During the session on March 13, 2024, the Extraordinary General Meeting of Grupa Azoty S.A. did not pass a resolution regarding Solarfarm Brzezinka. The failure to pass the resolution by the Extraordinary General Meeting was preceded by a negative recommendation from the Supervisory Board of Grupa Azoty S.A. concerning the acquisition of 100% shares in Solarfarm Brzezinka.

Grupa Azoty has released estimated production volumes for February 2024. The data shows an increase in nitrogen fertilizer production within the Capital Group companies compared to January – estimated volumes for February are 252,000 tons compared to 199,000 tons in January. There was also an increase in multi-component fertilizers – estimated volumes for February are 57,000 tons compared to 48,000 tons in January. For specialty fertilizers, estimated production volumes in February are 26,000 tons compared to 25,000 tons in January.

Following the financial results published since the beginning of 2023, Grupa Azoty reported consecutive net losses of PLN 555 million in Q1, PLN 543 million in Q2, and PLN 743 million in Q3. Given the current financial situation, Grupa Azoty must develop and implement a restructuring plan to stabilize its financial position. The reported financial results in recent quarters have led Grupa Azoty to make the difficult decision to cut back on sponsorship activities. Consequently, the company has decided not to continue its cooperation with Unia Tarnów ŻSSA for the 2024 season. A letter regarding this decision was sent to Unia Tarnów ŻSSA on March 11, 2024.

The Grupa Azoty Group is advancing its portfolio of certified plastics, all  linked to certified raw materials, using the mass balance approach. The fourth quarter of 2023 saw the Company commence the production and successfully complete the inaugural sale of certified polyamide 6 under the ISCC PLUS scheme. This voluntary scheme is dedicated to promoting bioeconomy and circularity across various sectors of the industry, including plastics. The move towards a portfolio of certified products has been facilitated by the ISCC PLUS certification, which the Company obtained in 2022. These efforts address the challenges identified in the Grupa Azoty Group’s Green Strategy.

Following discussions and negotiations with banks, Grupa Azoty Polyolefins signed an Amendment Agreement on February 29 to the Stabilization Agreement dated December 15, 2023, regarding the financing of the Polimery Police project. The parties have agreed on the terms under which the Financial Institutions will provide financing for the project during the next period of the Stabilization Agreement, which extends until March 27. The amendment was signed with 15 financial institutions.

Grupa Azoty S.A. has signed an Amendment to the Agreement dated February 2, 2024, on behalf of itself and the companies within the Grupa Azoty Capital Group. The signing of this document will facilitate the development of a long-term restructuring plan for Grupa Azoty.