Grupa Azoty stock reports a sharp EBITDA turnaround

Grupa Azoty stock reflects a major operating turnaround in the second quarter of 2026, when EBITDA reached PLN 294 million after a PLN 71 million loss in the same quarter of 2025. The latest half-year report, published on September 10, 2026, also showed that the group is rebuilding profitability while restructuring remains central to its strategy.

EBITDA recovery reaches PLN 294 million

According to Grupa Azoty, second-quarter consolidated revenue totaled PLN 3,373 million and EBITDA reached PLN 294 million in Q2 2026. EBITDA was PLN 365 million higher than in Q2 2025, while the EBITDA margin increased by 10.8 percentage points to 8.7 percent.

The improvement extended across the first half. Grupa Azoty reported H1 2026 revenue of PLN 7,073 million, EBITDA of PLN 610 million and an EBITDA margin of 8.6 percent, which was 9.7 percentage points above the comparable period of 2025, according to the company release.

Losses remain a key counterweight

Parkiet reported that the group still posted a first-half net loss of PLN 496.3 million, compared with PLN 803.1 million in H1 2025. The second-quarter net loss was PLN 338.9 million, versus PLN 514.9 million a year earlier, showing that the EBITDA recovery has not yet translated into bottom-line profitability.

The operating mix also remains uneven. The company reported a 27 percent year-over-year decline in Agro sales volume in Q2 2026, while the Chemicals segment posted a 19.9 percent EBITDA margin and the Plastics segment recorded a negative 14.0 percent margin.

Restructuring sets the next milestone

Grupa Azoty has linked its capital plan to financial restructuring and a possible issuance of up to 33.7 million Series E shares to the State Treasury, according to its investor-relations materials. The extraordinary general meeting held on September 22, 2026, extended the share-issuance window to March 2027.

Reuters reported on September 14, 2026, that Grupa Azoty was considering rebuilding domestic fertilizer capacity as supply disruptions and European trade barriers increased the strategic importance of local production. For investors, the contrast is clear: operating earnings improved materially, while debt, losses and financing execution still shape the equity story.

Grupa Azoty stock keeps a restructuring focus

Grupa Azoty operates in fertilizers and chemicals, trades under ticker ATT on the Warsaw Stock Exchange and is included in the mWIG40 index. Its Q2 2026 EBITDA turnaround supplies the strongest current operating comparison, while the negative net result and planned capital measures define the next financial checkpoints.