ATAL: corporate bonds on Catalyst
ATAL has 4 bond series listed on Catalyst with an issue value of PLN 690m. Next maturity: ATL0227, PLN 130m, 17 February 2027. Net debt / EBITDA: 5.78× (2025 annual report).
Key figures
2025 annual report (ri.atal.pl) · as at 11 Nov 2026and 3 more
- ATL0429: covenant above the limit (annual report)
- ATL1028: covenant above 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.
ATAL S.A., based in Cieszyn, is one of the largest residential developers listed on the Warsaw Stock Exchange (ticker ATT). It builds flats in Kraków, Wrocław, Łódź, Warsaw, Silesia, Poznań, the Tricity and Szczecin, and in Dresden through an associated company. The company is controlled by its founder and chief executive, Zbigniew Juroszek, who is also the group’s largest lender. Its bonds on Catalyst are unsecured.
Financial results
PLN million, consolidated figures; figures from the company’s reports. A dash (–) means the figure is not in our database.
| Item | 2023 | 2024 | 2025 | 6M 2026 |
|---|---|---|---|---|
| Revenue | 1,500.5p | 1,486.9 | 1,267.1 | 760.2* |
| Operating profit (EBIT) | 401.6p | 331.1 | 327.2 | 213.1* |
| Net profit | 341.2*p | 295.4* | 223.3* | 162.2* |
| Total assets | 3,539.7 | 3,799.6 | 4,915.5 | 5,545.9 |
| Equity | 1,698.9p | 1,739.1 | 1,725.4 | 1,692.9 |
| Total liabilities | 1,840.8p | 2,060.6 | 3,190.2 | 3,853.0 |
| Cash and cash equivalents | 620.1 | 127.1 | 145.7 | 500.4* |
* Figure matches the company document (half-year report for H1 2026; annual report for 2024; 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 (2023: annual report for 2024). The company may have restated the earlier period, for example after a change in accounting policies.
Sources: annual report for 2024, 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net debt / EBITDA (years of operating profit before depreciation needed to cover the debt) | – | 2.81× | 5.78× |
| Net debt / equity (net debt relative to shareholders’ equity) | – | 0.54× | 1.11× |
| Equity / total assets (share of assets financed by equity) | 48.0% | 45.8% | 35.1% |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | – | −451.9 | −657.9 |
Sources: 2023 annual report, 2024 annual report.
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| ATL0227 | 17 Feb 2027 | 5.24% | Floating (6M WIBOR) | +1.40 pp | Unsecured | 1.37% |
| ATL0628 | 19 Jun 2028 | 5.83% | Floating (6M WIBOR) | +1.90 pp | Unsecured | 5.25% |
| ATL1028 | 13 Oct 2028 | 5.94% | Floating (6M WIBOR) | +2.00 pp | Unsecured | 5.95% |
| ATL0429 | 30 Apr 2029 | 5.42% | Floating (6M WIBOR) | +1.45 pp | Unsecured | 5.42% |
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 ATAL bonds
How many ATAL bond series are listed on Catalyst?
ATAL has 4 bond series listed on Catalyst with a total nominal value of PLN 690 million. Their maturity dates range from 17 February 2027 to 30 April 2029.
When does the next ATAL bond mature?
The next maturity is series ATL0227 on 17 February 2027 (nominal value PLN 130 million). The following ones are ATL0628 (19 June 2028) and ATL1028 (13 October 2028). An early redemption at the issuer’s request can change these dates.
How is the interest on ATAL bonds set?
All 4 series pay a floating rate: 6M WIBOR plus a margin of 1.40 to 2.00 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are ATAL bonds secured?
None of the 4 series is secured: bondholders have no priority claim on any specific asset of the company.
Source: our database of Catalyst series, terms and conditions of the bonds and company announcements.
Our full analysis, financial results and news on ATAL are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.