Polish steel producer Cognor Holding reported improved financial results for both the second quarter and the first half of 2026, driven by higher sales volumes, higher operational performance and higher capacity utilization. The company also noted favorable changes in the regulatory framework and prospects for increased demand from infrastructure and defense-related projects.
In the first six months of 2026, Cognor's turnover increased by 9.1% year-on-year to 1.24 billion Polish zlotys ($333.1 million), and the company's net profit was 5.32 million Polish zlotys ($1.43 million), compared with a net loss of 25.23 million Polish zloty ($6.78 million) in the first half of 2025. This improvement was driven by increased shipment volumes and continued optimization of operating activities at the group's facilities.
During the same period, the company's year-on-year EBITDA tripled to 82.4 million Polish zlotys (22.1 million US dollars), and EBIT reached 43.1 million Polish zlotys (11.6 million US dollars), compared with a loss of 300,000 Polish zlotys ($80,600) for the same period last year.
Cognor stated that the volume of shipments of scrap, billets and finished steel products in the first half of the year amounted to 359,500 tons, an increase of 7.7% compared to the same period last year, while sales increased by 5.8% to 986.7 million Polish zloty (USD 265.1 million).
The company emphasized that the capacity utilization rate increased significantly, reaching 92% in the second quarter compared to 71% in the same quarter last year in 2025.
In addition, the steel mill noted that the company's performance improved in the second quarter due to an increase in free CO₂ emission quotas for the period 2026-30. As a result, the company expects that at the currently planned production level, it will not need to purchase additional EU ETS allowances in the coming years to cover any shortfall in free allocations.
Regarding the market outlook, Cognor expects that future demand will be supported by major infrastructure investments at both the Polish and European levels, as well as through the defense sector. The company highlighted projects including the development of ports, railway modernization programs, the planned construction of a nuclear power plant in Poland, and the Eastern Shield defense initiative. Cognor also stated that it remains a key supplier of steel to the Polish industry producing ammunition and armored vehicles.
The company added that EU trade protection mechanisms, including the Carbon Boundary Regulation Mechanism (CBAM) and steel safeguards, can further support the competitiveness of European steel producers.
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