Slide 1: Q1 2026 Business and Financial Performance
Introduction Group Overview Market Financials Q1 2026 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 Q1 2026 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, Po
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: Q1 2026 Highlights
Q1 2026 Highlights Introduction Group Overview Rising GPD growth YoY Light decrease in billet Spreads for billets and for Market 4.1% Poland and 1.6% EU prices and a significant finished products worsened decline in finished product YoY prices YoY while the QoQ situation was similar Financials while
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) 179 189 197 188 153 155 174 148139 162 157 160 123 123119 Market 137 131 112 124 98 24 31 27 26 18 17 24 17 19 9 Financials 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 202
Slide 15: Q1 2026 Circular Economy & Sustainable Steelmaking
Q1 2026 Circular Economy Introduction & Sustainable Steelmaking Group Overview 197 019 188 077 178 736 154 706 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 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 Group 400 Overview 300 Difference 200 BOF Market 100 EAF 35 35 13 12 0 -13 Financials -100 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Capex 400 Koszty surowców 300 Feedstock Cost Model BOF EAF (USD / tonę) Outlook tonne / tonne of crude steel 200
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 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Rest of World 46,78 46,27 46,95
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 725 1 019 1 161 981 967 3 000 3 000 -135 38 60 106 57 Capex 2 050 1 632 1 510 1 426 1 674 2 000 1 453 2 000 1 195 1 151 1 205 1 210 1 000 1 000 Outlook 1 438 1
Slide 22: Q1 2026 P&L Waterfall (PLN thousand)
Q1 2026 P&L Waterfall (PLN thousand) Introduction 591 260 Group Overview Market Financials Capex 23 202 37 373 5 059 Outlook 11 987 -30 614 1 692 19 1 413 -18 363 -1 303 -19 162 -2 097 - 684 -553 887 Annexes Revenue Cost of Other Distribution Administrative Other Other Financial Financial Share of p
Slide 23: Gross Profit Bridge (PLN thousand)
Gross Profit Bridge (PLN thousand) Introduction 50 000 4 258 Group 45 000 Overview 1 265 1 650 8 471 40 000 -5 902 -5 304 Market 35 000 23 202 30 000 Financials 25 000 20 000 37 373 Capex 15 000 24 070 10 000 Outlook -14 337 5 000 Annexes 0 spreads FIFO other segments provisions Gross Profit 1Q 2026
Slide 24: EBIT Bridge (PLN thousand)
EBIT Bridge (PLN thousand) Introduction 15 000 Group Overview 8 695 10 000 Market 13 303 11 987 5 000 Financials -2 052 - 27 0 Capex -7 932 Outlook -5 000 Annexes -10 000 EBIT 1Q 2025 Gross profit change distribution administrative other EBIT 1Q 2026
Slide 25: EBIT Generation Breakdown (PLN thousand)
EBIT Generation Breakdown (PLN thousand) Introduction Group Overview 396 1 193 1 258 1 478 -1 578 Market 1 678 1 878 4 082 Financials -6 385 Capex 11 987 7 987 Outlook Annexes 25
Slide 26: Net Profit Bridge (PLN thousand)
Net Profit Bridge (PLN thousand) Introduction 10 000 Group Overview 19 919 5 000 - 44 Market -684 0 -4 453 - 171 -1 125 Financials -5 000 -14 810 Capex -10 000 Outlook -15 000 Annexes -20 000 Nett Profit 1Q 2025 EBIT change financial income financial costs extraordinary items income tax Nett Profit
Slide 27: Balance Sheet (PLN thousands)
Balance Sheet (PLN thousands) Introduction Group Overview 3 000,00 123,20 96,78 102,36 102,02 Cash 124,87 420,91 2 500,00 421,20 463,15 421,17 339,85 Receivables 2 000,00 498,51 469,65 474,12 537,08 Market 530,72 Inventories Assets 1 500,00 1 000,00 1 659,05 1 689,52 1 731,76 1 737,95 1 731,59 Prope
Slide 28: Working Capital (PLN thousands)
Working Capital (PLN thousands) Introduction Group Overview 437 Market 333 320 236 271 Financials 531 424 499 466 470 422 474 342 537 423 -684 -632 -656 -495 -523 Capex Outlook 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 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 21 082 Market -32 479 69 755 -29 163 265 429 Financials -95 022 -23 510 -25 952 -1 113 -30 384 Capex -67 367 -4 632 Outlook -122 087 -70 976 2 754 -78 764 -124 840 -38 959
Slide 30: Net Debt (PLN thousand)
Net Debt (PLN thousand) Introduction 900 000 Group Overview 800 000 700 000 Market 600 000 500 000 Financials 833 450 811 744 816 826 400 000 797 252 697 751 300 000 Capex 200 000 100 000 Outlook 0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Annexes 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 – Q2 2026
Outlook – Q2 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
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 Q1 2026 13.05.2026 2022 Dividends (PLN / share) loss 0,89 5,14 25% of co
Slide 35: P&L (PLN thousand)
P&L (PLN thousand) Introduction Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Revenues rise by 48m & 8.8% '000 PLN - Delivery volumes up by 23k t Sales revenue 543 318 594 886 496 330 446 310 591 260 - decrease of prices Group Cost of sales -519 248 -559 917 -485 405 -470 080 -553 887 Overview Gross profi
Slide 36: Assets (PLN thousand)
Assets (PLN thousand) Introduction ASSETS Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 '000 PLN A. TOTAL NON-CURRENT ASSETS 1 713 535 1 739 642 1 797 255 1 810 587 1 809 913 Fixed assets up by 96m & 6% Group I. Intangible assets 17 375 17 170 17 034 16 769 16 714 - CAPEX: 137m Overview - D&A: -19.8m II.
Slide 37: Equity and Liabilities (PLN thousand)
Equity and Liabilities (PLN thousand) Introduction EQUITY AND LIABILITIES Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 '000 PLN A. EQUITY 1 163 112 1 210 983 1 194 473 1 403 719 1 403 778 Equity up by PLN 241m & 21% Group - share issuance 287m Overview I. Issued share capital 257 131 257 131 257 131 347
Slide 38: Cash Flows (PLN thousand) & Metrics
Cash Flows (PLN thousand) & Metrics Introduction CASH FLOW Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 A '000 PLN - working capital outflow: -122m A. OPERATING ACTIVITIES 21 082 -29 163 65 223 -4 632 -95 022 Group B B. INVESTING ACTIVITIES -32 479 -70 976 -23 510 -124 840 -25 952 Overview - CAPEX outflo
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