Cognor Holding (COG) Q3 2026 earnings summary

Executive summary

• 9M 2026 standalone revenue was PLN 5,557k and net loss PLN 3,263k, versus revenue PLN 4,958k and net loss PLN 47,915k in the restated prior-year period.

• Balance-sheet equity was PLN 1,174,325k at 30 September 2026; cash and cash equivalents were PLN 85k.

Financial highlights

• 9M operating loss was PLN 11,639k, compared with PLN 37,460k in 9M 2025; pretax loss was PLN 923k versus PLN 51,378k.

• 9M net loss improved to PLN 3,263k from PLN 47,915k; revenue rose to PLN 5,557k from restated PLN 4,958k.

• 9M operating cash flow was PLN 448k versus PLN 1,731k; investing cash flow was PLN 3,443k versus an outflow of PLN 82,729k.

• Financing cash flow was an outflow of PLN 25,064k versus an inflow of PLN 80,396k; net cash movement was an outflow of PLN 21,173k versus PLN 602k.

Outlook and guidance

• Management expects improving 2026 operating and financial results to support a return to covenant compliance in 2027; this is an expectation, not quantified guidance.

• An extraordinary shareholder meeting on 7 December 2026 is to consider issuing up to 27,840,000 shares to support working capital; expected proceeds exceed PLN 100m.

• Management considers the going-concern basis appropriate and stated that it sees no threats to standalone operations over the following 12 months.