Good morning, everyone. First quarter of 2026 was obviously a period when we were impacted by what happened in the Persian Gulf and the outbreak of the conflict and blockage of the Hormuz Strait.

It is a seemingly distant destination or location from the perspective of our core business and also the global business related to the processing of petrochemical products. It actually escalated and had a significant implications for our basic core products, our fertilizers.

The situation was dynamic. Right now, we are facing unprecedented events, such as introduction of export duties both on fertilizers and also various semi-products used in the fertilizer production.

For instance, Egypt introduced export duties at $90 per ton for any nitrogen-based fertilizers. As far as China is concerned, which have to be usually very restrictive, they have further tightened the export on nitrogen and phosphorus fertilizers in order to secure and safeguard their domestic market.

Russia introduced a temporary ban on ammonium nitrate export extended by the end of June, also the ban on sulfur export. Turkey introduced a further ban on urea exports, and Iran introduced restrictions and extended restrictions on petrochemical products including ammonia and urea.

As far as the Polish market is concerned, naturally, what happened in the Persian Gulf had, as I mentioned during the presentation of our results for 2025, it also had an impact and resulted in introduction of several major changes in our organization. We reacted quite dynamically.

We set up operational teams which were to monitor the efficiency and the profitability of all our production facilities in our production of core products, such as ammonia, urea, and obviously nitrogen-based fertilizers. Those teams coordinated on a daily basis their activities.

They took a close look and monitored very closely the prices, and they cooperated with our commercial department in order to plan our activities for the upcoming days and also concerning the restriction on production of our facilities. Luckily, we were able to keep producing and utilizing our production capacities, but also our commercial department were focused on the maximization of our results without destabilizing the market, without creating artificial price inflation, especially considering the prices introduced by our competitors.

As it will be discussed in a second by the President of the Management Board,

as a result, we were able to react flexibly and dynamically and very swiftly to those dangerous and unprecedented unexpected events in the Persian Gulf. This is a positive element based on which we will build further operational changes across the board in our company.

As far as other positive events of the first quarter are concerned, we engaged in negotiations with the Ministry of Agriculture in Poland, but also at the EU level, European Commission level. The European Commission also noticed this gigantic problem which resulted due to the blockage of the Hormuz Strait.

They noticed that it can impact the food security across all of Europe. We engaged in very hot debates in the European Union at the EU level.

In cooperation and in partnership with other fertilizer producers, we managed to arrive on an agreement. As Grupa Azoty is of the Fertilizers Europe organization.

For the very first time, we managed to meet halfway and reach an agreement on 19th of May. The European Commission published the Fertilizer Action Plan.

For the first time, the EU has explicitly linked the agricultural policy and industrial competitiveness as well as strategic autonomy with the presentation of fertilizer production within the European Union. This is a major change.

Those of you who keep a close look at our business and also with regard to EU policy, you know that the chemical business, including the fertilizer business, is being pushed out of Europe. This trend, I hope, has just been halted and maybe even reversed.

This plan, the Fertilizer Action Plan published by the European Commission, focuses on a couple of elements, including strategic autonomy. We know that production of fertilizers in view of the food product security should be as close to the market, considering the efficiency and the price and the availability, because they are enhanced in this way.

Secondly, the European Commission noticed and included in this document was the fact that it is necessary to ensure energy competitiveness in terms of the prices of electricity and natural gas, which are used to produce fertilizers, which had a direct impact on the following two elements: ETS, EU emissions trading system, and Carbon Border Adjustment Mechanism. The directions under the Carbon Border Adjustment Mechanism were analyzed, and this can have an impact on the competitiveness of our products in the future.

In other news, as a rule, the European Union still sticks to transformation strategy under Green Deal and circular economy. However, certain elements have been added: potential support for this transition process, because we all know that any transition, any change is related to major investments, and in a short or longer term, it can result in higher costs and lower production volume.

This is counterproductive to the actual assumptions of the European Union. The Fertilizer Action Plan is a strategic direction expressed by the European Commission, but it is the first signal from the European Commission that will result in a change of our business and our prospects.

We have been involved in those discussions, and we want to stabilize this market. As I said, in the second quarter, I believe it will be more down to details, because we are involved in the discussions with the Polish Ministry of Agriculture, in order to secure the production of fertilizers so as to make sure that this market is stable and free of the turbulences of the Persian Gulf, so as to avoid the potential risk of additional dysfunctions, additional increases, inflation on price spikes, or unavailability of products.

We are preparing for the new season, and it shows the long-term rational thinking, and we believe that the upcoming months will be beneficial to both Grupa Azoty, but also all the consumers of our products. Other important developments in the first quarter, Mr.

Podgórski will give you the details, but Azoty, despite of all the turbulences, is responding proactively and is doing some internal transformation projects that I discussed last month. We are about to launch a new internal structure, which will be our first step towards consolidation within the group in search of synergies.

We are currently negotiating or, perhaps, consulting a certain code of internal cooperation, the consultations are internal at this stage, and this will make us even more flexible and even more efficient in terms of managing the group's assets. We have been also auditing our energy spendings, which, as you all know, is one of our key cost items.

We have tested decommissioning of our coal-fired boiler in Tarnów, and we want to use production steam, especially in periods of maintenance downtime. We are considering different options to replace the coal-fired boiler in Tarnów.

Another project that never stops is the project of improving our investment costs and administration costs, so that's Azoty Business. We also try to improve our real property management in the fourth leg of divestment strategy.

We try to make one basket of all real property that we could sell or rent. As far as our synergies are concerned, there are two streams here.

One stream is becoming more independent, we have a lot of assets in our group, and those assets will be providing services to the company, and we want to consolidate all projects in those internal companies, we will be spending money internally. We are approaching the end of the first step in preparing our integrated production plan for 2027.

We do this with intercompany teams. We have developed a model that will help us evaluate the efficiency of our production as is, and then we will plan changes for the second half of the year focusing at inefficiencies.

Starting next year, we want to have one consistent group-wide production plan, which should generate huge operational efficiencies that will have a natural translation into the financial performance. That's it from me.

Now over to Mr. Podgórski, who will give you the financial performance in the first quarter and discuss our proactive response in the first three months of the year.

Good morning. Jacek Podgórski.

As you can see in this slide, revenues did not change over '25, but our EBITDA went up to 317 million. If we exclude the impact of polymer project, then EBITDA would have been even higher.

It would have been greater than 340 million. Now, this slide is the best illustration of what happened in the first quarter of the year.

Starting in 2025 and showing the impact of all the factors that we calculated in an aggregated manner, you will see that last year our EBITDA was -$8 million, and then polypropylene project delivered 94 million losses. If you exclude the negative impact of polymers, we arrive at 8.6.

One-off event of 97 million, that's revaluation of our reserves for the purpose of CO2 certificates. The price of those certificates went down, their impact on EBITDA in the first quarter is positive.

Of course, we need to remember that in situations like these, because of the macroeconomic environment, the price of the certificates will keep changing. Today the price is higher than on the 31st of March.

In the next months, the positive trend will be reversed. Anyway, if we take the 2025 result and we extract those two items, we arrive at 183 million.

This should be our benchmark, our point of reference to compare our performance in the first quarter 2026. Now, the next item, the sales price went up by 35 million, our sales efficiency generated another 35 million in EBITDA.

If we disregard other impacts that are negligible, we come at 108 million. Most of that is the difference in gas prices, because you need to remember that between '25 and '26, the quarter-on-quarter, the average gas price went down.

The additional EBITDA generated by cheaper gas, that's roughly 108 million. The 14 million, that's the cost of sales, that's our optimization projects mostly related to sales logistics.

That's one of the milestones that we have been trying to implement inside the company. Now, our overheads are very low, much lower than 2025, and then this clearly shows you that we have improved our cost control, and the situation seems stable in that area.

We arrived at 341 million. In fact, most of the impact of the polymer sales was in 2025.

That project still generates some negative impacts. In the first quarter of 2026, that negative impact was -24 million.

If we include the negative impact of polymers, that's 317 million, that's our EBITDA. Then if you compare this to 183 million, which is last year results, excluding the revaluation of reserves, then you see the actual improvement, most of which is owed to lower gas prices.

Now, let's look at our basic product groups or commodity groups. Now, agriculture, here the main driver is nitrogen fertilizers and ammonia.

Here our revenues went up by 9%, sales volume went up by 10%, and hence the EBITDA here for the whole agricultural sector is 239 million. Now, chemicals, here the situation is somewhat different.

We need to start by making two important references. We have two products, the technical urea and sulfur, that deliver extraordinary results.

Of course, they are related to the Strait of Hormuz situation and the protectionist policies in such countries as Russia or Turkey, just to give you the two largest. Those countries no longer export urea or sulfur.

Then if you add major imports of urea to India, then you will see that the disruption on the supply side in both urea and sulfur then we, as the producer of sulfur, we actually gained from it. When it comes to sulfur, the trend will surely continue.

As you can see, those other products still have a negative bearing on our EBITDA, and we do not expect major changes in the months to come. Now, plastics.

I discussed polymers before, but we also have caprolactam and polyamide. The information that we have, the news that we have are not good news.

Unfortunately, we still have an oversupply of those products, and as a result, Grupa Azoty either abandoned the production entirely, and if we keep producing, then the loss is generated. There are a couple of drivers for this situation.

In terms of polyamide, it is mainly due to the entire automotive segment situation. As we all know, across Europe, we do not produce any parts that are based on polyamide anymore.

It's either that we import whole cars, ready-made cars from China, or there is no need to use polyamide. There are there is no demand for polyamide, and the price and its impact on EBITDA is, unfortunately, negative.

As far as the outlook for the year is concerned, the President of the Management Board mentioned the impact of the Hormuz Strait situation on our production and our income. We don't assume that in the case of basic fertilizers that we produce the positive trend that positive trend that we see in the first quarter is about to reverse.

We don't see that. The restrictions on exports also imposed by countries that are producers put us put us in a better situation, because we have fewer competitors.

We believe that in the upcoming months, we will be the beneficiaries of that situation, because in the local market, the competition has shrunk. The same applies to sulfur.

What we see in the sulfur market is inflated prices, and this has a ripple effect. The supply that we ensure as Grupa Azoty is not supported by the supply from other destinations.

As a result, the prices are growing, and this has an impact on the final product, on the end product. This is why we see that some of our customers are dropping production altogether, or they are reduce the stock volume, keeping their finger keeping fingers crossed that the situation in sulfur market is about to change in the in the nearest future.

This is what we assume as well. We don't think that this positive trend will reverse, I believe that the second quarter will be positive in this respect, in this market as well.

Moving on, as far as prospects and outlook is concerned, as as Polymers, the project, was sold under a preliminary agreement, not yet a final agreement, but we have a preliminary agreement, and this allows us to expect that this final agreement will be signed in the third or fourth quarter of the year. This problem, this issue that had such a heavy bearing on our business will be finally neutralized.

The discussion and negotiations with the banks are ongoing. You see all all our communications, the standstill agreement was extended on Friday by additional two weeks.

The standstill is to be interpreted in the following way: The banks see that the company is focused on a better and tighter cooperation with the banks, and this gives us some space, and this will allow us to file documents or submit documents within the coming two weeks that were required under previous agreements. We don't see any threat of a failure on the part of the company as far as the execution of the standstill agreement is concerned.

Obviously, some of it is beyond our control, but we keep constant we keep in touch constantly with our stakeholders, shareholders and the banks, and I believe that we'll be able to manage that problem and finally resolve that issue. You probably remember that the term sheet is also subject to negotiations as we speak, and we are close to the end of this phase, and I believe that in the nearest future, this will all be a base for our further actions.

The issue of shares, the last bullet point on this slide talks about it. Secondly, we will be able to continue the process of preparing a restructuring agreement, which will give us a space to breathe again for the upcoming couple of years in order to negotiate with the banks to make sure that the company comes out of this financial problem and issue in the end.

Yes, the European Commission suspended temporarily the export duties on certain fertilizers, including urea and ammonia, in order to reduce prices and support agriculture producers, and also take care of this gap in imported fertilizers. I believe that in the end, we will be able to increase our production capacities and supply our products not only in Poland, but also across the European Union.

I'm talking about fertilizer products obviously. The duties were temporarily put on hold.

However, this decision does not impact any anti-dumping duties on the imports of fertilizers from Russia and Belarus. This is good news.

As far as Russia and Belarus is concerned, those anti-dumping measures will be introduced as of the 1st of July. Looking at this situation and imported fertilizers from Russia and Belarus, they are a margin of the supply in our country, and I believe that this increased duty will stop, finally, the import of those fertilizers from Russia and Belarus, from those aggressive producers.

I believe that this measure introduced by the European Commission should not increase the prices too much. The imports will come from mainly Northern Africa under the quotas that we have.

You should not forget that some export duties will be introduced in other markets as well. Some of the markets which were intensively export their products, they will feel that decision.

Our policy is very reasonable, we believe that the prices of fertilizers should not be impacted too much by this decision.

I discussed it during the presentation. The positive impact was recognized in the second quarter in the in the first quarter.

In the second quarter, we believe that those provisions will have a negative impact on EBITDA. In terms of the prices of CO2 certificates, this market is volatile, and the prices are beyond our control, they are outside of our scope.

We keep looking at the prices of CO2 certificates, and I believe, and also the impact of those changes on our EBITDA. During the presentation, I tried to show you the impact of the so-called one-off of the one-off, sorry, because we don't want to show anything as a permanent success while this is a one-off event.

As you can see, this amount was reported as a one-off.

It looks that they have returned to that path, the path of growth, which was the regular, standard path and trend for fertilizers, because fertilizers are a part of our business which will bring us the highest income and the highest positive impact on EBITDA. We see it as we speak.

When you look at this slide, this additional positive impact actually focuses on ammonia, and Mr. Celejewski mentioned it during the earnings call.

Ammonia is a semi-product which is very sought after, and because of the introduction of duties, we believe that in the coming months this situation will persist. In addition, the fertilizer season is extended in Poland, because we started the season a little bit later than usual, because we had temperatures that were really low still in February, -20°C.

Then there was a spell of drought, and as a result, the farmers did not apply fertilizers on their fields. The season will be extended, and we will sell our fertilizer products even in June.

The sales levels will be very high until June.

Definitely by September the 13th, 2026, is the deadline. The first issue, which has already been planned, will be performed by this deadline.

In terms of the exact schedule, we're working on it. This is a team effort not only within the company, but also outside of it in cooperation with banks as well and financing institutions.

We'll try to wrap up the share issue as soon as possible.

demand for sulfur? As I said before, sulfur is a very profitable product for us, and it will remain so in some foreseeable future.

We don't know for how long, but obviously export restrictions introduced by some countries, including Russia, will have an impact on the shortage of sulfur on the market. It is not easy to replace the sulfur that is produced in refineries as a waste product overnight, and we as well are not able to produce more waste sulfur at Siarkopol.

I believe that higher prices will persist for quite some time. It will have an impact on a positive EBITDA, but there's also other side of this coin.

As I said during the presentation, our sulfur customers are finding it increasingly difficult to address the higher price of sulfur and its implications to the production of their products. It might even restrict their own production.

Sulfur in the upcoming couple of months or maybe even in the longer term will have a very positive impact on our EBITDA.

I will refer to what Mr. Podgórski said before, whether fertilizers will remain a key product in our portfolio, because this is something that this question refers to as well, and also as far as the directions outlined by the European Commission in the Fertilizer Action Plan.

The marginal imports of fertilizers from the aggressive importers that Russia and Belarus are will definitely have an impact on a certain gap in supply. We have discussed it with the Ministry of Agriculture, and we take measures in order to prepare ourselves to that situation in a short term to level it out, to flatten out that difference and remove that gap.

I'm talking about our discussions with the Ministry of Agriculture, but also this discussion also takes place and is escalated to the European level. We have a reduced supply of fertilizers in the market that are imported.

There are two elements to discuss here. I believe that in view of the Fertilizer Plan, which defined the fertilizer market as a market of major importance for Europe, and we have a couple of companies, including Grupa Azoty as the second largest producer of fertilizers, and I believe that in the short term, those mechanisms that are worked on by Grupa Azoty in partnership with the Ministry of Agriculture will help us to overcome that problem, that shortage, and find ourselves in a very good position in the end.

Also, we have great resources in Poland, and Grupa Azoty is a great resource as a second largest producer in Europe. We need to also consider the increase of our own production capacities.

In reference to sulfur, as discussed by my predecessor, it is a great positive news that we have an increase in the price of sulfur, and we take benefit from it, we tap into it and leverage it, but we don't want to have a situation where we are maximizing that benefit in the short term, but we must not compromise our situation in a long term. Considering the directions outlined by the European Commission and also our discussions with the Ministry of Agriculture, we believe that the results we're reporting for fertilizers show very clearly that fertilizers are a flywheel of our business and they are at the core, at the heart of our business, and the natural direction that we must take is to strengthen our production capacities here.

Tactically speaking, maybe in 2027 the Management Board will start the discussions on how to increase our production capacities, because we do have them and we can increase the production of fertilizers and ammonia as well, because this, I believe, is a very solid foundation, our major competence, and in a longer term, in the foreseeable time, it will remain a flywheel, the main driver for Grupa Azoty's further growth, and we'll build our additional pillars of our business around it. As we discussed during the previous conference after the second quarter, I believe that I will be able to discuss it in more detail.

This is the answer to that question. It's pretty complicated, but in a nutshell, in a short term, we'll do our best in order to secure and manage that gap, because the gap is there due to the restrictions of imports of fertilizers to Poland.

Grupa Azoty, we look at the situation, we're consolidating, we are trying to maximize the utilization of our production capacities based on negotiations with the Ministry of Agriculture and maybe with the European Commission in the future as well. We are focusing on the investments on our core business, not on projects such as Polymers.

We focus on our competencies, we focus on our core business where we represent a great strength not only for Poland, but also for the European Union. Thank you very much for your participation in today's earnings call.

Thank you for your attention.