JHM Development: corporate bonds on Catalyst
JHM Development has 1 bond series listed on Catalyst with an issue value of PLN 60m. Next maturity: JHM0629, PLN 60m, 20 June 2029. Net debt / EBITDA: 4.36× (2025 annual report).
Key figures
2025 annual report (relacje.jhmdevelopment.pl) · as at 11 Nov 2026and 1 more
- 2 Jun 2026: Bondholders’ meeting
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.
JHM Development, based in Skierniewice, builds flats in Skierniewice, Mszczonów, Żyrardów, Konin and Jastrzębia Góra and also lets out property. It is wholly owned by the construction contractor MIRBUD, which guarantees its bonds. In June 2026 bondholders agreed to lower the equity-to-assets threshold set in the terms and conditions of the bonds.
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 | 264.5 | 301.5 | 144.0 | 128.6* |
| Operating profit (EBIT) | 63.0 | 37.5 | 16.5 | 29.5* |
| Net profit | 26.8p | 22.3 | 11.8 | 21.0* |
| Total assets | 999.9p | 773.9 | 727.8 | 1,094.7 |
| Equity | 616.3p | 529.0 | 444.0 | 465.0 |
| Total liabilities | 383.6p | 245.0 | 283.7 | 629.6 |
| Cash and cash equivalents | 47.6 | 71.1 | 70.4 | 90.8* |
| Net debt | – | 88.7p | 106.2 | – |
* 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: company data (relacje.jhmdevelopment.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 (relacje.jhmdevelopment.pl), company data (gpwcatalyst.pl), half-year report for H1 2026, annual report for 2024, 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 | 2025 |
|---|---|---|---|
| Interest cover (how many times operating profit covers interest expense) | – | 3.31× (EBITDA) | 4.29× (EBITDA) |
| Net debt / EBITDA (years of operating profit before depreciation needed to cover the debt) | – | 2.21× | 4.36× |
| Net debt / equity (net debt relative to shareholders’ equity) | – | 0.17× | 0.24× |
| Equity / total assets (share of assets financed by equity) | 61.6% | 68.4% | 61.0% |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | – | −25.3 | 111.8 |
Sources: 2023 annual report, 2023 annual report (2), 2024 annual report, 2024 annual report (2).
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| JHM0629 | 20 Jun 2029 | 7.87% | Floating (6M WIBOR) | +3.95 pp | Guaranteed | 7.91% |
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 JHM Development bonds
How many JHM Development bond series are listed on Catalyst?
JHM Development has one bond series listed on Catalyst, with a nominal value of PLN 60 million. It matures on 20 June 2029.
When does the next JHM Development bond mature?
The next maturity is series JHM0629 on 20 June 2029 (nominal value PLN 60 million). An early redemption at the issuer’s request can change these dates.
How is the interest on JHM Development bonds set?
The series pays a floating rate: 6M WIBOR plus a margin of 3.95 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are JHM Development bonds secured?
Security by number of series: guaranteed: 1. 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 JHM Development are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.