Grupa Azoty Posts Third-Quarter EBITDA Loss as Sales Fall 9%

Key Facts

Preliminary results from Grupa Azoty showed sales volumes falling 9% year over year in the third quarter of 2026, despite rising 4% from the second quarter, according to a company disclosure carried by EspiCore. The figures followed stronger performance in the first half, when the group recorded revenue of 7,073 million zlotys and EBITDA of 610 million zlotys, with a margin of 8.6%. EBITDA was 294 million zlotys in the second quarter, with a margin of 8.7%, on revenue of 3,373 million zlotys. In the first quarter, the group recorded revenue of 3.70 billion zlotys and EBITDA of 317 million zlotys. The quarterly figures put the decline in sales in the context of a shift in operating performance over the year, while the available disclosure includes patterns in volume changes compared with the previous two periods.

Second-quarter performance had improved markedly from the same period in 2025, with EBITDA rising by 365 million zlotys and its margin increasing by 10.8 percentage points, according to the company’s results. The group also said its consolidated profitability had improved since the start of 2026 despite geopolitical tensions that pushed up prices of energy commodities, including natural gas. The company said disruptions to global supply chains limited the availability of some products and raised import costs. These factors have operational significance for a company active in fertilizers and chemicals, where energy costs, and the availability of inputs and products, intersect. In the first quarter, EBITDA was 317 million zlotys, compared with a loss of 8 million zlotys in the first quarter of 2025, according to company data.

Financing and restructuring arrangements remain part of the backdrop to the group’s performance. The board chairman said the company continues to operate under monthly stabilization agreements that require ongoing renegotiation. He added that the group’s goal is to reach a final debt restructuring agreement. The issue comes as the company seeks to consolidate its profitability trajectory after the improvement recorded in the first half, according to its earlier statements. In Poland’s monetary environment, the central bank left its benchmark interest rate unchanged at 3.75% at its meeting in November 2026, according to Trading Economics. The decision provides a domestic economic backdrop for the period in which the group announced its preliminary results.

Grupa Azoty is scheduled to publish its full consolidated third-quarter report on November 19, 2026, according to the company’s current reports page. The forthcoming report will provide detailed quarterly results in the group’s accounts, following the release of preliminary indicators. Until then, the published figures point to an annual decline in sales volumes alongside a quarterly improvement. First-half results, including EBITDA growth from the previous year, also provide a reference point for assessing subsequent performance. The company has cited energy-price pressures and supply disruptions among the factors affecting its business and profitability.