Cognor S.A.

Deloitte Confirms Financial Stability of Cognor Holding S.A. in 2025 Audit Report

In its independent auditor's report, Deloitte Assurance Polska has confirmed the financial stability and compliance of Cognor Holding S.A.'s consolidated financial statements for the fiscal year ending December 31, 2025. The report highlights that the financial statements provide a clear and fair view of the Group's financial position, performance, and cash flows, in accordance with International Financial Reporting Standards (IFRS) approved by the European Union. The audit also verified compliance with applicable legal regulations and the company's statutes.

The report identified the valuation of tangible fixed assets, particularly those related to the Ferrostal division, as a key audit matter. Despite identifying potential impairment indicators, Deloitte concluded that no impairment write-downs were necessary, as the assets' recoverable value aligned with their book value. The audit also confirmed that Cognor's financial reporting adhered to the European Single Electronic Format (ESEF) requirements.

Additionally, Deloitte stated that the Group's management and supervisory board fulfilled their responsibilities in ensuring compliance with financial reporting standards and corporate governance requirements. The audit firm also confirmed that no prohibited non-audit services were provided to Cognor Holding S.A. or its subsidiaries during the audited period.

Relevance to Cognor S.A.: The audit report underscores Cognor's financial health and compliance, which is critical for maintaining investor confidence and ensuring the company's ability to continue its operations in the competitive steel industry.

Cognor S.A. Reports Financial Losses Amid Market Challenges in 2025

Poraj, Poland – April 30, 2026: Cognor S.A., a leading producer of long steel products in Central Europe, has reported a challenging financial year for 2025, marked by a net loss of PLN 119.4 million, a significant increase from the PLN 54.6 million loss recorded in 2024. The company attributed the downturn to a combination of factors, including a 10.5% decline in overall revenue, amounting to PLN 231.4 million, driven by a price collapse in the rebar market due to dumping practices from China and reduced demand. Despite a 12.9% increase in gross profit from sales, high production costs and ongoing investments further deepened the company's losses.

Steel production in Poland fell by 3% in 2025, reflecting a broader global trend of declining output. Cognor's sales volumes of steel scrap, semi-finished products, and finished goods decreased by 2.5%, while the value of sales dropped by 10.2% year-on-year. The company also faced challenges in maintaining financial covenants tied to its credit agreements, resulting in the reclassification of certain long-term liabilities as short-term. Despite these setbacks, Cognor S.A. successfully secured waivers for covenant breaches from its financial partners, including Banco Santander, mBank, and Alior Bank, ensuring continued access to credit facilities.

On the operational front, Cognor S.A. completed significant investments in its production facilities, including the installation of a new water treatment station and an automated storage system at its Siemianowice Śląskie plant. These upgrades are part of the company's long-term strategy to enhance production efficiency, expand its product portfolio, and reduce costs. The company also emphasized its commitment to sustainability, recycling nearly 800,000 tons of steel scrap annually and implementing measures to reduce CO2 emissions and improve energy efficiency.

Despite the financial challenges, Cognor S.A. remains optimistic about its future, citing plans for further modernization of its machinery and a focus on producing high-margin steel products for the automotive and construction industries. The company also highlighted its strong human capital and long-standing relationships with clients as key assets for its continued growth.

Relevance to Cognor S.A. Business Profile

This article is relevant to Cognor S.A.'s business profile as it highlights the company's financial performance, market challenges, and strategic investments, which are directly tied to its vertically integrated steel production and recycling operations in Central Europe.

Cognor S.A. Seeks Compensation from Danieli Automation S.p.A. Over Faulty Q-One System

Cognor S.A., a subsidiary of Cognor Holding S.A., has initiated legal proceedings against Danieli Automation S.p.A., seeking compensation of PLN 28,584,999.96 for damages caused by the alleged improper execution of a contract. The dispute centers around the Q-One system, an innovative power supply solution for electric arc furnaces, which was installed at Cognor's Stalowa Wola facility. The system suffered a critical failure due to a transformer malfunction, halting operations entirely.

According to Cognor, the malfunction resulted from Danieli's failure to meet technical specifications and deliver a system suited to the company's operational requirements. Danieli reportedly acknowledged responsibility by requesting the return of both the faulty and functional transformers for repairs. Cognor claims this admission further substantiates its case for damages caused by the defective system.

The legal action aims to recover losses incurred due to the disruption in operations and the costs associated with the defective equipment.

Relevance to Cognor S.A.: This development is significant as it impacts Cognor's operational efficiency and financial performance, particularly given its reliance on advanced systems like Q-One for its EAF-based steel production process.

Cognor Holding S.A. Announces Schedule for 2026 Financial Reports

Cognor Holding S.A., a leading producer of long steel products in Central Europe, has released its reporting schedule for the 2026 fiscal year. The company plans to publish its standalone and consolidated annual report for 2025 on April 30, 2026. The quarterly and consolidated quarterly report for Q1 2026 will follow on May 15, 2026, while the semi-annual and consolidated semi-annual report for H1 2026 is scheduled for August 28, 2026. Finally, the quarterly and consolidated quarterly report for Q3 2026 will be issued on November 13, 2026.

This announcement is significant for stakeholders as it provides transparency and ensures timely access to financial data, which is crucial for monitoring Cognor's performance amidst fluctuating steel demand, energy costs, and evolving EU trade policies.

Cognor Holding S.A. Announces Conditional Admission of New Shares to Warsaw Stock Exchange

Cognor Holding S.A., headquartered in Poraj, has announced that the Warsaw Stock Exchange (GPW) has conditionally approved the admission and introduction of 51,426,198 ordinary bearer shares from the company's 14th issuance to trading on its regulated market. The shares, identified under the ISIN code PLCNTSL00014, are set to be registered in the securities depository managed by Krajowy Depozyt Papierów Wartościowych S.A. (KDPW) and will commence trading on January 27, 2026, provided the registration is completed on the same day.

Relevance: This development is significant for Cognor S.A. as it reflects the company's efforts to strengthen its financial position and liquidity, which is crucial given its high leverage and capital-intensive operations in the steel industry.

Cognor Holding S.A. Announces Share Capital Increase and Statute Amendments

Cognor Holding S.A., a leading producer of long steel products in Central Europe, has announced the registration of amendments to its company statute following a resolution passed during the Extraordinary General Meeting on November 20, 2025. The changes, registered by the District Court in Częstochowa on December 30, 2025, include an increase in the company’s share capital through the issuance of new ordinary bearer shares (Series 14) and new registered shares (Series 15). The total share capital now stands at PLN 347,130,994.50, divided into 231,420,663 shares with a nominal value of PLN 1.50 each.

The newly issued shares, Series 14 and Series 15, were introduced with the exclusion of pre-emptive rights for existing shareholders. The company also plans to seek admission and introduction of these shares to trading on the regulated market operated by the Warsaw Stock Exchange. The amendments to the company’s statute reflect the updated share capital structure and the terms of the new share issuance.

This development highlights Cognor’s strategic efforts to strengthen its financial position and support its operations across the steel production value chain, which includes scrap collection, recycling, and steel manufacturing using electric arc furnaces (EAF).

Relevance: The share capital increase and statute amendments are significant for Cognor S.A. as they enhance its financial flexibility, which is critical for sustaining operations in the energy-intensive EAF-based steel production process and navigating market challenges such as energy costs and demand fluctuations in the construction industry.

Cognor Holding S.A. Finalizes Public Offering of New and Existing Shares

Cognor Holding S.A., a leading producer of long steel products in Central Europe, has successfully concluded the accelerated book-building process for its public offering. The offering includes 60 million newly issued shares, priced at PLN 5.00 per share, comprising 51,426,198 ordinary bearer shares (Emission 14) and 8,573,802 registered shares (Emission 15). Additionally, 43,582,938 existing shares owned by PS Holdco sp. z o.o. were sold at the same price. The process was managed by IPOPEMA Securities S.A. and Trigon Dom Maklerski S.A., with the final agreement signed on November 21, 2025.

The successful offering strengthens Cognor's financial position and supports its vertically integrated operations, which span scrap collection, steel production, and rolling into finished products. This development is particularly relevant given the company's high leverage and the importance of liquidity in sustaining its modernized asset base and operations.

Cognor Holding Anticipates Surge in Steel Demand Amid Infrastructure Investments and Defense Spending

Cognor Holding S.A. expects a significant increase in steel demand starting next year, driven by large-scale infrastructure projects and heightened defense spending, according to CEO Przemysław Sztuczkowski. The company has announced plans to improve its financial performance and has initiated a share issuance program to support its growth strategy. These developments align with Cognor's vertically integrated business model, which focuses on producing long steel products for construction and industrial applications.

The anticipated rise in steel demand is attributed to Central Europe's growing investment in infrastructure and defense, sectors that heavily rely on steel products such as rebar and steel sections. Cognor's modernized production facilities and scrap-based steel cycle position the company to capitalize on these market opportunities while maintaining a sustainable production approach.

Relevance: This article is relevant to Cognor S.A.'s business profile as it highlights key market trends in infrastructure and defense spending, which directly impact steel demand, a core driver of the company's operations and profitability.

Cognor Holding S.A. Announces Public Offering of Up to 60 Million New Shares

Cognor Holding S.A., a leading producer of long steel products in Central Europe, has initiated a public offering of up to 60 million new ordinary shares, with a nominal value of PLN 1.50 per share. The offering includes two tranches: up to 51.4 million bearer shares (Series 14) and up to 8.57 million registered shares (Series 15). The offering will be conducted in Poland through an accelerated book-building process, targeting qualified investors and those investing at least EUR 100,000. Additionally, the company’s shareholder, PS Holdco sp. z o.o., will offer up to 43.58 million existing shares for sale. The offering is managed by IPOPEMA Securities S.A. and Trigon Dom Maklerski S.A., with Trigon Investment Banking acting as an intermediary.

The offering aims to raise capital for Cognor’s strategic initiatives while providing existing shareholders with pre-emptive rights to participate. The final share allocation and pricing will be determined based on the book-building process. Lock-up agreements have been established, restricting Cognor and its major shareholder from issuing or selling additional shares for six and twelve months, respectively, following the listing of Series 14 shares on the Warsaw Stock Exchange.

The offering complies with EU and Polish securities regulations and excludes jurisdictions such as the United States, Canada, Japan, and Australia. The proceeds are expected to support Cognor’s ongoing operations and growth plans.

Relevance: This development is significant for Cognor as it aligns with its strategy to strengthen its financial position and fund future investments, ensuring competitiveness in the steel industry.

Cognor Holding S.A. Announces Investment Agreement to Optimize Capital Structure

Cognor Holding S.A., a leading producer of long steel products in Central Europe, has entered into an investment agreement with its majority shareholder, PS Holdco sp. z o.o., to execute a dual public offering strategy. Under the agreement, PS Holdco will sell up to 43,582,938 existing shares in a public offering and reinvest the proceeds to acquire an equal number of newly issued shares from Cognor. Additionally, Cognor plans to issue up to 60,000,000 new shares, which will be offered to selected investors through an accelerated book-building process.

The agreement includes conditions such as the appointment of investment firms to facilitate the offerings and shareholder approval for the issuance of new shares. The structure aims to leverage market conditions to optimize share pricing and ensure reinvestment into the company, maintaining PS Holdco's ownership stake while attracting new investors.

The investment strategy is designed to strengthen Cognor's financial position and support its operations, which include scrap-based steel production and advanced manufacturing facilities across Poland and the Czech Republic.

Relevance: This development is significant for Cognor S.A. as it addresses liquidity risks and enhances its capital structure, ensuring continued investment in its vertically integrated steel production model.