Ghelamco: corporate bonds on Catalyst
Ghelamco has 7 bond series listed on Catalyst with an issue value of PLN 788m + EUR 5m. Next maturity: GHE0327, PLN 405m, 26 March 2027. Net debt / equity: 166.35× (2025 annual report).
Key figures
2025 annual report (ghelamco.com) · as at 10 Nov 2026and 6 more
- 16 Oct 2026: Breach of bond terms (news in Polish)
- 4 Oct 2026: Breach of bond terms (news in Polish)
- 17 Sep 2026: Breach of bond terms (news in Polish)
- interest cover 2025: −0.05×, below 1.5×
- maturities in the next 12 months exceed cash
- negative operating cash flow in 2025
Not shown yet: net debt / EBITDA. We only show figures verified against the company’s report, and these have not been confirmed yet.
Data on series and maturity dates come from GPW Catalyst. This page describes the company’s data and is not an investment recommendation.
Ghelamco Invest sp. z o.o. is a special purpose vehicle of the Belgian property developer Ghelamco, best known for Warsaw Spire. It raises money by issuing bonds on Catalyst and lends it on to project companies developing office and residential schemes in Poland. Since 2024 its audited financial statements have disclosed a material uncertainty about its ability to continue as a going concern, and holders of the ST1/ST2 series have been extending grace periods for breaches of the terms and conditions. In September 2026 the sale of The Bridge office building in Warsaw only partly repaid loans from Ghelamco Invest, so its bond debt was reclassified as short-term; bondholders did not gain a right to immediate redemption.
Financial results
PLN million, standalone figures; figures from the company’s reports. A dash (–) means the figure is not in our database.
| Item | 2023 | 2024 | 2025 | 6M 2026 |
|---|---|---|---|---|
| Operating profit (EBIT) | −2.04 | −2.64 | −7.33 | – |
| Net profit | 5.81 | 8.65 | −85.5 | −359.3 |
| Total assets | 1,639.8 | 1,379.6 | 1,092.2 | 471.9 |
| Equity | 83.1 | 91.8 | 6.22 | −353.1 |
| Total liabilities | 1,556.7 | 1,287.9 | 1,086.0 | 824.9* |
| Cash and cash equivalents | 327.6 | 64.1 | 26.1 | 7.34 |
* 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.
Debt and repayment capacity
Ratios based on annual reports (standalone), 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) | – | −0.02× (EBIT) | −0.05× (EBIT) |
| Net debt / equity (net debt relative to shareholders’ equity) | – | 12.98× | 166.35× |
| Equity / total assets (share of assets financed by equity) | 5.1% | 6.7% | 0.6% |
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 |
|---|---|---|---|---|---|---|
| GHE0327 | 26 Mar 2027 | 8.88% | Floating (6M WIBOR) | +5.00 pp | Guaranteed | no quote |
| GHE1027 | 23 Oct 2027 | 8.97% | Floating (6M WIBOR) | +5.00 pp | Guaranteed | no quote |
| GHE1127 | 17 Nov 2027 | 8.90% | Floating (6M WIBOR) | +5.00 pp | Guaranteed | no quote |
| GHE1227 EUR | 7 Dec 2027 | 7.52% | Floating (6M EURIBOR) | +5.00 pp | Guaranteed | no quote |
| GHE0128 | 15 Jan 2028 | 8.87% | Floating (6M WIBOR) | +5.00 pp | Guaranteed | no quote |
| GHE0728 | 17 Jul 2028 | 8.84% | Floating (6M WIBOR) | +5.00 pp | Guaranteed | no quote |
| GHE1128 | 8 Nov 2028 | 8.96% | Floating (6M WIBOR) | +5.00 pp | Guaranteed | no quote |
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 Ghelamco bonds
How many Ghelamco bond series are listed on Catalyst?
Ghelamco has 7 bond series listed on Catalyst with a total nominal value of PLN 788 million and EUR 5 million (amounts in different currencies are shown separately). Their maturity dates range from 26 March 2027 to 8 November 2028.
When does the next Ghelamco bond mature?
The next maturity is series GHE0327 on 26 March 2027 (nominal value PLN 405 million). The following ones are GHE1027 (23 October 2027) and GHE1127 (17 November 2027). An early redemption at the issuer’s request can change these dates.
How is the interest on Ghelamco bonds set?
All 7 series pay a floating rate: 6M WIBOR (6) or 6M EURIBOR (1) plus a margin of 5.00 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are Ghelamco bonds secured?
Security by number of series: guaranteed: 7. 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 Ghelamco are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.