ATT GRUPA AZOTY Giełda Papierów Wartościowych w Warszawie · Quarterly · publ. May 28, 2026

Q1 2026 report

Operacyjny odbita EBITDA (-8,1 mln do 316,5 mln zl r/r) jest realna, ale ok. jedna czwarta poprawy to jednorazowa zmiana szacunku rezerwy CO2 (+97,2 mln zl), a nie trwala poprawa marz.

Sentiment

Cautious No guidance change

Website

ATT Q1 2026 report

Revenue

3,700.37 m PLN

— YoY

Net income

-157.36 m PLN

— YoY

EBITDA

316.52 m PLN

— YoY

Gross margin

11.64%

— YoY

Summary

Investment thesis

Kapital wlasny grupy jest ujemny (-99,5 mln zl), a Zarzad formalnie ujawnia znaczaca niepewnosc co do kontynuacji dzialalnosci - to najwazniejszy fakt w calym raporcie, nadrzedny wobec P&L.
Plynnosc krotkoterminowa jest krytycznie napieta (wskaznik biezacy 0,4x) i uzalezniona od ciaglego przedluzania Porozumienia Stabilizujacego (wygasa 29.05.2026) oraz od planowanej, ale niedookreslonej emisji akcji (500-600 mln zl).
Segment Agro (72% przychodow) dzwiga caly wynik grupy sezonowo silnym kwartalem; segment Tworzywa pozostaje gleboko deficytowy z powodu wstrzymanej produkcji w Grupa Azoty POLYOLEFINS, ktora jest w postepowaniu restrukturyzacyjnym i ma zostac sprzedana do Orlenu.
Operacyjny cash flow (1 978 mln zl) jest w ok. 84% efektem zmian kapitalu obrotowego (rozliczenie CO2, rolowanie 2,2 mld zl faktoringu odwrotnego), a nie organicznej generacji gotowki - 'czysty' wynik gotowkowy przed WC (~317 mln zl) jest zblizony do EBITDA.

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Financials

BETA

Q1 2026

ATT · Q1 2026

Metric	Q1 2026	Q1 2025	Δ YoY	Value type	Segment	Conf.

Revenue	3,700.37	—	—	reported	—	1.00
Gross profit	430.83	—	—	reported	—	1.00
EBITDA	316.52	—	—	reported	—	1.00
EBIT	89.43	—	—	reported	—	1.00
EBT	-202.62	—	—	reported	—	1.00
Net income	-157.36	—	—	reported	—	1.00
EPS (basic) (PLN)	-1.59	—	—	reported	—	1.00
EPS (diluted) (PLN)	-1.59	—	—	reported	—	1.00
D&A	225.18	—	—	reported	—	1.00
Interest expense	174.28	—	—	reported	—	1.00
Shares (basic) (m units)	99.2	—	—	reported	—	1.00

Gross margin	11.64%	—	—	reported	—	1.00
EBITDA margin	8.55%	—	—	reported	—	1.00
EBIT margin	2.42%	—	—	reported	—	1.00
EBT margin	-5.48%	—	—	reported	—	1.00
Net margin	-4.25%	—	—	reported	—	0.90
D&A margin	6.09%	—	—	reported	—	1.00

Cash	521.65	—	—	reported	—	1.00
Total debt	8,061.51	—	—	reported	—	0.70
Net debt	7,539.86	—	—	derived	—	0.70
Equity	-99.47	—	—	reported	—	1.00
Total assets	19,471.12	—	—	reported	—	1.00
Working capital	-11,215.32	—	—	reported	—	1.00
Current assets	6,289.91	—	—	reported	—	1.00
Current liabilities	17,505.23	—	—	reported	—	1.00
Goodwill	1,129.54	—	—	reported	—	0.90
Tangible equity	-1,229.01	—	—	reported	—	0.90

CFO	1,977.8	—	—	reported	—	1.00
CapEx	110.13	—	—	reported	—	1.00
FCF	1,867.67	—	—	derived	—	0.60
FCF conversion	590.1%	—	—	reported	—	0.30
CFO conversion	624.9%	—	—	reported	—	0.30
Dividends paid	0	—	—	reported	—	1.00

ROE	211.7%	—	—	reported	—	0.40
ROA	-1.1%	—	—	reported	—	0.90
ROCE	4.5%	—	—	reported	—	0.90

Current ratio	0.36x	—	—	reported	—	1.00
Quick ratio	0.26x	—	—	reported	—	1.00
Cash ratio	0.03x	—	—	reported	—	1.00
Interest coverage	0.51x	—	—	reported	—	1.00

Debt / equity	-81.05x	—	—	reported	—	0.40
Debt / assets	0.41x	—	—	reported	—	0.90
Net debt / equity	-75.8x	—	—	reported	—	0.40

Revenue growth (YoY)	-3.18%	—	—	reported	—	1.00
EBITDA growth (YoY)	4027.5%	—	—	reported	—	0.40
EBIT growth (YoY)	130.6%	—	—	reported	—	1.00
Net income growth (YoY)	45.4%	—	—	reported	—	0.90
EPS growth (YoY)	45.36%	—	—	reported	—	1.00
FCF growth (YoY)	28.92%	—	—	reported	—	0.40
Gross margin Δ (YoY)	5.89%	—	—	reported	—	1.00
EBITDA margin Δ (YoY)	8.76%	—	—	reported	—	1.00
EBIT margin Δ (YoY)	10.06%	—	—	reported	—	1.00
Net margin Δ (YoY)	3.29%	—	—	reported	—	0.90

Q1 2026 · Δ YoY

Revenue

3,700.37 —

Q1 2025: —

Gross profit

430.83 —

Q1 2025: —

EBITDA

316.52 —

Q1 2025: —

EBIT

89.43 —

Q1 2025: —

EBT

-202.62 —

Q1 2025: —

Net income

-157.36 —

Q1 2025: —

EPS (basic) (PLN)

-1.59 —

Q1 2025: —

EPS (diluted) (PLN)

-1.59 —

Q1 2025: —

D&A

225.18 —

Q1 2025: —

Interest expense

174.28 —

Q1 2025: —

Shares (basic) (m units)

99.2 —

Q1 2025: —

Gross margin

11.64% —

Q1 2025: —

EBITDA margin

8.55% —

Q1 2025: —

EBIT margin

2.42% —

Q1 2025: —

EBT margin

-5.48% —

Q1 2025: —

Net margin

-4.25% —

Q1 2025: —

D&A margin

6.09% —

Q1 2025: —

Cash

521.65 —

Q1 2025: —

Total debt

8,061.51 —

Q1 2025: —

Net debt

7,539.86 —

Q1 2025: —

Equity

-99.47 —

Q1 2025: —

Total assets

19,471.12 —

Q1 2025: —

Working capital

-11,215.32 —

Q1 2025: —

Current assets

6,289.91 —

Q1 2025: —

Current liabilities

17,505.23 —

Q1 2025: —

Goodwill

1,129.54 —

Q1 2025: —

Tangible equity

-1,229.01 —

Q1 2025: —

CFO

1,977.8 —

Q1 2025: —

CapEx

110.13 —

Q1 2025: —

FCF

1,867.67 —

Q1 2025: —

FCF conversion

590.1% —

Q1 2025: —

CFO conversion

624.9% —

Q1 2025: —

Dividends paid

0 —

Q1 2025: —

ROE

211.7% —

Q1 2025: —

ROA

-1.1% —

Q1 2025: —

ROCE

4.5% —

Q1 2025: —

Current ratio

0.36x —

Q1 2025: —

Quick ratio

0.26x —

Q1 2025: —

Cash ratio

0.03x —

Q1 2025: —

Interest coverage

0.51x —

Q1 2025: —

Debt / equity

-81.05x —

Q1 2025: —

Debt / assets

0.41x —

Q1 2025: —

Net debt / equity

-75.8x —

Q1 2025: —

Revenue growth (YoY)

-3.18% —

Q1 2025: —

EBITDA growth (YoY)

4027.5% —

Q1 2025: —

EBIT growth (YoY)

130.6% —

Q1 2025: —

Net income growth (YoY)

45.4% —

Q1 2025: —

EPS growth (YoY)

45.36% —

Q1 2025: —

FCF growth (YoY)

28.92% —

Q1 2025: —

Gross margin Δ (YoY)

5.89% —

Q1 2025: —

EBITDA margin Δ (YoY)

8.76% —

Q1 2025: —

EBIT margin Δ (YoY)

10.06% —

Q1 2025: —

Net margin Δ (YoY)

3.29% —

Q1 2025: —