ZAP
GRUPA AZOTY ZAKŁADY AZOTOWE PUŁAWY
Giełda Papierów Wartościowych w Warszawie · Quarterly · publ. May 28, 2026
Q1 2026 report
Realne odbicie marż operacyjnych w I kw. 2026 (marża brutto 12,4% vs 4,5% rok wcześniej) napędzane spadkiem kosztów gazu i energii elektrycznej, przy sprzedaży wyższej o 3,4% r/r.
Sentiment
Cautious
No guidance change
ZAP
Q1 2026 report
Revenue
1,136,701 k PLN
— YoY
Net income
27,312 k PLN
— YoY
EBITDA
129,384 k PLN
— YoY
Gross margin
12.45%
— YoY
Summary
Investment thesis
- Grupa formalnie ujawnia istotną niepewność co do kontynuowania działalności - finansowanie oparte jest na cyklicznie przedłużanych (co 30-60 dni) porozumieniach stabilizacyjnych z 13 instytucjami finansującymi, EBI i EBOR.
- GA PUŁAWY poręczyła 1 933,0 mln zł zobowiązań spółki dominującej Grupa Azoty S.A. - równowartość 73% własnych kapitałów własnych - co czyni los spółki silnie zależnym od losów całej grupy kapitałowej.
- Nagłówkowy przepływ operacyjny (766,3 mln zł) jest w większości efektem zmian kapitału obrotowego (faktoring odwrotny, rozliczenia praw do emisji CO2), a nie organicznej gotówki z biznesu - 'czysta' gotówka operacyjna jest bliższa poziomowi EBITDA (ok. 129 mln zł).
- Nierozstrzygnięty spór sądowy o Blok Energetyczny (wzajemne roszczenia rzędu ~500 mln zł łącznie, skierowany do mediacji) oraz niezabezpieczone w pełni prawa do emisji CO2 (832,6 mln zł zobowiązania do umorzenia) to istotne, niezamknięte ryzyka bilansowe.
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Financials
BETA
ZAP · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 1,136,701 | — | — | reported | — | 1.00 |
|
Revenue
Agro
|
1,062,166 | — | — | reported | Agro | 1.00 |
|
Revenue
Tworzywa
|
0 | — | — | reported | Tworzywa | 1.00 |
|
Revenue
Energetyka
|
39,399 | — | — | reported | Energetyka | 1.00 |
| Gross profit | 141,511 | — | — | reported | — | 1.00 |
| EBITDA | 129,384 | — | — | reported | — | 1.00 |
| EBIT | 57,286 | — | — | reported | — | 1.00 |
|
EBIT
Agro
|
41,976 | — | — | reported | Agro | 0.90 |
|
EBIT
Tworzywa
|
-4,371 | — | — | reported | Tworzywa | 0.90 |
|
EBIT
Energetyka
|
22,528 | — | — | reported | Energetyka | 0.90 |
| EBT | 34,149 | — | — | reported | — | 1.00 |
| Net income | 27,312 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.43 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 1.43 | — | — | reported | — | 1.00 |
| D&A | 69,742 | — | — | reported | — | 1.00 |
| Interest expense | 23,005 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 19.12 | — | — | reported | — | 1.00 |
| Gross margin | 12.45% | — | — | reported | — | 1.00 |
| EBITDA margin | 11.38% | — | — | reported | — | 1.00 |
| EBIT margin | 5.04% | — | — | reported | — | 1.00 |
| EBT margin | 3% | — | — | reported | — | 1.00 |
| Net margin | 2.4% | — | — | reported | — | 1.00 |
| D&A margin | 6.14% | — | — | reported | — | 1.00 |
| Cash | 567,763 | — | — | reported | — | 1.00 |
| Total debt | 1,401,211 | — | — | derived | — | 0.70 |
| Net debt | 833,448 | — | — | derived | — | 0.70 |
| Equity | 2,646,730 | — | — | reported | — | 1.00 |
| Total assets | 6,754,850 | — | — | reported | — | 1.00 |
| Working capital | -1,179,322 | — | — | derived | — | 0.90 |
| Current assets | 2,399,525 | — | — | reported | — | 1.00 |
| Current liabilities | 3,578,847 | — | — | reported | — | 1.00 |
| Goodwill | 72,691 | — | — | reported | — | 0.90 |
| CFO | 766,289 | — | — | reported | — | 1.00 |
| CapEx | 28,391 | — | — | reported | — | 1.00 |
| FCF (k PLN thousands) | 737,898 | — | — | reported | — | 0.50 |
| FCF conversion | 570.3% | — | — | reported | — | 0.40 |
| CFO conversion | 592.2% | — | — | reported | — | 0.40 |
| Current ratio | 0.67x | — | — | reported | — | 0.90 |
| Quick ratio | 0.56x | — | — | reported | — | 0.85 |
| Cash ratio | 0.16x | — | — | reported | — | 0.90 |
| Interest coverage | 2.49x | — | — | reported | — | 0.85 |
| Debt / equity | 0.53x | — | — | reported | — | 0.70 |
| Debt / assets | 0.21x | — | — | reported | — | 0.70 |
| Net debt / equity | 0.31x | — | — | reported | — | 0.70 |
| Revenue growth (YoY) | 3.36% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 340484.2% | — | — | reported | — | 0.50 |
| EBIT growth (YoY) | 178.28% | — | — | reported | — | 0.80 |
| Net income growth (YoY) | 131.02% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | 131.02% | — | — | reported | — | 0.90 |
| FCF growth (YoY) | 1.48% | — | — | reported | — | 0.50 |
| Gross margin Δ (YoY) | 7.96 pp | — | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 11.38 pp | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | 11.7 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | 10.41 pp | — | — | reported | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
1,136,701
—
1,136,701
—
- Q1 2025
- —
Revenue
Agro
1,062,166
—
Agro
1,062,166
—
- Q1 2025
- —
Revenue
Tworzywa
0
—
Tworzywa
0
—
- Q1 2025
- —
Revenue
Energetyka
39,399
—
Energetyka
39,399
—
- Q1 2025
- —
Gross profit
141,511
—
141,511
—
- Q1 2025
- —
EBITDA
129,384
—
129,384
—
- Q1 2025
- —
EBIT
57,286
—
57,286
—
- Q1 2025
- —
EBIT
Agro
41,976
—
Agro
41,976
—
- Q1 2025
- —
EBIT
Tworzywa
-4,371
—
Tworzywa
-4,371
—
- Q1 2025
- —
EBIT
Energetyka
22,528
—
Energetyka
22,528
—
- Q1 2025
- —
EBT
34,149
—
34,149
—
- Q1 2025
- —
Net income
27,312
—
27,312
—
- Q1 2025
- —
EPS (basic)
(PLN)
1.43
—
1.43
—
- Q1 2025
- —
EPS (diluted)
(PLN)
1.43
—
1.43
—
- Q1 2025
- —
D&A
69,742
—
69,742
—
- Q1 2025
- —
Interest expense
23,005
—
23,005
—
- Q1 2025
- —
Shares (basic)
(m units)
19.12
—
19.12
—
- Q1 2025
- —
Gross margin
12.45%
—
12.45%
—
- Q1 2025
- —
EBITDA margin
11.38%
—
11.38%
—
- Q1 2025
- —
EBIT margin
5.04%
—
5.04%
—
- Q1 2025
- —
EBT margin
3%
—
3%
—
- Q1 2025
- —
Net margin
2.4%
—
2.4%
—
- Q1 2025
- —
D&A margin
6.14%
—
6.14%
—
- Q1 2025
- —
Cash
567,763
—
567,763
—
- Q1 2025
- —
Total debt
1,401,211
—
1,401,211
—
- Q1 2025
- —
Net debt
833,448
—
833,448
—
- Q1 2025
- —
Equity
2,646,730
—
2,646,730
—
- Q1 2025
- —
Total assets
6,754,850
—
6,754,850
—
- Q1 2025
- —
Working capital
-1,179,322
—
-1,179,322
—
- Q1 2025
- —
Current assets
2,399,525
—
2,399,525
—
- Q1 2025
- —
Current liabilities
3,578,847
—
3,578,847
—
- Q1 2025
- —
Goodwill
72,691
—
72,691
—
- Q1 2025
- —
CFO
766,289
—
766,289
—
- Q1 2025
- —
CapEx
28,391
—
28,391
—
- Q1 2025
- —
FCF
(k PLN thousands)
737,898
—
737,898
—
- Q1 2025
- —
FCF conversion
570.3%
—
570.3%
—
- Q1 2025
- —
CFO conversion
592.2%
—
592.2%
—
- Q1 2025
- —
Current ratio
0.67x
—
0.67x
—
- Q1 2025
- —
Quick ratio
0.56x
—
0.56x
—
- Q1 2025
- —
Cash ratio
0.16x
—
0.16x
—
- Q1 2025
- —
Interest coverage
2.49x
—
2.49x
—
- Q1 2025
- —
Debt / equity
0.53x
—
0.53x
—
- Q1 2025
- —
Debt / assets
0.21x
—
0.21x
—
- Q1 2025
- —
Net debt / equity
0.31x
—
0.31x
—
- Q1 2025
- —
Revenue growth (YoY)
3.36%
—
3.36%
—
- Q1 2025
- —
EBITDA growth (YoY)
340484.2%
—
340484.2%
—
- Q1 2025
- —
EBIT growth (YoY)
178.28%
—
178.28%
—
- Q1 2025
- —
Net income growth (YoY)
131.02%
—
131.02%
—
- Q1 2025
- —
EPS growth (YoY)
131.02%
—
131.02%
—
- Q1 2025
- —
FCF growth (YoY)
1.48%
—
1.48%
—
- Q1 2025
- —
Gross margin Δ (YoY)
7.96 pp
—
7.96 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
11.38 pp
—
11.38 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
11.7 pp
—
11.7 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
10.41 pp
—
10.41 pp
—
- Q1 2025
- —