Slide 1: Q3 2025 Business and Financial Performance
Introduction Group Overview Market Financials Q3 2025 Business and Financial Performance Capex Outlook November 12, 2025 Annexes 1
Slide 2: Speaker
Introduction Speaker Group Overview Market Financials Capex Outlook KRZYSZTOF ZOŁA Annexes 2
Slide 3: Media and Investor Relations
Introduction Media and Investor Relations Group Overview Our Q3 2025 results will be presented on Tuesday, November 12, 2025. 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, Warsa
Slide 4: Q3 2025 Highlights
Q3 2025 Highlights Introduction Group Overview Rising GPD growth YoY Billet and finished product Spreads for billets improved Market 3.7 - 4.0 % Poland and 1.5% EU prices falling YoY and for finished products and QoQ worsened YoY as well as QoQ Financials Capex Rebar volumes fair Rising crude steel
Slide 5: Segments Performance
Segments Performance Introduction Quantities per business segments Group Overview Scrap metal (thousand tonnes) Billets (thousand tonnes) 189 174 158 154 162 157 153 152 148139 138 137 131 137 123 119 123 123119 Market 93 26 31 27 34 30 26 23 24 18 17 Financials 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 20
Slide 6: BOF / EAF Feedstock Cost
BOF / EAF Feedstock Cost (USD / tonne) Introduction 500 450 Group 400 Overview 350 300 Difference 250 BOF Market 200 EAF 150 100 50 23 32 2 13 12 Financials 0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Capex 400 Koszty surowców 300 Feedstock Cost Model BOF EAF (USD / tonę) Outlook tonne / tonne of crud
Slide 7: 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 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Rest of World 42,80 91,90 47,20
Slide 8: 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 1 470 Financials 1 019 1 161 967 1 226 3 000 3 000 162 -135 -116 38 106 1 535 Capex 1 632 1 510 1 674 1 376 2 0001 154 1 453 2 000 1 325 1 195 1 205 1 000 1 000 Outlook 1
Slide 9: Q3 2025 P&L Waterfall (PLN thousand)
Q3 2025 P&L Waterfall (PLN thousand) Introduction Group Overview 496 330 Market Financials Capex 16 269 10 925 -485 405 -26 896 5 370 -1 567 66 -23 508 6 Outlook -19 407 -14 819 7 801 -34 154 -26 353 Annexes Revenue Cost of Other Distribution Administrative Other Other Financial Financial Share of p
Slide 10: Gross Profit Bridge (PLN thousand)
Gross Profit Bridge (PLN thousand) Introduction 20 000 25 839 Group Overview 15 000 1 927 Market 8 168 10 000 -6 660 Financials 5 000 -7 094 10 925 -1 785 -1 155 Capex 1 679 0 Outlook -5 000 -9 994 Annexes -10 000 spreads FIFO other segments provisions Gross Profit 3Q 2025 Gross Profit 3Q 2024 shipm
Slide 11: EBIT Bridge (PLN thousand)
EBIT Bridge (PLN thousand) Introduction 0 -2 000 Group Overview -4 000 -6 000 Market -8 000 Financials -10 000 -19 838 -19 407 9 246 -12 000 - 953 Capex -14 000 -16 000 Outlook -5 209 -18 000 Annexes -20 000 -2 653 EBIT 3Q 2024 Gross profit change distribution administrative other EBIT 3Q 2025
Slide 12: EBIT Generation Breakdown (PLN thousand)
EBIT Generation Breakdown (PLN thousand) inclusive of PLN 5.5 Introduction million of fixed costs of LSM in Siamianowice Śląskie with no production 937 246 and sales there yet Group 1 532 - 110 Overview 7 216 -1 423 -3 068 Market 6 015 -8 361 Financials -19 407 Capex -22 391 Outlook Annexes 12
Slide 13: Net Profit Bridge (PLN thousand)
Net Profit Bridge (PLN thousand) Introduction 0 Group Overview -5 000 Market -10 000 -26 353 Financials -15 000 -30 426 Capex -20 000 Outlook -25 000 1 789 2 306 38 Annexes - 491 431 -30 000 Nett Profit 3Q 2024 EBIT change financial income financial costs extraordinary items income tax Nett Profit 3
Slide 14: Balance Sheet (PLN thousands)
Balance Sheet (PLN thousands) Introduction Group Overview 3 000,00 123,20 96,78 102,36 Cash 2 500,00 329,18 115,22 421,20 463,15 421,17 421,13 Receivables 364,22 2 000,00 530,72 498,51 469,65 Market 470,53 Inventories 517,50 Assets 1 500,00 1 000,00 1 561,45 1 659,05 1 689,52 1 731,76 Property, plan
Slide 15: Working Capital (PLN thousands)
Working Capital (PLN thousands) Introduction Group Overview 350 333 Market 271 305 236 Financials 517 366 471 423 531 424 499 466 470 422 -578 -544 -684 -632 -656 Capex Outlook 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Annexes inventories receivables trade liabilities working capital 15
Slide 16: Cash Flows (PLN thousands)
Cash Flows (PLN thousands) Introduction Operational CAPEX Financial Cash balance Increase Decrease Group Overview 69 755 65 223 Market -30 384 -23 510 Financials 21 082 Capex -32 479 -29 163 -71 154 -67 367 -78 764 -88 139 -80 360 -23 283 -174 797 2 754 Outlook -38 959 -130 139 -8 430 -226 708 -70 9
Slide 17: Net Debt (PLN thousand) & Leverage
Net Debt (PLN thousand) & Leverage Introduction 900 000 250 Group Overview 800 000 200 700 000 Market 600 000 150 500 000 Financials 833 450 811 744 400 000 797 252 758 566 100 Capex 300 000 545 106 200 000 50 Outlook 100 000 0 0 Annexes Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 net debt net debt / LT
Slide 18: Outlook – Q4 2025
Outlook – Q4 2025 Introduction Group Overview Macro trends Expected boost First LSM mill sales (slide 4) unchanged in infrastructure spending and the resultant improvement of Market from the National Recovery average prices and spreads Plan (NRP) Financials Capex Market Prices of scrap metal, Rising
Slide 19: P&L (PLN thousand)
P&L (PLN thousand) Introduction Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Revenues down by 2m & 0,4% '000 PLN - Delivery volumes up by 21k t Sales revenue 498 359 557 966 543 318 594 886 496 330 - decrease of prices Group Cost of sales -490 580 -566 546 -519 248 -559 917 -485 405 Overview Gross profit
Slide 20: Assets (PLN thousand)
Assets (PLN thousand) Introduction ASSETS Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 '000 PLN A. TOTAL NON-CURRENT ASSETS 1 477 744 1 614 419 1 713 535 1 739 642 1 797 255 Fixed assets up by 320m & 22% Group I. Intangible assets 16 653 17 656 17 375 17 170 17 034 - CAPEX: 359m Overview - D&A: -56m II.
Slide 21: Equity and Liabilities (PLN thousand)
Equity and Liabilities (PLN thousand) Introduction EQUITY AND LIABILITIES Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 '000 PLN A. EQUITY 1 215 031 1 179 510 1 163 112 1 210 983 1 194 473 Equity down by PLN 21m & 2% Group I. Issued share capital 257 131 257 131 257 131 257 131 257 131 - LTM net result: -
Slide 22: Cash Flows (PLN thousand) & Metrics
Cash Flows (PLN thousand) & Metrics Introduction CASH FLOW Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 A '000 PLN - working capital outflow: 7m A. OPERATING ACTIVITIES -71 154 -88 139 21 082 -29 163 65 223 Group B B. INVESTING ACTIVITIES -80 360 -130 139 -32 479 -70 976 -23 510 Overview - disposals infl
Slide 23: 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 23