’The three-month extension of the agreements with our financing institutions on the terms set out above gives us stability as we negotiate a long-term debt restructuring agreement. The framework term sheet agreed at the beginning of June covers the repayment schedule, the establishment of collateral, and a share issue intended to support the development of our core fertilizer business, the modernization of our assets, and the delivery of projects that strengthen Grupa Azoty's competitiveness. This is an important step on the road to rebuilding Grupa Azoty's potential and creating a lasting foundation for further growth,’ comments Marcin Celejewski, President of the Management Board of Grupa Azoty.

One element of the agreements with the financial institutions is the continuation of the process aimed at establishing collateral over specified assets of Grupa Azoty companies.

‘The Extraordinary General Meeting of Shareholders of Grupa Azoty S.A. concerning the collateral matter in question will be held on July 9 of this year. The resolution being processed by the Management Board has already received the conditional approval of the Supervisory Board with regard to the collateral. The condition precedent is the negotiation and conclusion, with the financial institutions and Orlen S.A., of a restructuring agreement relating to the indebtedness of Grupa Azoty entities toward those parties,’ explains Jacek Podgórski, Vice-President of the Management Board of Grupa Azoty. ‘In parallel, the collateral-related motions are being — or will be — processed in the remaining companies that are to be covered,’ Vice-President Podgórski adds.

Grupa Azoty is meeting on an ongoing basis all obligations relating to the servicing and repayment of liabilities arising from its financing agreements, and the available limits under those agreements ensure the liquidity and financial security of Grupa Azoty, the fulfillment of its obligations toward suppliers, and the continuity of its operations.

The amendments now signed will make it possible to continue the current restructuring activities and to develop a long-term restructuring plan for Grupa Azoty. In addition, Grupa Azoty has undertaken to provide specified documents to the financing institutions in accordance with an agreed timetable, and to continue applying the restrictions set out in the Agreements on making disposals in respect of planned investments, granting sureties or guarantees, and incurring financial liabilities.

The signed amendments cover agreements with the following institutions financing Grupa Azoty:

1. An Amendment concluded with Powszechna Kasa Oszczędności Bank Polski S.A., Bank Gospodarstwa Krajowego, ING Bank Śląski S.A., Erste Bank Polska S.A., Caixabank S.A. Branch in Poland, BNP Paribas Faktoring sp. z o.o., ING Faktoring S.A., Pekao Faktoring sp. z o.o., BNP Paribas Bank Polska S.A., Erste Factoring Sp. z o.o., and Banco Santander S.A., Frankfurt Branch, in respect of the agreement originally concluded on February 2, 2024.

2. An Amendment with the European Investment Bank in respect of the agreement originally concluded on July 1, 2025.

3. An Amendment with the European Bank for Reconstruction and Development in respect of the agreement originally concluded on March 31, 2026.

A New Management Model and the Integration of Processes at Grupa Azoty

Alongside the debt restructuring described above, work is proceeding intensively at Grupa Azoty under the New Horizons Program. The Program sets the long-term direction for Grupa Azoty's development, focusing on building a modern, strong, integrated, and resilient organization. It covers the effective use of resources, the simplification of management, and a clear definition of roles and responsibilities, as well as strengthening cooperation across areas in order to increase the stability of business processes and working conditions.

‘We are reorganizing Grupa Azoty. We have separated the strategic management functions from the operational ones. Now the time has come to roll these arrangements out further across our subsidiary companies. Work is also under way on an agreement between the key companies within the Group — a kind of constitution defining scopes of responsibility and remit, so that we can act as a single organism. Efforts are also proceeding on the implementation of the tools and initiatives that will deliver a lasting improvement in operational efficiency — the optimization of production processes and cost reductions across all of Grupa Azoty's key areas of activity,’ reports Marcin Celejewski, President of the Management Board of Grupa Azoty.