ZAP
Grupa Azoty Zakłady Azotowe "Puławy"
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 10, 2026
H1 2026 report
Operacyjny zwrot jest realny: skonsolidowana EBITDA odwróciła się z -24,9 mln zł do +128,9 mln zł, głównie dzięki redukcji kosztów zużycia materiałów i energii (-9,3% r/r), silniejszej niż spadek przychodów (-4,3%).
Sentiment
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ZAP
H1 2026 report
Revenue
1.97 bn PLN
— YoY
Net income
-54.38 m PLN
— YoY
EBITDA
128.89 m PLN
— YoY
Gross margin
10.04%
— YoY
Summary
Investment thesis
- Segment Agro (93,3% przychodów) poprawił wynik na sprzedaży zewnętrznej o 224,1 mln zł r/r (do +86,8 mln zł), mimo spadku wolumenów nawozów azotowych o 20% i mocznika o 16%.
- Kapitał własny Grupy pozostaje solidnie dodatni (2 566,2 mln zł) — w przeciwieństwie do spółki-siostry Grupa Azoty Police, bilans własny Puław nie jest źródłem ryzyka.
- Paragraf objaśniający biegłego o kontynuacji działalności wynika z poręczeń i gwarancji udzielonych jednostce dominującej wyższego szczebla (Grupa Azoty S.A., 1 929,2 mln zł) i naruszenia kowenantów na poziomie całej Grupy Azoty, nie z własnej sytuacji finansowej Puław.
- Segment Tworzywa (kaprolaktam) nie wygenerował żadnych przychodów zewnętrznych w I półroczu 2026 — produkcja wstrzymana — co jest istotnym, niewyjaśnionym w pełni sygnałem operacyjnym.
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Financials
BETA
ZAP · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,973.26 | — | — | 1,973.26 | — | reported | — | 1.00 |
| Gross profit | 198.06 | — | — | 198.06 | — | reported | — | 1.00 |
| EBITDA | 128.89 | — | — | 128.89 | — | reported | — | 1.00 |
| EBIT | -16.98 | — | — | -16.98 | — | reported | — | 1.00 |
| EBT | -66.3 | — | — | -66.3 | — | reported | — | 1.00 |
| Net income | -54.38 | — | — | -54.38 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -2.85 | — | — | -2.85 | — | reported | — | 1.00 |
| D&A | 139.65 | — | — | 139.65 | — | reported | — | 1.00 |
| Income tax | -11.93 | — | — | -11.93 | — | reported | — | 0.90 |
| Shares (basic) (m units) | 19.12 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 10.04% | — | — | 10.04% | — | derived | — | 1.00 |
| EBITDA margin | 6.53% | — | — | 6.53% | — | derived | — | 1.00 |
| EBIT margin | -0.86% | — | — | -0.86% | — | derived | — | 1.00 |
| Net margin | -2.76% | — | — | -2.76% | — | derived | — | 1.00 |
| Cash | 344.87 | — | — | — | — | reported | — | 0.90 |
| Total debt | 394.61 | — | — | — | — | reported | — | 0.60 |
| Net debt | 49.74 | — | — | — | — | derived | — | 0.50 |
| Equity | 2,566.2 | — | — | — | — | reported | — | 1.00 |
| Total assets | 6,537.2 | — | — | — | — | reported | — | 1.00 |
| Current assets | 2,182.36 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 3,451.3 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 519.7 | — | — | — | — | reported | — | 1.00 |
| Inventory | 397.55 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 934.28 | — | — | — | — | reported | — | 0.80 |
| Trade payables | 2,038.89 | — | — | — | — | reported | — | 0.80 |
| CFO | 1,193.28 | — | — | 1,193.28 | — | reported | — | 1.00 |
| CapEx | 41.12 | — | — | 41.12 | — | reported | — | 1.00 |
| FCF | 1,152.17 | — | — | 1,152.17 | — | derived | — | 0.30 |
| FCF conversion | 894% | — | — | 894% | — | derived | — | 0.20 |
| CFO conversion | 925.9% | — | — | 925.9% | — | derived | — | 0.20 |
| Current ratio | 0.63x | — | — | — | — | derived | — | 1.00 |
| Quick ratio | 0.52x | — | — | — | — | derived | — | 1.00 |
| Cash ratio | 0.1x | — | — | — | — | derived | — | 1.00 |
| Debt / equity | 0.15x | — | — | — | — | derived | — | 0.60 |
| Debt / assets | 0.06x | — | — | — | — | derived | — | 0.60 |
| Net debt / equity | 0.02x | — | — | — | — | derived | — | 0.50 |
| Revenue growth (YoY) | -4.31% | — | — | -4.31% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 618.5% | — | — | 618.5% | — | derived | — | 0.70 |
| EBIT growth (YoY) | 90.21% | — | — | 90.21% | — | derived | — | 1.00 |
| Net income growth (YoY) | 74.02% | — | — | 74.02% | — | derived | — | 1.00 |
| EPS growth (YoY) | 73.95% | — | — | 73.95% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | 6.03 pp | — | — | 6.03 pp | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | 7.74 pp | — | — | 7.74 pp | — | derived | — | 1.00 |
| EBIT margin Δ (YoY) | 7.55 pp | — | — | 7.55 pp | — | derived | — | 1.00 |
| Net margin Δ (YoY) | 7.39 pp | — | — | 7.39 pp | — | derived | — | 1.00 |
H1 2026 · Δ YoY
Revenue
1,973.26
—
1,973.26
—
- H1 2025
- —
- YTD 2026
- 1,973.26
- Δ YoY
- —
Gross profit
198.06
—
198.06
—
- H1 2025
- —
- YTD 2026
- 198.06
- Δ YoY
- —
EBITDA
128.89
—
128.89
—
- H1 2025
- —
- YTD 2026
- 128.89
- Δ YoY
- —
EBIT
-16.98
—
-16.98
—
- H1 2025
- —
- YTD 2026
- -16.98
- Δ YoY
- —
EBT
-66.3
—
-66.3
—
- H1 2025
- —
- YTD 2026
- -66.3
- Δ YoY
- —
Net income
-54.38
—
-54.38
—
- H1 2025
- —
- YTD 2026
- -54.38
- Δ YoY
- —
EPS (basic)
(PLN)
-2.85
—
-2.85
—
- H1 2025
- —
- YTD 2026
- -2.85
- Δ YoY
- —
D&A
139.65
—
139.65
—
- H1 2025
- —
- YTD 2026
- 139.65
- Δ YoY
- —
Income tax
-11.93
—
-11.93
—
- H1 2025
- —
- YTD 2026
- -11.93
- Δ YoY
- —
Shares (basic)
(m units)
19.12
—
19.12
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
10.04%
—
10.04%
—
- H1 2025
- —
- YTD 2026
- 10.04%
- Δ YoY
- —
EBITDA margin
6.53%
—
6.53%
—
- H1 2025
- —
- YTD 2026
- 6.53%
- Δ YoY
- —
EBIT margin
-0.86%
—
-0.86%
—
- H1 2025
- —
- YTD 2026
- -0.86%
- Δ YoY
- —
Net margin
-2.76%
—
-2.76%
—
- H1 2025
- —
- YTD 2026
- -2.76%
- Δ YoY
- —
Cash
344.87
—
344.87
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
394.61
—
394.61
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
49.74
—
49.74
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
2,566.2
—
2,566.2
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
6,537.2
—
6,537.2
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
2,182.36
—
2,182.36
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
3,451.3
—
3,451.3
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
519.7
—
519.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
397.55
—
397.55
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
934.28
—
934.28
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
2,038.89
—
2,038.89
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
1,193.28
—
1,193.28
—
- H1 2025
- —
- YTD 2026
- 1,193.28
- Δ YoY
- —
CapEx
41.12
—
41.12
—
- H1 2025
- —
- YTD 2026
- 41.12
- Δ YoY
- —
FCF
1,152.17
—
1,152.17
—
- H1 2025
- —
- YTD 2026
- 1,152.17
- Δ YoY
- —
FCF conversion
894%
—
894%
—
- H1 2025
- —
- YTD 2026
- 894%
- Δ YoY
- —
CFO conversion
925.9%
—
925.9%
—
- H1 2025
- —
- YTD 2026
- 925.9%
- Δ YoY
- —
Current ratio
0.63x
—
0.63x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.52x
—
0.52x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.1x
—
0.1x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.15x
—
0.15x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.06x
—
0.06x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.02x
—
0.02x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-4.31%
—
-4.31%
—
- H1 2025
- —
- YTD 2026
- -4.31%
- Δ YoY
- —
EBITDA growth (YoY)
618.5%
—
618.5%
—
- H1 2025
- —
- YTD 2026
- 618.5%
- Δ YoY
- —
EBIT growth (YoY)
90.21%
—
90.21%
—
- H1 2025
- —
- YTD 2026
- 90.21%
- Δ YoY
- —
Net income growth (YoY)
74.02%
—
74.02%
—
- H1 2025
- —
- YTD 2026
- 74.02%
- Δ YoY
- —
EPS growth (YoY)
73.95%
—
73.95%
—
- H1 2025
- —
- YTD 2026
- 73.95%
- Δ YoY
- —
Gross margin Δ (YoY)
6.03 pp
—
6.03 pp
—
- H1 2025
- —
- YTD 2026
- 6.03 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
7.74 pp
—
7.74 pp
—
- H1 2025
- —
- YTD 2026
- 7.74 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
7.55 pp
—
7.55 pp
—
- H1 2025
- —
- YTD 2026
- 7.55 pp
- Δ YoY
- —
Net margin Δ (YoY)
7.39 pp
—
7.39 pp
—
- H1 2025
- —
- YTD 2026
- 7.39 pp
- Δ YoY
- —