Slides
Page 1
FINANCIAL RESULTS OF THE GRUPA AZOTY GROUP FOR H1 2025 25 September 2025
Page 2
grupaazoty.com The information presented below has been prepared by the Grupa Azoty Group (the “Group”) solely for the purpose of its presentation on 25 September 2025 (the “Presentation”). By participating in the meeting at which the Presentation is delivered or by referring to this Presentation, you agree to the following specific restrictions and disclaimers. This Presentation must not be relied on when making a decision to invest in securities issued by the Group companies. This Presentation is for information only and does not constitute a recommendation regarding any securities of the Group companies. All forward-looking statements contained in this Presentation relate to matters involving known and unknown risks, issues that are impossible to predict, and other factors. Actual results and achievements of the Group may be materially different from those described in statements concerning the past, and from the results and achievements of the Group in the past. The information, opinions and forward-looking statements contained herein are valid only on the date of this Presentation and are subject to change without notice. The Group has no obligation to publish any updates of this Presentation. Please note that the only reliable source of information on the financial results, forecasts, events and ratios of the Group and its individual companies are the current and periodic reports released by the Group companies in the performance of their disclosure obligations under law. Neither the Group nor any of its subsidiaries shall be liable for any loss arising from the use of this Presentation or its contents or otherwise arising in connection with this Presentation. DISCLAIMER 2
Page 3
Andrzej Skolmowski President of the Management Board Andrzej Dawidowski Vice President of the Management Board THE RESULTS ARE PRESENTED BY Paweł Bielski, EngD Vice President of the Management Board
Page 4
Agenda grupaazoty.com Recent events Market overview Financial performance Business segments Capex projects Appendices 4
Page 5
grupaazoty.com 5 RECENT EVENTS BUSINESS: Positive EBITDA in Q2 and H1 2025 after eliminating GA Polyolefins Penalties of over EUR 107.5 million imposed and recovered from the General Contractor under guarantees for improper performance of the Polimery Police Project MoU signed with Orlen along with an annex to the document concerning GA Polyolefins – talks resumed on a potential acquisition by Orlen of all or part of GA Polyolefins shares The company’s financing effectively secured through extension of the agreement term Agreement with PGG – PLN 350 million contract for the supply of thermal coal Increased tariffs on fertilizers from Russia and Belarus effective from 1 July 2025 Consistent implementation of AZOTY BUSINESS programme ORGANISATION: Changes in Management Board and Supervisory Board composition
Page 6
MARKET OVERVIEW
Page 7
grupaazoty.com 0 10 20 30 40 50 60 70 80 90 100 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q12025 Q2 2025 100 300 500 700 900 1 100 1 300 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 MARKET PRICES OF ELECTRICITY(IRDN) IRDN − average price weighted by the volumes of all transactions on a trading day, calculated after the delivery date for the entire day (PLN/MWh) Gas TTF (EEX) Coal (ICE) PRICES OF CO2 EMISSION ALLOWANCES (EUA) (EUR/t) (USD/t) 0,0 50,0 100,0 150,0 200,0 250,0 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 12% (EUR/MWh) 0,0 50,0 100,0 150,0 200,0 250,0 300,0 350,0 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 -12% -2% 0.4% ENERGY COMMODITY PRICES 7
Page 8
grupaazoty.com AGRO SEGMENT – MARKET ENVIRONMENT Nitrogen fertilizers 0 100 200 300 400 500 600 700 800 900 Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025 Gas CAN Germany (27%N) 400 900 1 400 1 900 2 400 2 900 3 400 3 900 4 400 4 900 400 600 800 1 000 1 200 1 400 1 600 1 800 Jan 2021 May 2021 Sep 2021 Jan 2022 May 2022 Sep 2022 Jan 2023 May 2023 Sep 2023 Jan 2024 May 2024 Sep 2024 Jan 2025 May 2025 Wheat Rye Maize Rapeseed (right axis) 164 157 146 193 198 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 470 277 154 548 307 169 620 318 191 575 367 194 453 361 187 Ammonia Prilled urea Ammonium sulfate 345 265 243 328 337 270 251 330 364 283 270 317 426 343 321 388 376 312 331 371 Ammonium nitrate 33.5% CAN 27% UAN 30% Ammonium sulfate nitrate 26/13 Unit cost of raw material used in production Product price GRAIN PRICES EUROPEAN MARKET PRICES CALCIUM NITRATE/GAS EUROPEAN MARKET SPREAD PRICE TRENDS IN THE EUROPEAN MARKET -4% +30% +21% +9% +18% +36% +13% [EUR/t] [EUR/t] [PLN/t] [PLN/t] +21% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 [USD/t] [USD/t] [USD/t] [EUR/t] [EUR/t] [EUR/t] [EUR/t] [PLN/t] 8
Page 9
grupaazoty.com AGRO SEGMENT – MARKET ENVIRONMENT Compound fertilizers expressed as NPK 16-16-16 equivalent Market spreads expressed as DAP 18-46 equivalent * Potassium chloride, phosphate rock, urea, ammonium sulfate * Phosphate rock, ammonia 0 100 200 300 400 500 600 700 800 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Potassium chloride Phosphate rock Urea Ammonium sulfate NPK 16-16-16 Baltic 0 100 200 300 400 500 600 700 800 900 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Ammonia Phosphate rock DAP 18-46 Baltic 505 354 470 302 559 387 548 296 567 384 620 286 578 392 575 296 661 379 453 337 DAP 18-46 NPK 16-16-16 Ammonia Potassium chloride 142 202 206 217 326 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 68 100 93 85 66 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 132 185 137 169 167 161 187 168 252 169 Sulfur Phosphate rock MARKET PRICE TRENDS DAP 18-46/RAW MATERIALS* MARKET SPREAD PRICES PRICES Unit cost of raw material used in production Product price Unit cost of raw material used in production Product price NPK 16-16-16/RAW MATERIALS* MARKET SPREAD +130% -3% +31% +7% -4% +12% +91% -9% [USD/t] [USD/t] [USD/t] [USD/t] Market spreads [USD/t] [USD/t] [USD/t] [USD/t] [USD/t] [USD/t] Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 9
Page 10
grupaazoty.com0,0 0,5 1,0 1,5 2,0 2,5 3,0 H1 2015 H1 2016 H1 2017 H1 2018 H1 2019 H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 million tonnes nitrogen organic phosphorus potassium compound total fertilizer imports from Russia and Belarus AGRO – CHALLENGES IN THE FERTILIZER SECTOR Fertilizer imports to Poland in 2015-2025 – H1 comparison Source: Eurostat, September 2025. 42% share of Russia and Belarus close to 1.3 million tonnes RECORD HIGH imports of fertilizers to Poland nearly 3 million tonnes +83% y/y increase in fertilizer imports from Russia and Belarus +47% 10
Page 11
grupaazoty.com 0 500 1 000 1 500 2 000 2 500 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Natural gas Propylene 2-EH NWE 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Natural gas Titanium slag Ilmenite Titanium white NWE * Natural gas, titanium slag, ilmenite 2 005 2 032 2 051 2 026 2 304 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 +15% 785 523 470 347 448 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 PRICES PRICES Unit cost of raw material used in production Product price Unit cost of raw material used in production Product price TITANIUM WHITE/RAW MATERIALS* MARKET SPREAD 2-EH/RAW MATERIALS* MARKET SPREAD [EUR/t] -43%[EUR/t][EUR/t] [EUR/t] * Propylene, natural gas Market spreads Market spreads 11 CHEMICALS SEGMENT – MARKET ENVIRONMENT
Page 12
grupaazoty.com PLASTICS SEGMENT – MARKET ENVIRONMENT 1 179 974 940 897 826 842 855 834 622 642 Benzene Benzene EUROPEAN MARKET PRICES PRICE TRENDS IN THE EUROPEAN AND ASIAN MARKETS [EUR/t] -47% -34% 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Gas Benzene NWE Polyamide 6 WE 2 192 1 518 1 883 1 439 1 546 1 367 1 660 1 294 1 562 1 052 Liquid caprolactam Caprolactam 2 458 1 776 2 192 1 668 1 858 1 562 1 957 1 457 1 883 1 253 Polyamide Polyamide -29% -31% -23% -29% Europe AsiaAsia Europe Europe Asia Product priceUnit cost of raw material used in production [EUR/t][EUR/t] [EUR/t] [EUR/t] [EUR/t] [EUR/t] Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 12
Page 13
FINANCIAL PERFORMANCE
Page 14
grupaazoty.com FINANCIAL STANDING OF THE GROUP – Q2 2025 3,49 3,34 3,32 Q2 2023 Q2 2024 Q2 2025 Revenue, PLN billion EBITDA, PLN million -608 -128 -71 14Q2 2023 Q2 2024 Q2 2025 EBITDA*, PLN million *excluding Polyolefins - 587 - 113 73 Q2 2023 Q2 2024 Q2 2025
Page 15
grupaazoty.com Revenue, PLN billion EBITDA, PLN million FINANCIAL STANDING OF THE GROUP – H1 2025 7,39 6,74 7,14 H1 2023 H1 2024 H1 2025 -1,009 -179 -79 15H1 2023 H1 2024 H1 2025 EBITDA*, PLN million - 962 -119 160 *excluding Polyolefins H1 2023 H1 2024 H1 2025
Page 16
grupaazoty.com Improvement in EBITDA compared to the same period of 2024 Strong negative impact of fertilizer imports from countries east of Poland Agro – growth in sales volumes Significant increase in gas prices Effect of cost-cutting measures Enhancing financial liquidity, operational performance, and credibility positive effect negative effect -179 -79 127 232 38 -330 -16 64 -15 EBITDA H1 2024 Selling price Sales volume Other revenue TPC Selling and distribution expenses General and administrative expenses Other activities EBITDA H1 2025 + 100 -2.7% EBITDA MARGIN -1.1% CONSOLIDATED FINANCIAL INFORMATION H1 PERFORMANCE DRIVERS (PLN million) 16
Page 17
grupaazoty.com adjustment of the baseline *Fixed costs for H1 2024 have been adjusted to provide a baseline for H1 2025. 1 936 2 135 2 042 12 123 34 30 -10 -14 -73 9 -5 Fixed costs H1 2024 Depreciation and amortisation GA Polyolefins depreciation and amortisation GA Polyolefins Restructuring costs Adjusted fixed costs H1 2024 Raw materials and consumables used Services Labour costs Taxes and charges Other expenses Fixed costs H1 2025 (PLN million) H1 2024 H1 2025 Change Variable costs 5,268 5,436 3.2% Fixed costs 1,936 2,042 5.5% TOTAL 7,204 7,478 3.8% H1 2025 As part of the Azoty Business programme, a series of cost restructuring measures were implemented to lower fixed costs. increase in costs decrease in costs 17 EXPENSES BY NATURE
Page 18
grupaazoty.com 1 308 1 902 902 815 754 478 337 319 1 183 1 155 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 H1 2024 H1 2025 Other Fossil-based (potassium chloride, phosphate rock, ilmenite, titanium slag, dolomite rock) Petroleum-based (phenol, benzene, propylene, propane) Energy (electricity and heat, coal) Gas GAS CONSUMPTION STRUCTURE H1 2025 75% 20% 5% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Agro Chemicals Plastics +4% 185 4,484 4,669 RAW MATERIALS USED (PLN million) GAS PURCHASE VOLUMES (TWh) H1 2024 H1 2025 Grupa Azoty S.A. 1.2 1.1 Grupa Azoty Puławy 3.9 4.4 Grupa Azoty Police 1.7 1.4 Grupa Azoty Kędzierzyn 1.7 2.2 TOTAL 8.5 9.1 18 COSTS OF RAW MATERIALS USED IN THE FIRST HALF OF THE YEAR
Page 19
grupaazoty.com corporate credit facilities overdraft and multi-purpose facilities other financing sources cash of the Grupa Azoty Group cash of Polimery Police CASHAVAILABLE FUNDING TOTAL PLN 1,388 million NET DEBT BRIDGE calculated as per bank agreements (PLN million) NET DEBT As at 31 Dec 2024 30 Jun 2025 Net debt calculated as per bank agreements (PLN million) 4,026 4,228 Net debt/EBITDA for 12 months (x) -20.64* 58.68* Total debt ratio (%) 78.1 82.2 CORPORATE FINANCE AND PROJECT FINANCE (PLN million) PKO and bank syndicate Revolving and umbrella credit facilities 3,443 EIB and EBRD Term Loan Agreement 945 Bank syndicate – Polimery Police Credit Facilities Agreement – project finance 4,527 Total corporate finance and project finance 8,915 PLN 993 million PLN 395 million 299,0 4026,0 -105,0 -206,0 5,0 4228,0 Net debt 31 Dec 2024 Capital expenditure EBITDA Increased use of reverse factoring Change in working capital Financing of PP without recourse to Group Net interest Other Net debt 30 Jun 2025 *In accordance with the agreements signed with the financing institutions on 25 April 2025 and 17 September 2025, the Net Debt/EBITDA ratio as of 31 December 2024 and 30 June 2025 does not constitute a breach of covenants under the financing agreements. FINANCIAL STANDING as at 30 June 2025 -2379 19 153 4,026 4,228
Page 20
grupaazoty.com (PLN million) H1 2024 H1 2025 change REVENUE 6,743 7,140 5.9% EBITDA -179 -79 55.9% EBITDA MARGIN -2.7% -1.1% 1.6 pp EBIT -597 -640 -7.2% NET PROFIT/(LOSS) -748 -878 -17.4% GROUP COMPANIES FINANCIAL HIGHLIGHTS – H1 2025 Grupa Azoty Group Grupa Azoty Puławy Group Grupa Azoty Police Group Grupa Azoty Kędzierzyn Group COMPO EXPERT Group (PLN million) H1 2024 H1 2025 change REVENUE 1,064 1,135 6.7% EBITDA 95 126 32.6% EBITDA MARGIN 8.9% 11.1% 2.2 pp EBIT 60 89 48.3% NET PROFIT/(LOSS) 21 36 71.4% (PLN million) H1 2024 H1 2025 change REVENUE 1,153 1,287 11.6% EBITDA 36 73 102.8% EBITDA MARGIN 3.1% 5.7% 2.6 pp EBIT -37 -5 87.4% NET PROFIT/(LOSS) -49 -39 19.2% (PLN million) H1 2024 H1 2025 change REVENUE 521 292 -44.0% EBITDA -60 -242 -303.3% EBITDA MARGIN -11.5% -82.9% -71.4 pp EBIT -62 -366 -490.3% NET PROFIT/(LOSS) -105 -373 -255.2% (PLN million) H1 2024 H1 2025 change REVENUE 1,756 2,062 17.4% EBITDA -199 -25 87.4% EBITDA MARGIN -11.3% -1.2% 10.1 pp EBIT -339 -173 49.0% NET PROFIT/(LOSS) -336 -209 37.8% Grupa Azoty Polyolefins S.A. 20 (PLN million) H1 2024 H1 2025 change REVENUE 1,313 1,346 2.5% EBITDA -38 27 171.1% EBITDA MARGIN -2.9% 2.0% 4.9 pp EBIT -101 -43 57.4% NET PROFIT/(LOSS) -121 -170 -40.5%
Page 21
• … BUSINESS SEGMENTS
Page 22
grupaazoty.com REVENUE (PLN million) 0 500 1 000 1 500 2 000 2 500 Nitrogen fertilizers and ammonia Nitrogen-sulfur fertilizers Compound fertilizers Speciality fertilizers Other H1 2024 H1 2025 19% 33% 17% 10% -74 119 195 532 54 -559 -13 -9 -7 EBITDA H1 2024 Selling price Sales volume Other revenue TPC Selling and distribution expenses General and administrative expenses Other activities EBITDA H1 2025 PERFORMANCE DRIVERS (PLN million) positive effect negative effect 5% 0 200 400 600 800 1 000 1 200 1 400 1 600 Nitrogen fertilizers and ammonia Nitrogen-sulfur fertilizers Compound fertilizers Speciality fertilizers H1 2024 H1 2025 4% 21% 5% 12% SALES VOLUME (‘000 tonnes) AGRO (PLN million) H1 2024 H1 2025 Change REVENUE 4,043 4,824 19.3% EBITDA -74 119 +193 EBITDA MARGIN -1.8% 2.5% 4.3 pp 22
Page 23
grupaazoty.com -153 -82 42 -142 11 144 -11 28 -1 EBITDA H1 2024 Selling price Sales volume Other revenue TPC Selling and distribution expenses General and administrative expenses Other activities EBITDA H1 2025 PERFORMANCE DRIVERS (PLN million) REVENUE (PLN million) 0 50 100 150 200 250 300 350 400 450 Titanium white Melamine Urea (technical grade) OXO products Other H1 2024 H1 2025 -21% -13% 38% -100% -14% 0 50 100 150 200 250 Titanium white Melamine Urea (technical grade) OXO products H1 2024 H1 2025 -31% -31% 3% -100% SALES VOLUME (‘000 tonnes) CHEMICALS positive effect negative effect (PLN million) H1 2024 H1 2025 Change REVENUE 1,276 1,187 -7.0% EBITDA -153 -82 71 EBITDA MARGIN -12.0% -6.9% 5.1 pp 23
Page 24
grupaazoty.com PLASTICS -97 -291 -109 -157 6 45 7 41 -27 EBITDA H1 2024 Selling price Sales volume Other revenue TPC Selling and distribution expenses General and administrative expenses Other activities EBITDA H1 2025 PERFORMANCE DRIVERS (PLN million) REVENUE (PLN million) 0 100 200 300 400 500 600 Caprolactam Total polyamide Polypropylene Other H1 2024 H1 2025 -12% 22%-40% -43% 0 20 40 60 80 100 120 Caprolactam Total polyamide Polypropylene H1 2024 H1 2025 5% -29% -39% SALES VOLUME (‘000 tonnes) positive effect negative effect 24 (PLN million) H1 2024 H1 2025 Change REVENUE 1,044 784 -24.9% EBITDA -97 -291 -194 EBITDA MARGIN -9.3% -37.1% -27.8 pp
Page 25
• … CAPEX PROJECTS
Page 26
grupaazoty.com KEY ONGOING CAPEX PROJECTS as at 30 June 2025 CAPITAL EXPENDITURE including: (PLN million) H1 2024 H1 2025 % change H1/H1 Growth capex 301.2 60.4 -79.95 Maintenance capex 101.2 96.2 -4.94 Mandatory capex 40.9 23.7 -42.05 Purchase of finished goods 27.3 4.8 -82.42 Other (components, major overhauls) 112.0 81.9 -26.88 TOTAL CAPITAL EXPENDITURE 582.6 267.0 -54.18 26 PROJECT SCOPE ACTIVITIES COMPLETED Creation of Capex Control Tower (CCT) New CAPEX management model Capex Control Tower (CCT) created The principle of “zero CAPEX outside control” introduced New CAPEX management model aimed at strengthening capital expenditure discipline A plan to implement a new CAPEX management model by the end of 2025 has been developed Tightened control of CAPEX allocation Constant oversight of the Group’s entire capex portfolio from concept phase to execution Risk of delays and budget overruns minimised
Page 27
POLIMERY POLICE 27 Standstill Agreement extended until 30 September 2025 Execution of a Memorandum of Understanding (MoU) between Grupa Azoty, Grupa Azoty Police, Grupa Azoty Polyolefins and Orlen on 1 August 2025, effective as of 31 July 2025. Execution of a MoU annex regarding GA Polyolefins – extension of the scope of talks with Orlen. Change Proposals rejected on 1 August and contractual penalties of EUR 111,832,228.40 charged for late performance in accordance with the provisions of the EPC Contract. Withdrawal from the EPC Contract for the Polimery Police project of 11 May 2019 Further steps to complete the Polimery Police Project: A comprehensive plan for project completion and plant restart Negotiations with the financing institutions on the use of funds from guarantees Implementation of the Project launch plan
Page 28
grupaazoty.com 28 PROSPECTS Further consistent implementation of AZOTY BUSINESS programme Improvement of the Agro segment environment Execution of an annex to the MoU regarding GA Polyolefins Dialogue with the financing institutions Consistent delivery of declared objectives
Page 29
Grupa Azoty DZIĘKUJEMY ZA UWAGĘ grupaazoty.com
Page 30
Other leading companies’ financial highlights APPENDICES
Page 31
STATEMENT OF FINANCIAL POSITION
Page 32
grupaazoty.com STATEMENT OF FINANCIAL POSITION (PLN million) As at 30 June 2024 As at 30 June 2025 ASSETS 23,744 24,568 Non-current assets 17,471 17,911 including: Property, plant and equipment 13,803 15,047 Current assets 6,273 6,657 including: Inventories 2,068 2,018 Trade and other receivables 1,755 1,560 Cash and cash equivalents 847 670 (PLN million) As at 30 June 2024 As at 30 June 2025 EQUITY AND LIABILITIES 23,744 24,568 Total equity, including: 5,712 4,391 Share premium 818 431 Total liabilities: 18,032 20,177 - Non-current liabilities, including: 3,394 3,184 Borrowings 643 688 Other financial liabilities 1,157 885 Lease liabilities 396 406 Trade and other payables 9 63 - Current liabilities, including: 14,638 16,993 Borrowings 7,460 7,862 Other financial liabilities 2,305 2,720 Lease liabilities 73 64 Trade and other payables 4,048 5,716 Grants 552 507 32
Page 33
SEGMENTS – TOTAL
Page 34
grupaazoty.com -2.7% EBITDA MARGIN -1.1% positive effect H1 2025 (PLN million) Agro Chemicals Plastics Energy Other Activities REVENUE 4,824 1,187 784 212 133 EBITDA 119 -82 -291 74 101 EBITDA MARGIN 2.5% -6.9% -37.1% 34.9% 75.9% EBIT -111 -123 -437 2 29 negative effect (PLN million) SEGMENT RESULTS OUTPUT VOLUME 0 100 200 300 400 500 600 Pigments Urea OXO products H1 2024 H1 2025 -4% -33% 0 20 40 60 80 100 120 140 -4% -54% 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 Nitrogen fertilizers Compound fertilizers Speciality fertilizers 18% 9% 2% (‘000 tonnes) AGRO CHEMICALS PLASTICS -179 -79 162 31 -194 71 9 21 EBITDA H1 2024 Agro Agro COMPO EXPERT Plastics Chemicals Energy Other Activities EBITDA H1 2025 EBITDA BRIDGE REVENUE STRUCTURE H1 2025 34 Agro 67% Chemicals 17% Plastics 11% Energy 3% Other Activities 2%
Page 35
grupaazoty.com -3.8% EBITDA MARGIN -2.1% positive effect Q2 2025 (PLN million) Agro Chemicals Plastics Energy Other Activities REVENUE 2,217 598 339 94 71 EBITDA 26 -22 -187 47 65 EBITDA MARGIN 1.2% -3.7% -55.2% 50.0% 91.5% EBIT -93 -42 -249 10 26 negative effect (PLN million) SEGMENT RESULTS OUTPUT VOLUME 0 50 100 150 200 250 300 Pigments Urea OXO products Q2 2024 Q2 2025 -9% -33% 3% 0 10 20 30 40 50 60 70 80 -4% -81% 0 100 200 300 400 500 600 700 800 Nitrogen fertilizers Compound fertilizers Speciality fertilizers 8% -11% 20% (‘000 tonnes) AGRO CHEMICALS PLASTICS -128 -71 110 18 -146 41 18 16 EBITDA Q2 2024 Agro Agro COMPO EXPERT Plastics Chemicals Energy Other Activities EBITDA Q2 2025 EBITDA BRIDGE REVENUE STRUCTURE Q2 2025 Agro 67% Chemicals 18% Plastics 10% Energy 3% Other Activities 2% 35
Page 36
FINANCIAL PERFORMANCE Q2 2025
Page 37
grupaazoty.com positive effect negative effect -128 -71 78 -134 31 61 6 16 -1 EBITDA Q2 2024 Selling price Sales volume Other revenue TPC Selling and distribution expenses General and administrative expenses Other activities EBITDA Q2 2025 + 57 -3.8% EBITDA MARGIN -2.1% CONSOLIDATED FINANCIAL INFORMATION Q2 PERFORMANCE DRIVERS (PLN million) 37
Page 38
grupaazoty.com adjustment of the baseline EXPENSES BY NATURE *Fixed costs for Q2 2024 have been adjusted to provide a baseline for Q2 2025. 957 1 069 1 034 61 21 30 -5 -1 -31 6 -4 Fixed costs Q2 2024 Depreciation and amortisation GA Polyolefins Restructuring costs Adjusted fixed costs Q2 2024 Raw materials and consumables used Services Labour costs Taxes and charges Other expenses Fixed costs Q2 2025 (PLN million) Q2 2024 Q2 2025 Change Variable costs 2,596 2,324 -10.5% Fixed costs 957 1,034 8.0% TOTAL 3,553 3,358 -5.5% Q2 2025 As part of the Azoty Business programme, a series of cost restructuring measures were implemented to lower fixed costs. increase in costs decrease in costs 38
Page 39
grupaazoty.com 670 782 439 348 394 172 165 178 516 479 0 500 1 000 1 500 2 000 2 500 Q2 2024 Q2 2025 Other Fossil-based (potassium chloride, phosphate rock, ilmenite, titanium slag, dolomite rock) Petroleum-based (phenol, benzene, propylene, propane) Energy (electricity and heat, coal) Gas GAS CONSUMPTION STRUCTURE Q2 2025 74% 22% 4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Agro Chemicals Plastics -10% -225 2,184 1,959 RAW MATERIALS USED (PLN million) GAS PURCHASE VOLUMES (TWh) Q2 2024 Q2 2025 Grupa Azoty S.A. 0.5 0.5 Grupa Azoty Puławy 2.0 2.0 Grupa Azoty Police 0.8 0.6 Grupa Azoty Kędzierzyn 0.9 1.1 TOTAL 4.2 4.2 39 COSTS OF RAW MATERIALS USED IN SECOND QUARTER
Page 40
• … BUSINESS SEGMENTS Q2 2025
Page 41
grupaazoty.com REVENUE (PLN million) 0 200 400 600 800 1 000 1 200 Nitrogen fertilizers and ammonia Nitrogen-sulfur fertilizers Compound fertilizers Speciality fertilizers Other Q2 2024 Q2 2025 22% 32% 14% 10% -102 26129 180 31 -197 6 -13 -8 EBITDA Q2 2024 Selling price Sales volume Other revenue TPC Selling and distribution expenses General and administrative expenses Other activities EBITDA Q2 2025 PERFORMANCE DRIVERS (PLN million) positive effect negative effect 1% 0 100 200 300 400 500 600 700 800 Nitrogen fertilizers and ammonia Nitrogen-sulfur fertilizers Compound fertilizers Speciality fertilizers Q2 2024 Q2 2025 18% 1% 10% SALES VOLUME (‘000 tonnes) AGRO (PLN million) Q2 2024 Q2 2025 Change REVENUE 1,877 2,217 18.1% EBITDA -102 26 x EBITDA MARGIN -5.4% 1.2% 6.6 pp 41
Page 42
grupaazoty.com -63 -22 12 -97 12 105 -10 20 -1 EBITDA Q2 2024 Selling price Sales volume Other revenue TPC Selling and distribution expenses General and administrative expenses Other activities EBITDA Q2 2025 PERFORMANCE DRIVERS (PLN million) REVENUE (PLN million) 0 50 100 150 200 250 Titanium white Melamine Urea (technical grade) OXO products Other Q2 2024 Q2 2025 -26% -34% 54% -100% -9% 0 20 40 60 80 100 120 140 Titanium white Melamine Urea (technical grade) OXO products Q2 2024 Q2 2025 -29% -26% -19% -100% SALES VOLUME (‘000 tonnes) CHEMICALS positive effect negative effect (PLN million) Q2 2024 Q2 2025 Change REVENUE 671 598 -10.9% EBITDA -63 -22 65.1% EBITDA MARGIN -9.4% -3.7% 5.7 pp 42
Page 43
grupaazoty.com PLASTICS -41 -187 -63 -217 -6 131 10 9 -10 EBITDA Q2 2024 Selling price Sales volume Other revenue TPC Selling and distribution expenses General and administrative expenses Other activities EBITDA Q2 2025 PERFORMANCE DRIVERS (PLN million) REVENUE (PLN million) 0 50 100 150 200 250 300 350 Caprolactam Total polyamide Polypropylene Other Q2 2024 Q2 2025 -21% -27% -68% 0 10 20 30 40 50 60 70 80 Caprolactam Total polyamide Polypropylene Q2 2024 Q2 2025 -66% SALES VOLUME (‘000 tonnes) positive effect negative effect 43 (PLN million) Q2 2024 Q2 2025 Change REVENUE 625 339 -45.8% EBITDA -41 -187 -356.1% EBITDA MARGIN -6.6% -55.2% -48.6 pp
Page 44
grupaazoty.com (PLN million) Q2 2024 Q2 2025 change REVENUE 3,344 3,319 -0.7% EBITDA -128 -71 44.5% EBITDA MARGIN -3.8% -2.1% 1.7 pp EBIT -338 -348 -3.0% NET PROFIT/(LOSS) -416 -553 -32.9% GROUP COMPANIES’ FINANCIAL HIGHLIGHTS Grupa Azoty Group Grupa Azoty Puławy Group Grupa Azoty Police Group Grupa Azoty Kędzierzyn Group COMPO EXPERT Group (PLN million) Q2 2024 Q2 2025 change REVENUE 475 494 4.0% EBITDA 37 55 48.6% EBITDA MARGIN 7.8% 11.1% 3.3 pp EBIT 19 36 89.5% NET PROFIT/(LOSS) -4 8 x (PLN million) Q2 2024 Q2 2025 change REVENUE 557 572 2.7% EBITDA 6 41 583.3% EBITDA MARGIN 1.1% 7.2% 6.1 pp EBIT -31 -1 97.9% NET PROFIT/(LOSS) -34 -28 17.9% (PLN million) Q2 2024 Q2 2025 change REVENUE 368 114 -69.0% EBITDA -18 -148 -722.2% EBITDA MARGIN -4.9% -129.8% -124.9 pp EBIT -19 -198 -942.1% NET PROFIT/(LOSS) -54 -222 -311.1% (PLN million) Q2 2024 Q2 2025 change REVENUE 854 962 12.7% EBITDA -119 -25 79.0% EBITDA MARGIN -14.0% -2.6% 11.4 pp EBIT -191 -100 47.6% NET PROFIT/(LOSS) -190 -121 36.3% Grupa Azoty Polyolefins S.A. 44 (PLN million) Q2 2024 Q2 2025 change REVENUE 677 694 2.5% EBITDA -17 27 258.8% EBITDA MARGIN -2.5% 3.9% 6.4 pp EBIT -45 -11 75.5% NET PROFIT/(LOSS) -54 -104 -92.5%
Page 45
GRUPA AZOTY PUŁAWY
Page 46
grupaazoty.com positive effect CONSOLIDATED FINANCIAL INFORMATION PERFORMANCE DRIVERS (PLN million) -119 -1 -25 86 23 -18 -3 7 EBITDA Q2 2024 Selling price Sales volume TPC Selling and distribution expenses General and administrative expenses Other activities EBITDA Q2 2025 +94 -14.0% EBITDA MARGIN -2.6% (PLN million) Q2 2024 Q2 2025 change REVENUE 854 962 12.7% EBITDA -119 -25 79.0% EBITDA MARGIN -14.0% -2.6% 11.4 pp EBIT -191 -100 47.6% NET PROFIT/(LOSS) -190 -121 36.3% CAPITAL EXPENDITURE 69 42 -39.1% GRUPA AZOTY PUŁAWY GROUP 46 negative effect
Page 47
grupaazoty.com positive effect CONSOLIDATED FINANCIAL INFORMATION PERFORMANCE DRIVERS (PLN million) -199 11 -25152 154 -147 -12 16 EBITDA H1 2024 Selling price Sales volume TPC Selling and distribution expenses General and administrative expenses Other activities EBITDA H1 2025 + 174 -11.3% EBITDA MARGIN -1.2% (PLN million) H1 2024 H1 2025 change REVENUE 1,756 2,062 17.4% EBITDA -199 -25 87.4% EBITDA MARGIN -11.3% -1.2% 10.1 pp EBIT -339 -173 49.0% NET PROFIT/(LOSS) -336 -209 37.8% CAPITAL EXPENDITURE 119 62 -47.9% GRUPA AZOTY PUŁAWY GROUP 47 negative effect
Page 48
grupaazoty.com SEGMENT RESULTS GRUPA AZOTY PUŁAWY GROUP 313 16 198 361 11 174 Nitrogen fertilizers Compound fertilizers Urea Q2 2024 Q2 2025 OUTPUT VOLUME 0 0 Caprolactam Q2 2025 Q2 2024 (‘000 tonnes) SEGMENTS’ CONTRIBUTION TO EBITDA -116 -20 10 9 -23 -9 7 7 -140 -120 -100 -80 -60 -40 -20 0 20 AGRO PLASTICS ENERGY OTHER ACTIVITIES EBITDA Q2 2024 Q2 2025 (PLN million) Q2 2025 (PLN million) AGRO PLASTICS ENERGY OTHER ACTIVITIES REVENUE 914 0 25 23 EBITDA -23 -9 7 7 EBITDA MARGIN -3% - 28% 30% EBIT -77 -9 -5 -2 REVENUE STRUCTURE Q2 2025 Agro 95% Plastics 0% Energy 3% Other Activities 2% AGRO PLASTICS 48
Page 49
grupaazoty.com SEGMENT RESULTS GRUPA AZOTY PUŁAWY GROUP 627 36 376 831 22 338 Nitrogen fertilizers Compound fertilizers Urea H1 2024 H1 2025 OUTPUT VOLUME 0 0 Caprolactam H1 2025 H1 2024 (‘000 tonnes) SEGMENTS’ CONTRIBUTION TO EBITDA -190 -37 17 15 -30 -12 17 11 -250 -200 -150 -100 -50 0 50 AGRO PLASTICS ENERGY OTHER ACTIVITIES EBITDA H1 2024 H1 2025 (PLN million) H1 2025 (PLN million) AGRO PLASTICS ENERGY OTHER ACTIVITIES REVENUE 1,950 2 64 46 EBITDA -30 -12 17 11 EBITDA MARGIN -2% -600% 27% 24% EBIT -139 -11 -8 -5 REVENUE STRUCTURE H1 2025 Agro 95% Plastics 0.1% Energy 3% Other Activities 2% AGRO PLASTICS 49
Page 50
grupaazoty.com GRUPA AZOTY PUŁAWY GROUP CAPEX PROJECTS ONGOING CAPEX PROJECTS as at 30 June 2025 Construction of a coal-fired power generation unit Budget: PLN 1,230 million Stage of completion: 99% Upgrade of existing nitric acid production units and construction of new nitric acid production and neutralisation units and units for production of new fertilizers based on nitric acid Budget: PLN 695 million Stage of completion: 85% of which: (PLN million) H1 2024 H1 2025 % change H1/H1 Growth capex 18.7 6.8 -63.64 Maintenance capex 18.4 17.6 -4.35 Mandatory capex 12.2 2.8 -77.05 Purchase of finished goods 6.8 1.4 -79.41 Other (components, major overhauls) 62.7 33.7 -46.25 TOTAL CAPITAL EXPENDITURE 118.8 63.3 -46.72 CAPITAL EXPENDITURE 50
Page 51
GRUPA AZOTY POLICE
Page 52
grupaazoty.com CONSOLIDATED FINANCIAL INFORMATION PERFORMANCE DRIVERS (PLN million) + 65 -2.9% EBITDA MARGIN 2.0% (PLN million) H1 2024 H1 2025 change REVENUE 1,313 1,346 3% EBITDA -38 27 171% EBITDA MARGIN -2.9% 2.0% 4.9 pp EBIT -101 -43 57% NET PROFIT/(LOSS) -121 -170 -40% CAPITAL EXPENDITURE 59.0 36.2 -39% GRUPA AZOTY POLICE GROUP 52 positive effect negative effect 27 -38 -42 5 -1 6 24 23 50 EBITDA 2024 Separate KZP Other activities Selling and distribution expenses Sales volume General and administrative expenses other fixed costs Selling price EBITDA 2025
Page 53
grupaazoty.com CONSOLIDATED FINANCIAL INFORMATION PERFORMANCE DRIVERS (PLN million) + 44 -2.5% EBITDA MARGIN 3.9% (PLN million) Q2 2024 Q2 2025 change REVENUE 677 694 3% EBITDA -17 27 25% EBITDA MARGIN -2.5% 3.9% 6.4 pp EBIT -45 -11 76% NET PROFIT/(LOSS) -54 -104 -93% CAPITAL EXPENDITURE 30.9 17.7 -43% GRUPA AZOTY POLICE GROUP 53 positive effect negative effect 26,8 -17 -5 -1 2 0 2 14 33 -50 -40 -30 -20 -10 0 10 20 30 40 50 EBITDA 2024 Separate KZP Sales volume Other activities Selling and distribution expenses other fixed costs General and administrative expenses Selling price EBITDA 2025
Page 54
grupaazoty.com SEPARATE FINANCIAL INFORMATION (PLN million) Q2 2024 Q2 2025 change REVENUE 670 687 3% EBITDA -14 27 293% EBITDA MARGIN -2.1% 3.9% 6.0 pp EBIT -42 -11 74% NET PROFIT/(LOSS) -43 -31 28% GRUPA AZOTY POLICE 54 (PLN million) H1 2024 H1 2025 change REVENUE 1,300 1,333 3% EBITDA -29 28 197% EBITDA MARGIN -2.2% 2.1% 4.3 pp EBIT -92 -42 54% NET PROFIT/(LOSS) -67 -51 24% -15,0 -14,0 4,3 10,5 1,0 27,0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 (PLN million) SEPARATE EBITDA Positive EBITDA delivered for the fourth consecutive quarter
Page 55
grupaazoty.com SEGMENT RESULTS GRUPA AZOTY POLICE GROUP FERTILIZERS OUTPUT VOLUME (‘000 tonnes) PIGMENTS SEGMENTS’ CONTRIBUTION TO EBITDA (PLN million) 265 110 139 303 115 110 Compound fertilizers Urea Ammonia H1 2024 H1 2025 11,9 8,5 Titanium white H1 2024 H1 2025 -40 -11 139 -11 29 -50 -40 -30 -20 -10 0 10 20 30 40 FERTILIZERS PIGMENTS OTHER ACTIVITIES EBITDA H1 2024 H1 2025 H1 2025 (PLN million) Fertilizers Pigments Other Activities REVENUE 1,080 145 121 EBITDA 9 -11 29 EBITDA MARGIN 0.8% -7.6% 24.0% EBIT -43 -22 22 REVENUE STRUCTURE Fertilizers; 80% Pigments; 11% Other Activities; 9% 55
Page 56
grupaazoty.com SEGMENT RESULTS GRUPA AZOTY POLICE GROUP FERTILIZERS OUTPUT VOLUME (‘000 tonnes) PIGMENTS SEGMENTS’ CONTRIBUTION TO EBITDA (PLN million) 130 54 74 164 50 46 Compound fertilizers Urea Ammonia Q2 2024 Q2 2025 6,5 3,9 Titanium white Q2 2024 Q2 2025 -28 1 109 1 17 -40 -30 -20 -10 0 10 20 FERTILIZERS PIGMENTS OTHER ACTIVITIES EBITDA Q2 2024 Q2 2025 Q2 2025 (PLN million) Fertilizers Pigments Other Activities REVENUE 572 72 50 EBITDA 9 1 17 EBITDA MARGIN 1.6% 1.4% 34.0% EBIT -19 -5 13 REVENUE STRUCTURE Fertilizers 83% Pigments 10% Other Activities 7% 56
Page 57
grupaazoty.com GRUPA AZOTY POLICE GROUP CAPEX PROJECTS ONGOING CAPEX PROJECTS as at 30 June 2025 Expansion of the logistics base Stage II – Phase 2 Budget: PLN 15 million Stage of completion: 85.3% Security automation system for two ammonia production units – Stage 2 Budget: PLN 44 million Stage of completion: 49.3% Upgrade of a turbine generator set and auxiliary equipment Budget: PLN 38 million Stage of completion: 93% of which: (PLN million) H1 2024 H1 2025 % change H1/H1 Growth capex 2.6 1.8 -31% Maintenance capex 23.0 21.7 -6% Mandatory capex 11.9 0.1 -99% Purchase of finished goods 15.1 0.8 -95% Other (components, major overhauls) 6.4 11.9 84% TOTAL CAPITAL EXPENDITURE 59.0 36.2 -39% 57 CAPITAL EXPENDITURE
Page 58
GRUPA AZOTY KĘDZIERZYN
Page 59
grupaazoty.com CONSOLIDATED FINANCIAL INFORMATION PERFORMANCE DRIVERS (PLN million) In Q2 2024, there were no one-off events affecting profit or loss. 1.1% 1.1% EBITDA MARGIN 7.2% (PLN million) Q2 2024 Q2 2025 change REVENUE 557 572 2.7% EBITDA 6 41 583.3% EBITDA MARGIN 1.1% 7.2% 6.1 pp EBIT -31 -1 97.9% NET PROFIT/(LOSS) -34 -28 17.9% CAPITAL EXPENDITURE 27.1 11.1 -59.0% GRUPA AZOTY KĘDZIERZYN GROUP 0 6 -10 28 -3 1 6 16 41 6 -3 EBITDA Q2 2024 One-offs Adjusted EBITDA Selling price Sales volume Other revenue TPC Selling and distribution expenses General and administrative expenses Other activities EBITDA Q2 2025 59 positive effect negative effect
Page 60
grupaazoty.com CONSOLIDATED FINANCIAL INFORMATION PERFORMANCE DRIVERS (PLN million) 3.1% 3.1% EBITDA MARGIN 5.7% (PLN million) H1 2024 H1 2025 change REVENUE 1,153 1,287 11.6% EBITDA 36 73 102.8% EBITDA MARGIN 3.1% 5.7% 2.6 pp EBIT -37 -5 87.4% NET PROFIT/(LOSS) -49 -39 19.2% CAPITAL EXPENDITURE 49.8 19.5 -60.8% GRUPA AZOTY KĘDZIERZYN GROUP 0 36 -27 164 -122 12 13 73 36 -3 -0,3 EBITDA H1 2024 One-offs Adjusted EBITDA Selling price Sales volume Other revenue TPC Distribution costs General and administrative expenses Other activities EBITDA H1 2025 60 positive effect negative effect In H1 20241H there were no one-off events affecting profit or loss.
Page 61
grupaazoty.com Q2 2025 SEGMENT RESULTS GRUPA AZOTY KĘDZIERZYN GROUP (PLN million) Agro Oxoplast Energy Other Activities REVENUE 375 145 48 4 EBITDA 24 -6 16 7 EBITDA MARGIN 6.4% -4.1% 33.3% 175.0% EBIT -1 -12 7 5 -13 8 5 6 24 -6 16 7 AGRO OXOPLAST ENERGY OTHER ACTIVITIES EBITDA Q2 2024 Q2 2025 SEGMENTS’ CONTRIBUTION TO EBITDA (PLN million) 61
Page 62
grupaazoty.com H1 2025 SEGMENT RESULTS GRUPA AZOTY KĘDZIERZYN GROUP (PLN million) Agro Oxoplast Energy Other Activities REVENUE 810 365 103 9 EBITDA 65 -23 18 13 EBITDA MARGIN 8.0% -6.3% 17.5% 144.4% EBIT 23 -35 1 6 -3 12 16 11 65 -23 18 13 AGRO OXOPLAST ENERGY OTHER ACTIVITIES EBITDA H1 2024 H1 2025 SEGMENTS’ CONTRIBUTION TO EBITDA (PLN million) 62
Page 63
grupaazoty.com GRUPA AZOTY KĘDZIERZYN GROUP CAPEX PROJECTS CAPITAL EXPENDITURE of which: (PLN million) H1 2024 H1 2025 % change H1/H1 Growth capex 10.7 4.8 -55.14 Maintenance capex 26.9 8.0 -70.26 Mandatory capex 0 3.7 10,782.35 Purchase of finished goods 0.8 0.3 -62.50 Other (components, major overhauls) 11.5 2.7 -76.52 TOTAL 49.9 19.5 -60.92 63 CAPITAL EXPENDITURE
Page 64
COMPO EXPERT
Page 65
grupaazoty.com CONSOLIDATED FINANCIAL INFORMATION COMPO EXPERT (PLN million) Q2 2024 Q2 2025 change REVENUE 475 494 4.0% EBITDA 37 55 48.6% EBITDA MARGIN 7.8% 11.1% 3.3 pp EBIT 19 36 89.5% NET PROFIT/(LOSS) -4 8 x 65
Page 66
grupaazoty.com CONSOLIDATED FINANCIAL INFORMATION COMPO EXPERT (PLN million) H1 2024 H1 2025 change REVENUE 1,064 1,135 6.7% EBITDA 95 126 32.6% EBITDA MARGIN 8.9% 11.1% 2.2 pp EBIT 60 89 48.3% NET PROFIT/(LOSS) 21 36 71.4% 66
Page 67
SEPARATE DATA GRUPA AZOTY S.A.
Page 68
grupaazoty.com SEPARATE FINANCIAL INFORMATION GRUPA AZOTY S.A. FINANCIAL PERFORMANCE (PLN million) Q2 2024 Q2 2025 change REVENUE 511 448 -12.3% EBITDA -26 -63 -142.3% EBITDA MARGIN -5.1% -14.1% -9.0 pp EBIT -65 -102 -56.9% NET PROFIT/(LOSS) -109 -203 -86.2% 68
Page 69
grupaazoty.com SEPARATE FINANCIAL INFORMATION GRUPA AZOTY S.A. FINANCIAL PERFORMANCE (PLN million) H1 2024 H1 2025 change REVENUE 1,115 1,055 -5.4% EBITDA -11 -86 -681.8% EBITDA MARGIN -1.0% -8.2% -7.2 pp EBIT -88 -165 -87.5% NET PROFIT/(LOSS) -161 -292 -81.4% 69
Page 70
grupaazoty.com Q2 2025 SEGMENT RESULTS GRUPA AZOTY S.A. EBITDA BY SEGMENT (PLN million) Agro Plastics Energy Other Activities REVENUE 244 171 12 21 EBITDA -47 -35 5 14 EBITDA MARGIN -19.3% -20.5% 41.7% 66.7% EBIT -65 -43 -2 8 -24 -13 5 6 -47 -35 5 14 -60 -50 -40 -30 -20 -10 0 10 20 Agro Plastics Energy Other Activities (PLN million) Q2 2024 Q2 2025 70
Page 71
grupaazoty.com H1 2025 SEGMENT RESULTS GRUPA AZOTY S.A. EBITDA BY SEGMENT (PLN million) Agro Plastics Energy Other Activities REVENUE 604 380 30 41 EBITDA -67 -51 9 23 EBITDA MARGIN -11.1% -13.4% 30.0% 56.1% EBIT -103 -69 -3 10 -24 -16 9 20 -67 -51 9 23 -80 -70 -60 -50 -40 -30 -20 -10 0 10 20 30 Agro Plastics Energy Other Activities (PLN million) H1 2024 H1 2025 71
Page 72
• … ir.tarnow@grupaazoty.com