Cognor Holding (COG) Q3 2025 earnings summary

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.