P4 (Play): corporate bonds on Catalyst
P4 (Play) has 4 bond series listed on Catalyst with an issue value of PLN 2,450m. Next maturity: PLY1227, PLN 500m, 29 December 2027. Net debt / EBITDA: 3.47× (2025 annual report).
Key figures
2025 annual report (ir.play.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.
P4 sp. z o.o. operates the Play mobile network and the Virgin Mobile brand in Poland and is wholly owned by the French telecoms group Iliad. The company issues the bonds on Catalyst itself, and their covenants are tested on the consolidated figures of the P4 Group.
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 | 9,797.0 | 10,186.5* | 10,544.9 | 5,334.0* |
| Operating profit (EBIT) | 2,368.3* | 2,872.0* | 2,878.4 | 1,719.8* |
| Net profit | 780.6* | 1,406.3* | 1,423.0 | 991.7* |
| Total assets | 20,034.6 | 20,274.7 | 21,070.0 | 22,798.5 |
| Equity | 813.1 | 940.2 | 1,338.1 | 1,391.1 |
| Total liabilities | 19,221.6 | 19,334.4 | 19,731.9 | 21,407.4 |
| Cash and cash equivalents | 207.7 | 141.7* | 94.4* | 1,910.6* |
* Figure matches the company document (annual report for 2024; half-year report for H1 2026; annual report for 2023; 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) | – | 3.95× (EBITDA) | 4.12× (EBITDA) |
| Net debt / EBITDA (years of operating profit before depreciation needed to cover the debt) | – | 3.44× | 3.47× |
| Net debt / equity (net debt relative to shareholders’ equity) | – | 16.74× | 12.10× |
| Equity / total assets (share of assets financed by equity) | 4.1% | 4.6% | 6.4% |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | – | 1,842.8 | 2,312.7 |
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 |
|---|---|---|---|---|---|---|
| PLY1227 | 29 Dec 2027 | 5.76% | Floating (6M WIBOR) | +1.85 pp | Unsecured | 5.77% |
| PLY0230 | 27 Feb 2030 | 5.65% | Floating (6M WIBOR) | +1.80 pp | Unsecured | 5.41% |
| PLY1230 | 16 Dec 2030 | 5.42% | Floating (6M WIBOR) | +1.50 pp | Unsecured | 5.31% |
| PLY0633 | 15 Jun 2033 | 5.62% | Floating (6M WIBOR) | +1.70 pp | Unsecured | 5.50% |
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 P4 (Play) bonds
How many P4 (Play) bond series are listed on Catalyst?
P4 (Play) has 4 bond series listed on Catalyst with a total nominal value of PLN 2,450 million. Their maturity dates range from 29 December 2027 to 15 June 2033.
When does the next P4 (Play) bond mature?
The next maturity is series PLY1227 on 29 December 2027 (nominal value PLN 500 million). The following ones are PLY0230 (27 February 2030) and PLY1230 (16 December 2030). An early redemption at the issuer’s request can change these dates.
How is the interest on P4 (Play) bonds set?
All 4 series pay a floating rate: 6M WIBOR plus a margin of 1.50 to 1.85 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are P4 (Play) bonds secured?
None of the 4 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 P4 (Play) are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.