Cognor Holding (COG) Q4 2025 earnings summary

Executive summary

• 2025 saw lower sales volumes and declining prices for scrap and finished products, with only billets showing price improvement.

• Major capex projects completed, including new EAF in Gliwice, Kraków mill modernization, and new LSM mill in Siemianowice Śląskie, boosting capacity and efficiency.

• Market conditions improved in 2026, with higher sales volumes, positive EBITDA, and net profit expected as capacity utilization increases.

Financial highlights

• Sales revenue for 2025: PLN 2,080.8m, down 9% year-over-year.

• Gross profit: PLN 46.2m, up due to lower processing and outage costs.

• EBIT: PLN -91.2m, down due to higher distribution and admin costs, and negative balance of other gains/losses.

• Net loss: PLN -130.3m, a decline of PLN 73m and 126% year-over-year.

• EBITDA margin fell to -1.58%, net profit margin to -6.26%.

Outlook and guidance

• 2026 outlook positive: higher utilization at key plants, market improvement, and price increases expected, especially for rebars.

• Anticipated higher sales volumes and values, with positive EBITDA and net profit.