PragmaGO: corporate bonds on Catalyst
PragmaGO has 9 bond series listed on Catalyst with an issue value of PLN 340m + EUR 5m. Next maturity: PRF0627, PLN 30m, 26 June 2027. Net debt / equity: 3.09× (2025 annual report).
Key figures
2025 annual report (cdn.pragmago.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.
PragmaGO, based in Katowice, provides factoring and loans to small and medium-sized businesses. Its roots go back to 1996, and until 2017 it operated as Pragma Faktoring. The company is not listed on the Warsaw Stock Exchange but issues bonds on Catalyst regularly. Outside Poland it operates in Romania (Telecredit), Spain and Croatia.
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 | 77.9p | 113.0 | 179.2 | 97.0 |
| Operating profit (EBIT) | 32.6* | 52.3 | 80.5 | 44.3 |
| Net profit | 7.90 | 11.1 | 22.8 | 13.5 |
| Total assets | 362.3 | 560.1 | 774.3p | 804.6 |
| Equity | 115.3 | 143.6 | 175.2p | 188.3 |
| Total liabilities | – | 416.5p | 599.2p | 616.4 |
| Cash and cash equivalents | 9.44 | 9.62 | 31.1 | 13.9* |
| Net debt | – | 386.7* | 541.6* | – |
* Figure matches the company document (annual report for 2023; half-year report for H1 2026; annual report for 2025) 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; 2025: quarterly report for Q1 2026; 2024: quarterly report for Q1 2025). 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 2023, quarterly report for Q1 2026, quarterly report for Q1 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. As a financial company, it uses its debt to fund portfolios of receivables, so we do not show net debt / EBITDA.
| Ratio | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net debt / equity (net debt relative to shareholders’ equity) | – | 2.69× | 3.09× |
| Equity / total assets (share of assets financed by equity) | 31.8% | 25.6% | 22.6% |
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 |
|---|---|---|---|---|---|---|
| PRF0627 | 26 Jun 2027 | 8.66% | Floating (3M WIBOR) | +4.80 pp | Unsecured | 7.39% |
| PRF0727 | 30 Jul 2027 | 8.40% | Floating (3M WIBOR) | +4.50 pp | Unsecured | 7.68% |
| PRF0927 | 2 Sep 2027 | 7.33% | Floating (3M WIBOR) | +3.50 pp | Secured (pledge) | 7.17% |
| PRF0228 EUR | 6 Feb 2028 | 7.21% | Floating (3M EURIBOR) | +4.50 pp | Unsecured | 5.51% |
| PRF0628 | 6 Jun 2028 | 8.06% | Floating (3M WIBOR) | +4.25 pp | Unsecured | 7.43% |
| PRF1028 | 28 Oct 2028 | 7.66% | Floating (3M WIBOR) | +3.75 pp | Unsecured | 7.63% |
| PRF1228 | 18 Dec 2028 | 7.34% | Floating (3M WIBOR) | +3.50 pp | Secured (pledge) | 7.30% |
| PRF0429 | 4 Apr 2029 | 7.25% | Floating (3M WIBOR) | +3.40 pp | Secured (pledge) | 7.21% |
| PRF0729 | 13 Jul 2029 | 7.40% | Floating (3M WIBOR) | +3.55 pp | Unsecured | 7.33% |
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 PragmaGO bonds
How many PragmaGO bond series are listed on Catalyst?
PragmaGO has 9 bond series listed on Catalyst with a total nominal value of PLN 340 million and EUR 5 million (amounts in different currencies are shown separately). Their maturity dates range from 26 June 2027 to 13 July 2029.
When does the next PragmaGO bond mature?
The next maturity is series PRF0627 on 26 June 2027 (nominal value PLN 30 million). The following ones are PRF0727 (30 July 2027) and PRF0927 (2 September 2027). An early redemption at the issuer’s request can change these dates.
How is the interest on PragmaGO bonds set?
All 9 series pay a floating rate: 3M WIBOR (8) or 3M EURIBOR (1) plus a margin of 3.40 to 4.80 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are PragmaGO bonds secured?
Security by number of series: unsecured: 6, secured (pledge): 3. Secured or guaranteed series give bondholders an additional source of repayment if the issuer cannot pay.
Source: our database of Catalyst series, terms and conditions of the bonds and company announcements.
Our full analysis, financial results and news on PragmaGO are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.