Cognor: corporate bonds on Catalyst
Cognor has 2 bond series listed on Catalyst with an issue value of PLN 144m. Next maturity: CO10129, COG0129, PLN 144m, 15 January 2029.
Key figures
2025 annual report (cognorholding.eu) · as at 11 Nov 202615 Jan 2029 (in 796 days)
and 3 more
- 28 Oct 2026: Breach of bond terms (news in Polish)
- 8 Jun 2026: Bondholders’ meeting
- 24 Nov 2025: Bondholders’ meeting
Not shown yet: cash, net debt / EBITDA. We only show figures verified against the company’s report, and these have not been confirmed yet.
Data on series and maturity dates come from GPW Catalyst. This page describes the company’s data and is not an investment recommendation.
Cognor is a steel producer using electric furnaces: it buys scrap, melts steel in Stalowa Wola and rolls bars and sections in Kraków and at a new rolling mill in Siemianowice Śląskie. Its bonds on Catalyst were issued by Cognor S.A., based in Poraj, and are guaranteed by Cognor Holding S.A., which is listed on the Warsaw Stock Exchange. In 2026 the company reported a breach of a financial ratio set in the terms and conditions of the bonds, and bondholders conditionally agreed not to treat breaches in 2026 as grounds for early redemption.
Financial results
PLN million, consolidated figures where the company publishes them; figures from the company’s reports. A dash (–) means the figure is not in our database.
| Item | 2023 | 2024 | 2025 | 6M 2026 |
|---|---|---|---|---|
| Revenue | 2,721.5 | 2,293.4 | 2,080.8 | 1,183.4* |
| Operating profit (EBIT) | 203.3p | −26.0 | −98.3* | 37.0* |
| Net profit | 229.3 | −54.0 | −125.2* | −4.05* |
| Total assets | 2,273.9 | 2,626.4 | 2,752.5 | 2,792.5 |
| Equity | 1,241.2 | 1,179.5 | 1,403.7 | 1,114.4 |
| Total liabilities | 1,032.7 | 1,446.9 | 1,348.8 | 1,678.1 |
| Cash and cash equivalents | – | 80.7 | 93.3* | 90.7* |
* Figure matches the company document (half-year report for H1 2026; annual report for 2025; company data (cognorholding.eu)) but has not yet been confirmed by a later report.
p Figure taken from the comparative column of a later company document (2023: annual report for 2024). The company may have restated the earlier period, for example after a change in accounting policies.
Sources: company data (cognorholding.eu), company data (cognorholding.eu), half-year report for H1 2026, annual report for 2024, annual report for 2025.
Debt and repayment capacity
Ratios based on annual reports (consolidated), using only figures verified against the company’s filings. A dash (–) means the figure is not available; a negative interest cover means an operating loss.
| Ratio | 2023 | 2024 | 2025 |
|---|---|---|---|
| Equity / total assets (share of assets financed by equity) | 54.6% | 44.9% | 51.0% |
Sources: 2023 annual report, 2023 annual report (2), 2025 annual report.
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| CO10129 | 15 Jan 2029 | 8.55% | Floating (6M WIBOR) | +4.70 pp | Guaranteed | 8.15% |
| COG0129 | 15 Jan 2029 | 8.55% | Floating (6M WIBOR) | +4.70 pp | Guaranteed | 7.42% |
Series codes link to the series pages in Polish. Yield to maturity is calculated by the Polish brokerage DM BDM, before tax and commissions; for floating-rate bonds it assumes the reference rate (WIBOR or EURIBOR) stays at its current level. “No quote” means no recent price.
Questions about Cognor bonds
How many Cognor bond series are listed on Catalyst?
Cognor has 2 bond series listed on Catalyst with a total nominal value of PLN 144 million. Their maturity dates range from 15 January 2029 to 15 January 2029.
When does the next Cognor bond mature?
The next maturity is series CO10129 on 15 January 2029 (nominal value PLN 72 million). The following one is COG0129 (15 January 2029). An early redemption at the issuer’s request can change these dates.
How is the interest on Cognor bonds set?
All 2 series pay a floating rate: 6M WIBOR plus a margin of 4.70 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are Cognor bonds secured?
Security by number of series: guaranteed: 2. Secured or guaranteed series give bondholders an additional source of repayment if the issuer cannot pay.
Source: our database of Catalyst series, terms and conditions of the bonds and company announcements.
Our full analysis, financial results and news on Cognor are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.