Cavatina Holding: corporate bonds on Catalyst
Cavatina Holding has 16 bond series listed on Catalyst with an issue value of EUR 25.1m + PLN 651.3m. Next maturity: CAV0127, EUR 2.5m, 26 January 2027. Net debt / EBITDA: 17.60× (2025 annual report).
Key figures
2025 annual report (cavatina.pl) · as at 11 Nov 2026and 14 more
- CAV0530: covenant close to the limit (annual report)
- CAV0729: covenant close to the limit (annual report)
- CAV0730: covenant close to the limit (annual report)
- CAV0927: covenant close to the limit (annual report)
- CAV0928: covenant close to the limit (annual report)
- CAV0929: covenant close to the limit (annual report)
- CAV1030: covenant close to the limit (annual report)
- CAV1127: covenant close to the limit (annual report)
- CAV1128: covenant close to the limit (annual report)
- CAV1227: covenant close to the limit (annual report)
- CAV1229: covenant close to the limit (annual report)
- interest cover 2025: 1.16×, below 1.5×
- maturities in the next 12 months exceed cash
- 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.
Cavatina Holding S.A., based in Kraków, is a developer of commercial and residential property, listed on the Warsaw Stock Exchange (ticker CAV) and issuing bonds on Catalyst. It builds offices in Poland’s largest cities and is expanding its residential 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 | 154.9 | 132.3 | 290.0 | 187.7* |
| Operating profit (EBIT) | 142.3 | 93.0 | 126.8 | 93.3 |
| Net profit | 90.5 | 10.8 | 3.34 | 5.35 |
| Total assets | 3,133.9 | 3,508.5 | 4,023.6 | 4,190.6 |
| Equity | 1,171.6 | 1,182.4 | 1,185.8 | – |
| Total liabilities | 1,962.3 | 2,326.0 | 2,837.9 | 2,999.4 |
| Cash and cash equivalents | 62.1 | 17.3 | 44.1 | 42.9* |
| Net debt | – | 1,818.2 | – | – |
* Figure matches the company document (half-year report for H1 2026) 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, 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 |
|---|---|---|---|
| Interest cover (how many times operating profit covers interest expense) | – | 1.02× (EBITDA) | 1.16× (EBITDA) |
| Net debt / EBITDA (years of operating profit before depreciation needed to cover the debt) | – | 18.24× | 17.60× |
| Net debt / equity (net debt relative to shareholders’ equity) | – | 1.54× | 1.97× |
| Equity / total assets (share of assets financed by equity) | 37.4% | 33.7% | 29.5% |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | – | 64.7 | −81.0 |
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 |
|---|---|---|---|---|---|---|
| CAV0127 EUR | 26 Jan 2027 | 8.69% | Floating (6M EURIBOR) | +6.00 pp | Guaranteed | 3.04% |
| CAV0327 | 26 Mar 2027 | 9.88% | Floating (6M WIBOR) | +6.00 pp | Guaranteed | 7.67% |
| CAV0627 | 22 Jun 2027 | 9.92% | Floating (6M WIBOR) | +6.00 pp | Guaranteed | 8.94% |
| CAV0927 | 11 Sep 2027 | 9.86% | Floating (6M WIBOR) | +6.00 pp | Guaranteed | 9.04% |
| CAV1127 | 9 Nov 2027 | 9.97% | Floating (6M WIBOR) | +6.00 pp | Guaranteed | 7.76% |
| CAV1227 | 19 Dec 2027 | 9.93% | Floating (6M WIBOR) | +6.00 pp | Guaranteed | 9.52% |
| CAV0928 | 12 Sep 2028 | 9.86% | Floating (6M WIBOR) | +6.00 pp | Guaranteed | 9.07% |
| CAV1128 | 18 Nov 2028 | 9.90% | Floating (6M WIBOR) | +6.00 pp | Guaranteed | 9.14% |
| CAV0329 | 6 Mar 2029 | 9.85% | Floating (6M WIBOR) | +6.00 pp | Guaranteed | 9.14% |
| CAV0429 | 14 Apr 2029 | 9.94% | Floating (6M WIBOR) | +6.00 pp | Guaranteed | 9.06% |
| CAV0729 | 8 Jul 2029 | 9.88% | Floating (6M WIBOR) | +6.00 pp | Guaranteed | 9.16% |
| CAV0929 EUR | 11 Sep 2029 | 8.80% | Floating (6M EURIBOR) | +6.00 pp | Guaranteed | 8.09% |
| CAV1229 | 18 Dec 2029 | 9.63% | Floating (6M WIBOR) | +5.70 pp | Guaranteed | 9.33% |
| CAV0530 | 5 May 2030 | 9.17% | Floating (6M WIBOR) | +5.20 pp | Guaranteed | 9.14% |
| CAV0730 EUR | 31 Jul 2030 | 7.71% | Floating (6M EURIBOR) | +5.00 pp | Guaranteed | 7.50% |
| CAV1030 | 30 Oct 2030 | 8.47% | Floating | no data | Secured (mortgage) | 8.33% |
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 Cavatina Holding bonds
How many Cavatina Holding bond series are listed on Catalyst?
Cavatina Holding has 16 bond series listed on Catalyst with a total nominal value of EUR 25 million and PLN 651 million (amounts in different currencies are shown separately). Their maturity dates range from 26 January 2027 to 30 October 2030.
When does the next Cavatina Holding bond mature?
The next maturity is series CAV0127 on 26 January 2027 (nominal value EUR 2.5 million). The following ones are CAV0327 (26 March 2027) and CAV0627 (22 June 2027). An early redemption at the issuer’s request can change these dates.
How is the interest on Cavatina Holding bonds set?
All 16 series pay a floating rate: 6M EURIBOR (3) or 6M WIBOR (12) or a reference rate (1) plus a margin of 5.00 to 6.00 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are Cavatina Holding bonds secured?
Security by number of series: guaranteed: 15, secured (mortgage): 1. 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 Cavatina Holding are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.