R.Power: corporate bonds on Catalyst
R.Power has 4 bond series listed on Catalyst with an issue value of PLN 660.7m + EUR 80m. Next maturity: RPW1029, PLN 560.7m, 30 October 2029. Net debt / EBITDA: 5.49× (2025 annual report).
Key figures
2025 annual report (rpower.energy) · as at 11 Nov 2026Data on series and maturity dates come from GPW Catalyst; sources of the other figures are given in the tabs. This page describes the company’s data and is not an investment recommendation.
R.Power S.A., based in Warsaw, is an independent power producer operating solar farms and energy storage facilities in Poland, Portugal and Romania. Its shares are not listed; the shareholders are the founders and management and a fund backed by the EBRD and the Three Seas Initiative Investment Fund. The group finances its projects with project loans and green bonds on Catalyst, and reports through the EBI system.
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 | 314.1p | 407.5 | 628.5 | 122.3 |
| Operating profit (EBIT) | 64.8 | 71.0 | 294.6 | −3.60* |
| Net profit | −96.9p | −90.3 | 138.4* | −105.2* |
| Total assets | 2,630.6 | 3,377.5p | 4,467.4 | 4,686.6 |
| Equity | – | 772.1p | 1,148.5 | 1,017.5 |
| Total liabilities | 1,987.6 | 2,605.4p | 3,318.9 | 3,669.1 |
| Cash and cash equivalents | – | 381.0* | 364.7 | 271.9 |
* Figure matches the company document (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; 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 2024, annual report for 2024, annual report for 2025, half-year report for H1 2026, annual report for 2023, annual report for 2025 and 2 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 | 2024 | 2025 |
|---|---|---|
| Interest cover (how many times operating profit covers interest expense) | 1.07× (EBITDA) | 2.62× (EBITDA) |
| Net debt / EBITDA (years of operating profit before depreciation needed to cover the debt) | 13.03× | 5.49× |
| Net debt / equity (net debt relative to shareholders’ equity) | 2.18× | 1.82× |
| Equity / total assets (share of assets financed by equity) | 22.9% | 25.7% |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | −429.3 | −500.8 |
Sources: 2024 annual report, 2024 annual report (2), 2024 annual report (3), 2025 annual report.
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| RPW1029 | 30 Oct 2029 | 7.48% | Floating (6M WIBOR) | +3.50 pp | Guaranteed | 6.96% |
| RPW0630 EUR | 26 Jun 2030 | 6.14% | Floating (6M EURIBOR) | +3.50 pp | Guaranteed | 6.46% |
| RPW0631 | 16 Jun 2031 | 7.34% | Floating (6M WIBOR) | +3.40 pp | Guaranteed | 7.36% |
| RPW1031 EUR | 13 Oct 2031 | 5.84% | Floating (6M EURIBOR) | +2.90 pp | Guaranteed | 6.28% |
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 R.Power bonds
How many R.Power bond series are listed on Catalyst?
R.Power has 4 bond series listed on Catalyst with a total nominal value of PLN 661 million and EUR 80 million (amounts in different currencies are shown separately). Their maturity dates range from 30 October 2029 to 13 October 2031.
When does the next R.Power bond mature?
The next maturity is series RPW1029 on 30 October 2029 (nominal value PLN 560.7 million). The following ones are RPW0630 (26 June 2030) and RPW0631 (16 June 2031). An early redemption at the issuer’s request can change these dates.
How is the interest on R.Power bonds set?
All 4 series pay a floating rate: 6M WIBOR (2) or 6M EURIBOR (2) plus a margin of 2.90 to 3.50 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are R.Power bonds secured?
Security by number of series: guaranteed: 4. 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 R.Power are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.