Slide 1: 2025 Business and Financial Performance
Introduction Group Overview Market Financials 2025 Business and Financial Performance Capex Outlook May 18, 2026 Annexes 1
Slide 2: Speakers
Introduction Speakers Group Overview Market Financials Capex Outlook PRZEMYSŁAW SZTUCZKOWSKI KRZYSZTOF ZOŁA Annexes 2
Slide 3: Media and Investor Relations
Introduction Media and Investor Relations Group Overview Our 2025 results will be presented on Tuesday, May 18, 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, Polan
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: Structure
Structure Introduction Group Stalowa Wola Gliwice Overview Market Financials Capex Stalowa Wola Stalowa Wola Siemianowice Śląskie (LSM) 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- ferrous and Market ferrous POLAND scrap metal suppliers Sourcing + processing SIEMIANOWICE (PL) of ferrous and non-ferrous
Slide 8: Company Facilities
Company Facilities Introduction Olsztyn Group Overview Headquarter Market Scrap metal sites Poznań Financials Łódź Steel production facilities Capex Tomaszów Mazowiecki Radom Lublin Non-ferrous metals Wrocław foundry Świdnica Outlook Gliwice PORAJ Kielce Opole Electrode production Stalowa Wola Sosno
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, SQ Bars, Plates • Billets: 300k tonnes • 1 EA
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 Introduction Free float Group Overview 40,06% 100% Market JAP Industries s.r.o. Przemysław 100% 55,94% Cognor Holding S.A. PS HoldCo Sp. z o.o. Sztuczkowski WSE quoted formerly 4Workers Sp. z o.o. Financials 50,90% 94,41% Cognor Holding SK Capex Cognor
Slide 13: Segments Performance
Segments Performance Introduction Quantities per business segments Group Overview Scrap metal (thousand of tonnes) Billets (thousands of tonnes) 713 861 803 802 598 599 674 536 536 665 660 469 483 480 585549 603 574 Market 388 290 152 164 165 186 156 136 111 92 98 69 Financials 2021 2022 2023 2024 2
Slide 14: 2025 Circular Economy & Sustainable Steelmaking
2025 Circular Economy Introduction & Sustainable Steelmaking Group Overview 659 633 574 337 536 215 479 531 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 15: 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 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 Feedstock costs EAF vs BOF 500 Group Overview 400 300 200 Market 100 68 67 64 26 27 36 6 11 0 -21 -24 -21 -15 -100 -40 Financials 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Difference BOF EAF Capex Raw material costs (USD / to
Slide 18: World and the EU
World and the EU Introduction Group Overview World's steel output (m tonnes) EU(27) steel output (m tonnes) 2100 180 160 1800 Market 140 1500 120 1200 100 Financials 80 900 60 600 Capex 40 300 20 0 0 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Outlook Rest of World Other EU
Slide 19: Cognor's Share and Position in 2025
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% 4% 4% Market Arms Automotive 5% 19% 259 Machine Mining 11% 6% Financials Railway 5% Constru
Slide 20: Prices and conversion premiums (PLN / tonne)
Prices and conversion premiums (PLN / tonne) Introduction Group HSJ Overview Ferrostal 6 000 6 000 5 500 5 500 1 530 5 000 Market 5 000 4 500 1 474 4 500 -46 4 000 4 000 1 200 753 1 022 3 500 Financials 3 500 2 296 2 450 755 3 000 3 000 380 2 006 701 2 500 29 1 553 2 500 259 1 543 211 1 419 1 302 1
Slide 21: EBIT Generation Breakdown (PLN thousand)
EBIT Generation Breakdown (PLN thousand) Introduction 6 305 1 547 Group - 659 -1 468 7 057 Overview -5 137 14 241 -14 335 Market -21 501 Financials -91 160 Capex Outlook -77 210 Annexes 21
Slide 22: Gross Result Bridge (PLN thousand)
Gross Result Bridge (PLN thousand) Introduction 60 000 Group 132 737 Overview 40 000 -7 578 42 197 46 194 Market 20 000 0 Financials -20 000 7 990 Capex -40 000 -71 416 -4 029 -60 000 Outlook -33 392 -7 655 -80 000 Annexes -12 660 -100 000 Gross Result 2024 spreads shipments FIFO stoppage other segm
Slide 23: EBIT Bridge (PLN thousand)
EBIT Bridge (PLN thousand) Introduction 0 Group Overview -10 000 10 058 -25 991 -20 000 3 997 -9 877 Market -30 000 -40 000 Financials -91 160 -50 000 Capex -60 000 -70 000 Outlook -80 000 -90 000 Annexes -69 347 -100 000 EBIT 2024 Gross profit change distribution administrative other EBIT 2025 23
Slide 24: Net Result Bridge (PLN thousand)
Net Result Bridge (PLN thousand) Introduction 0 Group Overview -20 000 -57 520 -40 000 Market -60 000 -130 271 Financials -80 000 Capex -100 000 -120 000 Outlook -65 169 9 402 -10 767 -140 000 -6 085 - 132 Annexes -160 000 Nett Result 2024 EBIT change financial income financial costs extraordinary i
Slide 25: 2025 P&L Waterfall (PLN thousand)
2025 P&L Waterfall (PLN thousand) Introduction Group 2 080 844 Overview Market Financials Capex 60 574 Outlook -2 034 650 -108 809 13 669 3 555 -82 393 -20 395 -63 698 -18 -151 321 21 050 -130 271 Annexes Revenue Cost of sales Other Distribution Administrative Other Other Financial Financial Share o
Slide 26: Balance Sheet (PLN thousand)
Balance Sheet (PLN thousand) Introduction 3 000,00 Cash and cash equivalents Group 125 Overview 115 340 421 144 Trade receivables 2 000,00 474 336 404 471 Inventories Assets Market 428 108 524 398 1 000,00 549 1 738 426 1 561 Property, plant and equipment 1 117 Financials 493 647 0,00 -644 Capex -1
Slide 27: Working Capital (PLN thousand)
Working Capital (PLN thousand) Introduction Group Overview 562 477 Market 350 333 320 Financials 426 398 549 444 524 414 471 423 474 342 -491 -431 -461 -544 -495 Capex Outlook 2021 2022 2023 2024 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 159 045 448 500 29 563 52 510 228 858 Market 294 545 245 105 224 771 -197 915 -5 480 Financials -58 121 120 012 Capex -359 064 -92 121 -251 805 -441 937 -37 836 -9 945 -124 318 -188 837 O
Slide 29: Net Debt (PLN thousand) & Leverage
Net Debt (PLN thousand) & Leverage Introduction 800 000 Group 700 000 Overview 600 000 Market 500 000 Financials 400 000 758 566 697 751 Capex 300 000 200 000 398 371 Outlook 230 193 100 000 166 101 Annexes 65 408 0 2020 2021 2022 2023 2024 2025 net debt net debt / LTM EBITDA 29
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 5 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 on progress) - additional spooling line (Q2 2025) Mark
Slide 32: Outlook – 2026
Outlook – 2026 Introduction Group Overview Macro trends Release Increasing utilization (slide 4) unchanged EU funds (NRRP + SAFE) for of production capacities at Market Poland aimed at stimulating Stalowa Wola, Krakow ang infrastructure spending Gliwice close to maximum levels; gradual scaling up of
Slide 33: Dividends and Share Quoting
33 Group Capex Market Outlook Overview Annexes Financials Introduction 0 0,5 1 1,5 2 2018 2020 Share price (PLN) Equity (000 PLN) P/E Net profit (000 PLN) P / BV Number of shares Dividend policy 2025 0,1 2021 0,28 0,15 0,15 1,23 13.05.2026 2022 Dividends (PLN / share) loss 0.89 5.14 25% of consolida
Slide 34: P&L (PLN thousand)
P&L (PLN thousand) Introduction Revenues down by 213m & 9% 2021 2022 2023 2024 2025 - lower sales volumes '000 PLN - decline in scrap and finished product prices Sales revenue 2 811 151 3 666 690 2 721 504 2 293 369 2 080 844 (improvement only in billets) Group Cost of sales -2 222 237 -2 772 410 -2
Slide 35: Assets (PLN thousand)
Assets (PLN thousand) Introduction ASSETS 2021 2022 2023 2024 2025 '000 PLN A. TOTAL NON-CURRENT ASSETS 564 496 740 355 1 181 785 1 614 419 1 810 587 Fixed assets up by 197m & 12% Group - CAPEX 237m I. Intangible assets 15 139 12 851 18 196 17 656 16 769 Overview - deferred tax: 31m II. Property, pl
Slide 36: Equity and Liabilities (PLN thousand)
Equity and Liabilites (PLN thousand) Introduction EQUITY AND LIABILITIES 2021 2022 2023 2024 2025 '000 PLN A. EQUITY 643 869 1 228 431 1 241 210 1 179 510 1 403 719 Equity up by PLN 224m & 19% Group I. Issued share capital 257 131 257 131 257 131 257 131 347 131 - capital injections in May and Novem
Slide 37: Cash Flows & Metrics
Cash Flows & Metrics Introduction CASH FLOW 2021 2022 2023 2024 2025 '000 PLN working capital inflow: 109m A. OPERATING ACTIVITIES 120 012 489 565 294 545 159 045 52 510 income tax: 1m Group Overview CAPEX: 269m B. INVESTING ACTIVITIES -92 121 -235 834 -359 064 -441 937 -251 805 disposals: 17m C. FI
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