Cognor Holding (COG) investor relations material

Executive summary

• Q1 2026 saw a significant turnaround with positive EBITDA and a much smaller net loss of PLN 0.7 million, compared to larger losses in prior quarters, driven by higher sales volumes, improved spreads, and the ramp-up of new production assets.

• Revenue for Q1 2026 was PLN 591.3 million, up 8.8% year-over-year, with group-wide crude steel capacity utilization rising from 74.0% in Q1 2025 to 86.1% in Q1 2026.

• Major investments were completed, including the new Siemianowice Śląskie rolling mill and modernization projects in Gliwice and Kraków, totaling over PLN 1.2 billion.

• Market conditions improved, with rising GDP growth in Poland (4.1% YoY) and the EU (1.6% YoY), and higher prices for scrap metal, billets, and finished products compared to the previous quarter.

• Twelve-month revenue to March 2026 was PLN 2.13 billion, with a net loss of PLN 116.1 million, compared to a loss of PLN 78.5 million in the prior year.

Financial highlights

• Sales revenue in Q1 2026 reached PLN 591.3m, up from PLN 543.3m in Q1 2025, driven by a 23k tonne increase in delivery volumes despite lower prices.

• Gross profit rose to PLN 37.4m from PLN 24.1m YoY, with EBIT at PLN 12.0m versus a loss of PLN 7.9m in Q1 2025.

• Net profit for Q1 2026 was PLN -684k, a substantial improvement from a net loss of PLN -14.8m in Q1 2025.

• EBITDA for Q1 2026 was PLN 31.8m, up from PLN 11.0m in Q1 2025, reflecting a 430% increase.

• Net cash from operating activities in Q1 2026 was negative PLN 95.0 million, compared to positive PLN 21.1 million in Q1 2025.

Outlook and guidance

• Q2 2026 is expected to see further market improvement, especially in rebars, supported by EU infrastructure funds and continued ramp-up of new production capacities.

• Management expects operational improvements as new investments ramp up, but acknowledges ongoing challenges from recent downtime and market conditions.

• No formal forecasts were published for the year.