Stalprodukt (STP) investor relations material

Executive summary

• Revenue for Q1 2026 was PLN 888.7 million, down 13.9% year-over-year, with a net loss of PLN 23.8 million compared to a net loss of PLN 18.7 million in Q1 2025.

• The main driver of the loss was a sharp decline in the transformer steel segment, offset by positive results in the profiles and zinc segments.

• The group faced challenging market conditions, especially in transformer steel due to aggressive Asian competition and lack of effective EU market protection.

Financial highlights

• Gross profit from sales was PLN 36.9 million, down from PLN 51.6 million year-over-year.

• Operating loss was PLN 21.7 million, similar to the previous year.

• Net cash flow from operating activities was negative PLN 132.2 million, a deterioration from negative PLN 96.9 million in Q1 2025.

• Total assets at March 31, 2026, were PLN 4.71 billion.

• Equity per share was PLN 682.41, down from PLN 686.15 a year earlier.

Outlook and guidance

• Key risks for the next quarter include volatility in raw material prices, demand for transformer steel, zinc and lead prices, energy costs, and currency fluctuations.

• The group expects continued market pressure in transformer steel until the EU concludes its protective measures investigation.