Slides
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Q3 2025 Business and Financial Performance November 12, 2025 Introduction Group Overview Market Financials Capex Outlook Annexes 1
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Introduction Group Overview Market Financials Capex Outlook Annexes 2 Speaker KRZYSZTOF ZOŁA
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Media and Investor Relations 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. The press conference will be organized at the Westin Hotel, #21 Jana Pawła II, Warsaw, Poland at 10:00 CET, in Polish language. The conference for investors will follow at the same venue at 11:30 CET, also in Polish language. To take part in either of the two meetings the participants are kindly asked to contact: Kamil Więckowski: k.wieckowski@makmedia.pl, mob.: +48 735 959 581 or Przemysław Małoszyc: pmaloszyc@cognor.eu, mob,: +48 508 032 813. 2. The videoconference call for investors will be held at 16:00 CET (15:00 LND, 10:00 NY, 07:00 LA) in English language. Participants who wish to join the conference call are kindly asked to use the following MS Teams link: https://teams.microsoft.com/l/meetup- join/19%3ameeting_YWUzYmU0OWItNWUzNS00MTU0LWE5YmUtZmRjNzBjZDU4MDFi%40thread.v2/0?context=%7b%22Tid%22%3 a%22d509b1a0-bbd1-4ee1-ab17-b888cff6aefe%22%2c%22Oid%22%3a%2285bdffde-c380-4418-8cbe-5cac4ee40069%22%7d To take part, you can connect through your Internet browser or download the app at: https://play.google.com/store/apps/details?id=com.microsoft.teams&hl=pl or at Apple App Store: https://apps.apple.com/app/id1113153706?cmpid=downloadiOSGetApp&lm=deeplink&lmsrc=downloadPage Technical support – Kamil Więckowski: k.wieckowski@makmedia.pl, mob.:+48 735 959 581. Introduction Group Overview Market Financials Capex Outlook Annexes
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Q3 2025 Highlights Introduction Group Overview Market Financials Capex Outlook Annexes Billet and finished product prices falling YoY and QoQ Spreads for billets improved and for finished products worsened YoY as well as QoQ Rebar volumes fair but prices still very weak; auto sector is stable at a low level Rising crude steel capacity utilization 55,3% in Q2 2024; 59,4% in Q3 2024, 66,1% in Q4 2024, up to 68.1% in Q1-3 2025 due to Cracow mill increasing capacity utilization from 29,9% in Q2 2024; 46,6% in Q3 2024; 73,5% in Q4 2024; to 73,1% in Q1-3 2025 Rising GPD growth YoY 3.7 - 4.0 % Poland and 1.5% EU Commissioning at LSM in Siemianowice Śląskie; All overdraft lines renewed by 12 months
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123 137 153 148 123 93 119 123 139 119 34 30 26 18 17 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Billets (thousand tonnes) Production Internal use Sales Segments Performance Quantities per business segments Introduction Group Overview Market Financials Capex Outlook Annexes 5 152 158 189 174 137138 154 162 157 131 26 23 24 31 27 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Scrap metal (thousand tonnes) Purchase Internal use Sales 79 110 107 123 115 70 115 105 131 105 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Finished products (thousand tonnes) Production Sales
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BOF / EAF Feedstock Cost (USD / tonne) Introduction Group Overview Market Financials Capex Outlook Annexes 6 source: IMF - iron ore, EIA – coking coal Cognor – scrap metal, PSE – CO2 emission rights (25% due to approx.75% allowances available for free) Feedstock Cost Model BOF EAF tonne / tonne of crude steel scrap metal 0.21 1.12 coking coal 0.60 iron ore 1.60 CO2 emission rights 0.50 0.13 23 2 13 32 12 0 50 100 150 200 250 300 350 400 450 500 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Difference BOF EAF Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Iron ore 102 105 105 99 99 Coking coal 196 160 151 151 146 Scrap metal 364 322 331 342 319 CO2 75 71 79 79 85 0 100 200 300 400 Koszty surowców (USD / tonę)
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World and the Poland Introduction Group Overview Market Financials Capex Outlook Annexes 7 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Rest of World 42,80 91,90 47,20 46,00 46,80 USA 20,30 19,20 19,70 20,50 21,20 Japan 20,60 20,70 20,40 20,20 19,90 CIS 20,90 19,90 20,50 21,10 19,70 UE(27) 30,60 31,70 32,40 33,00 29,20 Other Asia 66,40 68,50 69,10 69,40 71,20 China 237,90 236,60 259,30 255,50 231,50 0 100 200 300 400 500 600 steel output (million tonnes) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Poland 1,82 1,68 1,85 2,02 1,78 0,00 0,50 1,00 1,50 2,00 2,50 steel output (million tonnes)
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Prices and conversion premiums (PLN / tonne) Introduction Group Overview Market Financials Capex Outlook Annexes 8 1 1641 2841 3211 2941 420 1 205 1 4531 1951 3251 154 106 -13538-116162 0 1 000 2 000 3 000 4 000 5 000 6 000 3Q 20252Q 20251Q 20254Q 20243Q 2024 Ferrostal Scrap metal Billets Finished products 1 284 1 426 1 500 1 454 1 556 1 674 1 632 1 510 1 376 1 535 967 1 019 1 161 1 226 1 470 0 1 000 2 000 3 000 4 000 5 000 6 000 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 HSJ Scrap metal Billets Finished products
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Q3 2025 P&L Waterfall (PLN thousand) Introduction Group Overview Market Financials Capex Outlook Annexes 9 Revenue Cost of sales Gross profit Other income Distribution expenses Administrative expenses Other gains net Other expenses EBIT Financial income Financial expenses Share of profits of associates Profit before tax Income tax Profit for the period 496 330 -485 405 16 269 -26 896 -23 508 5 370 -1 567 66 -14 819 6 -34 154 7 801 10 925 -19 407 -26 353
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Gross Profit Bridge (PLN thousand) Introduction Group Overview Market Financials Capex Outlook Annexes 10 -9 994 25 839 -6 660 1 927 -7 094 -1 785 -1 155 8 168 1 679 10 925 Gross Profit 3Q 2024 spreads shipments FIFO stoppage other segments D & A provisions conversion costs Gross Profit 3Q 2025 -10 000 -5 000 0 5 000 10 000 15 000 20 000
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EBIT Bridge (PLN thousand) Introduction Group Overview Market Financials Capex Outlook Annexes 9 246 - 953 -5 209 -2 653 -19 838 -19 407 EBIT 3Q 2024 Gross profit change distribution administrative other EBIT 3Q 2025 0 -2 000 -4 000 -6 000 -8 000 -10 000 -12 000 -14 000 -16 000 -18 000 -20 000
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EBIT Generation Breakdown (PLN thousand) Introduction Group Overview Market Financials Capex Outlook Annexes 12 7 216 1 532 937 246 - 110 -1 423 -3 068 -8 361 -22 391 6 015 -19 407 inclusive of PLN 5.5 million of fixed costs of LSM in Siamianowice Śląskie with no production and sales there yet
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Net Profit Bridge (PLN thousand) Introduction Group Overview Market Financials Capex Outlook Annexes 431 2 306 - 491 38 1 789 -30 426 -26 353 Nett Profit 3Q 2024 EBIT change financial income financial costs extraordinary items income tax Nett Profit 3Q 2025 0 -5 000 -10 000 -15 000 -20 000 -25 000 -30 000
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Balance Sheet (PLN thousands) Introduction Group Overview Market Financials Capex Outlook Annexes 14 Cash Long–term debt Receivables Short–term debt Inventories Trade payables Property, plant and equipment Equity AssetsLiabilities -1 215,03 -1 179,51 -1 163,11 -1 210,98 -1 194,47 1 430,45 1 561,45 1 659,05 1 689,52 1 731,76 -577,69 -543,67 -683,85 -631,58 -655,94 517,50 470,53 530,72 498,51 469,65 -167,61 -626,69 -532,94 -694,26 -694,07 364,22 421,13 421,20 463,15 421,17 -706,68 -247,10 -387,51 -235,97 -220,04 329,18 115,22 123,20 96,78 102,36 -3 000,00 -2 500,00 -2 000,00 -1 500,00 -1 000,00 -500,00 0,00 500,00 1 000,00 1 500,00 2 000,00 2 500,00 3 000,00 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025
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Working Capital (PLN thousands) Introduction Group Overview Market Financials Capex Outlook Annexes 15 517 471 531 499 470366 423 424 466 422 -578 -544 -684 -632 -656 305 350 271 333 236 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 inventories receivables trade liabilities working capital
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Cash Flows (PLN thousands) Introduction Group Overview Market Financials Capex Outlook Annexes 16 Operational CAPEX Financial Cash balance Increase Decrease -71 154 -80 360 -23 283 -174 797 Q3 2024 Q4 2024 Q1 2025 -88 139 -130 139 -8 430 -226 708 21 082 -32 479 -67 367 -78 764 Q2 2025 -29 163 -70 976 69 755 -30 384 Q3 2025 65 223 -23 510 -38 959 2 754
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Net Debt (PLN thousand) & Leverage Introduction Group Overview Market Financials Capex Outlook Annexes 17 545 106 758 566 797 252 833 450 811 744 0 50 100 150 200 250 0 100 000 200 000 300 000 400 000 500 000 600 000 700 000 800 000 900 000 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 net debt net debt / LTM EBITDA
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Introduction Group Overview Market Financials Capex Outlook Annexes 18 Outlook – Q4 2025 Macro trends (slide 4) unchanged Market pressure from Ukraine in the rebar segment and stabilization in the automotive sector Prices of scrap metal, steel billets and finished products expected stabilization Rising capacity utilization driven by the Kraków rolling mill’s output levels and the commencement of the LSM in Siemianowice Śląskie Expected boost in infrastructure spending from the National Recovery Plan (NRP) First LSM mill sales and the resultant improvement of average prices and spreads
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P&L (PLN thousand) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 '000 PLN Sales revenue 498 359 557 966 543 318 594 886 496 330 Cost of sales -490 580 -566 546 -519 248 -559 917 -485 405 Gross profit 1 679 -8 580 24 070 34 969 10 925 Other income 22 821 20 412 15 995 15 702 16 269 Distribution expenses -25 943 -29 215 -28 562 -29 875 -26 896 Administrative expenses -18 299 -16 954 -18 336 -21 706 -23 508 Other gains/(losses) – net 1 245 946 -275 9 576 5 370 Other expenses -1 341 -1 840 -824 -1 002 -1 567 EBIT -19 838 -35 231 -7 932 7 664 -19 407 Financial income -2 240 4 978 5 103 -2 443 66 Financial expenses -14 328 -14 125 -14 709 -18 552 -14 819 Net financing costs -16 568 -9 147 -9 606 -20 995 -14 753 Share of profits of associates -32 35 190 -64 6 Excess in fair value of acquired assets over cost 0 0 0 0 0 Profit before tax -36 438 -44 343 -17 348 -13 395 -34 154 Income tax expense 6 012 8 884 2 538 1 698 7 801 Profit/loss from discontinued operations 0 0 0 Profit for the period -30 426 -35 459 -14 810 -11 697 -26 353 Depreciation and amortization -12 824 -13 568 -13 942 -13 822 -14 609 EBITDA -7 014 -21 663 6 010 21 486 -4 798 Revenues down by 2m & 0,4% - Delivery volumes up by 21k t - decrease of prices Gross profit rise by 9m & 550% - higher shipments: 26m - lower stoppage cost 1,9m - higher conversion costs: 8m - other segments result: -7m EBIT rise by 0,4m & 2,2% - gross profit change : 9m - lower other gains & losses balance: -3m - higher administration costs: -5m - higher distribution costs: -1m Net profit rise by 4m & 13% - income tax change: 2m - EBIT change: 0,4m - financial income change: 2m - financial costs change: -1m Adjusted net result -27m (v. 4m in Q3 2024) EBITDA rise by 2m & 32% Adjusted EBITDA -6m (v. 22m in Q3 2024) Introduction Group Overview Market Financials Capex Outlook Annexes 19
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Assets (PLN thousand) Introduction Group Overview Market Financials Capex Outlook Annexes 20 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 I. Intangible assets 16 653 17 656 17 375 17 170 17 034 II. Property, plant and equipment 1 430 453 1 561 453 1 659 045 1 689 516 1 731 762 III. Other receivables 8 577 660 705 659 659 IV. Investment property and other investments 1 134 1 119 1 308 1 244 1 224 V. Financial instruments assets 17 357 17 140 16 020 10 345 10 522 VI. Prepaid perpetual usufruct of land 0 0 0 0 0 VII. Deferred tax assets 3 570 16 391 19 082 20 708 36 054 B. TOTAL CURRENT ASSETS 1 214 770 1 012 020 1 082 404 1 062 638 996 071 I. Inventories 517 495 470 531 530 716 498 512 469 654 II. Receivables 365 614 423 407 423 821 465 620 422 301 1. Trade and other receivables 364 217 421 133 421 201 463 149 421 166 2. Current income tax receivable 1 382 2 261 2 594 2 452 1 115 3. Other investments 15 13 26 19 20 III. Financial instruments assets 2 479 2 860 2 673 1 726 1 755 IV. Cash and cash equivalents 329 182 115 222 123 196 96 780 102 361 V. Prepayments 0 0 1 998 0 0 VI. Assets classified as held for sale 0 0 0 0 0 Total 2 692 514 2 626 439 2 795 939 2 802 280 2 793 326 Fixed assets up by 320m & 22% - CAPEX: 359m - D&A: -56m - asset dispositions: -2m - financial instruments valuation: -12m Current assets down by 219m & 18% - cash down by 227m - inventories down by 48m - receivables up by 57m trade receivables sold: 187m (in Q3 2024: 216m)
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Equity and Liabilities (PLN thousand) Introduction Group Overview Market Financials Capex Outlook Annexes 21 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 I. Issued share capital 257 131 257 131 257 131 257 131 257 131 II. Reserves and retained earnings 880 177 846 790 831 220 879 544 864 643 III. Minority interest 77 723 75 589 74 761 74 308 72 699 B. LIABILITIES 1 477 483 1 446 929 1 632 827 1 591 297 1 598 853 I. Non-current liabilities 726 814 270 403 410 894 259 838 243 719 1. Employee benefits obligation 13 604 13 897 14 180 14 389 14 769 2. Interest-bearing loans and borrowings 706 679 247 102 387 508 235 970 220 040 3. Other 6 531 9 404 9 206 9 479 8 910 II. Current liabilities 750 669 1 176 526 1 221 933 1 331 459 1 355 134 1. Interest-bearing loans and borrowings 146 619 596 685 415 814 573 748 571 380 2. Bank overdraft 20 990 30 001 117 126 120 512 122 685 3. Trade and other payables 577 694 543 665 683 852 631 583 655 942 4. Deferred government grants 1 450 1 313 1 138 1 202 778 5. Liability under financial instruments 0 0 0 0 6. Employee benefits obligation 2 616 2 773 2 703 3 114 2 750 7. Current income tax payable 0 789 0 0 299 8. Provisions for payables 1 300 1 300 1 300 1 300 1 300 III. Liabilities of disposal group 0 0 0 0 0 Total 2 692 514 2 626 439 2 795 939 2 802 280 2 793 326 Equity down by PLN 21m & 2% - LTM net result: -88m Labilities up by PLN 121m & 8% - long-term debt down by: 483m - trade payables: up by: 78m - short-term debt up by: 604m
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Cash Flows (PLN thousand) & Metrics Introduction Group Overview Market Financials Capex Outlook Annexes 22 CASH FLOW Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 '000 PLN A. OPERATING ACTIVITIES -71 154 -88 139 21 082 -29 163 65 223 B. INVESTING ACTIVITIES -80 360 -130 139 -32 479 -70 976 -23 510 C. FINANCING ACTIVITIES -23 283 -8 430 -67 367 69 755 -38 959 Net increase in cash - 174 797 -226 708 -78 764 -30 384 2 754 MAIN METRICS Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Liquidity ratio 1.62 0.86 0.89 0.80 0.74 Quick ratio 0.93 0.46 0.45 0.42 0.39 Inventories turnover days 94 76 92 80 87 Receivables turnover days 66 67 70 70 76 EBITDA margin -1.4% 1.1% 1.1% 3,6% -1% Net profit margin -6.1% -2.5% -2.7% -2.0% -5% Equity ’000 PLN 1 215 031 1 179 510 1 163 112 1 210 983 1 194 473 Net debt ’000 PLN 545 106 758 566 797 252 833 450 811 744 Net debt / LTM EBITDA 7.6 30.9 202.5 n/d 784.3 A - working capital outflow: 7m B - disposals inflow: 8m - CAPEX outflow: -253m C - inflow IRS: 9m - debt incurrence: 124m - debt repayment: 137m - interest service: 41m liquidity worsened due to temporary reclassification of long-term debt inventory ratio improved by 7 days but weak receivable ratio worsened by 10 days and acceptable The profitability ratio fell to a negative value.Due to negative LTM EBITDA, the leverage ratio cannot be calculated
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Cognor Holding S.A. ul. Zielona 26 42 - 360 Poraj www.cognor.eu Introduction Group Overview Market Financials Capex Outlook Annexes 23 tel. +48 34 316 01 10 fax +48 34 316 01 12