Orlen: corporate bonds on Catalyst
Orlen has 5 bond series listed on Catalyst with an issue value of EUR 2,350m + PLN 2,000m. Next maturity: PKN0528, EUR 500m, 27 May 2028. Net debt / EBITDA: −0.06× (2025 annual report).
Key figures
2025 annual report (orlen.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.
ORLEN S.A., based in Płock, is Poland’s largest fuel and energy group. It is listed on the Warsaw Stock Exchange (ticker PKN); the State Treasury holds just under half of the shares. The group runs refineries in Poland, the Czech Republic and Lithuania, petrochemical plants, oil and gas production in Norway and Poland, power generation and the Energa and PSG distribution networks, as well as a network of filling stations in seven countries.
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 | 9M 2026 |
|---|---|---|---|---|
| Revenue | 372,767.0 | 294,976.0 | 267,827.0 | 232,380.0 |
| Operating profit (EBIT) | 28,056.0 | 7,947.0 | 9,957.0 | 32,047.0 |
| Net profit | 20,680.0 | 1,469.0 | 2,531.0 | 21,340.0 |
| Total assets | 264,178.0 | 255,368.0 | 265,048.0 | 299,754.0 |
| Equity | 153,180.0 | 146,689.0 | 144,543.0 | 148,666.0 |
| Total liabilities | 110,998.0 | 108,679.0 | 120,505.0 | 151,088.0 |
| Cash and cash equivalents | 13,282.0 | 11,042.0p | 26,445.0 | 34,595.0* |
| Net debt | 1,807.0 | 7,024.0 | −1,411.0 | – |
* Figure matches the company document (quarterly report for Q3 2026) but has not yet been confirmed by a later report.
p Figure taken from the comparative column of a later company document (2024: annual report for 2025). The company may have restated the earlier period, for example after a change in accounting policies.
Sources: annual report for 2023, company data (orlen.pl), company data (orlen.pl), quarterly report for Q3 2026, 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) | – | 26.91× (EBITDA) | 17.11× (EBITDA) |
| Net debt / EBITDA (years of operating profit before depreciation needed to cover the debt) | – | 0.32× | −0.06× |
| Net debt / equity (net debt relative to shareholders’ equity) | 0.01× | 0.05× | −0.01× |
| Equity / total assets (share of assets financed by equity) | 58.0% | 57.4% | 54.5% |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | – | 8,044.0 | 20,536.0 |
Sources: 2023 annual report, 2024 annual report, 2024 annual report (2), 2025 annual report.
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| PKN0528 EUR | 27 May 2028 | 1.13% | Fixed | – | Unsecured | 1.50% |
| ORL0730 EUR | 13 Jul 2030 | 4.75% | Fixed | – | Unsecured | 5.23% |
| ORL0732 EUR | 2 Jul 2032 | 3.63% | Fixed | – | Unsecured | 3.77% |
| ORL1232 | 9 Dec 2032 | 4.94% | Floating (6M WIBOR) | +1.00 pp | Unsecured | 4.79% |
| ORL0733 EUR | 7 Jul 2033 | 3.75% | Fixed | – | Unsecured | 3.90% |
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 Orlen bonds
How many Orlen bond series are listed on Catalyst?
Orlen has 5 bond series listed on Catalyst with a total nominal value of EUR 2,350 million and PLN 2,000 million (amounts in different currencies are shown separately). Their maturity dates range from 27 May 2028 to 7 July 2033.
When does the next Orlen bond mature?
The next maturity is series PKN0528 on 27 May 2028 (nominal value EUR 500 million). The following ones are ORL0730 (13 July 2030) and ORL0732 (2 July 2032). An early redemption at the issuer’s request can change these dates.
How is the interest on Orlen bonds set?
1 of 5 series pay a floating rate: 6M WIBOR plus a margin of 1.00 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity. 4 of 5 series pay a fixed rate.
Are Orlen 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 Orlen are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.