Cognor Holding (COG) Q4 2025 earnings summary

Executive summary

• Reported a net loss of PLN 121.9 million for 2025, a significant improvement from a net loss of PLN 356.7 million in 2024, mainly due to lower impairment charges and improved financial income.

• Revenue from contracts with customers totaled PLN 6.3 million, down from PLN 7.1 million year-over-year, reflecting lower service fees from subsidiaries.

• Major capital increase of PLN 300 million through new share issuance and conversion of convertible bonds to strengthen equity.

Financial highlights

• Operating loss for 2025 was PLN 102.7 million, compared to PLN 339.1 million in 2024.

• Net financial expenses decreased to PLN 15.1 million from PLN 19.2 million year-over-year.

• Cash flow from operating activities was PLN 6.7 million, up from PLN 2.7 million in 2024.

• Cash and cash equivalents at year-end rose to PLN 21.3 million from PLN 0.8 million.

• Equity increased to PLN 1,177.4 million from PLN 948.1 million, driven by capital injections.

Outlook and guidance

• Management confirmed the going concern assumption despite macroeconomic and geopolitical uncertainties, including the Ukraine war and Middle East conflict.

• No dividend declared for 2025; losses to be covered by future profits.