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Bardzo ważne, a very important cooperation with Orlen. We've been establishing the sources of financing of developmental investments, particularly investments supporting the transformation of the group. It all is joined by the aim of signing and stabilizing agreements with financing institutions. Each of the pillars is a crucial element of our turnaround plan. We are right now finalizing work on the new strategy in the near future. We want to announce a ready document in which we will present the directions of action and of development of the Azoty Group. It's worth noting that we have positive information regarding regulatory issues. The EU Parliament approved a proposal for tariffs on fertilizers from Russia and Belarus. We will tell you more about it in a moment. As a result of the restructuring measures, we've noted consistent improvement in financial and sales results.
The majority of the leading companies from Grupa Azoty have noted improvement of results in the first quarter of 2025 compared to the first quarter of last year. In the case of [aduio distortion], POLICE EBITDA was on the level of, on a positive level. We've noted a significant improvement compared to the last year's negative values. It's worth to underline the fact that in the case of POLICE, it's been third quarter in a row that the company has had a positive EBITDA level. Kędzierzyn managed to slightly increase last year's EBITDA. When it comes to Puławy, EBITDA increased by more than 22%, and the company generated positive net income. Unfortunately, the group's performance was negatively impacted by Grupa Azoty Polyolefins, largely due to under-utilization of production capacity. Associated with technical shutdowns due to plant regulation and a low demand on polypropylene markets, which was related to macroeconomic factors.
Income in the third quarter of 2025 increased year on year by over 12% to the level of PLN 3,822 million, which is close to the levels of the first quarter of 2023. We've improved the EBITDA levels in the first quarter of 2025, and we are still improving it. Should we correct the result by negative impact of Grupa Azoty Polyolefins? In the first quarter, we've noted a result on the level of PLN 86 million. Compared to the first quarter of last year, this is a significant improvement. There's been a similar correction. In the last year, we've had minus PLN 8 million results. The net debt level as per bank formulas compared to the end of quarter of the last first quarter 2024 has been changed only slightly. This means that our turnaround program has been significant. This means that we've decreased CapEx to the minimum.
We've had a demanding year and demanding quarter, including talks on finances. The result of it was an agreement of stabilizing agreement. At the end of April, we've obtained a waiver letter, an approval of the financing institutions for not meeting the levels of the net debt to EBITDA ratio. We need to underline that we've been meeting all the requirements. For the last three months of 2024, the group has increased the use of multi-purpose loan limits by PLN 242 million and by PLN 107 million utilization of factoring limits. The bank's net debt to EBITDA ratio was still negative at the end of the third quarter. For the three months, the negative EBITDA of the group was limited to PLN 8 million.
As I said a minute ago, should we correct it by the negative impact of polyolefins, then the group would note positive EBITDA of PLN 186 million. The net debt has continued further limited increase of PLN 180 million. The pre-credit limits at the end of the quarter amounted to PLN 263 million. The cash net at the end of the quarter amounted to PLN 324 million. EBITDA has increased compared to the last year by PLN 42 million thanks to the measures undertaken related to restructurization, mainly in the cost area that we've been conducting from the end of March 2024. We've observed a realistic impact of cost-cutting measures. Going to remediation reports are yielding sustained EBITDA improvements in each consecutive quarter.
Despite the observed large negative impact of fertilizer imports from eastern directions, in the third quarter, we're recording an increase in sales volumes in the agro and plastic segments. Unfortunately, the rentability was affected by the increases in gas prices. When it comes to consolidated, normalized fixed costs fell by PLN 58 million year on year. Additionally, the ending of sponsorship contracts and contracts related to PR resulted in a reduction of the other costs. Lower material consumption and repair costs are a part of efficiency improvements of the subsidiary companies when it comes to renovation. In the first quarter of the year, the value of Grupa Azoty's assets stood at the level of PLN 24 billion 183 million and increased by PLN 91 million compared to the balance at the end of March 2024.
As of 31st of March, the fixed assets amounted to PLN 18 billion 2 million, and current assets amounted to PLN 7 billion 181 million. Significant changes that occurred in the period. The review of asset size compared to the same period of the previous year, an increase in there was a decrease in other receivables by PLN 635 million, decrease in inventories by PLN 49 million, and decrease in property rights by PLN 354 million, and decrease in cash balance by PLN 44 million. Significant changes that occurred in the period under review of the liability side compared to the same period of the previous year was a decrease of equity of PLN 1,224,000,000 , an increase of short-term financial liabilities by PLN 786 million, and increase in trade and other short-term liabilities by PLN 671 million.
The third quarter of 2025, Grupa Azoty generated consolidated revenues on the level of PLN 3,822,000,000 , and an EBITDA result of minus PLN 8 million with an EBITDA margin of - 0.2%. This means an improvement of EBITDA result compared to the third quarter of 2024 by PLN 42 million. Positive profitability at the EBITDA level has been achieved in the agro segment, while in the other key segments, the profitability has been negative. Significant negative impact on the achieved results was largely due to imports of products from eastern directions, which means Russia and Belarus. The demand in agro segment has increased significantly. This allowed production and sales volumes to grow.
When it comes to the resources in the first quarter, the situation has been influenced by a significant increase in the price of natural gas, which quotations on both TTF and THE, which means Germany and Netherlands, were 71% higher compared to the same period last year. The price increase also affected electricity. The unit cost of coal consumptions were significantly lower year on year. This is mainly because of the lower prices negotiated by the Azoty Group. In the first quarter, 2024, Group recorded higher raw material consumption by PLN 409 million year on year, including gas costs of PLN 481 million. As I said, this is most of all because higher prices were also the consumption volumes. The use of gas in the first quarter was 4.1 terawatt compared to 4.2 in the last year.
We can see a direct relationship with the higher level of the use of production installations. On the other hand, lower costs of consumption were recorded by the petroleum raw minerals. Here we mean TTF, propane, which is used for oil and gas production. The cost of fossil raw materials by minus PLN 31 million. Here we increased potassium salt, phosphorite, aluminate, and this is related to lower volume of consumption and reduction in raw material prices. In the first quarter of 2025, the share of gas in the cost of raw material consumption amounted to 41% and was 13 percentage points higher than we obtained in the same period last year.
When it comes to the agro segment, in the first quarter of 2025 compared to the same period of last year, the main determinants of results were a significant decrease in production and sales volumes with a slight increase in product prices and significant increase in natural gas prices. The main reasons for the results were a significant increase of volume of sales and our increased expansion on the foreign markets and increase of share in the national market with the significant increase of prices of gas. Significant improvement and influence on the group's results is because of the higher import of the fertilizers produced in the east. The European producers have been limiting their expansion on the Polish market.
This brought results, increasing our portfolio by additional elements, caused an increase of the sales volume by plus 18% year on year, in case of nitrogen fertilizers by 22% year on year. As the Vice Chair, Andrzej Skolmowski, mentioned, on 22nd of May of 2025, the European Parliament during preliminary session has approved finally the proposal of European Commission of introducing additional tariffs on the fertilizers from Russia and Belarus. We've seen Parliament determinations by the new regulations that still in effect. All the amendments tabled were rejected by a trial and the main goal was to actually the main goal was to avoid a trial which would be a lengthy procedure in the months to come and would extend over the time of Polish presidency. This is a very important decision on the EU level that we've been meeting for.
This is a clear signal to support the European fertilizer industry and the agricultural industry as a whole, taking into account the security of the whole food chain. Finally, additional tariffs besides the standard tariffs will be increasing in four years all the way to the 350 level for nitrogen and EUR 340 for compound fertilizers. We present the data for you in a quarterly, quarter-by-quarter. In the first quarter of 2025, we've seen an increase of the value. Current quarter is outstanding when it comes to the volumes. On the current level, the biggest share in import is still the nitrogen fertilizers. This is 48%. This is mostly urea.
The share of compound fertilizers and potassium fertilizers is leveled at the same. This is affected by the import of fertilizers. Let me turn to chemicals.
Q1 2025, the EBITDA is PLN 60 million negative, which is an improvement because Q4 this was PLN 90 million negative. We are under pressure by imports from China and elsewhere, and also downstream is not doing well. EBITDA margin is -10.2%, and yet it was better by 4.7 percentage points year on year. Volume of sales has dropped. Prices have grown for urea, and then plasticizers, the prices of these have gone down. Prices of most feedstock have gone down. The main negative determinant was poor market conditions and poor demand for chemicals. Q1 2025 is all about dropping demand for refinery products and growing prices of sulfur. We are concerned that these prices will be growing. [audio distortion] alcohol products are relatively available, titanium white. We also are waiting for growing demand in this segment. The supply demand conditions made us stop any kind of melamine production.
Let me turn to plastics. This is affected by the negative result of polyethylenes. EBITDA for plastics is minus PLN 10 million, which is minus PLN 100 million, which is adjusted by 85% negative. We have noted growth in production for polyamide and polypropylene, while prices were of sales were dropping. The prices of feedstock were also dropping, which means that we were able to improve our financial result. As for demand, Q1 2025 started with a stable and low demand for polyamide mix. We can see that there is growing demand for polypropylene, especially in the packaging industry, which is translated in great problems of orders. Demand for polyamide mix, this is the automotive industry, and this industry is facing lower demand for cars in Europe and also tariffs imposed by the U.S. This is still determined by the possible responses by the EU to those American tariffs.
In Q1 2025, Azoty has not launched or resumed the production of caprolactam. EBITDA margin was 23.4% negative and was lower by 10 percentage points versus the previous period last year. Q1 2025 was followed by the operationalization of power works. We were controlling interim processes, and we revised the entire portfolio of interim projects. We were forced to cut investment outlays, which can be seen versus Q1 2024. The investment outlays were limited to a bare minimum, which means that only those investments that were key are underway. They have an impact on our EBITDA. Two investments are carried out in Tarnów, two in Puławy, one in Kędzierzyn. New energy concept for Kędzierzyn is going to improve the energy efficiency of the entire plant. President Hubert Kamola will talk about this more. That is about the investment in Puławy.
We are now running inventories, and we are seeking the best possible solution to complete the project. We are going through a legal dispute against Polimex Mostostal. We filed a lawsuit at the regional court in Lublin. We are waiting for the coal-fired unit to be completed, and we are waiting for the results of the inventory. Thank you. Grupa Azoty Polyolefins is carrying out the development of the installation for the propylene production in POLICE. On the 30th of May, the stabilization agreement will be valid by the 30th of May 2024. We have also extended other stabilization agreements with other shareholders of Polyolefins, that is, POLICE and Hyundai Engineering. This agreement will be valid by the 23rd of June. On the 17th of March 2025, Grupa Azoty Polyolefins concluded an agreement for a loan to finance the purchase of propane. This loan is $28 million.
Given the current production situation, we are facing technical problems. Some parts of the installation have not been commissioned. This means that these commissions will be carried out beyond the date in future months. Let me turn to Q&A session. The first question is about negotiations with Orlen. Are you thinking about other forms of cooperation? Do you think that installation can be bought by someone else than Orlen? We have an agreement which is valid by the 30th of June 2025. This involves analyses and the development of business concepts. When we complete this particular stage, then we will tell you more about the next steps. We are now negotiating the future solutions with Orlen because Orlen is our shareholder, and we do believe there is a chance for a satisfactory solution for both sides. Can installation be bought by someone else than Orlen?
We will be able to answer this question when we disclose the results of the negotiations with Orlen. Another question. Given the current prices of natural gas and fertilizer and given tariffs to be imposed on fertilizers from Russia and Belarus, will there be a chance for the industry to bounce back? We are now waiting for a new season. The season starts on the 1st of June each year, and we see that there are moderate chances to improve the prices of our products and normalize the prices of natural gas, which is our key feedstock. The EU has decided to lower the recommended limit for the filling of the natural gas storage. These prices, the price of natural gas, are now lower than similar periods in previous years, but starting soon, we are waiting for, we are expecting an improvement.
As the company breached the terms of loan repayment, let me reiterate that we repay all the loans. This is one of the key conditions stipulated in the agreement that we concluded with financing institutions, which is why we do not breach any terms and any deadlines. Naturally, there is. This is due to positive results of our negotiations with our business partners. Has there been any positive effects, one of effects, on EBITDA in Q1? The results of Q1 are not affected by any significant one-off events. These one-off events do not affect the results of Q1 versus previous year. Why the company has not disclosed the outlays on polymeric polyester? We have disclosed these outlays. They are available in our documents. These outlays for polyolefins were PLN 908 million. And the final question. Can you see a chance for positive EBITDA in two different orders?
We underline that it should be correct by the negative impact of the polyethylene group that it has on the results of the whole of the group. The result of this current year, the first quarter 2025, is positive. It equals to PLN 86 million, and this is better by PLN 94 million compared to the previous year. Every time we address those questions in a similar way, we do not publish forecasts, and we avoid answering such questions. Still, we want to ensure you that an ambition of the Management Board is to achieve the positive EBITDA this year. This is our goal that we are aiming for. Thank you very much, ladies and gentlemen. This was the last question. Thank you for your presence, and we invite you to the chat on Monday with the Vice President of Grupa Azoty, Andrzej Skolmowski, at 11:00 A.M.
We will be sending an invitation to you via email. Thank you very much, and see you soon.