Vehis Finanse: corporate bonds on Catalyst
Vehis Finanse has 8 bond series listed on Catalyst with an issue value of PLN 459.5m. Next maturity: VHI0627, PLN 28m, 23 June 2027. Net debt / equity: 28.75× (2025 annual report).
Key figures
2025 annual report (cms.vehistools.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.
Vehis Finanse is the financing company of the Vehis Group, a vehicle leasing platform for businesses. It buys vehicles and holds the finance lease receivables, while its sister company Vehis sp. z o.o. handles customers and sales; both are wholly owned by NUWO S.à r.l. of Luxembourg. Vehis Finanse issues bonds on Catalyst and carried out its first public bond offering in November 2025 under a programme approved by the Polish Financial Supervision Authority (KNF).
Financial results
PLN million, standalone figures; figures from the company’s reports. A dash (–) means the figure is not in our database.
| Item | 2023 | 2024 | 2025 | 6M 2026 |
|---|---|---|---|---|
| Revenue | 42.9 | 118.1 | 134.1 | 80.3 |
| Operating profit (EBIT) | 39.4* | 109.4 | 138.7 | 81.9* |
| Net profit | 2.00 | 3.69 | 11.0 | 11.2 |
| Total assets | 651.9 | 1,539.1 | 3,200.7 | 3,941.3 |
| Equity | 46.0 | 49.7 | 95.1 | 106.3 |
| Total liabilities | 606.0 | 1,489.4 | 3,105.7 | 3,835.0 |
| Cash and cash equivalents | 25.8* | 20.0* | 111.8* | 25.3* |
* Figure matches the company document (annual report for 2023; half-year report for H1 2026; annual report for 2024; annual report for 2025) 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, half-year report for H1 2026.
Debt and repayment capacity
Ratios based on annual reports (standalone), 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 |
|---|---|---|---|
| Interest cover (how many times operating profit covers interest expense) | – | 1.54× (EBIT) | 1.22× (EBIT) |
| Net debt / equity (net debt relative to shareholders’ equity) | – | 27.14× | 28.75× |
| Equity / total assets (share of assets financed by equity) | 7.1% | 3.2% | 3.0% |
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 |
|---|---|---|---|---|---|---|
| VHI0627 | 23 Jun 2027 | 9.59% | Floating (3M WIBOR) | +5.75 pp | Guaranteed | 8.05% |
| VHI0328 | 31 Mar 2028 | 9.33% | Floating (3M WIBOR) | +5.50 pp | Guaranteed | 8.25% |
| VHI0528 | 14 May 2028 | 8.84% | Floating (3M WIBOR) | +5.00 pp | Secured (pledge) | 8.15% |
| VHI1128 | 7 Nov 2028 | 8.37% | Floating (3M WIBOR) | +4.45 pp | Secured (pledge) | 8.05% |
| VHI1228 | 29 Dec 2028 | 9.36% | Floating (3M WIBOR) | +5.50 pp | Guaranteed | 8.75% |
| VHI0629 | 3 Jun 2029 | 9.33% | Floating (3M WIBOR) | +5.50 pp | Guaranteed | 8.39% |
| VH10629 | 3 Jun 2029 | 9.33% | Floating (3M WIBOR) | +5.50 pp | Guaranteed | 9.35% |
| VH10929 | 22 Sep 2029 | 7.94% | Floating (3M WIBOR) | +4.10 pp | Secured (pledge) | 8.00% |
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 Vehis Finanse bonds
How many Vehis Finanse bond series are listed on Catalyst?
Vehis Finanse has 8 bond series listed on Catalyst with a total nominal value of PLN 459 million. Their maturity dates range from 23 June 2027 to 22 September 2029.
When does the next Vehis Finanse bond mature?
The next maturity is series VHI0627 on 23 June 2027 (nominal value PLN 28 million). The following ones are VHI0328 (31 March 2028) and VHI0528 (14 May 2028). An early redemption at the issuer’s request can change these dates.
How is the interest on Vehis Finanse bonds set?
All 8 series pay a floating rate: 3M WIBOR plus a margin of 4.10 to 5.75 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are Vehis Finanse bonds secured?
Security by number of series: guaranteed: 5, 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 Vehis Finanse are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.