Interbud-Lublin: corporate bonds on Catalyst
Interbud-Lublin has 3 bond series listed on Catalyst with an issue value of PLN 29.6m. Next maturity: INT0628, PLN 11.6m, 19 June 2028. Net debt / equity: −0.15× (2025 annual report).
Key figures
2025 annual report (interbud.com.pl) · as at 11 Nov 2026and 1 more
- 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.
Interbud-Lublin is a residential developer from Lublin, listed on the Warsaw Stock Exchange, whose bonds on Catalyst are secured by mortgages. After filing for bankruptcy in 2015, the company concluded an arrangement with its creditors in 2019 and performed it in full in 2024, as confirmed by the court. It is now building the Zielony Felin estate in Lublin and preparing projects in Łódź, Warsaw and Katowice.
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 | 1.60p | 1.97 | 20.0 | 0.03* |
| Operating profit (EBIT) | 6.75 | −3.65 | −3.20 | −2.26* |
| Net profit | 14.7p | −2.60 | −4.40 | – |
| Total assets | 19.7p | 40.0 | 56.5 | 72.1 |
| Equity | 10.7p | 11.8 | 9.98 | 5.81 |
| Total liabilities | 9.06p | 28.2 | 46.5 | 66.2 |
| Cash and cash equivalents | 1.03 | 0.46 | 9.13* | – |
| Net debt | 3.05p | 19.3 | −1.53 | – |
* Figure matches the company document (half-year report for H1 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 (2023: annual report for 2024). The company may have restated the earlier period, for example after a change in accounting policies.
Sources: annual report for 2024, annual report for 2025, half-year report for H1 2026, annual report for 2023.
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) | – | −9.77× (EBITDA) | −3.83× (EBITDA) |
| Net debt / equity (net debt relative to shareholders’ equity) | 0.29× | 1.63× | −0.15× |
| Equity / total assets (share of assets financed by equity) | 54.1% | 29.5% | 17.7% |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | – | −10.6 | −22.2 |
Sources: 2023 annual report, 2023 annual report (2), 2024 annual report.
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| INT0628 | 19 Jun 2028 | 9.43% | Floating (6M WIBOR) | +5.50 pp | Secured (mortgage) | 8.40% |
| INT1228 | 29 Dec 2028 | 10.91% | Floating (6M WIBOR) | +7.00 pp | Secured (mortgage) | 8.76% |
| INT0929 | 24 Sep 2029 | 9.38% | Floating (6M WIBOR) | +5.50 pp | Secured (mortgage) | 8.99% |
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 Interbud-Lublin bonds
How many Interbud-Lublin bond series are listed on Catalyst?
Interbud-Lublin has 3 bond series listed on Catalyst with a total nominal value of PLN 30 million. Their maturity dates range from 19 June 2028 to 24 September 2029.
When does the next Interbud-Lublin bond mature?
The next maturity is series INT0628 on 19 June 2028 (nominal value PLN 11.6 million). The following ones are INT1228 (29 December 2028) and INT0929 (24 September 2029). An early redemption at the issuer’s request can change these dates.
How is the interest on Interbud-Lublin bonds set?
All 3 series pay a floating rate: 6M WIBOR plus a margin of 5.50 to 7.00 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are Interbud-Lublin bonds secured?
Security by number of series: secured (mortgage): 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 Interbud-Lublin are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.