Developres: corporate bonds on Catalyst
Developres has 3 bond series listed on Catalyst with an issue value of PLN 37.1m. Next maturity: DVR1226, PLN 11.5m, 22 December 2026. Net debt / EBITDA: 3.25× (2025 annual report).
Key figures
2025 annual report (developres.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.
Developres sp. z o.o., based in Rzeszów, is a residential developer and the parent company of a group behind the Bella Dolina, Nova Graniczna and Zielone Staromieście housing estates. Its main shareholder is a private individual, and its bonds are listed on Catalyst.
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 | 107.7p | 177.1 | 199.9 | 21.7 |
| Operating profit (EBIT) | – | 34.4 | 26.4 | – |
| Net profit | −4.40p | 12.4 | 17.7 | −5.44* |
| Total assets | 456.6p | 456.1 | 441.7 | 488.5 |
| Equity | – | – | – | 171.3 |
| Total liabilities | 326.4p | 305.7 | 264.8 | 317.1 |
| Cash and cash equivalents | – | 78.9 | 51.4 | 56.7 |
* Figure matches the company document (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 (developres.pl)). The company may have restated the earlier period, for example after a change in accounting policies.
Sources: company data (developres.pl), 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 | 2024 | 2025 |
|---|---|---|
| Interest cover (how many times operating profit covers interest expense) | 5.70× (EBITDA) | 5.19× (EBITDA) |
| Net debt / EBITDA (years of operating profit before depreciation needed to cover the debt) | – | 3.25× |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | 30.2 | −57.9 |
Sources: 2024 annual report, 2024 annual report (2).
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| DVR1226 | 22 Dec 2026 | 9.24% | Floating (3M WIBOR) | +5.40 pp | Secured (mortgage) | 7.64% |
| DVR1227 | 23 Dec 2027 | 8.84% | Floating (3M WIBOR) | +5.00 pp | Guaranteed | 8.82% |
| DVR0730 | 27 Jul 2030 | 8.40% | Floating (3M WIBOR) | +4.50 pp | Guaranteed | 8.12% |
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 Developres bonds
How many Developres bond series are listed on Catalyst?
Developres has 3 bond series listed on Catalyst with a total nominal value of PLN 37 million. Their maturity dates range from 22 December 2026 to 27 July 2030.
When does the next Developres bond mature?
The next maturity is series DVR1226 on 22 December 2026 (nominal value PLN 11.5 million). The following ones are DVR1227 (23 December 2027) and DVR0730 (27 July 2030). An early redemption at the issuer’s request can change these dates.
How is the interest on Developres bonds set?
All 3 series pay a floating rate: 3M WIBOR plus a margin of 4.50 to 5.40 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are Developres bonds secured?
Security by number of series: secured (mortgage): 1, guaranteed: 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 Developres are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.