Grupa Azoty Stock Falls After Q2 EBITDA Misses Forecasts

Shares of Polish chemical and fertilizer producer Grupa Azoty (WSE: ATT) fell sharply on Tuesday after the company's semi-annual earnings report revealed second-quarter profitability that missed market expectations, raising investor concerns about ongoing cost pressures.

Earnings Disappoint Investors

Grupa Azoty reported second-quarter 2026 EBITDA (earnings before interest, taxes, depreciation, and amortization) of 294 million złoty. This figure was significantly below the analyst consensus forecast of approximately 347 million złoty, triggering a sell-off in the company's shares.

While the company's net loss narrowed year-over-year, the miss on the core profitability metric overshadowed other results. Key figures from the report include:

• Q2 Net Loss: 338.93 million złoty, an improvement from a 514.93 million złoty loss in the same quarter a year earlier.
• H1 2026 Revenue: 7,073 million złoty, down slightly from 7,140 million złoty in the prior-year period.

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Gas Costs and Market Reaction

Management cited persistently high natural gas costs as a critical factor weighing on the financial performance, particularly for nitrogen fertilizer production. CEO Marcin Celejewski stated that gas remains one of the key cost drivers in ammonia manufacturing and that the situation demands continued discipline and efficiency improvements.

The market reacted negatively to the earnings miss and cost headwinds. The stock dropped 3.8% to trade at 22.06 złoty, having hit an intraday low of 21.52 złoty. The decline was company-specific, as Grupa Azoty underperformed the broader mWIG40 index, of which it is a member.