BEST: corporate bonds on Catalyst
BEST has 17 bond series listed on Catalyst with an issue value of PLN 881.9m + EUR 10m. Next maturity: BST1126, PLN 70m, 21 November 2026. Net debt / equity: 1.25× (2025 annual report).
Key figures
2025 annual report (best.com.pl) · as at 11 Nov 2026Data on series and maturity dates come from GPW Catalyst. This page describes the company’s data and is not an investment recommendation.
BEST, based in Gdynia, has operated since 1994 and has been listed on the Warsaw Stock Exchange since 1997 (ticker BST). It is the second-largest debt collection company in Poland and took over Kredyt Inkaso in April 2025, which substantially increased the scale of its business.
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 | 353.8 | 404.6 | 572.6 | 348.8* |
| Operating profit (EBIT) | 134.8* | 174.6* | 208.7* | 145.7* |
| Net profit | 50.4 | 102.7 | 97.0 | 83.8* |
| Total assets | 1,545.1 | 1,856.8 | 2,854.0 | 2,949.7 |
| Equity | 750.0 | 897.8 | 1,151.5 | 1,238.5 |
| Total liabilities | 795.1 | 959.0 | 1,702.5 | 1,711.2 |
| Cash and cash equivalents | 64.8 | 82.4 | 80.5 | 73.0* |
* Figure matches the company document (half-year report for H1 2026; annual report for 2023; annual report for 2024; annual report for 2025) but has not yet been confirmed by a later report.
Sources: annual report for 2023, 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. As a financial company, it uses its debt to fund portfolios of receivables, so we do not show net debt / EBITDA.
| Ratio | 2023 | 2024 | 2025 |
|---|---|---|---|
| Interest cover (how many times operating profit covers interest expense) | – | 2.39× (EBIT) | 1.76× (EBIT) |
| Net debt / equity (net debt relative to shareholders’ equity) | – | 0.83× | 1.25× |
| Equity / total assets (share of assets financed by equity) | 48.5% | 48.4% | 40.4% |
Sources: 2023 annual report, 2024 annual report, 2024 annual report (2).
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| BST1126 | 21 Nov 2026 | 8.84% | Floating (3M WIBOR) | +5.00 pp | Unsecured | 19.80% |
| BST1226 | 20 Dec 2026 | 8.34% | Floating (3M WIBOR) | +4.50 pp | Unsecured | 7.57% |
| BST0327 | 7 Mar 2027 | 7.83% | Floating (3M WIBOR) | +4.00 pp | Unsecured | 3.11% |
| BS10327 | 14 Mar 2027 | 8.30% | Floating (3M WIBOR) | +4.50 pp | Unsecured | 6.21% |
| BST0527 | 8 May 2027 | 8.62% | Floating (3M WIBOR) | +4.70 pp | Unsecured | 3.30% |
| BS10228 | 15 Feb 2028 | 8.74% | Floating (3M WIBOR) | +4.90 pp | Unsecured | 8.99% |
| KRI0328 EUR | 27 Mar 2028 | 7.82% | Floating (3M EURIBOR) | +5.20 pp | Unsecured | 6.02% |
| BST0829 | 7 Aug 2029 | 8.40% | Floating (3M WIBOR) | +4.50 pp | Unsecured | 7.86% |
| BS10829 | 22 Aug 2029 | 8.03% | Floating (3M WIBOR) | +4.20 pp | Unsecured | 7.27% |
| BST1029 | 30 Oct 2029 | 7.71% | Floating (3M WIBOR) | +3.80 pp | Unsecured | 7.33% |
| BST0330 | 4 Mar 2030 | 7.30% | Floating (3M WIBOR) | +3.50 pp | Unsecured | 7.22% |
| BST0630 | 5 Jun 2030 | 7.63% | Floating (3M WIBOR) | +3.80 pp | Unsecured | 7.38% |
| BST0730 EUR | 1 Jul 2030 | 6.41% | Floating (3M EURIBOR) | +3.80 pp | Unsecured | 6.48% |
| BST0930 | 13 Sep 2030 | 7.40% | Floating (3M WIBOR) | +3.60 pp | Unsecured | 7.26% |
| BST0331 | 24 Mar 2031 | 7.04% | Floating (3M WIBOR) | +3.20 pp | Unsecured | 7.10% |
| BST0831 | 28 Aug 2031 | 6.93% | Floating (3M WIBOR) | +3.10 pp | Unsecured | 7.03% |
| BST1131 | 21 Nov 2031 | 6.82% | Floating (3M WIBOR) | +3.00 pp | Unsecured | 6.93% |
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 BEST bonds
How many BEST bond series are listed on Catalyst?
BEST has 17 bond series listed on Catalyst with a total nominal value of PLN 882 million and EUR 10 million (amounts in different currencies are shown separately). Their maturity dates range from 21 November 2026 to 21 November 2031.
When does the next BEST bond mature?
The next maturity is series BST1126 on 21 November 2026 (nominal value PLN 70 million). The following ones are BST1226 (20 December 2026) and BST0327 (7 March 2027). An early redemption at the issuer’s request can change these dates.
How is the interest on BEST bonds set?
All 17 series pay a floating rate: 3M WIBOR (15) or 3M EURIBOR (2) plus a margin of 3.00 to 5.20 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are BEST bonds secured?
None of the 17 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 BEST are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.