Murapol: corporate bonds on Catalyst
Murapol has 2 bond series listed on Catalyst with an issue value of PLN 250m. Next maturity: MUR0527, PLN 150m, 30 November 2026. Net debt / EBITDA: 1.36× (2025 annual report).
Key figures
2025 annual report (murapol.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.
Murapol S.A., based in Bielsko-Biała, is a residential developer listed on the Warsaw Stock Exchange. It sells flats to individual buyers and to an institutional investor in the private rented sector (PRS). The group finances itself with a syndicated loan and unsecured bonds on Catalyst.
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 | 1,215.9p | 1,330.2 | 1,260.8 | 465.7* |
| Operating profit (EBIT) | 266.2 | 293.6 | 298.3 | 82.9* |
| Net profit | 219.1*p | 242.0 | 235.8 | 70.1* |
| Total assets | 1,859.8p | 2,160.7 | 2,433.6 | 2,694.4 |
| Equity | 559.4p | 603.4 | 641.0 | 631.0 |
| Total liabilities | 1,300.4p | 1,557.3 | 1,792.7 | 2,063.4 |
| Cash and cash equivalents | 183.2 | 163.1 | 278.3 | 253.3 |
* Figure matches the company document (half-year report for H1 2026; annual report for 2024) 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; 2023: half-year report for H1 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 2024, half-year report for H1 2024.
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) | – | 5.22× (EBITDA) | 4.74× (EBITDA) |
| Net debt / EBITDA (years of operating profit before depreciation needed to cover the debt) | – | 1.50× | 1.36× |
| Net debt / equity (net debt relative to shareholders’ equity) | – | 0.74× | 0.65× |
| Equity / total assets (share of assets financed by equity) | 30.1% | 27.9% | 26.3% |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | – | 99.2 | 310.1 |
Sources: 2023 annual report, 2023 annual report (2), 2024 annual report, 2024 annual report (2) and 2 more.
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| MUR0527 | 30 Nov 2026 | 7.83% | Floating (3M WIBOR) | +4.00 pp | Unsecured | 7.58% |
| MUR0428 | 29 Apr 2028 | 7.90% | Floating (3M WIBOR) | +4.00 pp | Unsecured | 7.87% |
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 Murapol bonds
How many Murapol bond series are listed on Catalyst?
Murapol has 2 bond series listed on Catalyst with a total nominal value of PLN 250 million. Their maturity dates range from 30 November 2026 to 29 April 2028.
When does the next Murapol bond mature?
The next maturity is series MUR0527 on 30 November 2026 (nominal value PLN 150 million). The following one is MUR0428 (29 April 2028). An early redemption at the issuer’s request can change these dates.
How is the interest on Murapol bonds set?
All 2 series pay a floating rate: 3M WIBOR plus a margin of 4.00 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are Murapol bonds secured?
None of the 2 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 Murapol are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.