‘The first quarter of 2026 confirms the gradual recovery of Grupa Azoty’s operating profitability despite the still challenging market environment. The results benefited from lower year-on-year natural gas prices, improved performance in the Agro segment, where sales volumes increased by 4% year on year, and the consistent implementation of efficiency measures. At the same time, geopolitical developments at the end of the quarter, which led to a sharp increase in raw material and fertilizer product prices, once again demonstrated the importance of local and stable fertilizer and chemical production sources for the European market. Despite the continuing challenges in certain business segments, the first-quarter results confirm the recovery of operating margins and the improvement in the Group’s position compared to the corresponding period of the previous year,’ summarized Marcin Celejewski, President of the Management Board of Grupa Azoty.

The situation in individual segments was as follows:

• Agro segment: EBITDA margin improved significantly compared to Q1 2025 and reached positive 8.9%. The result was supported by a 4% increase in sales volumes and the continuing rise in fertilizer prices during the quarter. Although demand remained lower than in the pre-pandemic years (including due to disruptions related to the implementation of CBAM), the Group recorded a sharp increase in demand for nitrogen fertilizers in March in response to geopolitical turbulence. At the same time, imports of products from Russia and Belarus declined.
  
• Chemicals segment: EBITDA margin stood at positive 3.0%. Results were positively affected by favourable conditions in the sulphur market (higher volumes and prices) as well as increased sales of urea for technical applications and NOx-related products. However, the segment continued to face weak demand resulting from the unfavourable macroeconomic environment and the prolonged winter season. Due to market conditions, melamine production in Puławy remained suspended.
  
• Plastics segment: The segment recorded an EBITDA margin of negative 10.7%. The results of GA Polyolefins continue to be the key burden, as the company’s polypropylene installation has remained shut down since Q3 2025. Excluding this company, the segment’s margin would have amounted to negative 1.2%. The segment recorded lower polyamide sales volumes and prices, while caprolactam production in Puławy has not resumed. Costs benefited from lower phenol and coal prices, while higher electricity prices had a negative impact.

The raw material environment in Q1 2026 was characterised by year-on-year declines in the prices of key energy carriers. Average spot quotations for the TTF index amounted to EUR 39.6/MWh, representing a 16% decrease compared to Q1 2025. Unit consumption costs for propylene and terephthalic acid also declined. In the fertilizer raw materials area, phosphate rock prices decreased, while potash salt prices increased.

The presented figures are preliminary estimates. Final audited financial results for Q1 2026 will be presented in the report scheduled for publication on 28 May 2026.