Adatex: corporate bonds on Catalyst
Adatex has 2 bond series listed on Catalyst with an issue value of PLN 30m. Next maturity: ADX1227, PLN 20m, 13 December 2027. Net debt / EBITDA: 10.34× (2025 annual report).
Key figures
2025 annual report (gpwcatalyst.pl) · as at 11 Nov 2026and 2 more
- ADX1227: covenant close to the limit (annual report)
- negative operating cash flow in 2025
Data on series and maturity dates come from GPW Catalyst. This page describes the company’s data and is not an investment recommendation.
Adatex S.A., based in Dąbrowa Górnicza, is a residential developer operating in Silesia and the Masovia region. Its shares were admitted to the Warsaw Stock Exchange on 1 July 2026. Its bonds on Catalyst are secured by a mortgage.
Financial results
PLN million, consolidated figures; figures from the company’s reports. A dash (–) means the figure is not in our database.
| Item | 2024 | 2025 | 6M 2026 |
|---|---|---|---|
| Revenue | 93.1p | 102.9 | 36.9* |
| Operating profit (EBIT) | 15.3* | 10.1* | 6.75* |
| Net profit | 12.4p | 7.11 | – |
| Total assets | 208.6p | 244.9 | 260.2 |
| Equity | 75.5 | 81.6 | 88.7 |
| Total liabilities | 133.0p | 163.3 | 171.5 |
| Cash and cash equivalents | 10.2 | 10.7 | – |
* Figure matches the company document (half-year report for H1 2026; annual report for 2025) but has not yet been confirmed by a later report.
p Figure taken from the comparative column of a later company document (2024: annual report for 2025). The company may have restated the earlier period, for example after a change in accounting policies.
Sources: annual report for 2025, half-year report for H1 2026.
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 | 2024 | 2025 |
|---|---|---|
| Interest cover (how many times operating profit covers interest expense) | 9.19× (EBITDA) | 2.80× (EBITDA) |
| Net debt / EBITDA (years of operating profit before depreciation needed to cover the debt) | 4.47× | 10.34× |
| Net debt / equity (net debt relative to shareholders’ equity) | 0.93× | 1.31× |
| Equity / total assets (share of assets financed by equity) | 36.2% | 33.3% |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | 4.3 | −31.2 |
Sources: 2024 annual report.
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| ADX1227 | 13 Dec 2027 | 9.44% | Floating (6M WIBOR) | +5.50 pp | Secured (mortgage) | 8.89% |
| ADX1128 | 21 Nov 2028 | 9.40% | Floating (6M WIBOR) | +5.50 pp | Secured (mortgage) | 8.91% |
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 Adatex bonds
How many Adatex bond series are listed on Catalyst?
Adatex has 2 bond series listed on Catalyst with a total nominal value of PLN 30 million. Their maturity dates range from 13 December 2027 to 21 November 2028.
When does the next Adatex bond mature?
The next maturity is series ADX1227 on 13 December 2027 (nominal value PLN 20 million). The following one is ADX1128 (21 November 2028). An early redemption at the issuer’s request can change these dates.
How is the interest on Adatex bonds set?
All 2 series pay a floating rate: 6M WIBOR plus a margin of 5.50 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are Adatex bonds secured?
Security by number of series: secured (mortgage): 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 Adatex are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.