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Cognor Holding (COG) investor relations material
Cognor Holding Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 saw a significant decline in net profit and EBITDA compared to Q3 2024, despite higher shipment volumes and increased capacity utilization, particularly at the Kraków and Siemianowice Śląskie mills.
The period ending 30 September 2025 reflected continued operational and financial challenges following major investment projects and production stoppages in prior years.
Significant investments in modernization and new facilities, notably the Siemianowice Śląskie rolling mill, have been completed and are in the commissioning phase.
Market conditions remained challenging with falling billet and finished product prices year-over-year and quarter-over-quarter, though billet spreads improved.
The company renewed all overdraft lines for 12 months and commissioned the LSM in Siemianowice Śląskie.
Financial highlights
Q3 2025 revenue: PLN 496.3m; gross profit: PLN 10.9m; EBIT: -PLN 19.4m; net profit: -PLN 26.4m.
Net revenue for the first nine months of 2025 was 8,433 thousand PLN, up from 5,274 thousand PLN year-over-year.
Net loss for the period was 47,915 thousand PLN, a significant improvement from a net loss of 323,031 thousand PLN in the same period last year.
EBITDA for Q3 2025 was -PLN 13.8m, a decrease of PLN 6m compared to Q3 2024.
Net debt rose to PLN 811.7m by Q3 2025, with a negative LTM EBITDA making leverage ratio calculation not meaningful.
Outlook and guidance
Q4 2025 expected to benefit from the first sales at the LSM mill and improved average prices and spreads.
Management expects the commissioning of the new rolling mill and completion of certification for all product groups by year-end 2025.
A capital increase is planned, with a shareholders' meeting scheduled for 20 November 2025 to support future investments and liquidity.
Anticipated boost in infrastructure spending from the National Recovery Plan and stabilization in the automotive sector.
Rising capacity utilization, especially at Kraków and Siemianowice Śląskie, is expected to support future performance.
Santander loan tranche disbursement status
When will new mills positively impact results?
Rationale for planned share capital increase
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Next Cognor Holding earnings date
Q4 20253 Mar, 2026
Next Cognor Holding earnings date
Q4 20253 Mar, 2026
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