Ronson: corporate bonds on Catalyst
Ronson has 3 bond series listed on Catalyst with an issue value of PLN 350m. Next maturity: RON0827, PLN 60m, 15 August 2027. Net debt / EBITDA: 2.28× (2025 annual report).
Key figures
2025 annual report (ronson.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.
Ronson Development SE, based in Warsaw (ticker RON), is a residential developer listed on the Warsaw Stock Exchange and an issuer of bonds on Catalyst. It builds flats in Warsaw, Wrocław, Poznań and Szczecin and is developing institutional rental housing. 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 | 395.5 | 387.7 | 430.7 | 123.0 |
| Operating profit (EBIT) | 106.2 | 86.7 | 100.3 | 21.3 |
| Net profit | 80.7 | 67.6 | 76.3 | 14.6 |
| Total assets | 1,203.6 | 1,275.2 | 1,405.0 | 1,490.9 |
| Equity | 533.7 | 553.8 | 630.7 | 645.5 |
| Total liabilities | 669.9 | 721.4 | 774.3 | 845.4 |
| Cash and cash equivalents | 203.9 | 289.2 | 181.2 | 201.7* |
| Net debt | – | −2.64 | 230.8 | – |
* Figure matches the company document (half-year report for H1 2026) but has not yet been confirmed by a later report.
Sources: company data (ronson.pl), half-year report for H1 2026, annual report for 2024, annual report for 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.
| Ratio | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net debt / EBITDA (years of operating profit before depreciation needed to cover the debt) | – | −0.03× | 2.28× |
| Net debt / equity (net debt relative to shareholders’ equity) | – | 0.00× | 0.37× |
| Equity / total assets (share of assets financed by equity) | 44.3% | 43.4% | 44.9% |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | – | 106.6 | −188.1 |
Sources: 2023 annual report, 2023 annual report (2), 2024 annual report.
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| RON0827 | 15 Aug 2027 | 7.69% | Floating (6M WIBOR) | +3.85 pp | Unsecured | 7.46% |
| RON0928 | 24 Sep 2028 | 7.18% | Floating (6M WIBOR) | +3.30 pp | Unsecured | 6.72% |
| RON1229 | 12 Dec 2029 | 6.64% | Floating (6M WIBOR) | +2.70 pp | Unsecured | 6.47% |
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 Ronson bonds
How many Ronson bond series are listed on Catalyst?
Ronson has 3 bond series listed on Catalyst with a total nominal value of PLN 350 million. Their maturity dates range from 15 August 2027 to 12 December 2029.
When does the next Ronson bond mature?
The next maturity is series RON0827 on 15 August 2027 (nominal value PLN 60 million). The following ones are RON0928 (24 September 2028) and RON1229 (12 December 2029). An early redemption at the issuer’s request can change these dates.
How is the interest on Ronson bonds set?
All 3 series pay a floating rate: 6M WIBOR plus a margin of 2.70 to 3.85 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are Ronson 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 Ronson are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.