WAN: corporate bonds on Catalyst
WAN has 5 bond series listed on Catalyst with an issue value of PLN 128.5m. Next maturity: WAN1028, PLN 31m, 10 October 2028.
Key figures
2025 annual report (wan.com.pl) · as at 11 Nov 2026Not shown yet: net debt / EBITDA. We only show figures verified against the company’s report, and these have not been confirmed yet.
Data on series and maturity dates come from GPW Catalyst. This page describes the company’s data and is not an investment recommendation.
WAN S.A., based in Warsaw, is a development group controlled by Witold and Rafał Anyszek. It builds flats in Płock, Warsaw, Łódź and Mińsk Mazowiecki, plans warehouses along main roads and is selling off its older commercial portfolio. Its bonds on Catalyst are secured by mortgages.
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 | 113.0 | 91.5p | 20.2 | 4.46* |
| Operating profit (EBIT) | 52.7 | 51.3 | 32.9 | −2.67* |
| Net profit | 35.3 | 31.2p | 6.72 | −12.1* |
| Total assets | 545.8 | 502.7p | 555.0 | 511.7 |
| Equity | – | – | – | 279.5 |
| Total liabilities | 186.0 | 164.0p | 218.9 | 232.2 |
| Cash and cash equivalents | 9.46* | 4.14* | 7.91* | 6.36* |
* Figure matches the company document (half-year report for H1 2026; annual report for 2023; 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 (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 2023, annual report for 2025, half-year report for H1 2026.
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) | 4.69× (EBIT) | 3.51× (EBITDA) |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | 38.5 | −85.1 |
Sources: 2024 annual report.
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| WAN1028 | 10 Oct 2028 | 10.17% | Floating (6M WIBOR) | +6.25 pp | Secured (mortgage) | 9.60% |
| WAN0329 | 25 Mar 2029 | 9.39% | Floating (6M WIBOR) | +5.50 pp | Secured (mortgage) | 9.43% |
| WAN0629 | 17 Jun 2029 | 9.69% | Floating (6M WIBOR) | +5.50 pp | Secured (mortgage) | 9.62% |
| WAN0230 | 10 Feb 2030 | 9.84% | Floating (6M WIBOR) | +6.00 pp | Secured (mortgage) | 9.79% |
| WAN0430 | 1 Apr 2030 | 9.90% | Floating (6M WIBOR) | +6.00 pp | Secured (mortgage) | 9.49% |
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 WAN bonds
How many WAN bond series are listed on Catalyst?
WAN has 5 bond series listed on Catalyst with a total nominal value of PLN 129 million. Their maturity dates range from 10 October 2028 to 1 April 2030.
When does the next WAN bond mature?
The next maturity is series WAN1028 on 10 October 2028 (nominal value PLN 31 million). The following ones are WAN0329 (25 March 2029) and WAN0629 (17 June 2029). An early redemption at the issuer’s request can change these dates.
How is the interest on WAN bonds set?
All 5 series pay a floating rate: 6M WIBOR plus a margin of 5.50 to 6.25 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are WAN bonds secured?
Security by number of series: secured (mortgage): 5. 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 WAN are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.