Cognor Holding S.A.

Cognor Holding S.A.

COG.WA
Cognor Holding S.A.PL flagWarsaw Stock Exchange
7.08
PLN
+0.23
- -
1.21BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
19.54
21.48
20.41
19.41
22.57
17.5
15.92
13.98
16.82
21.39
15.88
13.38
12.14
11.33
Basic EPS, GAAP
-0.73
- -
-0.2
0.06
0.6
0.58
0.16
0.26
2.05
3.37
1.34
-0.31
-0.73
-0.6
Free Cash Flow per Basic Share
0.59
0.54
1.2
0.81
1.62
1.6
0.71
1.18
0.12
1.64
-0.55
-1.72
-1.26
-1.73
Dividend per Share
- -
0.04
0.08
0.07
0.05
0.13
0.03
0.31
0.15
0.15
1.22
- -
- -
- -
Book Value per Share
-0.51
-0.54
-0.69
-0.54
0.05
1.61
1.44
1.5
3.44
4.69
2.71
1.68
1.48
1.34
Tangible Book Value per Share
1.77
2.66
2.39
2.09
2.89
2.34
2.13
2.33
3.76
7.09
7.13
6.78
8.09
7.38
Basic Weighted Avg Shares
66
66
67
71
79
119
119
124
167
171
171
171
171
188
Sales/Revenue/Turnover
1,294
1,423
1,366
1,377
1,789
2,082
1,902
1,733
2,811
3,667
2,722
2,293
2,081
2,129
Operating Margin (%)
1.97
4.58
1.11
4.21
5.58
7.38
2.51
2.44
15.04
18.47
5.4
-5.99
-6.97
-6.28
Depreciation Expense
37
35
36
39
41
44
46
48
52
44
49
51
58
64
Net Income, GAAP
-49
- -
-14
4
48
69
19
33
343
578
229
-54
-125
-112
Effective Tax Rate (%)
- -
- -
- -
- -
26.67
22.34
11.47
- -
19.69
16.24
11.01
- -
- -
- -
Profit Margin (%)
-3.75
- -
-0.99
0.29
2.66
3.29
1
1.89
12.19
15.76
8.42
-2.35
-6.02
-5.27
Working Capital
-296
228
196
145
232
176
70
37
349
834
472
-165
-26
-99
LT Debt
7
409
387
378
358
229
250
210
250
328
389
247
357
284
Total Equity
129
187
171
160
242
296
277
307
644
1,228
1,241
1,180
1,404
1,404
Return on Invested Capital (%)
- -
- -
- -
- -
10.94
18.39
7.02
- -
42.92
42.51
7.53
- -
- -
- -
Return on Capital (%)
- -
- -
- -
- -
17.92
20.3
7.86
- -
48.19
51.77
22.07
- -
- -
- -
Return on Common Equity (%)
- -
- -
- -
- -
- -
70.03
10.53
18.25
90.11
83.81
36.12
-14.33
-46.22
-42.64

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
694
465
635
LT Borrowings
108
250
179
LT Finance Leases
112
107
105
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
171
231
231
Market Capitalization
1,118
859
856

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
996
942
1,064
Cash, Cash Equivalents & STI
46
79
37
Accounts Receivable, Net
137
84
147
Inventories
470
474
537
Total Current Liabilities
1,355
968
1,163
Payables & Accruals
- -
- -
- -
ST Debt
694
465
635
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
28.72%
43.12%
19.01%
Free Cash Flow
146.76%
261.57%
-26.81%
Net Income, GAAP
196.52%
193.14%
131.93%
Sales/Revenue/Turnover
7.14%
8.37%
-9.27%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
686
551
498
558
2,293
2025
543
595
496
446
2,081
2026
591
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.04
0.01
-0.17
- -
-0.31
2025
-0.08
-0.07
-0.14
- -
-0.73
2026
- -
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -

Company Description

APIChat
CEO
Przemyslaw Sztuczkowski
Full Time Employees
1,959
Sector
Basic Materials
Industry
Steel
Address
ul. Zielona 26 Poraj Poland 42-360
IPO Date
Nov 17, 2000
Business
Cognor Holding S.A. Cognor Holding S.A. operates as a vertically integrated steel producer and distributor, processing scrap metal into billets and finished steel products through its subsidiaries and branches. The company, founded in 1991 and headquartered in Poraj, Poland, manufactures a wide range of steel items including flat plates and bars, round rolled peeled bars, slabs, round and square bars, reinforcing bars, billets with rounded edges for forgings, sections, T-profiles, equal and unequal angles, metal sheets, polygonal ingots, carbon and medium-alloy steels, high-alloy and special steels such as carburizing, quenching and tempering, heat-resistant, wear-resistant (Hadfield’s X120Mn12), and armour steels; it also produces non-ferrous metal products like bronze, brass, copper, brass bars, aluminium alloys, graphite electrodes, ferroalloys, and refractory materials, alongside scrap metal trading and processing services. Cognor Holding S.A. provides ancillary services encompassing transportation, sheet metal prefabrication and fabrication, processing, laboratory analysis including chemical and metallography testing; the group serves wholesale and retail markets primarily in Poland, the Czech Republic, Germany, and other international destinations, with significant exports to Europe. Key production facilities include HSJ Branch in Stalowa Wola producing billets (rectangular 270x320mm, 130x800mm, 180x800mm, 190x1030mm), forging billets (square 50-130mm), rods (55-120mm), thin and thick metal sheets, polygonal forging ingots (2-15 tons), and profile cutting products; Ferrostal Branch in Gliwice for billets (square 100-160mm, rectangular 165x140mm, round 170mm); Zawiercie Branch for flat bars (20x4mm to 150x40mm), blade bars, round and square rods, clamp and shin sections, lining sections; Kraków Branch (Profil) for rebars (8-16mm), flat and round rods, tee bars, angle bars; and Złomrex Branch in Wrocław for scrap steel and non-ferrous scrap. Cognor Holding S.A. , a subsidiary of 4workers Sp. z o.o. and controlled by PS HoldCo Sp. z o.o. (75.49% stake), employs 1,907 people across its structure featuring 94.41%-owned Cognor S.A. (with branches in Gliwice, Zawiercie, Kraków, Siemianowice Śląskie, Stalowa Wola, Katowice, Poraj, Wrocław), full ownership of JAP Industries s.r.o. in Czechia, and other entities like Cognor Holding S.A. Sp.k., Hutnik Kraków Sp. z o.o.. Recent developments include the registration of Ferrostal Branch in Siemianowice Śląskie on April 22, 2024, to support ongoing modernization; incremental share purchase in Cognor S.A. raising ownership to 94.41% in 2024; issuance of 120,000 series 1/2024 secured bonds (PLN 120 million) on January 15, 2024, maturing January 15, 2029, with partial early redemptions planned; and an investment agreement signed November 17, 2025, with majority shareholder PS HoldCo. The group pursues mid-term technological upgrades at plants including Gliwice EAF, Kraków and Siemianowice Śląskie rolling mills to cut costs, expand products, enhance quality, and reduce emissions amid challenging steel prices and spreads in 2024.