Slide 1: Q1 2025 Business and Financial Performance
Introduction Group Overview Market Financials Q1 2025 Business and Financial Performance Capex Outlook May 06, 2025 Annexes 1
Slide 2: Speaker
Introduction Speaker Group Overview Market Financials Capex Outlook KRZYSZTOF ZOŁA Annexes 2
Slide 3: 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 4: 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 5: Q1 2025 Highlights
Q1 2025 Highlights Introduction Group Overview Rising GPD growth YoY Billet and finished product Spreads improving for Market 3.2 % Poland and 1.4% EU prices rising QoQ billets QoQ and YoY while YoY picture mixed and the picture for products mixed Financials Capex Rebar volumes fair Rising crude ste
Slide 6: Structure
Structure Introduction Group Stalowa Wola Gliwice Overview Market Financials Capex Stalowa Wola Stalowa Wola Siemianowice Śląskie (LSM) Zawiercie (ZW-WB) Kraków (Profil) Outlook Annexes 6
Slide 7: 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- Market ferrous scrap metal POLAND ZAWIERCIE / suppliers Sourcing + processing SIEMIANOWICE (PL) of ferrous and non-ferrous
Slide 8: Company Facilities
Company Facilities Introduction Olsztyn Group Overview Headquarter Market Gorzów Wielkopolski Scrap metal sites Poznań Grodzisk Mazowiecki Financials Łódź Steel roduction facilities Capex Tomaszów Mazowiecki Radom Lublin Non-ferrous metals Wrocław foundry Świdnica Outlook Gliwice PORAJ Kielce Opole
Slide 9: 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 10: 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 11: 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 12: 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% 94,40% 4Workers sp. z o. o. Cognor Holding SK Capex Cognor S. A. main opera
Slide 13: Segments Performance
Segments Performance Introduction Quantities per business segments Group Overview Scrap metal (thousand tonnes) Billets (thousand tonnes) 227 161 153 182 189 162 137 152 157154 115 123 119 Market 128129 138 102 94 93 74 69 28 34 30 26 19 23 26 23 24 Financials 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025
Slide 14: Q1 2025 Circular Economy & Sustainable Steelmaking
Q1 2025 Circular Economy Introduction & Sustainable Steelmaking Group Overview 188 685 162 478 153 448 68 977 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 BILL
Slide 15: 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 16: 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 17: BOF / EAF Feedstock Cost (USD / tonne)
BOF / EAF Feedstock Cost (USD / tonne) Introduction 500 Group 400 Overview 300 Difference 200 BOF Market 100 EAF 23 7 0 2 0 -9 Financials -100 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Capex Raw material costs (USD / tonne) 500 Feedstock Cost Model BOF EAF 400 Outlook tonne / tonne of crude steel scra
Slide 18: 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 Financials 300 1,00 Capex 200 0,50 Outlook 100 0 0,00 Annexes Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 China Other Asi
Slide 19: 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 20: Prices and conversion premiums (PLN / tonne)
Prices and conversion premiums (PLN / tonne) Introduction Group Ferrostal HSJ Overview 5 000 5 000 4 500 4 500 Market 4 000 4 000 3 500 3 500 Financials 3 000 3 000 2 500 2 500 2 000 2 000 Capex 1 500 1 500 1 000 1 000 Outlook 500 500 0 0 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 1Q 2025 4Q 2024 3Q 20
Slide 21: Q1 2025 P&L Waterfall (PLN thousand)
Q1 2025 P&L Waterfall (PLN thousand) Introduction Group 543 318 Overview Market Financials Capex Outlook 15 995 24 070 -28 562 5 103 -519 248 -18 336 - 275 - 824 -7 932 190 -14 709 2 538 -9 606 Annexes -17 348 -14 810 Revenue Cost of Other Distribution Administrative Other Other Financial Financial
Slide 22: Gross Profit Bridge (PLN thousand)
Gross Profit Bridge (PLN thousand) Introduction 50 000 19 309 Group Overview 40 000 30 000 Market 57 764 20 000 25 467 24 070 Financials 10 000 0 Capex -10 000 -20 000 Outlook 1 975 6 547 -30 000 -1 961 -75 419 -4 336 Annexes -5 276 -40 000 spreads FIFO other segments provisions Gross Profit 1Q 2025
Slide 23: EBIT Bridge (PLN thousand)
EBIT Bridge (PLN thousand) Introduction 25 000 Group Overview 20 000 6 269 - 921 15 000 Market -1 397 10 000 Financials 14 676 5 000 Capex 0 Outlook -7 932 -5 000 -26 559 Annexes -10 000 EBIT 1Q 2024 Gross profit change distribution administrative other EBIT 1Q 2025
Slide 24: EBIT Generation Breakdown (PLN thousand)
EBIT Generation Breakdown (PLN thousand) Introduction Group Overview 877 1 488 - 210 1 958 -1 165 -1 394 Market 2 045 -1 712 4 879 Financials Capex -7 932 Outlook -14 698 Annexes 24
Slide 25: Net Profit Bridge (PLN thousand)
Net Profit Bridge (PLN thousand) Introduction 10 000 Group Overview 5 000 6 195 Market 0 -5 000 Financials -14 810 -10 000 Capex 4 953 -15 000 -22 608 Outlook 523 148 -20 000 -4 021 Annexes -25 000 Nett Profit 1Q 2024 EBIT change financial income financial costs extraordinary items income tax Nett P
Slide 26: Balance Sheet (PLN thousand)
Balance Sheet (PLN thousand) Introduction Group Overview 3 000,00 123,20 Cash 2 500,00 150,99 483,43 329,18 115,22 421,20 421,13 Receivables 573,31 364,22 2 000,00 353,88 530,72 Market 470,53 Inventories 517,50 524,68 504,09 Assets 1 500,00 1 000,00 1 561,45 1 659,05 Property, plant and equipment Fi
Slide 27: Working Capital (PLN thousand)
Working Capital (PLN thousand) Introduction Group Overview Market 514 350 305 242 271 Financials 525 589 504 359 517 366 471 423 531 424 -600 -622 -578 -544 -684 Capex Outlook 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Annexes inventories receivables trade liabilities working capital 27
Slide 28: Cash Flows (PLN thousand)
Cash Flows (PLN thousand) Introduction Operational CAPEX Financial Cash balance Increase Decrease Group Overview 245 803 462 672 Market 310 940 -94 071 Financials 21 082 3 699 Capex -32 479 -71 154 10 681 -67 367 -78 764 -137 367 -122 987 -86 557 -80 360 Outlook -23 283 -174 797 -130 139 -10 012 -22
Slide 29: Net Debt (PLN thousand) & Leverage
Net Debt (PLN thousand) & Leverage Introduction 900 000 250,0 Group 800 000 Overview 200,0 700 000 Market 600 000 150,0 500 000 Financials 400 000 797 252 758 566 100,0 Capex 300 000 562 605 545 106 200 000 350 021 50,0 Outlook 100 000 0 0,0 Annexes Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 net debt n
Slide 30: 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 - Q2 2025 SIEMIANOWICE ŚL. merchant bars & light 198 +155 20 sections New capacities Financials Q1 2023 +200 Q1 2024 KRAKÓW Former
Slide 31: 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) (Q2 2025; commissioning to start soon) - additional spooling line (Q2 2025; co
Slide 32: Outlook – Q2 2025
Outlook – Q2 2025 Introduction Group Overview Macro trends Release Siemianowice LSM mill (slide 4) unchanged of post Covid UE funds for completion of construction and Market Poland to invigorate technology assembly of the new infrastructural spending 450kT light sections mill (LSM) Financials Capex
Slide 33: 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 12 Q1 2025 LTM Net profit (000 PLN) -78 525 Equity (000 PLN) 1 163 112 Market 10 Number of shares 171 420 663 30.04.2025 Share price (PLN) 7,4 P/E
Slide 34: P&L (PLN thousand)
P&L (PLN thousand) Wstęp Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Revenues down by 143m & 21% '000 PLN decrease of prices for: scrap metal and finished products Sales revenue 686 280 550 864 498 359 557 966 543 318 - shipments down by 75m Profil Cost of sales - energy sales higher 16m -660 813 -527 2
Slide 35: Assets (PLN thousand)
Assets (PLN thousand) Introduction ASSETS Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 '000 PLN A. TOTAL NON-CURRENT ASSETS 1 318 025 1 383 322 1 477 744 1 614 419 1 713 535 Fixed assets up by 296m & 30% Group - CAPEX: 474m I. Intangible assets 17 532 17 194 16 653 17 656 17 375 Overview - D&A: 53m II. P
Slide 36: Equity and Liabilities (PLN thousand)
Equity and Liabilities (PLN thousand) Introduction EQUITY AND LIABILITIES Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 '000 PLN Equity down by PLN 80m & 6% Group A. EQUITY 1 242 996 1 247 170 1 215 031 1 179 510 1 163 112 - LTM net result: 79m Overview I. Issued share capital 257 131 257 131 257 131 257
Slide 37: Cash Flows (PLN thousand) & Metrics
Cash Flows (PLN thousand) & Metrics Introduction CASH FLOW Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 '000 PLN A A. OPERATING ACTIVITIES - working capital inflow: 19m 3 699 310 940 -71 154 -88 139 21 082 Group B. INVESTING ACTIVITIES -137 367 -94 071 -80 360 -130 139 -32 479 B Overview C. FINANCING ACT
Slide 38: 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 38