Slide 1: 2024 Business and Financial Performance
Introduction Group Overview Market Financials 2024 Business and Financial Performance Capex Outlook May 05, 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: 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 5
Slide 6: 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 7: Company Facilities
Company Facilities Introduction Olsztyn Group Overview Headquarter Market Gorzów Wielkopolski Scrap metal sites Poznań Grodzisk Mazowiecki Financials Łódź Steel production facilities Capex Tomaszów Mazowiecki Radom Lublin Non-ferrous metals Wrocław foundry Świdnica Outlook Gliwice PORAJ Kielce Opole
Slide 8: 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 9: 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 10: 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 11: Group Overview - Group Structure & Shareholders
Group Overview - Group Structure & Shareholders Introduction 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 oper
Slide 12: Segments Performance
Segments Performance Introduction Quantities per business segments Group Overview Scrap metal (thousand of tonnes) Billets (thousands of tonnes) 713 868 861 675 761 803 802 598 599 542 536 674 665 483 585549 603 469 Market 388 290 159 152 164 165 186 137 156 136 111 92 Financials 2020 2021 2022 2023
Slide 13: 2024 Circular Economy & Sustainable Steelmaking
2024 Circular Economy Introduction & Sustainable Steelmaking Group Overview 664 574 603 438 536 196 388 233 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 BILLET
Slide 14: 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 15: 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 16: BOF / EAF Feedstock Cost (USD / tonne)
BOF / EAF Feedstock Cost (USD / tonne) Introduction Feedstock costs EAF vs BOF 500 Group Overview 400 300 200 Market 100 68 67 64 26 27 36 6 0 -21 -24 -21 -15 -100 -40 Financials 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Difference BOF EAF Capex Raw material costs (USD / tonne) 450
Slide 17: World and the EU
World and the EU Introduction Group Overview World's steel output (m tonnes) EU(27) steel output (m tonnes) 2000 180 1800 160 Market 1600 140 1400 Financials 120 Other EU(27) 1200 100 Poland 1000 Spain Capex 80 France 800 Italy 60 Germany 600 Outlook 40 400 200 20 Annexes 0 0 2018 2019 2020 2021 202
Slide 18: Billets and Finished Products Cognor's Share and Position in 2024
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 19: Prices and conversion premiums (PLN / tonne)
Prices and conversion premiums (PLN / tonne) Introduction Group HSJ Overview Ferrostal 6 000 5 500 5 500 5 000 5 000 Market 4 500 4 500 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 1 000 500 500 Outlook 0 0 2019 2020 2021 2022 2023 2024 2024 2023 202
Slide 20: EBIT Generation Breakdown (PLN thousand)
EBIT Generation Breakdown (PLN thousand) Introduction 120 000 5 037 2 130 100 000 9 161 Group -7 719 Overview 37 403 80 000 -8 600 -15 041 60 000 Market 48 853 -21 579 40 000 20 000 Financials 0 -25 991 Capex -20 000 -75 636 -40 000 Outlook Annexes 20
Slide 21: Gross Result Bridge (PLN thousand)
Gross Result Bridge (PLN thousand) Introduction 300 000 Group Overview 250 000 Market 200 000 Financials 150 000 280 204 18 735 Capex 100 000 5 788 82 967 33 799 Outlook 50 000 -67 929 -1 516 -36 676 42 197 0 -273 175 Annexes spreads FIFO other segments provisions Gross Result 2024 Gross Result 2023
Slide 22: EBIT Bridge (PLN thousand)
EBIT Bridge (PLN thousand) Introduction 250 000 Group Overview 200 000 Market 150 000 Financials 100 000 203 306 Capex 50 000 Outlook 0 -25 991 9 172 2 200 -238 007 -2 662 Annexes -50 000 EBIT 2023 Gross profit change distribution administrative other EBIT 2024 22
Slide 23: Net Result Bridge (PLN thousand)
Net Result Bridge (PLN thousand) Introduction 300 000 Group 250 000 Overview 200 000 Market 150 000 235 808 100 000 Financials 50 000 3 328 3 821 Capex 0 -229 297 -57 520 -50 000 40 836 Outlook -100 000 -112 016 Annexes -150 000 Nett Result 2023 EBIT change financial income financial costs extraordi
Slide 24: 2024 P&L Waterfall (PLN thousand)
2024 P&L Waterfall (PLN thousand) Introduction 2 293 369 Group Overview Market Financials Capex Outlook 121 823 -2 251 172 -118 867 5 946 14 322 114 -72 516 -4 574 11 648 -57 613 -69 168 -57 520 Annexes Revenue Cost of sales Other income Distribution Administrative Other Other Financial Financial Sh
Slide 25: Balance Sheet (PLN thousand)
Balance Sheet (PLN thousand) Introduction 3 000,00 Cash and cash equivalents Group Overview Trade receivables 2 000,00 Inventories Assets Market 1 000,00 Property, plant and equipment Financials 0,00 Capex EQUITY Liabilities -1 000,00 Outlook Trade payables -2 000,00 Current loans and borrowings Non
Slide 26: Working Capital (PLN thousand)
Working Capital (PLN thousand) Introduction Group Overview 562 020 549 078 523 859 476 975 470 531 Market 444 009 425 801 423 407 398 227 414 245 350 273 274 101 333 333 Financials 142 025 Capex 4 280 Outlook -411 846 -431 067 Annexes -461 129 -490 695 -543 665 2020 2021 2022 2023 2024 inventories r
Slide 27: Cash Flows (PLN thousand)
Cash Flows (PLN thousand) Introduction Operational CAPEX Financial Cash balance Increase Decrease Group Overview 448 500 159 045 Market 294 545 245 105 224 771 Financials -197 915 -5 480 206 089 -58 121 -57 110 120 012 Capex -359 064 21 599 -127 380 -92 121 -441 937 -37 836 -9 945 -124 318 -188 837
Slide 28: Net Debt (PLN thousand) & Leverage
Net Debt (PLN thousand) & Leverage Introduction Net Debt Ratio 800 000 35,0 758 566 Group Overview 700 000 30,0 600 000 Market 25,0 500 000 20,0 398 371 Financials 400 000 15,0 300 000 225 883 230 193 Capex 10,0 200 000 166 101 5,0 100 000 65 408 Outlook 0 0,0 2019 2020 2021 2022 2023 2024 net debt
Slide 29: 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 30: 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 31: Outlook – 2025
Outlook – 2025 Introduction Group Overview Macro trends Release Siemianowice LSM mill (slide 4) unchanged of post Covid UE funds for full scale production to Market Poland to invigorate commence from the beginning infrastructural spending of Q4 2025 Financials Capex Market Prices of scrap metal, Ris
Slide 32: 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 2024 12 Net profit (000 PLN) -57 520 Equity (000 PLN) 1 179 510 Market Number of shares 171 420 663 10 23.04.2025 Share price (PLN) 7,92 P/E loss 8
Slide 33: P&L (PLN thousand)
P&L (PLN thousand) Introduction Revenues down by 428m & 16% 2020 2021 2022 2023 2024 - less revenues from non-core sources - lower of prices Sales revenue 1 733 221 2 811 151 3 666 690 2 721 504 2 293 369 - higher shipments Group Cost of sales -1 574 324 -2 222 237 -2 772 410 -2 441 32 -2 251 172 Ov
Slide 34: Assets (PLN thousand)
Assets (PLN thousand) Introduction 2020 2021 2022 2023 2024 Group Overview A. TOTAL NON-CURRENT ASSETS 514 518 564 496 740 355 1 181 785 1 614 419 Fixed assets up by 433m & 37% I. Intangible assets 18 100 15 139 12 851 18 196 17 656 - CAPEX 496m II. Property, plant and equipment 429 769 493 220 647
Slide 35: Equity and Liabilities (PLN thousand)
Equity and Liabilites (PLN thousand) Introduction 2020 2021 2022 2023 2024 '000 PLN Group A. EQUITY 307 014 643 869 1 228 431 1 241 210 1 179 510 Equity down by PLN 62m & 5% Overview I. Issued share capital 185 911 257 131 257 131 257 131 257 131 - net result -58m II. Reserves and retained earnings
Slide 36: Cash Flows & Metrics
Cash Flows & Metrics Introduction 2020 2021 2022 2023 2024 Group Overview '000 PLN working capital inflow: 147m income tax: 7m A. OPERATING ACTIVITIES 206 089 120 012 489 565 294 545 159 045 CAPEX: 455m B. INVESTING ACTIVITIES -57 110 -92 121 -235 834 -359 064 -441 937 disposals: 22m Market C. FINAN
Slide 37: 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 37