Poland-based steel producer Cognor Holding has reported improved financial results for both the second quarter and the first half of 2026, benefiting from higher sales volumes, stronger operating performance and increased utilization of its production capacities. The company also pointed to supportive regulatory developments and growing demand prospects from infrastructure and defense-related projects.
For the first six months of 2026, Cognor's turnover increased by 9.1 percent year on year to PLN 1.24 billion ($333.1 million), while the company posted a net profit of PLN 5.32 million ($1.43 million), compared to a net loss of PLN 25.23 million ($6.78 million) in the first half of 2025. The improvement was supported by higher shipment volumes and continued operational optimization across the group's facilities.
During the same period, the company's EBITDA tripled year on year to PLN 82.4 million ($22.1 million), while its EBIT reached PLN 43.1 million ($11.6 million), compared to a loss of PLN 300,000 ($80,600) in the same period of the previous year.
Cognor stated that its shipments of scrap, billets and finished steel products totaled 359,500 mt in the first half, up 7.7 percent year on year, while the value of these sales increased by 5.8 percent to PLN 986.7 million ($265.1 million).
The company highlighted that its capacity utilization rate increased significantly, reaching 92 percent in the second quarter, compared to 71 percent in the same quarter of 2025.
In addition, the steelmaker noted that its second quarter performance benefited from a larger allocation of free CO₂ emission allowances for the 2026-30 period. As a result, the company expects that, at currently planned production levels, it will not need to purchase additional EU ETS allowances in the coming years to cover any deficit of free allocations.
Regarding the market outlook, Cognor expects future demand to be supported by major infrastructure investments both at Polish and European levels, as well as by the defense sector. The company specifically highlighted projects including port developments, railway modernization programs, Poland's planned nuclear power plant and the Eastern Shield defense initiative. Cognor also stated that it remains a key supplier of steel for Poland's ammunition and armored vehicle industries.
The company added that EU trade protection mechanisms, including the Carbon Border Adjustment Mechanism (CBAM) and steel safeguard measures, could provide further support for the competitiveness of European steel producers.
