Pétfürdő, August 28, 2020 – Today Nitrogénművek announced its consolidated financial results for H1 2020.

In the first six months Nitrogénművek delivered HUF 15.5 billion EBITDA an increase of 67% year over year. Production increased 35% to a record 621 thousand metric tons in H1 2020 compared to H1 2019, while revenue increased 1.6% to HUF 53.8 billion. Profit of HUF 3,9 billion in H1 2020 compared to profit of HUF 1.5 billion in H1 2019 was delivered.

Chief strategy officer – CSO Zoltan Bige commented the results: “We delivered improving results supported by record volumes, despite the challenges we all faced in the second quarter of 2020. Our leverage improved further to 2.8x and we remain committed to our financial targets to deleverage towards 2x through the cycle. We are on track to deliver further volume growth in 2020 and 2021 as we reach our run-rate production. Our strategy has been proven by the improving results in recent years and uncertain times. Another success factor is the responsibility and quality of our people, who do a fantastic job. We also work closely with farmers across the region and I am convinced that we will meet the challenges we face together.”

About Nitrogénművek Zrt.

Nitrogénművek Zrt. one of the leading nitrogen based fertilizer producers and agricultural input-material distributor companies in Central European region, headquartered in Pétfürdő, Hungary. It represents in Hungary the fertilizer production which is an important EU industry in terms of turnover, employment and, most importantly, its value to the agri-food sector. It is active in over 15 countries with an international workforce of over 700 people and a track record of 89 years in the industry.

Key indicators	1h 2020	1h 2019	Change
Sales, HUFm	53,877	53,022	1,6%
EBITDA, HUFm	15,475	9,252	67,3%
EBITDA margin, HUFm	28,7%	17,4%	64,9%
Production, thousand mt	621	461	34,7%
Profit before income tax, HUFm	4,034	1,888	113,7%
Net Debt/EBITDA	2.8	6.8	-58,8%