White Stone Development: corporate bonds on Catalyst
White Stone Development has 4 bond series listed on Catalyst with an issue value of PLN 85.8m. Next maturity: WSD0427, PLN 10.8m, 12 April 2027. Net debt / EBITDA: −1.06× (2023 annual report).
Key figures
2023 annual report (white-stone.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.
White Stone Development, based in Warsaw, builds flats in Zamienie near Warsaw, in Szczecin and in Warsaw, lets the Fort Mokotów property, and its subsidiary MAAT4 carries out construction work. The group belongs to BMJ Capital S.A., and its bonds are issued by the parent company.
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 | 274.4p | 235.3 | 317.3 | 188.5* |
| Operating profit (EBIT) | 19.5 | 33.6 | 16.0 | 33.2* |
| Net profit | 24.7p | 26.6 | 10.5 | 27.2* |
| Total assets | 505.1p | 406.4p | 551.7 | 549.9 |
| Equity | – | – | – | 285.1 |
| Total liabilities | 254.1p | 145.0p | 291.6 | 264.9 |
| Cash and cash equivalents | 97.8* | 41.4* | 81.1* | 92.5* |
* 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 (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 2025, half-year report for H1 2026, annual report for 2023, annual report for 2025, 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 |
|---|---|
| Net debt / EBITDA (years of operating profit before depreciation needed to cover the debt) | −1.06× |
| Operating cash flow − capital expenditure (PLN million, cash from operations after investment) | 70.0 |
Sources: 2023 annual report, 2023 annual report (2).
Bonds on Catalyst
| Series | Maturity | Interest rate | Rate type | Margin | Security | Yield to maturity |
|---|---|---|---|---|---|---|
| WSD0427 | 12 Apr 2027 | 9.15% | Floating (3M WIBOR) | +5.30 pp | Unsecured | 8.81% |
| WSD0627 | 28 Jun 2027 | 8.26% | Floating (3M WIBOR) | +4.40 pp | Secured (mortgage) | 11.50% |
| WSD0228 | 21 Feb 2028 | 8.24% | Floating (3M WIBOR) | +4.40 pp | Unsecured | 6.68% |
| WSD0829 | 13 Aug 2029 | 8.24% | Floating (3M WIBOR) | +4.40 pp | Unsecured | 7.78% |
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 White Stone Development bonds
How many White Stone Development bond series are listed on Catalyst?
White Stone Development has 4 bond series listed on Catalyst with a total nominal value of PLN 86 million. Their maturity dates range from 12 April 2027 to 13 August 2029.
When does the next White Stone Development bond mature?
The next maturity is series WSD0427 on 12 April 2027 (nominal value PLN 10.8 million). The following ones are WSD0627 (28 June 2027) and WSD0228 (21 February 2028). An early redemption at the issuer’s request can change these dates.
How is the interest on White Stone Development bonds set?
All 4 series pay a floating rate: 3M WIBOR plus a margin of 4.40 to 5.30 percentage points. The coupon changes with the reference rate in each interest period, while the margin stays the same until maturity.
Are White Stone Development bonds secured?
Security by number of series: unsecured: 3, 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 White Stone Development are on the Polish-language issuer page.
This material is for information purposes only and does not constitute investment advice.