Echo Investment: corporate bonds on Catalyst
Echo Investment has 10 bond series listed on Catalyst with an issue value of PLN 1,020m + EUR 47m. Next maturity: ECH0627, PLN 50m, 28 June 2027. Net debt / EBITDA: 12.14× (2025 annual report).
Key figures
2025 annual report (echo.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.
Echo Investment S.A., based in Kielce and listed on the Warsaw Stock Exchange since 1996 (ticker ECHO), is one of Poland’s largest property developers. The group includes the residential developer Archicom (a separately listed company and bond issuer), the rental housing platform Resi4Rent, the flexible office brand CitySpace and the student housing brand StudentSpace.
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 | 1,573.3 | 1,083.4 | 2,012.7 | 816.5* |
| Operating profit (EBIT) | 180.7 | 110.1 | 185.3 | 113.1* |
| Net profit | 67.4 | −14.2 | −33.5 | 20.7* |
| Total assets | 5,961.8 | 6,772.9 | 6,576.7 | 6,427.0 |
| Equity | 2,028.1p | 2,012.2 | 1,658.6 | 1,509.5 |
| Total liabilities | – | – | – | 4,917.4 |
| Cash and cash equivalents | 813.8 | 366.2 | 377.5 | 419.5* |
| Net debt | 1,849.7 | 2,617.1 | 2,477.1 | – |
* 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: quarterly report for Q1 2025). The company may have restated the earlier period, for example after a change in accounting policies.
Sources: annual report for 2023, company data (echo.com.pl), annual report for 2025, half-year report for H1 2026, annual report for 2024, quarterly report for Q1 2025.
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) | – | 0.55× (EBITDA) | 0.97× (EBITDA) |
| Net debt / EBITDA (years of operating profit before depreciation needed to cover the debt) | – | 20.79× | 12.14× |
| Net debt / equity (net debt relative to shareholders’ equity) | 0.91× | 1.30× | 1.49× |
| Equity / total assets (share of assets financed by equity) | 34.0% | 29.7% | 25.2% |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | – | −186.4 | 264.6 |
Sources: 2023 annual report, 2023 annual report (2), 2024 annual report, 2024 annual report (2) and 1 more.
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| ECH0627 | 28 Jun 2027 | 7.92% | Floating (6M WIBOR) | +4.00 pp | Unsecured | 6.17% |
| ECH1127 | 15 Nov 2027 | 7.89% | Floating (6M WIBOR) | +4.00 pp | Unsecured | 6.47% |
| ECH1227 | 8 Dec 2027 | 8.43% | Floating (6M WIBOR) | +4.50 pp | Unsecured | 8.00% |
| ECH0128 | 31 Jan 2028 | 7.85% | Floating (6M WIBOR) | +4.00 pp | Unsecured | 5.35% |
| ECH0428 | 26 Apr 2028 | 7.77% | Floating (6M WIBOR) | +3.80 pp | Unsecured | 5.92% |
| ECH0528 | 24 May 2028 | 8.46% | Floating (6M WIBOR) | +4.50 pp | Unsecured | 6.01% |
| ECO1028 EUR | 27 Oct 2028 | 5.90% | Fixed | – | Unsecured | 5.97% |
| ECO0229 | 27 Feb 2029 | 6.85% | Floating (6M WIBOR) | +3.00 pp | Unsecured | 6.94% |
| ECH0529 | 13 May 2029 | 8.39% | Floating (6M WIBOR) | +4.50 pp | Unsecured | 5.02% |
| ECO0829 | 1 Aug 2029 | 6.84% | Floating (6M 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 Echo Investment bonds
How many Echo Investment bond series are listed on Catalyst?
Echo Investment has 10 bond series listed on Catalyst with a total nominal value of PLN 1,020 million and EUR 47 million (amounts in different currencies are shown separately). Their maturity dates range from 28 June 2027 to 1 August 2029.
When does the next Echo Investment bond mature?
The next maturity is series ECH0627 on 28 June 2027 (nominal value PLN 50 million). The following ones are ECH1127 (15 November 2027) and ECH1227 (8 December 2027). An early redemption at the issuer’s request can change these dates.
How is the interest on Echo Investment bonds set?
9 of 10 series pay a floating rate: 6M WIBOR plus a margin of 3.00 to 4.50 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity. 1 of 10 series pay a fixed rate.
Are Echo Investment bonds secured?
None of the 10 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 Echo Investment are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.