Azoty chemicals posts PLN 312 mln EBITDA after Q3 2025, in line with prelims

Excluding Grupa Azoty Polyolefins, Azoty's EBITDA result improved from -PLN -186 million (EUR -43.9 mln) in the prior year period to PLN 346 million (EUR 81.7 mln), an increase of PLN 532 million (EUR 125.7 mln).

In the first three quarters of 2025, Grupa Azoty recorded revenues of PLN 10.04 billion (EUR 2.4 bln), which represents an increase of approximately 2.1 percent against PLN 9.83 billion (EUR 2.3 bln) in the prior year period.

Cumulatively, year-to-date, the Azoty group's net loss amounted to PLN 1.03 billion (EUR 243.3 mln) versus a loss of PLN 975 million (EUR 230.3 mln) after the first three quarters of 2024.

In the third quarter alone, Grupa Azoty had a net loss of PLN 150 million (EUR 35.4 mln). The PAP Biznes consensus was for a loss of PLN 140.1 million (EUR 33.1 mln).

"In the first three quarters of 2025, we significantly improved our financial results (...) We recorded improvements in all major segments, confirming the effectiveness of corrective measures and consistent cost discipline," said Azoty's CEO Andrzej Skolmowski, quoted in the press release.

"The result was supported by lower gas and electricity prices, amid a still challenging market environment and strong pressure from cheap imports from outside the European Union. In the Agro segment, we are seeing the first effects of increased tariffs on fertilisers from Russia and Belarus, while in Chemicals and Plastics, the results continue to reflect weaker demand and high product supply (...)," he added.

The result of the Plastics segment for the third quarter of 2025 was significantly increased by one-off operations related to the settlement of the EPC contract for the ‘Polimery Police’ investment, carried out by Hyundai Engineering.

Azoty's subsidiary, Grupa Azoty Polyolefins, recognised EUR 223.6 million in other operating income resulting from debit notes for delays and termination of cooperation, as well as payments from insurance guarantees.

The company created a provision of EUR 149.7 million to cover potential claims by the contractor for additional expenditure on the project and recognised the remaining claims as contingent liabilities.

The total positive effect of these measures on EBITDA for the period amounted to PLN 315.9 million (74.6 mln).

In the third quarter of 2025, Grupa Azoty generated revenues of PLN 2.89 billion (EUR 682.6 mln) against PLN 3.09 billion (EUR 729.9 mln) in the prior year period, which represents a decrease of approximately 6.5 percent year on year.

At the same time, EBITDA increased from PLN -120 million (EUR -28.34 mln) in the third quarter of 2024 to PLN 391 million (EUR 92.35 mln) in the third quarter of 2025, an improvement of PLN 511 million (EUR 120.7 mln).

Excluding Grupa Azoty Polyolefins, EBITDA grew from PLN -67 million (EUR -15.8 mln) to PLN 186 million (EUR 43.9 mln), a year-on-year increase of PLN 253 million (EUR 59.8 mln).

On October 15, Azoty received a non-binding offer from Poland's largest energy concern Orlen to purchase a 100 percent stake in Grupa Azoty Polyolefins. The offer involves the acquisition of all shares and assets of the company, free of any encumbrances, on a cash-free, debt-free basis.

The total value of the offer is PLN 1.022 billion (EUR 241.4 mln) and includes Orlen providing the financing necessary to restructure all debts and claims and to buy out the shares from the remaining shareholders of Grupa Azoty Polyolefins.

pr/ ao/