HM Inwest: corporate bonds on Catalyst
HM Inwest has 3 bond series listed on Catalyst with an issue value of PLN 37m. Next maturity: HMI0327, PLN 14m, 7 March 2027. Net debt / EBITDA: 38.61× (2024 annual report).
Key figures
2024 annual report (cpanel.grupainwest.pl) · as at 11 Nov 2026and 4 more
- HMI0627: covenant above the limit (annual report)
- HMI1228: covenant above the limit (annual report)
- interest cover 2024: 0.5×, below 1.5×
- negative operating cash flow in 2024
Data on series and maturity dates come from GPW Catalyst; sources of the other figures are given in the tabs. This page describes the company’s data and is not an investment recommendation.
HM Inwest S.A., based in Warsaw, is a residential developer operating under the Grupa Inwest brand, with projects in Poznań and in Vilanova i la Geltrú in Catalonia. The company is controlled by its chief executive, Piotr Hofman, directly and through HM Holding; its shares are not freely traded, and its bonds are listed on Catalyst. As at 31 December 2025 the company’s net debt ratio exceeded the limit set in the terms and conditions of the bonds, and the company considered the breach remedied.
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 | 255.2 | 27.6 | 83.0 | 102.9 |
| Operating profit (EBIT) | 33.3 | 2.52 | 4.74 | 13.6 |
| Net profit | 30.1 | −3.50 | −7.27 | 3.75 |
| Total assets | 151.4 | 247.8 | 271.7 | 211.9 |
| Equity | 73.0 | 69.9 | – | 62.4 |
| Total liabilities | 78.3 | 177.9 | 210.3 | 149.6 |
| Cash and cash equivalents | 6.99* | 7.78* | 28.0 | 20.3 |
* Figure matches the company document (annual report for 2024) but has not yet been confirmed by a later report.
Sources: company data (cpanel.grupainwest.pl), annual report for 2024, company data (gpwcatalyst.pl), half-year report for H1 2026, annual report for 2025, annual report for 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 |
|---|---|---|
| Interest cover (how many times operating profit covers interest expense) | 4.85× (EBITDA) | 0.50× (EBITDA) |
| Net debt / EBITDA (years of operating profit before depreciation needed to cover the debt) | 1.62× | 38.61× |
| Net debt / equity (net debt relative to shareholders’ equity) | 0.74× | 1.42× |
| Equity / total assets (share of assets financed by equity) | 48.3% | 28.2% |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | – | −43.5 |
Sources: 2023 annual report, 2023 annual report (2).
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| HMI0327 | 7 Mar 2027 | 9.60% | Floating (6M WIBOR) | +5.75 pp | Secured (mortgage) | 8.44% |
| HMI0627 | 6 Jun 2027 | 10.69% | Floating (6M WIBOR) | +6.75 pp | Guaranteed | 9.11% |
| HMI1228 | 5 Dec 2028 | 9.84% | Floating (6M WIBOR) | +5.90 pp | Guaranteed | 8.74% |
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 HM Inwest bonds
How many HM Inwest bond series are listed on Catalyst?
HM Inwest has 3 bond series listed on Catalyst with a total nominal value of PLN 37 million. Their maturity dates range from 7 March 2027 to 5 December 2028.
When does the next HM Inwest bond mature?
The next maturity is series HMI0327 on 7 March 2027 (nominal value PLN 14 million). The following ones are HMI0627 (6 June 2027) and HMI1228 (5 December 2028). An early redemption at the issuer’s request can change these dates.
How is the interest on HM Inwest bonds set?
All 3 series pay a floating rate: 6M WIBOR plus a margin of 5.75 to 6.75 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are HM Inwest 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 HM Inwest are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.