Marvipol Development: corporate bonds on Catalyst
Marvipol Development has 5 bond series listed on Catalyst with an issue value of PLN 480m. Next maturity: MVP0528, PLN 150m, 7 May 2028. Net debt / EBITDA: 2.55× (2025 annual report).
Key figures
2025 annual report (marvipol.pl) · as at 11 Nov 2026Data on series and maturity dates come from GPW Catalyst. This page describes the company’s data and is not an investment recommendation.
Marvipol Development S.A. is a Warsaw-based property developer listed on the Warsaw Stock Exchange (ticker MVP) that issues bonds on Catalyst. It operates in residential development, warehouse and logistics property and other commercial property.
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 | 377.5 | 461.7 | 547.7 | 71.6 |
| Operating profit (EBIT) | 81.1 | 53.3 | 97.5 | −2.42 |
| Net profit | 55.3 | 31.7 | 58.2 | −11.3 |
| Total assets | 1,461.2 | 1,583.5 | 1,445.8 | 1,559.1 |
| Equity | 710.4 | 698.0 | 731.1 | 673.6 |
| Total liabilities | 750.8 | 885.6 | 714.7 | 885.5 |
| Cash and cash equivalents | – | 258.0 | 271.2 | 199.1* |
| Net debt | 170.2 | 267.9 | 277.0* | 399.1* |
* 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.
Sources: annual report for 2023, annual report for 2024, annual report for 2025, half-year report for H1 2026, half-year report for H1 2026.
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) | – | 3.68× (EBITDA) | 4.58× (EBITDA) |
| Net debt / EBITDA (years of operating profit before depreciation needed to cover the debt) | – | 4.19× | 2.55× |
| Net debt / equity (net debt relative to shareholders’ equity) | 0.24× | 0.38× | 0.38× |
| Equity / total assets (share of assets financed by equity) | 48.6% | 44.1% | 50.6% |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | – | −44.5 | 40.6 |
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 |
|---|---|---|---|---|---|---|
| MVP0528 | 7 May 2028 | 8.38% | Floating (6M WIBOR) | +4.50 pp | Unsecured | 7.20% |
| MVP1228 | 20 Dec 2028 | 7.67% | Floating (6M WIBOR) | +3.75 pp | Unsecured | 6.98% |
| MVP0729 | 10 Jul 2029 | 7.78% | Floating (6M WIBOR) | +3.90 pp | Unsecured | 7.42% |
| MVP1029 | 27 Oct 2029 | 7.67% | Floating (6M WIBOR) | +3.70 pp | Unsecured | 7.05% |
| MVP0130 | 28 Jan 2030 | 7.14% | Floating (6M WIBOR) | +3.30 pp | Unsecured | 7.24% |
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 Marvipol Development bonds
How many Marvipol Development bond series are listed on Catalyst?
Marvipol Development has 5 bond series listed on Catalyst with a total nominal value of PLN 480 million. Their maturity dates range from 7 May 2028 to 28 January 2030.
When does the next Marvipol Development bond mature?
The next maturity is series MVP0528 on 7 May 2028 (nominal value PLN 150 million). The following ones are MVP1228 (20 December 2028) and MVP0729 (10 July 2029). An early redemption at the issuer’s request can change these dates.
How is the interest on Marvipol Development bonds set?
All 5 series pay a floating rate: 6M WIBOR plus a margin of 3.30 to 4.50 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are Marvipol Development bonds secured?
None of the 5 series is secured: bondholders have no priority claim on any specific asset of the company.
Source: our database of Catalyst series, terms and conditions of the bonds and company announcements.
Our full analysis, financial results and news on Marvipol Development are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.