In view of the potential risk of breaching the net debt/EBITDA ratio at the end of the first half of 2023 by exceeding the maximum levels allowed under Grupa Azoty Group’s financing agreements, as announced by the Company in a current report of May 15th 2023, the Management Board of Grupa Azoty S.A. has entered into talks with the financial institutions on this issue.

Grupa Azoty was among the signatories of a letter of intent to develop Polish ion cell technology, signed at the initiative of the Ministry of Climate and Environment. According to the document, creating a complete and sustainable ion cell value chain relying on domestic raw material resources would help enhance energy security and preserve the strategic competitiveness of the national economy.

In the three months ended March 31st 2023, the Grupa Azoty Group generated consolidated revenue of PLN 3,895m, EBITDA of PLN -401m, and EBITDA margin of -10.3%. The financial results are in line with the estimates published by the Company on May 15th 2023.

Polskie Centrum Badań i Certyfikacji S.A. (PCBC) has completed a conformity assessment of the Grupa Azoty Group’s fertilizing products with the requirements set forth in Regulation (EU) 2019/1009 of the European Parliament and of the Council. Following the assessment, the Group was awarded certificates confirming that its fertilizing products meet the requirements effective in the European Union as of July 16th 2022. The certificates also confirm conformity of the Group’s manufacturing quality systems.

On May 13th 2023, twenty-seven scholarship recipients began classes at the Hydrogen Academy of Szczecin, established by Grupa Azoty Police and the West Pomeranian University of Technology in Szczecin as part of the West Pomeranian Hydrogen Valley. Between May and July, the participants of the Academy will take classes and carry out their own projects based on which candidates for internships, including at Grupa Azoty, one of the largest hydrogen producers in Poland, will be selected. Paid internships at the companies participating in the Hydrogen Academy are scheduled for August and September 2023.

Grupa Azoty has named the best Employee Volunteering initiatives. The judging panel have selected 14 projects proposed by employees of the Grupa Azoty Group companies. As in the previous edition of the Programme, most of the ideas put forward were related to ‘Green Azoty’, a strategic project of the Grupa Azoty Group. Each winner will receive PLN 6,000 to finance implementation of the initiative they developed.