contribution to our growth and our transformation, which has been so intense in 2025. This performance is truly good news, and we want to share those results with you as far as possible. But if you look at the external environment, we cannot slow down. We have to keep watching what is going on in the external markets because we were hoping the turbulence will be over, but it seems to be accelerating. We never know what is coming. But as I said, our internal structures that we have created are working fine, and we are still restructuring the company.

Marcin Celejewski: Even though our performance has been clearly improving, and I am very grateful to all the people of Grupa Azoty, because all of you have made a great contribution to our growth and our transformation, which has been so intense in 2025. This performance is truly good news, and we want to share those results with you as far as possible. But if you look at the external environment, we cannot slow down. We have to keep watching what is going on in the external markets because we were hoping the turbulence will be over, but it seems to be accelerating. We never know what is coming. But as I said, our internal structures that we have created are working fine, and we are still restructuring the company.

Speaker #2: So, we never know what's coming. But, as I said, our internal structures that we have created are working fine, and we are still restructuring the company.

Speaker #2: We also have a few projects that go towards rebuilding the Azoty Group and its role in ensuring food and chemical safety in these turbulent times.

Speaker #2: So, we're happy about the results and the performance. We are sticking to our plan. We have more ambitious tasks ahead, and we still have to keep our eyes open to the external environment, which is so far from stability.

Speaker #2: That said, we are happy about the fact that the Azoty Group will be playing an increasingly important role in this setting, which is being appreciated by politicians both domestically and beyond.

Marcin Celejewski: We also have a few projects that go towards rebuilding the Grupa Azoty and its role in ensuring food and chemical safety in these turbulent times. We are happy about the results, the performance. We are sticking to our plan. We have more ambitious tasks ahead, and we still have to keep our eyes open to the external environment, which is so far from stability. That said, we are happy about the fact that Grupa Azoty will be playing an increasingly important role in this setting, which is being appreciated by politicians, both domestically and beyond. Okay. Thank you very much for your presentation. Let's move on to our Q&A session. The first question goes to Mr. Podgórski. That is a question about the transition processes in the company. This year, will we have an issue of shares that will be owned by the Treasury?

Speaker #2: Okay, thank you very much for your presentation. Let's move on to our Q&A session. The first question goes to Mr. Podgórski; that's a question about the transition processes in the company.

Speaker #2: So, this year, will we have an issue of shares that will be owned by the Treasury? As you know, we have summoned an Extraordinary General Meeting taking place on the 22nd of September.

Speaker #2: And the resolution underlying the extraordinary meeting is identical to a resolution that we passed in March earlier this year. So, this extends the time window for issuing shares, which has been extended to March 2027.

Speaker #2: And we plan to run the share issue later this year, depending on a few very important factors. The most important milestone in the process is to sign an agreement, or at least prepare documents for signing an agreement, regarding our financial restructuring.

Operator: Okay. Thank you very much for your presentation. Let's move on to our Q&A session. The first question goes to Mr. Podgórski. That is a question about the transition processes in the company. This year, will we have an issue of shares that will be owned by the Treasury?

Jacek Podgórski: As you know, we have summoned an extraordinary general meeting taking place on 22 September. The resolution underlying the extraordinary meeting is identical to a resolution that we passed in March earlier this year. This extends the time window for issuing shares. It has been extended to March 2027. We plan to run the share issue later this year, depending on a few very important factors. The most important milestone in the process is to sign an agreement or at least prepare documents for signing an agreement regarding our financial restructuring. We have been cooperating very closely with banks. The banks, they understand the situation. They keep monitoring our actions very closely, but they have a positive attitude towards us. We are very close to the end of negotiating the terms of this deal. At the same time, we are working on the issue of shares.

Speaker #2: We've been cooperating very closely with banks and the banks on the understand of the situation. They keep monitoring our actions very closely. But they are they have a positive attitude towards us.

Speaker #2: We are very close to the end of negotiating the terms of this deal. At the same time, we are working on the issue of shares.

Speaker #2: We have met repeatedly with the Ministry of State Assets, and we have submitted an application to the Ministry. Discussions are in progress and are well advanced.

Speaker #2: And we hope that, in the weeks or months to come, we will be able to give you more details. And, as I've already mentioned, we're doing our best to deliver or to sign the agreement by the end of Q4.

Speaker #2: And to carry out the resolution of the extraordinary general meeting, meaning the issue of new shares as you know, the third quarter which I have to mention here as well, the third quarter is a period of general meetings across many different companies.

Jacek Podgórski: We have met repeatedly with the Ministry of State Assets, and we submitted an application to the ministry. Discussions are in progress. They are well advanced, and we hope that in the weeks or months to come, we will be able to give you more details. As I have already mentioned, we are doing our best to deliver or to sign the agreement by the end of Q4 and to carry out the resolution of the extraordinary general meeting, meaning the issue of new shares. As you know, Q3, which I have to mention here as well, Q3 is a period of general meetings across many different companies in our group. Those general meetings expressed their consent to use their assets as collateral in our bank transaction.

Speaker #2: In our group and those general meetings, they expressed their consent to use their assets as collateral in our bank transaction. So, this was one of the conditions of the restructuring agreement, which means that the agreement is coming closer.

Speaker #2: So, one more question for you: What are the current prospects for signing this agreement by the end of the year? Well, the likelihood is quite high over the last couple of months.

Speaker #2: The other process has accelerated. I don't want to talk about the distant future, but the discussions with the bank have been to the point. The banks understand the situation in the company, and as I mentioned before, we hope to finish the restructuring process as soon as possible.

Speaker #2: One more question about those important processes in the company. One of the aspects of restructuring is the sale of GA Polyolefins to Orlen.

Jacek Podgórski: This was one of the conditions of the restructuring agreement, which means that agreement is coming closer. So one more question to you, what are the current prospects for signing this agreement by the end of the year? Well, the likelihood is quite high. Over the last couple of months, the process has accelerated. I do not want to talk about distant future, but the discussions with the bank have been to the point. The banks understand the situation in the company. As I mentioned before, we hope to finish the restructuring process as soon as possible. Okay, one more question about those important processes in the company. One of the aspects of restructuring is the sales of Grupa Azoty Polyolefins to Orlen. What are the current prospects for completing the deal? Is there any risk to the deal in the context of the arbitration procedure?

Jacek Podgórski: This was one of the conditions of the restructuring agreement, which means that agreement is coming closer.

Speaker #2: What is the current prospect for completing the deal? Is there any risk to the deal in the context of the arbitration procedure? Well, we haven't heard anything that could indicate this.

Operator: So one more question to you, what are the current prospects for signing this agreement by the end of the year?

Jacek Podgórski: Well, the likelihood is quite high. Over the last couple of months, the process has accelerated. I do not want to talk about distant future, but the discussions with the bank have been to the point. The banks understand the situation in the company. As I mentioned before, we hope to finish the restructuring process as soon as possible.

Speaker #2: Orlan has obtained all the necessary regulatory consents, and the court approved the restructuring plans on the 9th of July. So now we're waiting for an approval for the composition.

Speaker #2: So the process is still ongoing. We know that the arbitration between LyondellBasell and Orlen is underway. We are not party to that procedure.

Speaker #2: So, we don't know the details. But on both sides, there is a determination to complete the process as soon as possible and to sign the final agreement whenever possible.

Operator: Okay, one more question about those important processes in the company. One of the aspects of restructuring is the sales of Grupa Azoty Polyolefins to Orlen. What are the current prospects for completing the deal? Is there any risk to the deal in the context of the arbitration procedure?

Speaker #2: Okay. Next question to Mr. Leevski. In the second quarter, we had much lower sales volumes. One of the reasons was maintenance downtime. So which plants were in downtime, and why?

Marcin Celejewski: Well, we have not heard anything that could indicate this. Orlen has obtained all the necessary regulatory consents. The court approved the restructuring plans on 9 July. So now we are waiting for an approval for the composition. The process is still going on. We know that the arbitration between LyondellBasell and Orlen is underway. We are not party to the procedure, so we do not know the details. But on both sides, there is a determination to complete the process as soon as possible and to sign the final agreement whenever possible. Okay, next question to Mr. Celejewski. In Q2, we had much lower sales volumes. One of the reasons were maintenance downtime. So which plants were in downtime and why? Well, maintenance downtime is only a natural part of the production cycle. It is planned downtime.

Speaker #2: Well, maintenance downtime is only a natural part of the production cycle. It's planned downtime, so our sales were affected by a series of defects in some of our plants.

Speaker #2: And of course, we do not focus on a single plant, because this is only natural. Maintenance and investments should aim at minimizing the impact of such downtime.

Speaker #2: Quite importantly in this context, we have two things here. Unfortunately, as I mentioned, the regulatory environment has been unfavorable, not to mention the problems caused by this misguided investment that has drained our investment budget, and our capex budget was limited for many years.

Operator: Okay, next question to Mr. Celejewski. In Q2, we had much lower sales volumes. One of the reasons were maintenance downtime. So which plants were in downtime and why?

Marcin Celejewski: Well, maintenance downtime is only a natural part of the production cycle. It is planned downtime.

Marcin Celejewski: Our sales were affected by a series of defects in some of our plants. Of course, we do not focus on a single plant because this is only natural. Maintenance and investments should aim at minimizing the impact of such downtime. Quite importantly in this context, we have two things here. Unfortunately, as I mentioned, the regulatory environment has been unfavorable, not to mention the problems caused by this misguided investment that has drained our investment budget. Our CapEx budget was limited for many years across all the plants, which slowed down our investments and even prevented us from proper maintenance, because that process can't be stopped overnight. Its effects will keep coming back for some time, which is due to the mistakes from the past. But the new board has taken three important decisions in the process of negotiations with the bank discussed by Mr. Podgórski.

Speaker #2: Across all the plants, which slowed down our investments and even prevented us from proper maintenance, because that process can't be stopped overnight. Its effects will keep coming back for some time, which is due to mistakes from the past.

Speaker #2: But the new board has taken three important decisions in the process of negotiating with the bank, as discussed by Mr. Podulski. One of the most important things here is to increase the budget for repair investments and maintenance, as well as development investments.

Speaker #2: In the current quarter, we disbursed some funds for our ammonia plants, as well as for Polita, More, and Puave. We also decided to implement a new SOP to verify our capex budgets in order to maximize the efficiency of these funds.

Speaker #2: So even if some investments have been planned and then will not be actually implemented, then we know how to reallocate the funds. So, we have launched investments in rebuilding two plants, and we monitor the consumption of funds. We will actually verify the progress on three different occasions during the next year to make sure that every single zloty spent on investments is well spent.

Marcin Celejewski: One of the most important things here is to increase the budget on repair investments and maintenance, as well as development investments. In the current quarter, we disbursed some funds for our ammonia plants in Police and Puławy. We also decided to have a new SOP to verify our CapEx budget to maximize the efficiency of these funds. Even if some investments have been planned and then will not be actually implemented, then we know how to reallocate the funds. We have launched investments in rebuilding two plants, and we monitor the consumption of funds. We will actually verify the progress on three different occasions during the next year to make sure that every single złoty spent on investments is well spent.

Speaker #2: And this is obviously one of the elements of our negotiations with the bank, to make sure that the money we earn is spent on well-planned and well-delivered capex investments.

Speaker #2: Okay, thank you very much. And the next question goes to Mr. Celejevski, who is currently involved in meetings with the social party. There are some collective disputes going on.

Speaker #2: What will be the impact of accepting the demands of the trade unions? Well, if we accept the demands to increase the average wage by 1,500 per month, well, that would actually stall the company.

Speaker #2: The group just can't afford to meet those expectations. But quite importantly, in the current negotiations—what's formally that collective dispute—but I would not use the word 'dispute.'

Marcin Celejewski: This is obviously one of the elements of our negotiations with the bank to make sure that the money we earn is spent on well-planned and well-delivered CapEx investments. Okay, thank you very much. Next question goes to Mr. Zalejewski, who is currently involved in meetings with the social party. There are some collective disputes going on. What will be the cost of accepting the demands of the trade unions? Well, if we accept the demands to increase the average wage by 1,500 per month, that would actually stall the company. The group just can't afford to meet those expectations. But quite importantly, in the current negotiations, formally that's a collective dispute, but I would not use the word dispute. I would use the word dialogue.

Marcin Celejewski: This is obviously one of the elements of our negotiations with the bank to make sure that the money we earn is spent on well-planned and well-delivered CapEx investments.

Speaker #2: I would use the word 'dialogue,' because for us—for the Board—these meetings are about discussing the future of the Group as a whole and its individual companies.

Operator: Okay, thank you very much. Next question goes to Mr. Zalejewski, who is currently involved in meetings with the social party. There are some collective disputes going on. What will be the cost of accepting the demands of the trade unions?

Speaker #2: Right now, we are in the sixth round of discussions about the future and the expectations of the workforce. And as a board, we want to find common ground with our social partner because we have a shared goal.

Marcin Celejewski: Well, if we accept the demands to increase the average wage by 1,500 per month, that would actually stall the company. The group just can't afford to meet those expectations. But quite importantly, in the current negotiations, formally that's a collective dispute, but I would not use the word dispute. I would use the word dialogue.

Speaker #2: We have the restructuring process, and the brunt of that process has been taken by the workforce. Its ultimate underlying reason was these misguided investments, the cost of which was $18 billion.

Speaker #2: So, we don't have diverging objectives. We have a shared objective of sorting out the situation across all group companies. And we also want to create a realistic, market-oriented compensation scheme.

Marcin Celejewski: Because for us, for the board, these meetings are about discussing the future of the group as a whole and its individual companies. Right now, we are in the sixth round of discussions about the future and the expectations of the workforce. As a board, we want to find a common ground with our social partner because we have a shared goal. We have the restructuring process, and the brunt of that process has been taken by our workforce. Its ultimate underlying reason was this misguided investment, the cost of which was 18 billion. We don't have diverging objectives. We have a shared objective of sorting out the situation across all group companies, and we also want to create a realistic, market-oriented compensation scheme. We want to make it fair and consistent across all the group companies. This is a process.

Speaker #2: We want to make it fair and consistent across all the group companies, so this is a process. I believe that these discussions are just the first step.

Speaker #2: Because first, we need to have a stability and to be stable. We need to sign agreements with the banks and so as you can see, day after day, we are improving our performance and the more stable we are, the more stable our foundations are, then our wages will become compensation scheme will become more realistic and more transparent.

Speaker #2: So our goal is to make sure that people who do the same job get paid the same amount of money. And our ultimate goal is to demonstrate that Azoty is a key producer of high-quality products respected in the EU and beyond.

Speaker #2: So, we want Azoty to be a respected employer, and we want our people to regain the esteem and the respect they were deprived of.

Marcin Celejewski: I believe that these discussions are just the first step, because first we need to have stability, and to be stable, we need to sign agreements with the banks. As you can see, day after day, we are improving our performance. The more stable we are, the more stable our foundations are, then our compensation scheme will become more realistic and more transparent. Our goal is to make sure that people who do the same job get paid the same amount of money. Our ultimate goal is to demonstrate that Grupa Azoty is a key producer of high-quality products respected in the EU and beyond. We want Grupa Azoty to be a respected employer, and we want our people to regain the esteem and the respect they were deprived of. I think the spirit of those negotiations is right.

Speaker #2: So, I think the spirit of those negotiations is right. We just need—all of us—we need to understand that restoring what has been lost takes time.

Speaker #2: It takes a few steps as of today. We simply are unable to meet the current expectations. And now, next question from Darek Malinowski from WNP.pl.

Speaker #2: Hi, gas prices in the past caused some downtime in some of the plants. Is it possible that you will also switch off your installations, your plants, because of gas shortages?

Speaker #2: Or perhaps, due to high fertilizer prices, it will make sense to produce fertilizers? Well, three aspects here. As I mentioned, this is quite serious. We have our gas sales team working day in and day out, monitoring closely the short- and long-term perspectives, and the long-term cost of switching off our plant.

Speaker #2: And the efficiency of each plant, and changes in the production structure. So, each day we think about what to produce and where, and we compare this to the alternative cost of switching off the plant.

Marcin Celejewski: All of us, we need to understand that restoring what has been lost takes time. It takes a few steps. As of today, we simply are unable to meet the current expectations. Now, next question from Darek Malinowski from wnp.pl. The high gas prices in the past caused some downtime in some of the plants. Is it possible that you will also switch off your installations, your plants because of gas shortages, or perhaps due to high fertilizer prices, it still makes sense to produce fertilizers? Well, three aspects here. As I mentioned, this is quite serious. We have our gas sales team working day in, day out, monitoring closely the short- and long-term perspective and the long-term cost of switching off our plant and the efficiency of each plant and changes in the production structure.

Marcin Celejewski: All of us, we need to understand that restoring what has been lost takes time. It takes a few steps. As of today, we simply are unable to meet the current expectations.

Speaker #2: So, those decisions taken each day make the foundations for our sales decisions. The process is more and more consistent, especially before the moves and the shock that came with it and the volatility. Well, this opened up a few avenues, and it also helped the EU to enforce some of its regulations, which also translated into the fact that in the second quarter, we had quite significant growth of revenues from exports.

Operator: Now, next question from Darek Malinowski from wnp.pl. The high gas prices in the past caused some downtime in some of the plants. Is it possible that you will also switch off your installations, your plants because of gas shortages, or perhaps due to high fertilizer prices, it still makes sense to produce fertilizers?

Marcin Celejewski: Well, three aspects here. As I mentioned, this is quite serious. We have our gas sales team working day in, day out, monitoring closely the short- and long-term perspective and the long-term cost of switching off our plant and the efficiency of each plant and changes in the production structure.

Speaker #2: So, as I said before, we have world-class product quality, and with lower supply and greater demand, of course—with the Polish market being the priority—we are increasing the share of revenues from export sales.

Marcin Celejewski: Each day, we think about what to produce and where, and we compare this to the alternative cost of switching off the plant. Those decisions taken each day make the foundations for our sales decisions. The process is more and more consistent. As I said before, the Strait of Hormuz and the shock that came with it and the volatility, this opened up a few avenues and it also helped the EU to enforce some of its regulations, which also translates into the fact that in Q2, we had a quite significant growth of revenues from exports. As I said before, we have world-class product quality, and with lower supply and greater demand, of course, with the Polish market being the priority, we increased the share of revenues from export sales.

Speaker #2: And that's why there was not a single day where we considered switching off our production. So, yeah, we keep monitoring the current data and we consult our decisions with experts who are in charge of our production and sales processes.

Speaker #2: And the last question to Mr. Podgórski: Why do you pay so much to lawyers and advisors? Perhaps, oh, well, the cost level stayed the same.

Speaker #2: This year, it can stay the same. We don't know what the cost will be; it will depend on the restructuring process, both related to polyolefins and our intra-group restructuring.

Speaker #2: So this cost is only natural with such processes as part of restructuring both banks and us. We need to have professional advisors; that's not only financial advisors, it's also lawyers to look at the structure of our costs and the cost of advisors in our company.

Speaker #2: Then you will notice that the costs related to restructuring, broadly defined, are more than 90% of all advisory services costs. And then, when you compare or look at the structure of advisory costs in terms of the recipients of the service, most of those services are consumed by banks and banks' legal advisors.

Jacek Podgórski: That is why there was not a single day where we considered switching off our production. We keep monitoring the current data. We consult our decisions with experts who are in charge of our production and sales processes. The last question to Mr. Podgórski. Why do you pay so much to lawyers and advisors? Will the cost level stay the same this year? It can stay the same. We do not know what the cost will be. It will depend on the restructuring process, both related to polyolefins and our intragroup restructuring. This cost is only natural with such processes. As part of restructuring both banks and us, we need to have professional advisors. That is not only financial advisors, it is also lawyers.

Marcin Celejewski: That is why there was not a single day where we considered switching off our production. We keep monitoring the current data. We consult our decisions with experts who are in charge of our production and sales processes.

Operator: The last question to Mr. Podgórski. Why do you pay so much to lawyers and advisors? Will the cost level stay the same this year?

Speaker #2: And why is that? Well, that's a natural process. There is nothing extraordinary here. Such costs are inevitable. Our restructuring has been going on for two years, so it's hardly surprising that we've paid quite a lot. This is why we want to complete restructuring as soon as possible, to stop paying those bills.

Jacek Podgórski: It can stay the same. We do not know what the cost will be. It will depend on the restructuring process, both related to polyolefins and our intragroup restructuring. This cost is only natural with such processes. As part of restructuring both banks and us, we need to have professional advisors. That is not only financial advisors, it is also lawyers.

Speaker #2: And those costs are temporary, as you surely know. So, when we sign the next agreement—that agreement—then we will have a sudden drop in those costs, and we will come back to the levels that are natural in companies like ours.

Jacek Podgórski: If you look at the structure of our costs, the cost of advisors in our company, then you will notice that the costs related to restructuring, broadly defined, is more than 90% of all advisory services costs. Then when you look at the structure of advisory costs in terms of the recipient of the service, then most of those services are consumed by banks and banks' legal advisors. Why is that? That's a natural process. There is nothing extraordinary here. Such costs are inevitable. Our restructuring has been going on for 2 years, so it's hardly surprising that we've paid quite a lot. This is why we want to complete restructuring as soon as possible to stop paying those bills. Those costs are temporary, as you surely know.

Speaker #2: Okay. And the last question to Mr. Talayevski. The final umbrella question. The results for the first two quarters are very good, data going up year on year, and a bit the margin going up as well.

Speaker #2: So, what are the outlooks for the group's performance in the third quarter, both in terms of performance and the market? Well, as I said, the performance has been satisfactory, and the credit goes to everyone in the group. We've been very strict on the discipline in the changes that we've implemented.

Speaker #2: When it comes to the third quarter, we still have to be very humble about this. The market is still very volatile, and there are no signs of stability.

Speaker #2: Hardly anyone would be an optimist regarding the prospects for the market, so we simply have to assume that it will remain volatile and unpredictable.

Marcin Celejewski: When we sign the next agreement, this or that agreement, then we will have a sudden drop in those costs, and we will come back to the levels that are natural in companies like ours. Okay, and the last question to Mr. Taliewski, the final umbrella question. The results for the first 2 quarters are very good. EBITDA going up year-on-year, and EBITDA margin going up as well. So what are the outlook for the group's performance in the Q3, both in terms of performance and the market? Well, as I said, the performance has been satisfactory, and the credit goes to everyone in the group who we've been very strict on the discipline and the changes that we've implemented. When it comes to the Q3, we still have to be very humble about this. The market is still very volatile.

Speaker #2: So, what we can do is focus on what is within our control—cost discipline, sticking to our transformation plan. But obviously, we have this pathway of a positive regulatory environment that appreciates the importance of Azoty, and we want to make the most of that pathway in stabilizing our company.

Operator: Okay, and the last question to Mr. Taliewski, the final umbrella question. The results for the first 2 quarters are very good. EBITDA going up year-on-year, and EBITDA margin going up as well. So what are the outlook for the group's performance in the Q3, both in terms of performance and the market?

Speaker #2: We have also had some technical defects, which were addressed in one of the early questions. We need to take a system-level approach to it. So if you look at all this mix of factors, we are neither optimists nor pessimists.

Marcin Celejewski: Well, as I said, the performance has been satisfactory, and the credit goes to everyone in the group who we've been very strict on the discipline and the changes that we've implemented. When it comes to the Q3, we still have to be very humble about this. The market is still very volatile.

Speaker #2: So, we stay neutral. We stay focused on the here and now. We look within the group. We are not hoping for any positive developments outside.

Marcin Celejewski: There are no symptoms of stability. Hardly anyone would be an optimist regarding the prospect for the market. So we just simply have to assume that it will stay volatile and unpredictable. So what we can do is to focus on what is within our control, so cost discipline, sticking to our transformation plan. But obviously, we have this pathway of positive regulatory environment that appreciates the importance of Azoty, and we want to make the most of that pathway in stabilizing our company. We also have had some technical defects, which was addressed in one of the early questions. We need to take a system-level approach to it. So if you look at all this mix of factors, we are neither optimists or pessimists. We stay neutral. We stay focused on the here and now. We look within the group. We are not hoping for any positive developments outside.

Speaker #2: If there are any positive developments, then that's great. If some negative things happen, then our core—our foundation—will remain unaffected. So we're not overtly optimistic.

Speaker #2: We stay humble. We will simply stick to our transformation plan, hoping that positive results will follow. But as of now, we can't predict or forecast such developments.

Speaker #2: Okay, gentlemen, thank you very much for your answers and for walking us through the results of Azoty. And to all of you who have been with us, thank you.

Marcin Celejewski: If there are any positive developments, then that's great. If some negative things happen, then our core, our foundation will remain unaffected. So we're not overly optimistic. We stay humble. We will simply stick to our transformation plan, hoping that positive results will follow. But as of now, we can't predict or forecast such developments. Okay, gentlemen, thank you very much for your answers and for walking us through the results of Azoty and to all of you who have been with us. Thank you for being with us, and we'll see you in November when we discuss the Q3. Thank you.

Operator: Okay, gentlemen, thank you very much for your answers and for walking us through the results of Azoty and to all of you who have been with us. Thank you for being with us, and we'll see you in November when we discuss the Q3. Thank you.

Browse all earnings call transcripts

Q2 2026 Grupa Azoty SA Earnings Call

Request TrialDemo

Grupa Azoty

Earnings