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

Cautious No guidance change

Website

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

H1 2026

ZAP · H1 2026

Metric	H1 2026	H1 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	1,973.26	3,480.64	−43.3%	1,973.26	−43.3%	reported	—	1.00
Gross profit	198.06	-127.73	+255.1%	198.06	+255.1%	reported	—	1.00
EBITDA	128.89	-201	+164.1%	128.89	+164.1%	reported	—	1.00
EBIT	-16.98	—	—	-16.98	—	reported	—	1.00
EBT	-66.3	-326.13	+79.7%	-66.3	+79.7%	reported	—	1.00
Net income	-54.38	-368.22	+85.2%	-54.38	+85.2%	reported	—	1.00
EPS (basic) (PLN)	-2.85	-19.26	—	-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	19.12	—	—	—	reported	—	1.00

Gross margin	10.04%	-3.67%	+13.7 pp	10.04%	+13.7 pp	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%	-10.58%	+7.8 pp	-2.76%	+7.8 pp	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	2,979.34	−13.9%	—	—	reported	—	1.00
Total assets	6,537.2	6,563.79	−0.4%	—	—	reported	—	1.00
Current assets	2,182.36	2,137.46	+2.1%	—	—	reported	—	1.00
Current liabilities	3,451.3	3,135.98	+10.1%	—	—	reported	—	1.00
Non-current liabilities	519.7	536.48	−3.1%	—	—	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	2,493.17	−52.1%	1,193.28	−52.1%	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	0.57x	+0.06x	—	—	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%	11.94%	—	-4.31%	—	derived	—	1.00
EBITDA growth (YoY)	618.5%	129.35%	—	618.5%	—	derived	—	0.70
EBIT growth (YoY)	90.21%	—	—	90.21%	—	derived	—	1.00
Net income growth (YoY)	74.02%	2.76%	—	74.02%	—	derived	—	1.00
EPS growth (YoY)	73.95%	2.75%	—	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 −43.3%

H1 2025: 3,480.64
YTD 2026: 1,973.26
Δ YoY: −43.3%

Gross profit

198.06 +255.1%

H1 2025: -127.73
YTD 2026: 198.06
Δ YoY: +255.1%

EBITDA

128.89 +164.1%

H1 2025: -201
YTD 2026: 128.89
Δ YoY: +164.1%

EBIT

-16.98 —

H1 2025: —
YTD 2026: -16.98
Δ YoY: —

EBT

-66.3 +79.7%

H1 2025: -326.13
YTD 2026: -66.3
Δ YoY: +79.7%

Net income

-54.38 +85.2%

H1 2025: -368.22
YTD 2026: -54.38
Δ YoY: +85.2%

EPS (basic) (PLN)

-2.85 —

H1 2025: -19.26
YTD 2026: -2.85
Δ YoY: —

D&A

139.65 —

H1 2025: —
YTD 2026: 139.65
Δ YoY: —

Income tax

-11.93 —

H1 2025: —
YTD 2026: -11.93
Δ YoY: —

Shares (basic) (m units)

19.12 —

H1 2025: 19.12
YTD 2026: —
Δ YoY: —

Gross margin

10.04% +13.7 pp

H1 2025: -3.67%
YTD 2026: 10.04%
Δ YoY: +13.7 pp

EBITDA margin

6.53% —

H1 2025: —
YTD 2026: 6.53%
Δ YoY: —

EBIT margin

-0.86% —

H1 2025: —
YTD 2026: -0.86%
Δ YoY: —

Net margin

-2.76% +7.8 pp

H1 2025: -10.58%
YTD 2026: -2.76%
Δ YoY: +7.8 pp

Cash

344.87 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

394.61 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

49.74 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

2,566.2 −13.9%

H1 2025: 2,979.34
YTD 2026: —
Δ YoY: —

Total assets

6,537.2 −0.4%

H1 2025: 6,563.79
YTD 2026: —
Δ YoY: —

Current assets

2,182.36 +2.1%

H1 2025: 2,137.46
YTD 2026: —
Δ YoY: —

Current liabilities

3,451.3 +10.1%

H1 2025: 3,135.98
YTD 2026: —
Δ YoY: —

Non-current liabilities

519.7 −3.1%

H1 2025: 536.48
YTD 2026: —
Δ YoY: —

Inventory

397.55 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

934.28 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

2,038.89 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

1,193.28 −52.1%

H1 2025: 2,493.17
YTD 2026: 1,193.28
Δ YoY: −52.1%

CapEx

41.12 —

H1 2025: —
YTD 2026: 41.12
Δ YoY: —

FCF

1,152.17 —

H1 2025: —
YTD 2026: 1,152.17
Δ YoY: —

FCF conversion

894% —

H1 2025: —
YTD 2026: 894%
Δ YoY: —

CFO conversion

925.9% —

H1 2025: —
YTD 2026: 925.9%
Δ YoY: —

Current ratio

0.63x +0.06x

H1 2025: 0.57x
YTD 2026: —
Δ YoY: —

Quick ratio

0.52x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.1x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

0.15x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.06x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.02x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-4.31% —

H1 2025: 11.94%
YTD 2026: -4.31%
Δ YoY: —

EBITDA growth (YoY)

618.5% —

H1 2025: 129.35%
YTD 2026: 618.5%
Δ YoY: —

EBIT growth (YoY)

90.21% —

H1 2025: —
YTD 2026: 90.21%
Δ YoY: —

Net income growth (YoY)

74.02% —

H1 2025: 2.76%
YTD 2026: 74.02%
Δ YoY: —

EPS growth (YoY)

73.95% —

H1 2025: 2.75%
YTD 2026: 73.95%
Δ YoY: —

Gross margin Δ (YoY)

6.03 pp —

H1 2025: —
YTD 2026: 6.03 pp
Δ YoY: —

EBITDA margin Δ (YoY)

7.74 pp —

H1 2025: —
YTD 2026: 7.74 pp
Δ YoY: —

EBIT margin Δ (YoY)

7.55 pp —

H1 2025: —
YTD 2026: 7.55 pp
Δ YoY: —

Net margin Δ (YoY)

7.39 pp —

H1 2025: —
YTD 2026: 7.39 pp
Δ YoY: —