Slide 1: Q2 2025 Business and Financial Performance
Introduction Group Overview Market Financials Q2 2025 Business and Financial Performance Capex Outlook September 02, 2025 Annexes 1
Slide 2: Speaker
Introduction Speaker Group Overview Market Financials Capex Outlook KRZYSZTOF ZOŁA Annexes 2
Slide 3: Media and Investor Relations
Introduction Media and Investor Relations Group Overview Our Q2 2025 results will be presented on Tuesday, September 2, 2025. This presentation is made available on the Company’s website at: www.cognor.eu. 1. Market The press conference will be organized at the Westin Hotel, #21 Jana Pawła II, Warsa
Slide 4: Key Macro Trends
Key Macro Trends Introduction Group Overview Market Increased geopolitical risk Deglobalization Protectionism and military spending and onshoring and reindustrialization of the EU Financials Underinvestment in energy sector; CO2 emission costs Capex the end of commodity abundance as increase; the en
Slide 5: Cognor – Modern EU Steelmaker
Cognor – Modern EU Steelmaker Introduction Group Overview Market 30 years Exposure on mid European market: Strong presence on Polish scrap market of industry experience PL, DE, CZ, SK, HU, RO, LT, LV, ES vertical integration stabilizing raw track record of resilience through material supplies; own g
Slide 6: Q2 2025 Highlights
Q2 2025 Highlights Introduction Group Overview Rising GPD growth YoY Billet and finished product Spreads for billets improved Market 3.4 % Poland and 1.5% EU prices rising QoQ and for finished products while YoY picture mixed worsened YoY hile the QoQ situation was similar Financials Agreement on co
Slide 7: Structure
Structure Introduction Group Stalowa Wola Gliwice Overview Market Financials Capex Stalowa Wola Stalowa Wola Siemianowice Śląskie (LSM) Kraków (Profil) Outlook Annexes 7
Slide 8: Vertically Integrated Business Model
Vertically Integrated Business Model Introduction EXTERNAL CLIENTS Group KATOWICE (PL) Overview Production of bras bars and zinc alloys (finished EXTERNAL CLIENTS products) Non- ferrous and Market ferrous POLAND scrap metal suppliers Sourcing + processing SIEMIANOWICE (PL) of ferrous and non-ferrous
Slide 9: Company Facilities
Company Facilities Introduction Olsztyn Group Overview Headquarter Market Scrap metal sites Poznań Financials Łódź Steel roduction facilities Capex Tomaszów Mazowiecki Radom Lublin Non-ferrous metals Wrocław foundry Świdnica Outlook Gliwice PORAJ Kielce Opole Electrode production Stalowa Wola Sosnow
Slide 10: Steel Production Facilities
PORAJ Introduction Steel Production Facilities GLIWICE SIEMIANOWICE ŚLĄSKIE STALOWA WOLA Melting shops & rolling mills KRAKÓW NOWA HUTA Group Overview Location Product portfolio Production capacities Technology Employment Market HSJ Stalowa Wola Billets, Bars, Plates • Billets: 300k tonnes • 1 EAF,
Slide 11: History [1]
History [1] Introduction Group Overview 1990 2000 2004 Przemysław Acquisition Acquisition of 82,6% of Sztuczkowski of ZW-WB, Ferrostal, a melting starts up Złomrex which a rolling mill shop in Gliwice Market trades in non-ferrous scrap in Zawiercie metals 2005 Acquisition of 100% of HSJ, Financials
Slide 12: History [2]
History [2] Introduction Group Overview 2007 2013 2023 Centrostal changes its Acquisition of 95% JAP acquisition name into Cognor, of Profil, a rolling Market integration of mill in Kraków distribution assets Financials Capex Outlook Złomrex acquires 64,4% of shares Cognor sells all distribution ass
Slide 13: Group Overview - Group Structure & Shareholders
Group Overview - Group Structure & Shareholders Introductin Free float Group Overview Przemysław 2,85% 21,66% 100% Sztuczkowski Market JAP Industries s.r.o. 78,34% Cognor Holding S.A. 100% WSE quoted Financials 75,49% 50,90% PS Holdco sp. z o. o. 94,40% Cognor Holding SK Capex Cognor S. A. main oper
Slide 14: Segments Performance
Segments Performance Introduction Quantities per business segments Group Overview Scrap metal (thousand tonnes) Billets (thousand tonnes) 189 174 158 154 162 157 153 152 148139 138 137 128 129 123 119 123 Market 115 102 93 26 31 28 34 30 26 23 23 24 18 Financials 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2
Slide 15: Q2 2025 Circular Economy & Sustainable Steelmaking
Q2 2025 Circular Economy Introduction & Sustainable Steelmaking Group Overview 173 775 156 773 147 508 139 422 tonnes of scrap tonnes of scrap metal tonnes of semi- tonnes of billets Market metal sourced used internally finished products processed internally (billets) production Financials SCRAP BIL
Slide 16: EU Market Protection Tools
EU Market Protection Tools Introduction Group Anti Dumping Carbon Tax Overview Since 2016 the EU has been determined on market protection. Aimed at preventing carbon leakage. It started in 01.10.2023 and The anti dumping measures are numerous and financially be fully effective from 01.01.2026. It wi
Slide 17: Market - EAF vs BOF technology
Market - EAF vs BOF technology Introduction Electric Arc Furnace (EAF) Basic Oxygen Furnace (BOF) Group Overview Feedstock 24,9% Iron ore (1.600 kg) applied to Market Scrap metal (1.150 kg) 8,7% produce 100,0% Coking coal (600 kg) 1000 kg of 66,4% crude steel Scrap metal (210 kg) Financials • Approx
Slide 18: BOF / EAF Feedstock Cost
BOF / EAF Feedstock Cost (USD / tonne) Introduction 500 450 Group 400 Overview 350 300 Difference 250 BOF Market 200 EAF 150 100 50 23 32 0 2 13 Financials 0 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Capex 400 Koszty surowców 300 Feedstock Cost Model BOF EAF (USD / tonę) Outlook tonne / tonne of crude
Slide 19: World and the Poland
World and the Poland Introduction steel output (million tonnes) steel output (million tonnes) 600 2,50 Group Overview 500 2,00 Market 400 1,50 300 Financials 1,00 200 0,50 Capex 100 0 0,00 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Rest of World 47,80 42,80 91,90
Slide 20: Billets and Finished Products
Billets and Finished Products Introduction Cognor’s Share and Position in 2024 Group Overview Producer market share Revenue split by business segments Agriculture (thousands of tonnes) Defence 4% 7% Market Railway 6% Construction 23% Other 125 5% Financials Iron and steel 15% Automotive Mining 17% 7
Slide 21: Prices and conversion premiums (PLN / tonne)
Prices and conversion premiums (PLN / tonne) Introduction Group Ferrostal HSJ Overview 6 000 5 000 4 500 5 000 Market 4 000 1 470 1 130 1 019 1 161 3 500 1 226 4 000 Financials 3 000 3 000 2 500 1 535 1 682 240 162 -135 1 632 1 510 -116 38 1 376 2 000 Capex 2 0001 151 1 154 1 325 1 453 1 195 1 500 1
Slide 22: Q2 2025 P&L Waterfall (PLN thousand)
Q2 2025 P&L Waterfall (PLN thousand) Introduction Group Overview 594 886 Market Financials Capex Outlook 15 702 34 969 9 576 7 664 -29 875 -2 443 -559 917 -21 706 -1 002 1 698 -18 552 - 64 -13 395 -11 697 Annexes Revenue Cost of Other Distribution Administrative Other Other Financial Financial Share
Slide 23: Gross Profit Bridge (PLN thousand)
Gross Profit Bridge (PLN thousand) Introduction 90 000 Group 16 412 Overview 80 000 70 000 Market 46 942 344 60 000 -24 120 -1 619 Financials 50 000 -5 798 40 000 Capex -14 134 30 000 20 000 Outlook 34 969 -6 689 23 631 10 000 Annexes 0 spreads FIFO other segments provisions Gross Profit 2Q 2025 Gro
Slide 24: EBIT Bridge (PLN thousand)
EBIT Bridge (PLN thousand) Introduction 30 000 Group 11 338 Overview 25 000 - 997 -1 858 Market 20 000 Financials 15 000 Capex 10 000 14 402 -15 221 Outlook 5 000 7 664 Annexes 0 EBIT 2Q 2024 Gross profit change distribution administrative other EBIT 2Q 2025
Slide 25: EBIT Generation Breakdown (PLN thousand)
EBIT Generation Breakdown (PLN thousand) Introduction Group Overview 1 050 - 59 - 159 1 051 - 934 Market 1 209 -1 040 2 368 -1 700 Financials 5 878 Capex Outlook 7 664 Annexes 25
Slide 26: Net Profit Bridge (PLN thousand)
Net Profit Bridge (PLN thousand) Introduction 4 000 2 000 Group Overview 2 170 0 Market -2 000 -4 000 -6 738 Financials -6 000 -11 697 -8 000 Capex -10 000 -4 903 2 531 Outlook -12 000 -14 000 -4 624 - 133 Annexes -16 000 Nett Profit 2Q 2024 EBIT change financial income financial costs extraordinary
Slide 27: Balance Sheet (PLN thousands)
Balance Sheet (PLN thousands) Introduction Group Overview 3 000,00 123,20 96,78 Cash 2 500,00 483,43 329,18 115,22 421,20 463,15 421,13 Receivables 364,22 2 000,00 353,88 530,72 498,51 Market 470,53 Inventories 517,50 504,09 Assets 1 500,00 1 000,00 1 561,45 1 659,05 1 689,52 Property, plant and equ
Slide 28: Working Capital (PLN thousands)
Working Capital (PLN thousands) Introduction Group Overview 350 Market 305 271 333 242 Financials 504 359 517 366 471 423 531 424 499 466 -622 -578 -544 -684 -632 Capex Outlook 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Annexes inventories receivables trade liabilities working capital 28
Slide 29: Cash Flows (PLN thousands)
Cash Flows (PLN thousands) Introduction Operational CAPEX Financial Cash balance Increase Decrease Group Overview 245 803 462 672 69 755 Market 310 940 -30 384 -94 071 Financials 21 082 Capex -32 479 -29 163 -71 154 -67 367 -78 764 -88 139 -80 360 Outlook -23 283 -174 797 -130 139 -8 430 -226 708 -7
Slide 30: Net Debt (PLN thousand) & Leverage
Net Debt (PLN thousand) & Leverage Introduction 900 000 250,0 Group Overview 800 000 200,0 700 000 Market 600 000 150,0 500 000 Financials 833 450 400 000 797 252 758 566 100,0 Capex 300 000 545 106 200 000 350 021 50,0 Outlook 100 000 0 0,0 Annexes Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 net debt n
Slide 31: Cognor in new scale (thousand tonnes)
Cognor in new scale (thousand tonnes) Introduction Production of billets Production of bars Group semi-finished products finished products Overview Market +252 ZAWIERCIE - Q3 2025 SIEMIANOWICE ŚL. merchant bars & light 198 +155 20 sections New capacities Financials Q1 2023 +160 Q1 2024 KRAKÓW Former
Slide 32: Capex- Costs, Financing and Effects
Capex- Costs, Financing and Effects Introduction Gliwice Kraków Siemianowice Śląskie Group Overview - replacement of EAF and ancillary items (Q1 2023) - entire mill modernization - most modern LSM mill in Europe (Q1 2024) (Q3 2025; commissioning is underway) - additional spooling line (Q2 2025) Mark
Slide 33: Outlook – Q3 2025
Outlook – Q3 2025 Introduction Group Overview Macro trends Expected boost Siemianowice LSM mill (slide 4) unchanged in infrastructure spending furnace ignition and hot tests from Market from the National Recovery mid-September 2025 Plan (NRP) Financials Capex Market Prices of scrap metal, Rising cap
Slide 34: Dividends and Share Quoting
Dividends and Share Quoting Introduction Dividend policy Group 25% of consolidated net profit Trading of Cognor shares on Warsaw Stock Exchange Overview Q2 2025 LTM Net profit (000 PLN) -11 697 12 Equity (000 PLN) 1 210 983 Market Number of shares 171 420 663 28.08.2025 10 Share price (PLN) 6,7 P/E
Slide 35: P&L (PLN thousand)
P&L (PLN thousand) Introduction Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Revenues rise by 44m & 8% '000 PLN - Delivery volumes up by 50k t Sales revenue 550 864 498 359 557 966 543 318 594 886 - decrease of prices Group Cost of sales -527 233 -490 580 -566 546 -519 248 -559 917 Overview Gross profit
Slide 36: Assets (PLN thousand)
Assets (PLN thousand) Introduction ASSETS Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 '000 PLN A. TOTAL NON-CURRENT ASSETS 1 383 322 1 477 744 1 614 419 1 713 535 1 739 642 Fixed assets up by 358m & 27% Group I. Intangible assets 17 194 16 653 17 656 17 375 17 170 - CAPEX: 405m Overview - D&A: -54m II.
Slide 37: Equity and Liabilities (PLN thousand)
Equity and Liabilities (PLN thousand) Introduction EQUITY AND LIABILITIES Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 '000 PLN A. EQUITY 1 247 170 1 215 031 1 179 510 1 163 112 1 210 983 Equity down by PLN 36m & 3% Group - LTM net result: 92m Overview I. Issued share capital 257 131 257 131 257 131 257
Slide 38: Cash Flows (PLN thousand) & Metrics
Cash Flows (PLN thousand) & Metrics Introduction CASH FLOW Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 A '000 PLN - working capital outflow: 148m A. OPERATING ACTIVITIES 310 940 -71 154 -88 139 21 082 -29 163 Group B B. INVESTING ACTIVITIES -94 071 -80 360 -130 139 -32 479 -70 976 Overview - disposals i
Slide 39: Cognor Holding S.A.
Introduction Group Overview Market Financials Cognor Holding S.A. ul. Zielona 26 Capex 42 - 360 Poraj Outlook tel. +48 34 316 01 10 fax +48 34 316 01 12 Annexes www.cognor.eu 39