Cognor Holding (COG) investor relations material

Executive summary

• Revenue for Q1 2026 reached 591.3 million PLN, up 8.8% year-over-year, but the period ended with a net loss of 0.7 million PLN, a significant improvement from a 14.8 million PLN loss in Q1 2025.

• The trailing twelve months saw a net loss of 116.1 million PLN, deepening from a 78.5 million PLN loss in the prior year.

• Major investment projects were completed, including a new rolling mill in Siemianowice Śląskie and upgrades in Kraków and Gliwice, with total capex exceeding 1.2 billion PLN over recent years.

Financial highlights

• Gross profit for Q1 2026 was 37.4 million PLN, up from 24.1 million PLN in Q1 2025.

• Operating profit for Q1 2026 was 12.0 million PLN, reversing an operating loss of 7.9 million PLN in Q1 2025.

• Net cash flow from operations in Q1 2026 was negative 95.0 million PLN, compared to a positive 21.1 million PLN in Q1 2025.

• Cash and equivalents at March 31, 2026, stood at 102.0 million PLN.

• Equity increased to 1.40 billion PLN, stable versus year-end 2025.

Outlook and guidance

• Management expects Q2 2026 results to depend on product-to-scrap price spreads, energy prices, and FX rates.

• No formal earnings guidance was published.