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INDOS: corporate bonds on Catalyst

INDOS has 3 bond series listed on Catalyst with an issue value of PLN 46m. Next maturity: INS0228, PLN 10m, 19 February 2028. Net debt / equity: 0.95× (2025 annual report).

Key figures

2025 annual report (indos.pl) · as at 11 Nov 2026
Next maturityPLN 10mINS0228 · 19 Feb 2028 (in 465 days)
Cash · end 2025PLN 11.9mmaturities in 12 months: 0
Net debt / equity · 20250.95×financial company: no EBITDA
Interest cover · 20252.11×EBIT / interest
Watch out forNo warning signsevents and reports from the last 12 months (no data for 1 of 4 topics)
Revenue · 2025PLN 22m+17% y/ynet profit PLN 4.4m

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.

Sector: Debt collectionBonds on Catalyst: 3 seriesNominal value at issue: PLN 46 millionNext maturity: 19 February 2028 (INS0228)Website: indos.pl

INDOS S.A., based in Chorzów, is a finance company for businesses offering recourse and undisclosed factoring, reverse factoring, short-term loans and debt collection. Its shares are listed on NewConnect. Its bonds on Catalyst are secured by registered pledges on receivables and on an escrow account.

Financial results

PLN million, standalone figures; figures from the company’s reports. A dash (–) means the figure is not in our database.

Item2023202420256M 2026
Revenue20.618.8p22.09.81*
Operating profit (EBIT)11.25.26p10.64.29*
Net profit5.653.93p4.371.59*
Total assets94.3118.0p108.1114.6
Equity37.835.0p37.539.1
Total liabilities56.582.9p70.675.5
Cash and cash equivalents22.729.4*p11.95.05*

* Figure matches the company document (quarterly report for Q2 2026; annual report for 2025) but has not yet been confirmed by a later report.

p Figure taken from the comparative column of a later company document (2024: company data (gpwcatalyst.pl); 2024: annual report for 2025). The company may have restated the earlier period, for example after a change in accounting policies.

Sources: company data (gpwcatalyst.pl), company data (gpwcatalyst.pl), quarterly report for Q2 2026, annual report for 2025, quarterly report for Q4 2023.

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. As a financial company, it uses its debt to fund portfolios of receivables, so we do not show net debt / EBITDA.

Ratio202320242025
Interest cover (how many times operating profit covers interest expense)–1.25× (EBIT)2.11× (EBIT)
Net debt / equity (net debt relative to shareholders’ equity)–0.94×0.95×
Equity / total assets (share of assets financed by equity)40.1%29.7%34.7%

Sources: 2023 annual report, 2023 annual report (2), 2024 annual report, 2024 annual report (2).

Bonds on Catalyst

SeriesMaturityInterest rateRate typeMarginSecurityYield to maturity
INS022819 Feb 20288.57%Floating (3M WIBOR)+4.75 ppSecured (pledge)6.13%
INS062827 Jun 20288.11%Floating (3M WIBOR)+4.25 ppSecured (pledge)7.59%
INS052919 May 20298.07%Floating (3M WIBOR)+4.25 ppSecured (pledge)7.07%

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 INDOS bonds

How many INDOS bond series are listed on Catalyst?

INDOS has 3 bond series listed on Catalyst with a total nominal value of PLN 46 million. Their maturity dates range from 19 February 2028 to 19 May 2029.

When does the next INDOS bond mature?

The next maturity is series INS0228 on 19 February 2028 (nominal value PLN 10 million). The following ones are INS0628 (27 June 2028) and INS0529 (19 May 2029). An early redemption at the issuer’s request can change these dates.

How is the interest on INDOS bonds set?

All 3 series pay a floating rate: 3M WIBOR plus a margin of 4.25 to 4.75 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.

Are INDOS bonds secured?

Security by number of series: secured (pledge): 3. 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 INDOS are on the Polish-language issuer page.

This material is for information purposes only and does not constitute investment advice.

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