Slide 1: Q2 2026 Business and Financial Performance
Introduction Group Overview Market Financials Q2 2026 Business and Financial Performance Capex Outlook August 31, 2026 Annexes 1
Slide 2: Speakers
Introduction Speakers Group Overview Market Financials Capex Outlook KRZYSZTOF ZOŁA Annexes 2
Slide 3: Media and Investor Relations
Introduction Media and Investor Relations Group Overview Our Q1 2026 results will be presented on Tuesday, August 31, 2026. 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, Warsaw,
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 2026 Highlights
Q2 2026 Highlights Introduction Group Overview Rising GPD growth YoY Decrease in billet and Spreads for billets worsened Market 3.8% Poland and 1.2% EU increase in finished product and for finished products prices YoY rose YoY while QoQ increase in billet prices and while the QoQ for billets rose an
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, SQ bars, • Billets: 300k tonnes • 1 EAF, 1 LF
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 44,06% 100% Market JAP Industries s.r.o. 55,94% Cognor Holding S.A. PS Holdco sp. z o. o. WSE quoted Financials 50,90% 94,41% Cognor Holding SK Capex Cognor S. A. main operational entity Outlook Annexes OMS PTS HSJ
Slide 14: Segments Performance
Segments Performance Introduction Quantities per business segments Group Overview Scrap metal (thousand tonnes) Billets (thousand tonnes) 191 179 197 188 202 155 162 174 148139 157 160 153 123119 Market 137 131 112 124 98 31 27 32 18 17 24 27 17 19 9 Financials 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 202
Slide 15: Q2 2026 Circular Economy & Sustainable Steelmaking
Q2 2026 Circular Economy Introduction & Sustainable Steelmaking Group Overview 153 398 202 224 191 092 161 803 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 Anti Dumping Carbon Tax Group Since 2016 the EU has been determined on market protection. Aimed at preventing carbon leakage. It started in 01.10.2023 and Overview The anti dumping measures are numerous and financially is fully effective from 01.01.2026. It im
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 (USD / tonne)
BOF / EAF Feedstock Cost (USD / tonne) Introduction 500 Group 400 Overview 300 Difference 200 BOF Market 100 EAF 35 30 27 7 0 -13 Financials -100 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Capex 400 Raw material costs Feedstock Cost Model BOF EAF 300 (USD / tonę) Outlook tonne / tonne of crude steel 20
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 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Reszta Świata 46,31 46,91 49,90
Slide 20: Billets and Finished Products
Billets and Finished Products Introduction Cognor’s Share and Position in 2025 Group Overview Producer market share Revenue split by business segments Iron and steel Other (thousands of tonnes) Agriculture 0,2% 4,2% 4,2% Market Arms Automotive 5,1% 19,2% 259 Machine Mining 10,5% 5,9% Financials Rail
Slide 21: Prices and conversion premiums (PLN / tonne)
Prices and conversion premiums (PLN / tonne) Introduction Group Ferrostal HSJ Overview 6 000 6 000 5 000 5 000 Market 4 000 4 000 Financials 1 064 725 1 019 981 967 3 000 3 000 -135 129 106 57 60 Capex 1 509 1 426 2 050 1 632 1 674 2 0001 453 2 000 1 151 1 280 1 205 1 210 1 000 1 000 Outlook 1 476 1
Slide 22: Q2 2026 P&L Waterfall (PLN thousand)
Q2 2026 P&L Waterfall (PLN thousand) Introduction 649 975 Group Overview Market Financials Capex 25 632 Outlook 62 664 31 156 10 332 6 417 -35 576 1 869 -2 393 -18 377 - 54 -3 915 -20 913 -2 520 -587 311 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 80 000 Group 6 897 Overview 70 000 4 936 2 519 -5 632 60 000 7 632 -4 675 Market 13 628 50 000 Financials 40 000 2 391 30 000 62 664 Capex 20 000 34 969 Outlook 10 000 Annexes 0 spreads FIFO other segments provisions Gross Profit 2Q 2026 Gross Profit 2
Slide 24: EBIT Bridge (PLN thousand)
EBIT Bridge (PLN thousand) Introduction 40 000 Group 27 695 35 000 Overview 705 793 30 000 Market -5 701 25 000 Financials 20 000 Capex 15 000 31 156 Outlook 10 000 5 000 Annexes 7 664 0 EBIT 2Q 2025 Gross profit change distribution administrative other EBIT 2Q 2026
Slide 25: EBIT Generation Breakdown (PLN thousand)
EBIT Generation Breakdown (PLN thousand) Introduction 511 907 Group 1 896 - 131 Overview - 520 - 605 2 386 4 563 Market 8 175 Financials 31 156 13 974 Capex Outlook Annexes finished products Ferrostal non-ferrous products other electrodes unalocated finished products HSJ billets Ferrostal billets HS
Slide 26: Net Profit Bridge (PLN thousand)
Net Profit Bridge (PLN thousand) Introduction 15 000 23 492 50 175 10 Group Overview 10 000 Market -5 613 5 000 6 417 Financials 0 Capex -5 000 -11 697 Outlook -10 000 Annexes -15 000 Nett Profit 2Q 2025 EBIT change financial income financial costs extraordinary items income tax Nett Profit 2Q 2026
Slide 27: Balance Sheet (PLN thousands)
Balance Sheet (PLN thousands) Introduction Group Overview 3 000,00 96,78 102,02 97,89 102,36 124,87 362,61 Cash 2 500,00 463,15 421,17 420,91 339,85 604,88 Receivables 2 000,00 498,51 469,65 474,12 537,08 Market Inventories Assets 1 500,00 1 000,00 1 814,72 1 689,52 1 731,76 1 737,95 1 731,59 Proper
Slide 28: Working Capital (PLN thousands)
Working Capital (PLN thousands) Introduction Group Overview Market 437 381 333 320 236 Financials 499 466 470 422 474 342 537 423 605 365 -632 -656 -495 -523 -589 Capex Outlook 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 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 135 957 65 223 39 153 Market 69 755 -29 163 -95 022 Financials 265 429 -25 952 -1 113 -23 510 -35 326 -30 384 Capex -4 632 -23 476 Outlook -122 087 -70 976 2 754 -19 649 -124 840 Annexes
Slide 30: Net Debt (PLN thousand)
Net Debt (PLN thousand) Introduction Group Overview Market Financials 833 450 811 744 816 826 826 782 697 751 Capex Outlook Annexes Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 net debt 30
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 5 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 2026
Outlook – Q3 2026 Introduction Group Overview Macro trends Release Lower production (slide 4) unchanged EU funds (NRRP + SAFE) for capacity utilization, Market Poland aimed at stimulating maintenance stoppages in infrastructure spending Stalowa Wola, Gliwice and Siemianowice Slaskie Financials Capex
Slide 34: Dividends and Share Quoting
34 Group Capex Market Outlook Overview Annexes Financials Introduction 0 0,5 1 1,5 2 2018 2020 Dividend policy LTM Net profit (000 PLN) Share price (PLN) Equity (000 PLN) P/E P / BV Number of shares 0,1 2021 0,28 0,15 0,15 1,23 Q2 2026 26.08.2026 2022 Dividends (PLN / share) 1,05 6,40 Loss 25% of co
Slide 35: P&L (PLN thousand)
P&L (PLN thousand) Introduction Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Revenues rise by 55m & 9% '000 PLN - delivery volumes up by 6.5k t Sales revenue 594 886 496 330 446 310 591 260 649 975 - increase of prices Group Cost of sales -559 917 -485 405 -470 080 -553 887 -587 311 Overview Gross profit
Slide 36: Assets (PLN thousand)
Assets (PLN thousand) Introduction ASSETS Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 '000 PLN A. TOTAL NON-CURRENT ASSETS 1 739 642 1 797 255 1 810 587 1 809 913 1 885 303 Fixed assets up by 125m & 7% Group I. Intangible assets 17 170 17 034 16 769 16 714 16 633 - CAPEX: 193m Overview - D&A: -69m II. P
Slide 37: Equity and Liabilities (PLN thousand)
Equity and Liabilities (PLN thousand) Introduction EQUITY AND LIABILITIES Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 '000 PLN Equity up by PLN 199m & 16% Group A. EQUITY 1 210 983 1 194 473 1 403 719 1 403 778 1 410 306 - share issuance 287m Overview - LTM net result: -98m I. Issued share capital 257 1
Slide 38: Cash Flows (PLN thousand) & Metrics
Cash Flows (PLN thousand) & Metrics Introduction CASH FLOW Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 A '000 PLN - working capital outflow: -12m A. OPERATING ACTIVITIES -29 163 65 223 -4 632 -95 022 39 153 Group B B. INVESTING ACTIVITIES -70 976 -23 510 -124 840 -25 952 -35 326 Overview - CAPEX outflow
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