Develia: corporate bonds on Catalyst
Develia has 6 bond series listed on Catalyst with an issue value of PLN 850m. Next maturity: DVL1227, PLN 160m, 8 December 2027. Net debt / EBITDA: 1.12× (2025 annual report).
Key figures
2025 annual report (develia.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.
Develia S.A., based in Wrocław and known as LC Corp until 2020, is a residential developer listed on the Warsaw Stock Exchange (ticker DVL). It builds flats in Warsaw, Wrocław, Kraków, the Tricity, Łódź, Poznań and Katowice, and its largest shareholders are open pension funds. All of 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 | 1,607.8p | 1,789.5 | 2,076.9 | 1,888.7 |
| Operating profit (EBIT) | – | 450.3 | 526.2 | 400.4 |
| Net profit | 275.6p | 380.3 | 443.5 | 319.2 |
| Total assets | 3,808.1p | 4,281.9 | 5,168.4p | 5,044.0 |
| Equity | 1,548.4p | 1,717.0 | 1,927.5p | 1,924.0 |
| Total liabilities | 2,259.6p | 2,564.9p | – | 3,120.1 |
| Cash and cash equivalents | – | 579.5 | 282.9* | 415.4* |
* Figure matches the company document (annual report for 2025; half-year report for H1 2026) but has not yet been confirmed by a later report.
p Figure taken from the comparative column of a later company document (2023: company data (develia.pl); 2025: quarterly report for Q1 2026; 2023: quarterly report for Q1 2024; 2024: annual report for 2025). The company may have restated the earlier period, for example after a change in accounting policies.
Sources: company data (develia.pl), annual report for 2025, half-year report for H1 2026, quarterly report for Q1 2026, quarterly report for Q1 2024.
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) | – | 0.71× | 1.12× |
| Net debt / equity (net debt relative to shareholders’ equity) | – | 0.19× | 0.31× |
| Equity / total assets (share of assets financed by equity) | 40.7% | 40.1% | 37.3% |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | – | 294.2 | 175.8 |
Sources: 2023 annual report, 2024 annual report, 2025 annual report.
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| DVL1227 | 8 Dec 2027 | 7.20% | Floating (3M WIBOR) | +3.40 pp | Unsecured | 5.80% |
| DVL0528 | 19 May 2028 | 6.84% | Floating (3M WIBOR) | +3.00 pp | Unsecured | 6.32% |
| DVL1028 | 30 Oct 2028 | 6.41% | Floating (3M WIBOR) | +2.50 pp | Unsecured | 3.74% |
| DVL0229 | 16 Feb 2029 | 6.23% | Floating (3M WIBOR) | +2.40 pp | Unsecured | 6.28% |
| DVL0130 | 9 Jan 2030 | 5.85% | Floating (3M WIBOR) | +2.00 pp | Unsecured | 5.87% |
| DVL0530 | 14 May 2030 | 5.80% | Floating (3M WIBOR) | +1.95 pp | Unsecured | 5.83% |
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 Develia bonds
How many Develia bond series are listed on Catalyst?
Develia has 6 bond series listed on Catalyst with a total nominal value of PLN 850 million. Their maturity dates range from 8 December 2027 to 14 May 2030.
When does the next Develia bond mature?
The next maturity is series DVL1227 on 8 December 2027 (nominal value PLN 160 million). The following ones are DVL0528 (19 May 2028) and DVL1028 (30 October 2028). An early redemption at the issuer’s request can change these dates.
How is the interest on Develia bonds set?
All 6 series pay a floating rate: 3M WIBOR plus a margin of 1.95 to 3.40 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are Develia bonds secured?
None of the 6 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 Develia are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.