Polski Holding Nieruchomości: corporate bonds on Catalyst
Polski Holding Nieruchomości has 3 bond series listed on Catalyst with an issue value of PLN 725m. Next maturity: PHN0327, PLN 230m, 5 March 2027. Net debt / EBITDA: 4.88× (2025 annual report).
Key figures
2025 annual report (phnsa.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.
Polski Holding Nieruchomości S.A., based in Warsaw (ticker PHN), is controlled by the State Treasury, listed on the Warsaw Stock Exchange and issues bonds on Catalyst. The group lets offices, warehouses and flats and also carries out development and construction work. Its bonds are unsecured.
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 | 570.9 | 815.8 | 876.2 | 391.2* |
| Operating profit (EBIT) | −73.7 | −14.4 | 260.2 | 112.1* |
| Net profit | −161.5 | −183.0 | 204.0 | 28.6* |
| Total assets | 4,625.9 | 4,583.6 | 4,621.2 | 4,642.1 |
| Equity | 2,236.2 | 2,046.5 | 2,251.8 | 2,284.6 |
| Total liabilities | 2,389.7 | 2,537.1 | 2,369.4 | 2,357.5 |
| Cash and cash equivalents | 102.9 | 134.6 | 97.6 | 80.9* |
| Net debt | – | 1,407.3 | 1,310.3 | – |
* Figure matches the company document (half-year report for H1 2026) 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.
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) | – | −0.05× (EBITDA) | 2.46× (EBITDA) |
| Net debt / EBITDA (years of operating profit before depreciation needed to cover the debt) | – | – | 4.88× |
| Net debt / equity (net debt relative to shareholders’ equity) | – | 0.69× | 0.58× |
| Equity / total assets (share of assets financed by equity) | 48.3% | 44.7% | 48.7% |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | – | 165.9 | 294.1 |
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 |
|---|---|---|---|---|---|---|
| PHN0327 | 5 Mar 2027 | 7.76% | Floating (6M WIBOR) | +3.90 pp | Unsecured | 7.18% |
| PHN1127 | 29 Nov 2027 | 7.76% | Floating (6M WIBOR) | +3.80 pp | Unsecured | 3.26% |
| PHN0529 | 21 May 2029 | 6.47% | Floating (6M WIBOR) | +2.50 pp | Unsecured | 5.61% |
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 Polski Holding Nieruchomości bonds
How many Polski Holding Nieruchomości bond series are listed on Catalyst?
Polski Holding Nieruchomości has 3 bond series listed on Catalyst with a total nominal value of PLN 725 million. Their maturity dates range from 5 March 2027 to 21 May 2029.
When does the next Polski Holding Nieruchomości bond mature?
The next maturity is series PHN0327 on 5 March 2027 (nominal value PLN 230 million). The following ones are PHN1127 (29 November 2027) and PHN0529 (21 May 2029). An early redemption at the issuer’s request can change these dates.
How is the interest on Polski Holding Nieruchomości bonds set?
All 3 series pay a floating rate: 6M WIBOR plus a margin of 2.50 to 3.90 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are Polski Holding Nieruchomości bonds secured?
None of the 3 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 Polski Holding Nieruchomości are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.