Slide 1: Company Presentation November 2025
COMPANY PRESENTATION NOVEMBER 2025
Slide 2: Presenters
Intro Results Development and prospects Position EGM Appendix PRZEMYSŁAW SZTUCZKOWSKI KRZYSZTOF ZOŁA 2
Slide 3: Plan
Plan Intro Results 1. Introduction Development 2. Q3 2025 Results and prospects Position 3. COGNOR accelerates development as a beneficiary of the fundamental EGM shift in the industry environment Appendix 4. COGNOR as a leader of the European steel industry transformation 5. Convened EGM (20 Novemb
Slide 4: Cognor Group at a glance
Cognor Group at a glance 1,028 kt Intro 2 long products A leader in the European steel industry melting shops 830 kt 100 % Results transformation and a beneficiary of the anticipated market recovery – among the most modern steel 3 steel billets capacity based on EAF and production assets in Europe r
Slide 5: Q3 2025 Results
Intro Results Development and prospects Position EGM Appendix 01 Q3 2025 Results 5
Slide 6: 3Q 2025 Summary
3Q 2025 Summary Intro Results Market Performance and Sales Cost and Seasonal Factors Production and Operational Efficiency • Revenues broadly comparable • Impact of seasonal maintenance • Higher capacity utilization at the Kraków Development 3Q/3Q; an increase in sales volumes costs (Gliwice) and th
Slide 7: Segments Performance
Segments Performance Intro Quantities per business segments Scrap metal Złom(thousand (tys. ton) tonnes) Billets Kęsy (thousand tonnes) (tys. ton) Results 713 861 803 802 598 599 674 665 657 536 561 585 549 603 605 469 483 501 Development 388 and prospects 290 152 164 165 186 156 136 91 111 92 105 P
Slide 8: Capacity Utilization of Key Production Assets
Capacity Utilization of Key Production Assets Intro Wykorzystanie Cognor Crude mocy produkcyjnych Steel Capacity stali Utilization Production Assets Location Product portfolio Production capacities Results surowej Cognor 68% 65% HSJ • Billets: 300k tonnes 58% Development Melting shop & Stalowa Wola
Slide 9: Prices and conversion premiums (PLN/tonne)
Prices and conversion premiums (PLN/tonne) Intro Ferrostal HSJ 6 000 6 000 Results 1 530 5 000 5 000 Expected increase in finished Development products spread driven by the and prospects -46 launch of LSM product 1 474 sales(average prices approx. 20% 4 000 4 000 higher than current levels) 1 200 75
Slide 10: BOF / EAF Feedstock Cost (USD / tonne)
BOF / EAF Feedstock Cost (USD / tonne) Intro 600 500 Results 400 300 Różnica Difference Development 200 BOF and prospects EAF 100 6 15 0 Position -100 -24 -22 -15 2021 2022 2023 2024 LTM 2025 EGM 500 Feedstock Cost Model BOF EAF costs surowców tonne / tonne of crude steel 400 (USD/tonne) Raw materia
Slide 11: Product Range and Sales Structure
Product Range and Sales Structure Revenue split by business segments Rolnictwo Agriculture Intro Obronność Defence 7% 4% Kolej Railway Construction 6% Budownictwo 23% Results Producer market share Inne Other (thousands of tonnes) 5% Development Iron and steel Żelazo i stal and prospects Motoryzacja
Slide 12: P&L (thousand PLN)
P&L (thousand PLN) Change 3Q’25/3Q’24 Intro Revenues decreased by 2m & 0,4% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 - delivery volumes up by 21k t '000 PLN - decrease of prices Results Sales revenue 498 359 557 966 543 318 594 886 496 330 Cost of sales -490 580 -566 546 -519 248 -559 917 -485 405 Gr
Slide 13: Gross Profit Bridge (PLN thousand)
Gross Profit Bridge (PLN thousand) Intro 20 000 Results 25 839 15 000 Development 1 927 and prospects 8 168 10 000 -6 660 Position 5 000 -7 094 10 925 EGM -1 785 -1 155 1 679 0 Appendix -5 000 -9 994 -10 000 spreads spready FIFO othersegmenty inne segments provisions rezerwy Grossbrutto Zysk Profit3
Slide 14: EBIT bridge (PLN thousand)
EBIT bridge (PLN thousand) Intro 0 Results Development and prospects -5 000 Position -10 000 -19 838 -19 407 9 246 EGM - 953 -15 000 Appendix -5 209 -20 000 -2 653 -25 000 EBIT EBIT 3Q3Q2024 2024 Gross profit zmiana zyskuchange brutto Distribution dystrybucja Administrative administracja Other inne
Slide 15: EBIT Generation Breakdown (PLN thousand)
EBIT Generation Breakdown (PLN thousand) Including the impact of the Siemianowice Śląskie rolling mill Intro - PLN 5.5m of costs with no revenues generated in the period Results 937 246 1 532 - 110 7 216 -1 423 -3 068 Development and prospects 6 015 -8 361 -19 407 Position EGM Appendix -22 391 15
Slide 16: Cash flows 1-3Q (PLN thousand)
Cash flows1-3Q (PLN thousand) Intro 23 372 126 Results 56 168 89 958 Development and prospects 115 222 -32 996 Position 42 373 EGM 102 361 -64 897 -126 965 Appendix 17
Slide 17: COGNOR accelerates development as a beneficiary of the fundamental shift in the industry environment
Intro Results Development and prospects Position EGM Appendix 02 COGNOR accelerates development as a beneficiary of the fundamental shift in the industry environment 17
Slide 18: Business Growth Drivers
Business Growth Drivers Intro Cognor on the verge of a structural growth phase supported by favourable market trends and internal investments Results Internal Growth Drivers External Growth Drivers Development and prospects Investments and Operations Macro Trends and Policy • Completion of the LSM i
Slide 19: The EU's economic policy is becoming more rational and restoring favorable fundamentals
The EU’s economic policy is clearly becoming more rational and restoring Intro favorable fundamentals for the steel industry 1 2 Carbon Border Adjustment Mechanism Results Package Proposal „post safeguard” KEY CHANGE in 2026* from 1 January 2026** (within the European Union Steel and Metal Action Pl
Slide 20: Post-safeguard protection is important for a significant part of COGNOR's product range
Post-safeguard protection is important for a significant part Intro of COGNOR’s product range • favorable changes resulting from the “post-safeguard” package are significant for COGNOR in the range of ribbed bars – rebars (approx. 40% of the long-products volume produced in 2024) • the remaining ass
Slide 21: A breakthrough on the domestic market – the steel sector entering structural changes
A breakthrough on the domestic market – after years of pressure, the steel Intro sector is entering a phase of structural changes that stimulate demand Results Development and prospects „repolonization” of industrial major infrastructure projects militarization of the economy systemic support for en
Slide 22: Breakthrough in investments – surge in steel demand from 2026
Breakthrough in investments – already in 2026, intensification of ongoing Intro projects and the launch of new ones to generate a surge in steel demand NUCLEAR POWER PLANT Lubiatowo–Kopalino OFFSHORE (most projects to be implemented in 2026–2029) – starting in 2026 – the largest infrastructure SEAPO
Slide 23: Steel Products Production Capacity in Poland
Steel Products Production Capacity in Poland Intro Cognor – a key domestic producer of steel products of strategic importance for the defence and infrastructure sectors Cognor compared with Polish steel producers: Results Entity Product Range End Uses Capacity Technology EAF crude steel: Development
Slide 24: A broad range of steel grades for many industrial sectors
A broad range of steel grades for many industrial sectors Intro Results Development Construction Machinery Energy Railway Defense Automotive and prospects Position EGM COGNOR’s Ribbed bars in Sections (LSM) Sections (LSM) Sections (LSM) Steel for 155 mm Drive shafts, Appendix key product bundles and
Slide 25: Steel as a key element of the defense supply chain
Steel as a key element of the defense supply chain Intro Spending on military equipment constitutes Steel constitutes the first link in the defense Record defense spending in Poland a significant part of defense investments supply chain Polish defense spending (PLNbn, % of GDP) Structure of Poland’s
Slide 26: High entry barriers for producers of specialty steel for the defence sector
High entry barriers for the producers of specialty steel for the defence Intro sector Results Development Category Human Resources Technology & Legal, safety, and Supplier Research & Operational and prospects Infrastructure quality control qualification Development experience aspects Position Licens
Slide 27: The wide range of applications for the Company's specialty steel in defense
The wide range of applications for the Company's specialty steel Intro in the defense industry Results • Poland’s only supplier of specialty steel for Development We are Poland’s only supplier of 155mm ammunition and prospects specialty steel for 155mm • Current orders from the Polish Armaments ammu
Slide 28: "New defence cluster" emerging in the CEE region
“New defence cluster” emerging in the CEE region Intro A defence industry cluster is taking shape in the CEE region, focused on the production of 155 mm ammunition and anti-tank vehicles. Poland may become one of the main beneficiaries of this trend, and Cognor has the potential to play a significan
Slide 29: Growing 155 mm ammunition capacity will increase demand for special steel
The growing production capacity for 155 mm ammunition will translate Intro into a sharp increase in demand for the Company's special steel Results Opportunity for a sharp increase in orders from Polish and European producers of 155mm ammunition The sole supplier of steel for 155 mm Annual capacity a
Slide 30: Our ARMSTAL armor steel is competitive with leading suppliers in Europe
Our ARMSTAL armor steel is competitive Intro with the leading suppliers in Europe Results Advantages of ARMSTAL armored Significance for manufacturers in the defense sector steel We meet the highest Development quality standards thanks to our many years of Excellent strength and hardness Effective p
Slide 31: We have been supplying specialty steel for the defense sector for many years
We have been supplying specialty steel for the defense sector Intro for many years Results We are involved in strategic vehicle production projects for the Polish army The purpose of specialty Borsuk Rosomak Krab New Amphibious Infantry Development steel Wheeled Armored Vehicle Self-propelled Howitz
Slide 32: COGNOR as a leader of the European steel industry transformation
Intro Results Development and prospects Position EGM Appendix 03 COGNOR as a leader of the European steel industry transformation 32
Slide 33: Strategic evolution of Cognor
Strategic evolution of Cognor Intro Cognor “yesterday” (2020) Cognor “today” (2025) Cognor “tomorrow” (2026+) Results Transformation and investments Preparation for monetisation Monetisation and growth • Intensive investment programme worth ~PLN 1.5 billion • New technical assets fully commissioned
Slide 34: Completed strategic CAPEX 2021–2025 PLN 1,5b
Completed strategic CAPEX 2021–2025 Intro Gliwice Kraków Siemianowice Śląskie Stalowa Wola Results Investments 2021–2025: Increase in production capacity: Increase in production capacity: Increase in production capacity: Increase in production capacity: ✓ EAF Gliwice, • from 375k t to 530k t • from
Slide 35: LSM Siemianowice Śląskie rolling mill – stages of implementation
LSM Siemianowice Śląskie rolling mill Intro – the most modern in Europe (stages of implementation) Results Development and prospects Position EGM Appendix 35
Slide 36: LSM Rolling Mill – A strategic asset for the new economic cycle
LSM Rolling Mill – A strategic asset for the new economic cycle Introduction in the European steel industry Key information Results Investment profile Strategic effects Capital expenditure PLN 830 m -Reduction of unit costs thanks to modern EAF technology. -Significant improvement in energy and envi
Slide 37: EGM convened on November 20, 2025
Introduction Results Development and prospects Position EGM Appendix 04 EGM convened on November 20, 2025 37
Slide 38: Proposed resolution – Extraordinary General Meeting
Proposed resolution – Extraordinary General Meeting convened for Introduction November 20, 2025 No more than 60,000,000 new shares of the Company ("New Shares"), including: Issue • no more than 51,426,198 ordinary bearer shares of issue no. 14 ("Shares of Issue 14") • no more than 8,573,802 ordinary
Slide 39: Strengthening the balance sheet structure
Allocation of proceeds from the SPO - 2026-2028 Introduction 2026 2027 2028 Results Strengthening the balance sheet structure Improvement of special steel production Development and prospects technology - HSJ Stalowa Wola Increasing production capacity approx. PLN 350 million1) Proceeds from the SPO
Slide 40: Detailed description of the investments
Detailed description of the investments Introduction Investments in the modernization of the steelworks and the implementation of innovative processes for the defense sector Results ▪ modernization of steel casting technology on a COS machine through the purchase of additional electromagnetic stirre
Slide 41: Summary
Summary Introduction • increase in capacity utilization The company is facing a phase of • improvement in EBITDA margin monetization of investments • return to generating positive FCF* Results • Safeguard and CBAM 2.0 • reshoring and reindustrialization The company is a beneficiary of • recognition
Slide 42: Disclaimer
Disclaimer Intro The information provided was prepared by Cognor Holding S.A. (the "Company" or the "Issuer") for informational purposes only and for the purposes of this presentation (the "Presentation"). This Presentation does not constitute or form part of and should not be treated as an offer o
Slide 43: Appendix
Intro Results Development and prospects Position EGM Appendix Appendix 43
Slide 44: From building capacity to monetizing it in a favorable market environment
From building capacity to monetizing it in a favorable market Intro environment ✓ The completed investment cycle of PLN 1.5 billion creates a solid foundation for further growth in volumes Results Strategic transformation enters and operational efficiency the monetization phase ✓ The business model
Slide 45: Global steel output
Global steel output Intro Steel output (million tonnes) Steel output (million tonnes) 2000 10,00 Results 9,00 8,00 Development 1500 and prospects 7,00 6,00 Position 1000 5,00 4,00 EGM 3,00 500 2,00 1,00 Appendix 0 0,00 2021 2022 2023 2024 LTM 2025 2021 2022 2023 2024 LTM 2025 Reszta Rest of Świata W
Slide 46: Manufacturing assets structure
Manufacturing assets structure Intro Results Stalowa Wola Gliwice Development and prospects Position EGM Appendix Stalowa Wola Stalowa Wola Siemianowice Śląskie (LSM) Kraków (Profil) 46
Slide 47: Vertically integrated business model
Vertically integrated business model Intro EXTERNAL CLIENTS Results KATOWICE (PL) Production of bras bars and zinc alloys (finished EXTERNAL CLIENTS products) Development and prospects Non- ferrous and ferrous POLAND scrap metal suppliers Sourcing + processing SIEMIANOWICE (PL) Position of ferrous a
Slide 48: Location of assets
Location of assets Intro Results Olsztyn Development and prospects Headquarter Position Scrap metal sites Poznań EGM Łódź Steel production facilities Tomaszów Mazowiecki Radom Appendix Lublin Non-ferrous metals Wrocław foundry Świdnica Gliwice PORAJ Kielce Opole Electrode production Stalowa Wola Sos
Slide 49: Market – EAF vs BOF technology
Market – EAF vs BOF technology Intro Results Electric Arc Furnace (EAF) Basic Oxygen Furnace (BOF) Development and prospects Feedstock 24,9% Iron ore (1.600 kg) applied to Scrap metal (1.150 kg) 8,7% produce 100,0% Coking coal (600 kg) 1000 kg of 66,4% Position crude steel Scrap metal (210 kg) EGM •
Slide 50: Group Overview - Group Structure & Shareholders
Group Overview - Group Structure & Shareholders Intro Results Free float Development 24,48% 100% and prospects JAP Industries s.r.o. 75,52% Cognor Holding S.A. PS Holdco sp. z o. o. Position WSE quoted 50,90% 94,40% EGM Cognor Holding SK Cognor S. A. Appendix main operational entity OMS PTS HSJ bran
Slide 51: Cognor Holding S.A.
Cognor Holding S.A. ul. Zielona 26 42 - 360 Poraj tel. +48 34 316 01 10 fax +48 34 316 01 12 www.cognor.eu