PCC Exol: corporate bonds on Catalyst
PCC Exol has 2 bond series listed on Catalyst with an issue value of PLN 45m. Next maturity: PCX0929, PCX0930, PLN 45m, 13 November 2026. Net debt / EBITDA: 3.11× (2025 annual report).
Key figures
2025 annual report (bcdn.pccinwestor.pl) · as at 11 Nov 202613 Nov 2026 (in 2 days)
and 2 more
- 30 Oct 2026: Breach of bond terms (company filing) (series E1)
- maturities in the next 12 months exceed cash
Data on series and maturity dates come from GPW Catalyst. This page describes the company’s data and is not an investment recommendation.
PCC Exol SA, based in Brzeg Dolny, produces surfactants and ethoxylates for the detergent, cosmetics and industrial sectors. The company belongs to the PCC group, is listed on the Warsaw Stock Exchange and has issued 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 | 9M 2026 |
|---|---|---|---|---|
| Revenue | 948.2 | 948.1 | 1,085.5 | 932.7 |
| Operating profit (EBIT) | 65.4 | 57.1 | 63.8 | 59.8 |
| Net profit | 42.2 | 35.6 | 37.9 | 39.4 |
| Total assets | 811.6p | 966.9 | 969.9 | 1,082.5 |
| Equity | 453.8 | 475.0 | 505.5 | 548.6 |
| Total liabilities | 357.8p | 491.9 | 464.5 | 533.9 |
| Cash and cash equivalents | 21.7 | 32.9 | 19.5 | 16.3* |
| Net debt | – | 239.4p | 258.2p | – |
* 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 (2023: annual report for 2024; 2024: quarterly report for Q3 2025; 2025: quarterly report for Q1 2026). 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, quarterly report for Q3 2026, annual report for 2023, quarterly report for Q3 2026, quarterly report for Q3 2025 and 1 more.
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) | – | 5.23× (EBITDA) | 4.50× (EBITDA) |
| Net debt / EBITDA (years of operating profit before depreciation needed to cover the debt) | – | 3.21× | 3.11× |
| Net debt / equity (net debt relative to shareholders’ equity) | – | 0.50× | 0.51× |
| Equity / total assets (share of assets financed by equity) | 55.9% | 49.1% | 52.1% |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | – | 23.6 | 34.4 |
Sources: 2023 annual report, 2023 annual report (2), 2024 annual report, 2024 annual report (2) and 1 more.
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| PCX0929 | 13 Nov 2026 | 6.52% | Floating (3M WIBOR) | +2.70 pp | Unsecured | 6.57% |
| PCX0930 | 13 Nov 2026 | 6.04% | Floating (3M WIBOR) | +2.20 pp | Unsecured | 6.01% |
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 PCC Exol bonds
How many PCC Exol bond series are listed on Catalyst?
PCC Exol has 2 bond series listed on Catalyst with a total nominal value of PLN 45 million. Their maturity dates range from 13 November 2026 to 13 November 2026.
When does the next PCC Exol bond mature?
The next maturity is series PCX0929 on 13 November 2026 (nominal value PLN 20 million). The following one is PCX0930 (13 November 2026). An early redemption at the issuer’s request can change these dates.
How is the interest on PCC Exol bonds set?
All 2 series pay a floating rate: 3M WIBOR plus a margin of 2.20 to 2.70 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are PCC Exol 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 PCC Exol are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.