Resi Capital: corporate bonds on Catalyst
Resi Capital has 3 bond series listed on Catalyst with an issue value of PLN 229.3m. Next maturity: RES0228, PLN 29.3m, 19 February 2028. Net debt / EBITDA: 8.12× (2025 annual report).
Key figures
2025 annual report (resicapital.pl) · 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.
Resi Capital S.A., based in Kraków, is a residential developer in the Cavatina group and an issuer of secured bonds on Catalyst. It builds flats in Katowice, Łódź, Wrocław, Kraków, Bielsko-Biała and Warsaw, where it is developing the Liberty Tower residential high-rise, with construction carried out by its own general contractor. In 2025 the Forum 124 FIZ fund acquired a stake in the company.
Financial results
PLN million, consolidated figures where the company publishes them; figures from the company’s reports. A dash (–) means the figure is not in our database.
| Item | 2023 | 2024 | 2025 | 6M 2026 |
|---|---|---|---|---|
| Revenue | – | 503.7 | 276.8 | 78.2* |
| Operating profit (EBIT) | – | 97.3 | 21.6 | 13.6* |
| Net profit | 20.0* | 74.0 | 12.7 | 10.5* |
| Total assets | 247.1p | 727.5 | 988.0 | 1,013.7 |
| Equity | 121.6p | 192.7 | 405.1 | 415.6 |
| Total liabilities | 125.6p | 534.8p | 582.9 | 598.1 |
| Cash and cash equivalents | – | 3.58 | 176.5 | 108.2 |
| Net debt | – | 339.9 | 186.6 | – |
* Figure matches the company document (half-year report for H1 2026; company data (resicapital.pl)) but has not yet been confirmed by a later report.
p Figure taken from the comparative column of a later company document (2023 and 2024: company data (resicapital.pl)). The company may have restated the earlier period, for example after a change in accounting policies.
Sources: company data (resicapital.pl), half-year report for H1 2026, annual report for 2025, company data (resicapital.pl).
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) | 9.49× (EBITDA) | 2.83× (EBITDA) |
| Net debt / EBITDA (years of operating profit before depreciation needed to cover the debt) | 3.47× | 8.12× |
| Net debt / equity (net debt relative to shareholders’ equity) | 1.76× | 0.46× |
| Equity / total assets (share of assets financed by equity) | 26.5% | 41.0% |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | −60.1 | −15.7 |
Sources: 2024 annual report, 2024 annual report (2).
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| RES0228 | 19 Feb 2028 | 9.82% | Floating (3M WIBOR) | +6.00 pp | Guaranteed | 8.99% |
| RE10529 | 18 May 2029 | 8.84% | Floating (6M WIBOR) | +5.00 pp | Guaranteed | 8.46% |
| RES0529 | 18 May 2029 | 8.93% | Floating (6M WIBOR) | +5.00 pp | Secured (mortgage) | 8.73% |
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 Resi Capital bonds
How many Resi Capital bond series are listed on Catalyst?
Resi Capital has 3 bond series listed on Catalyst with a total nominal value of PLN 229 million. Their maturity dates range from 19 February 2028 to 18 May 2029.
When does the next Resi Capital bond mature?
The next maturity is series RES0228 on 19 February 2028 (nominal value PLN 29.3 million). The following ones are RE10529 (18 May 2029) and RES0529 (18 May 2029). An early redemption at the issuer’s request can change these dates.
How is the interest on Resi Capital bonds set?
All 3 series pay a floating rate: 3M WIBOR (1) or 6M WIBOR (2) plus a margin of 5.00 to 6.00 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are Resi Capital bonds secured?
Security by number of series: guaranteed: 2, secured (mortgage): 1. 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 Resi Capital are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.