The Group’s Q3 2025 performance was significantly influenced by one-off events in the Plastics Segment related to the settlement of the EPC contract for the “Polimery Police” project. As part of this settlement, PLN 953.3 million was recognised under other operating income, with the total positive effect on EBITDA amounting to PLN 315.9 million.

‘During the third quarter of 2025 we operated in a demanding market environment, marked by ongoing price pressure and limited demand in key segments. In the Agro Segment, the higher tariffs on fertilizers imported from Russia and Belarus, introduced in July, reduced import volumes from those directions, yet the market remained saturated with products from Eastern Europe. Low crop prices continued to influence farmers’ purchasing decisions, keeping sales volumes at levels similar to last year. Despite these conditions, Grupa Azoty once again delivered a positive EBITDA result in the Agro Segment and improved margins,’ said Andrzej Skolmowski, President of the Management Board of Grupa Azoty. ‘In the Chemicals and Plastics Segments, results remained affected by the availability of lower-priced Asian products and declining transportation costs,’ added President Skolmowski.

Performance in the Plastics Segment in Q3 2025 was significantly improved by one-off items arising from the settlement of the EPC contract for the "Polimery Police" project executed by Hyundai Engineering. Grupa Azoty Polyolefins recognised, under other operating income, a total of EUR 223.6 million (PLN 953.3 million) from debit notes related to delays and contract termination, and from insurance guarantee proceeds.

At the same time, applying the principle of prudent valuation, the company created a provision of EUR 149.7 million (PLN 637.4 million) for claims submitted by the contractor concerning additional project-execution costs, while the remaining part of the claims was recognised as a contingent liability. The net positive impact of these items on EBITDA for the period amounted to PLN 315.9 million.

In the third quarter of 2025, the Group recorded a significant improvement in margins across all segments. The EBITDA margin in the Agro Segment reached 3.7%, an increase of 8.1 percentage points year-on-year. In the Chemicals Segment, the EBITDA margin stood at minus 1.0%, which—despite remaining negative—was 5.7 percentage points higher compared with the same period of the previous year. Meanwhile, the EBITDA margin in the Plastics Segment amounted to 78.5%, rising by 94.6 percentage points year-on-year. After excluding the one-off effects related to the settlement of the EPC contract for the Polimery Police project, the margin in the Plastics Segment would have been minus 47.7%.

The Group’s raw-material environment in Q3 was shaped by a decline in natural gas prices — quotations were approximately 8% lower than in the same period of the previous year, and unit electricity costs also decreased. Despite this decline, raw materials continue to pose a major challenge for the Group, primarily due to imports of products priced at levels inconsistent with the cost structure of European producers.

In the first nine months of 2025, Grupa Azoty reported consolidated revenue of PLN 10,035 million and EBITDA of PLN 312 million, corresponding to an EBITDA margin of 3.1%, up 6.1 pp year-on-year.

A full commentary on the Q3 2025 results is available here.

Final results will be published on 24 November 2025.