ORLEN is Poland's flagship multi-energy group (fuels, petrochemicals, gas, power, upstream Norway) and the largest company in the CEE region by revenue — FY2025 consolidated revenue PLN 267,827m with operating profit PLN 9,957m after PLN 16,277m of net impairments; the covenantC-basis EBITDA (before net impairment, the definition ORLEN's own facility agreements use per the FY2025 FS) is PLN 40,477m and operating cash flow PLN 47,220m. The balance sheet is NET CASH: PLN −1,411m on the group's reported definition (borrowings 9,020 + bonds 16,144 − cash 26,445 − deposits 130), with equity of PLN 144,543m. The wallet sits in five places.
(1) DCM is the live flow book: PLN 16,144m of bonds outstanding across 8 series — FY2025 alone saw PLN 9,508m of new issuance (USD 1.25bn 2035S + EUR 600m green 2032S + PLN 2.0bn domestic) plus a USD 250m tap in March 2026 — fees are one-time on each issuance.
(2) Bank lending stock is comparatively small (PLN 8,359m drawn) against PLN 39,247m of UNDRAWN committed facilities (PLN 49,481m committed) — participation in the committed lines and the capex pipeline (PLN 31,853m spent in 2025, PLN 28,251m of future commitments signed) is the entry, with EIB and BGK/KPO dominating recent new lines.
(3) The FX/commodity flow book: PLN 96,195m of revenue outside Poland plus USD crude purchasing and a live CCIRS book on the USD 2035S bond.
(4) Cash management on PLN 267.8bn of turnover — the VAT White List shows Pekao (40%), PKO BP (19%) and Citi Handlowy (12%) holding the account structure; Erste (via the acquired Santander Bank Polska) holds 3 accounts — an INCUMBENT but minor position to expand.
(5) Guarantees: a PLN 4,845m third-party guarantee book. Group covenantC status is disclosed as compliant, with two named subsidiary-level exceptions (Spolana equity covenant — repaid 06.2025; CCGT Ostrołęka facility terms — regularised 15.04.2026). Ratings: FitchS BBB+ / Moody's A3 (per-series, printed in the audited bond register).
CovenantC check: ORLEN is net cash (PLN −1,411m) and no covenant binds today — but the tightest basis is the CAPEX-ADJUSTED leverage on the FS-disclosed covenant EBITDA: 2.5× × (40,477 − capex 31,853) + 1,411 = PLN 22,971m (≈€5.4bn) of new-money capacity — far below the naive headline-leverage read of PLN 122,842m, because ORLEN's capex programme consumes most of the covenant EBITDA. On the STATUTORY (impairment-depressed) EBITDA of PLN 24,200m, capex exceeds EBITDA entirely — the capex-adjusted basis is n.m. and the practical constraint is the pace of the PLN 31.9bn/yr investment programme, not leverage.
| Statement item | Value | Source (page-verified) |
|---|---|---|
| Operating profit | PLN m 9,957.0 | the filing's P&L line 'Operating profit' — p.5 S |
| Depreciation and amortisation | PLN m 14,243.0 | P&L/segment line — p.8 S |
| Total equity | PLN m 144,543.0 | statement of financial position — p.6 S |
| Net cash provided by operating activities | PLN m 47,220.0 | cash-flow statement — p.8 S |
| Total capital expenditure (incl. borrowing costs — the filing's own note-15.3 measure) | PLN m 31,853.0 | FS note 15.3 verbatim: 'Total capital expenditure, including borrowing costs, incurred in 2025 … amounted to PLN 31,853 million' — p.123. NOTE: the issuer's accrual capex measure incl. borrowing costs — not the cash-flow purchases line. S |
| Ratio | Value | Band | Source |
|---|---|---|---|
| Headline KPIs | |||
| Revenue | €63.37bn | — | S |
| EBITDA | €5.73bn | — | S |
| EBITDA Margin | 9.0% | — | S |
| Net Profit | €626m | — | S |
| Net Debt/EBITDA | net cash | ● within covenant band | C |
| Equity Ratio | 54.5% | — | S |
| Interest Coverage | 114.0× | ● within covenant band | C |
| Free Cash Flow | €4.86bn | — | S |
| Covenant ratios | |||
| Net debt / EBITDA | net cash | ● within covenant band | C |
| Interest coverage | 114.0× | ● within covenant band | C |
| Gearing | -1% | ● within covenant band | C |
| Net debt / (EBITDA − capex) | net cash | ● within covenant band | C |
| FCCR | 24.3× | ● within covenant band | C |
| FFO / Net debt | n/a | — | C |
| Computed profile ratios | |||
| EBITDA margin | 9.0% | — | EBITDA ÷ revenue |
| Net margin | 1.0% | — | net result ÷ revenue |
| Capex / revenue | 11.9% | — | capital intensity — the filing's own capex-basis line (see its row above) ÷ revenue |
| Capex / D&A | 2.24× | — | >1× = asset base growing; <1× = harvesting |
| Operating CF / EBIT | 4.74× | — | cash conversion of operating profit |
| Operating CF − capex | PLN m 15,367.0 | — | internally-funded investment headroom |
| FY2025 | FY2024 | |
|---|---|---|
| NOTE | 2,024 | — |
| (restated) | ||
| Revenue | 267,827 | 294,886 |
| Cost of sales | -220,205 | -252,398 |
| Gross profit | 47,622 | 42,488 |
| Selling expenses | -14,829 | -14,677 |
| General and administrative expenses | -6,783 | -6,123 |
| Other operating income | 7,792 | 10,534 |
| Other operating expenses | -23,632 | -22,067 |
| (Impairment loss)/reversal of impairment loss on trade and other | -213 | -448 |
| receivables | ||
| Operating profit | 9,957 | 9,707 |
| Share of profit/(loss) of entities accounted for using the equity method | 525 | -140 |
| Finance income | 1,486 | 1,238 |
| Finance costs | -2,955 | -1,502 |
| Net finance income/(costs) | -1,469 | -264 |
| Profit before tax | 9,013 | 9,303 |
| Income tax | -6,365 | -6,556 |
| Net profit | 2,648 | 2,747 |
| Other comprehensive income: | ||
| that will not be reclassified subsequently to profit or loss | -287 | -31 |
| fair value measurement of investment property | 60 | 2 |
| as at reclassification date | ||
| actuarial gains and losses | -169 | -32 |
| gains and losses on investments in equity | -249 | -7 |
| instruments measured at fair value through | ||
| other comprehensive income | ||
| deferred tax | 71 | 6 |
| that may be reclassified subsequently to profit or loss | 2,488 | -3,266 |
| derivative instruments hedging cash flows | 2,171 | -2,388 |
| costs of hedging | 913 | -400 |
| foreign currency translation reserve | -65 | -1,020 |
| share of other comprehensive income of investees | 12 | — |
| accounted for using the equity method | ||
| income tax | -531 | 530 |
| Total comprehensive income | 4,849 | -550 |
| Net profit attributable to | 2,648 | 2,747 |
| owners of the parent | 2,531 | 2,826 |
| non-controlling interests | 117 | -79 |
| Total comprehensive income attributable to | 4,849 | -550 |
| owners of the parent | 4,740 | -467 |
| non-controlling interests | 109 | -83 |
| Earnings per share attributable to owners of the parent (PLN per share) | ||
| basic | ||
| diluted | ||
| FY2025 | FY2024 | |
|---|---|---|
| NOTE | ||
| (restated) | ||
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 142,380 | 141,639 |
| Investment property | 768 | 678 |
| Intangible assets | 4,526 | 7,012 |
| Goodwill | 3,812 | 4,372 |
| Right-of-use assets | 14,824 | 13,899 |
| Investments accounted for using the equity method | 2,465 | 1,969 |
| Deferred tax assets | 1,903 | 2,088 |
| Other financial assets | 4,148 | 3,823 |
| Mandatory stocks | 9,180 | 11,033 |
| Other assets | 701 | 339 |
| Current assets | ||
| Inventories | 19,126 | 21,739 |
| Trade receivables | 24,060 | 26,411 |
| Income tax receivables | 399 | 786 |
| Cash | 26,445 | 11,042 |
| Other financial assets | 4,738 | 4,183 |
| Other assets | 4,148 | 4,230 |
| Assets classified as held for sale | 1,425 | 152 |
| Total assets | 265,048 | 255,395 |
| EQUITY AND LIABILITIES | ||
| EQUITY | ||
| Share capital | 1,974 | 1,974 |
| Share premium | 46,405 | 46,405 |
| Other components of equity | 2,641 | 303 |
| Retained earnings | 92,597 | 97,089 |
| Equity attributable to owners of the parent | 143,617 | 145,771 |
| Equity attributable to non-controlling interests | 926 | 979 |
| Total equity | 144,543 | 146,750 |
| LIABILITIES | ||
| Non-current liabilities | ||
| Borrowings and bonds | 23,657 | 14,979 |
| Lease liabilities | 10,867 | 9,875 |
| Provisions | 12,051 | 11,388 |
| Deferred tax liabilities | 10,975 | 10,779 |
| Other financial liabilities | 950 | 600 |
| Other liabilities | 1,833 | 703 |
| Current liabilities | ||
| Trade payables | 18,552 | 19,987 |
| Lease liabilities | 1,694 | 1,470 |
| Contract liabilities | 2,084 | 1,771 |
| Borrowings and bonds | 1,507 | 3,167 |
| Provisions | 12,127 | 8,989 |
| Income tax liabilities | 3,326 | 2,873 |
| Other financial liabilities | 9,277 | 9,976 |
| Other liabilities | 11,605 | 12,088 |
| Total liabilities | 120,505 | 108,645 |
| Total equity and liabilities | 265,048 | 255,395 |
| FY2025 | FY2024 | |
|---|---|---|
| NOTE | 2,024 | — |
| (restated) | ||
| Cash flows from operating activities | ||
| Profit before tax | 9,013 | 9,303 |
| Adjustments for: | ||
| Share of profit/(loss) of entities accounted | -525 | 140 |
| for using the equity method | ||
| Depreciation and amortisation | 14,243 | 14,014 |
| Foreign exchange (gains) | -500 | -366 |
| Net interest and dividends | 909 | 444 |
| Loss on investing activities | 16,582 | 13,373 |
| Change in provisions | 9,606 | 7,467 |
| Change in working capital | 2,748 | 7,064 |
| Other adjustments | 572 | -9,682 |
| Income tax (paid) | -5,428 | -5,123 |
| Net cash provided by operating activities | 47,220 | 36,634 |
| Cash flows from investing activities | ||
| Acquisition of property, plant and equipment, | -26,684 | -28,590 |
| intangible assets, and right-of-use assets | ||
| Purchase of energy rights | -3,247 | -2,347 |
| Payments to obtain control of subsidiaries and | -877 | -3,550 |
| joint operations, net of cash acquired | ||
| Other | 91 | 436 |
| Net cash (used in) investing activities | -30,717 | -34,051 |
| Cash flows from financing activities | ||
| Proceeds from borrowings | 6,345 | 12,961 |
| Repayment of borrowings | -7,542 | -10,516 |
| Proceeds from issuance of bonds | 9,508 | — |
| Repayment of bonds | -1,000 | -105 |
| Interest paid on borrowings and bonds | -756 | -496 |
| Interest paid on lease liabilities | -508 | -454 |
| Dividends paid | -6,967 | -4,819 |
| Repayment of lease liabilities | -1,650 | -1,607 |
| Proceeds from government grants | 1,552 | 426 |
| Other | -163 | -151 |
| Net cash (used in) financing activities | -1,181 | -4,761 |
| Net increase/(decrease) in cash | 15,322 | -2,178 |
| Effect of exchange rate changes on cash | 81 | -62 |
| Cash at beginning of period | 11,042 | 13,282 |
| Cash at end of period | 26,445 | 11,042 |
| including restricted cash | 984 | 1,405 |
| EBIT (operating result) | 9,957 |
| Depreciation & amortisation (add-back) | 14,243 |
| Product | Subproduct | Revenue pool (all banks · est.) · book position | Revenue share | Driver (dated fact) & method |
|---|---|---|---|---|
| Financing | Working Capital Finance | €30.6m–61.3m · blended in group pool C #1 of 13 · ~21% of book pool | 36% | drawn bank + non-bank borrowings + leasing (excl. bonds) — €5,105,875k drawn balance × IG margin band derivation → |
| Financing | Investment Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing | Acquisition & Structured Finance | no Acquisition & Structured Finance exposure observed in this group | — | — |
| Financing | Export Finance (ECA) | on the bank's list; no evidence slug in our model yet — no ECA facility observed in the 13-group corpus; flag to collect (BGK/KUKE/EKN/Hermes cover facilities) | — | — |
| Cash Management / Daily Banking | Accounts | €12.7m–31.7m · group-level pool; subproducts share it C #1 of 13 · ~26% of book pool | 18% | consolidated turnover (payments + accounts + liquidity) — €63,365,510k turnover × bps band derivation → |
| Cash Management / Daily Banking | Payments | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Connectivity | not separately estimable — host-to-host/API connectivity has no separately disclosed revenue driver; bundled into cash_management pricing, no slug in our model | — | — |
| Cash Management / Daily Banking | Corporate Cards | not separately estimable — card-program revenue (interchange/fees) not publicly disclosed at group level; no slug in our model | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Guarantees | €9.2m–17.2m · blended in group pool C #1 of 13 · ~52% of book pool | 10% | guarantee/LC book outstanding (third-party nominal) — €1,146,284k outstanding × commission band derivation → |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Documentary Trade | see Guarantees — same underlying estimate, not double-counted | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Supply Chain Finance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Receivables Finance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | FX | €11.4m–34.1m · blended in group pool C #1 of 13 · ~22% of book pool | 18% | FX-exposed turnover (revenue outside Poland; USD crude / EUR product pricing and the commodity-derivatives book add further flow — the FS shows live CCIRS on the USD 2035 bond) — €22,758,890k exposed turnover × bps band derivation → |
| Financial Markets (FM) | Interest Rates | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Commodities | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Investments & Deposits | €9.4m–25.0m · blended in group pool C #5 of 13 · ~10% of book pool | 14% | cash and negotiated deposits — €6,256,654k cash × NIM band derivation → |
| Debt Capital Markets (DCM) | Debt Capital Markets (DCM) | €3.1m–7.6m · blended in group pool C #3 of 13 · ~5% of book pool | 4% | bonds outstanding (issuance-flow proxy: FY2025 saw PLN 9,508m new issuance + PLN 1,000m redemption; USD 250m tap 17.03.2026) — €3,819,528k stock × amortised issuance-fee band (one-time fees ÷ ~5y tenor) derivation → |
| Equity Capital Markets (ECM) | Equity Capital Markets (ECM) | no equity issuance signal in window | — | — |
| M&A Advisory | M&A Advisory | event-driven; GAP acquisition signed 31.03.2026 | — | — |
| Custody & Securities Services | Custody | not observable | — | — |
| Custody & Securities Services | Corporate Actions | not observable | — | — |
| Custody & Securities Services | Fund Services | not observable | — | — |
| Custody & Securities Services | Securities Services | not observable | — | — |
| Treasury & Liquidity Solutions | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Investments | see Investments & Deposits — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Treasury Advisory | not separately estimable — advisory mandate revenue is not separately observable from public financials; one of the 'most advisory splits' with no separable public driver | — | — |
| Financial Advisory | Strategic Finance | event-driven | — | — |
| Financial Advisory | Debt Advisory | event-driven | — | — |
| Financial Advisory | Structured Solutions | event-driven | — | — |
| AP additions — not on your list (products our records surface that the brief omits) | ||||
| Financial Advisory | Cross-Border Structuring & Ratings Advisory | event-driven | — | — |
| Leasing | Finance Lease & Sale-and-Leaseback | no Leasing exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions | Factoring | see Guarantees — same underlying estimate, not double-counted | — | — |
| Financing | Real Estate & Project Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing / Debt Capital Markets | ESG / Sustainability-Linked Finance | CROSS-CUTTING TAG over the financing (green_loan) and dcm (esg_bond) group volumes — never a separate additive wallet pool; product_group is intentionally null because it spans two groups rather than owning one | — | — |
| Trade Finance & Working Capital Solutions | Trade Credit Insurance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Escrow Services | see Accounts — same underlying estimate, not double-counted | — | — |
| Product (ranked by capital efficiency) | Est. revenue /yr | Exposure (volume basis) | RWA density | RoRWA (revenue ÷ RWA) |
|---|---|---|---|---|
| Cash Management / Daily Banking capital-light (fee-driven) | €12.7–31.7m /yr | €63,366m fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Debt Capital Markets (DCM) capital-light (fee-driven) | €3.1–7.6m /yr | €3,820m origination fee, no balance-sheet hold | 0% assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Treasury & Liquidity Solutions capital-light (fee-driven) | €9.4–25.0m /yr | €6,257m fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Financial Markets (FM) middle | €11.4–34.1m /yr | €22,759m SA-CCR add-on on notional (small vs notional) | 3% (of 1–5% range) assumption · WS-CAPITAL v1.0 · regulatory (approx) | 🟠 3.33% hurdle: 🟢 ≥6% · 🟠 ≥3% |
| Trade Finance & WC Solutions capital-heavy | €9.2–17.2m /yr | €1,146m financial gtee / standby LC 100% CCF; performance gtee 50%; | 60% (of 20–100% range) assumption · WS-CAPITAL v1.0 · regulatory | 🔴 1.92% hurdle: 🟢 ≥6% · 🟠 ≥3% |
| Financing capital-heavy | €30.6–61.3m /yr | €5,106m unrated corporate 100% SA (term/RCF drawn) | 100% assumption · WS-CAPITAL v1.0 · regulatory | 🔴 0.90% hurdle: 🟢 ≥5% · 🟠 ≥2.5% |
| Product group | Risk weight / CCF basis | Density range | Density (default) | Label | Hurdle set |
|---|---|---|---|---|---|
| financing | unrated corporate 100% SA (term/RCF drawn) | 100–100% | 100% | regulatory | lending |
| financing_undrawn | CCF 20% (<=1y) / 50% (>1y), then 100% RW | 20–50% | 35% | regulatory | lending |
| real_estate | 130% pre-op, 100% operational (real estate / project finance) | 100–130% | 115% | regulatory | lending |
| trade_finance_wc | financial gtee / standby LC 100% CCF; performance gtee 50%; trade LC 20%; then 100% RW | 20–100% | 60% | regulatory | trade_finance |
| dcm | origination fee, no balance-sheet hold | 0–0% | 0% | practitioner | cash_fx_dcm |
| financial_markets | SA-CCR add-on on notional (small vs notional) | 1–5% | 3% | regulatory (approx) | cash_fx_dcm |
| cash_management | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| treasury_liquidity | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| Hurdle set | Green | Amber | Red | RAROC green |
|---|---|---|---|---|
| overall | 🟢 ≥4% | 🟠 2–4% | 🔴 <2% | — |
| lending | 🟢 ≥5% | 🟠 2.5–5% | 🔴 <2.5% | ≥15% |
| trade_finance | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥18% |
| cash_fx_dcm | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥20% |
Traffic-light like the covenant scorecard. green = RoRWA >= green hurdle; amber = amber_floor to green; red = < amber_floor. The overall band (green >=4% / amber 2-4% / red <2%) is fully specified in the source; per-category amber_floor is generalized as half the category green hurdle (matching the overall 4/2 shape). RAROC green thresholds shown where the source gives them (lending >=15%, trade finance >=18%, cash/FX/DCM >=20%).
Cost of equity floor: 10–12% — Cost of equity 10-12% is the floor any product must clear.
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| domestic bond Series D (non-public programme; ESG-rating-linked coupon) | domestic bondholders | PLN 1,000m | PLN | fixed 2.875% (steps +10/20bp on MSCI ESG downgrade) | 25.03.2031 | S |
| domestic bond Series E (listed WSE ASO 26.01.2026) | domestic bondholders | PLN 2,000m | PLN | 6M WIBOR + 1.00% | 09.12.2032 | S |
| ENERGA hybrid bond (10-year) | institutional bondholders | EUR 125m (PLN 528m) | EUR | fixed 4.57% | 12.09.2027 | S |
| ENERGA Finance AB eurobond | eurobond holders | EUR 300m (PLN 1,268m) | EUR | fixed 2.125% | 07.03.2027 | maturity <12m from Q1 2026 read — refinancing window S |
| GMTN Series A Green Bonds (Euronext Dublin + WSE) | eurobond holders | EUR 500m (PLN 2,113m) | EUR | fixed 1.125% | 27.05.2028 | S |
| GMTN Series B (Euronext Dublin + WSE) | eurobond holders | EUR 500m (PLN 2,113m) | EUR | fixed 4.75% | 13.07.2030 | S |
| GMTN Series C (USD; CCIRS-swapped to EUR floating) | US/eurobond holders | USD 1,250m + USD 250m tap 17.03.2026 (PLN 4,502m at FY-end) | USD | fixed 6.00% (swapped to 6M EURIBOR via CCIRS) | 30.01.2035 | S |
| GMTN Series D Green Bonds (Euronext Dublin + WSE) | eurobond holders | EUR 600m (PLN 2,536m) | EUR | fixed 3.625% | 02.07.2032 | S |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| bank borrowings — syndicated + bilateral (investment, working-capital, RCF, overdraft) | relationship banks | PLN 8,359m drawn (incl. project finance PLN 1,680m) | multi | floating (WIBOR/EURIBOR/SOFR/PRIBOR/CORRA) PLN 6,701m + fixed PLN 1,658m | per facility | S |
| CCGT Ostrołęka project facility (ENERGA group) | financial institutions | PLN 626m (reclassified to current at FY-end) | PLN | n/d | under regularisation | covenant/terms breach at subsidiary level — regularised by agreement 15.04.2026 S |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| EIB investment loans ×3 — Energa-Operator grid modernisation (15y amortising) | European Investment Bank | PLN 3,500m (drawn, active) | PLN | n/d (investment loan) | 15-year tenor | S |
| BGK loans under the National Recovery Plan (KPO) — Energa-Operator smart grids + offshore | Bank Gospodarstwa Krajowego | committed up to PLN 9,378m (Energa-Operator, amended 09.2025) + PLN 1,494m drawn (smart grids; preferential, fair value PLN 454m + IAS-20 grant PLN 1,040m) + Baltic Power PLN 900m (undrawn) + Baltic East PLN 900m + EUR 397m | PLN | preferential fixed (below market) | 2022–2036 programme | S |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| lease liabilities (IFRS 16) | lessors | PLN 12,561m | PLN | implicit | maturity ladder to >5y (undiscounted PLN 21,204m, p.123) | S |
| Bank | Confirmed activity — named facilities (ticket · rate · maturity), each with proof | Product split (product · per-bank band · evidence tier) |
|---|---|---|
| Bank Pekao W | 93 accounts on the VAT White List (2026-07-12) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Cash Management / Daily Banking acct Financing acct |
| PKO Bank Polski W | 45 accounts on the VAT White List (2026-07-12) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Cash Management / Daily Banking acct Financing acct |
| Citi Handlowy (Bank Handlowy) W | 28 accounts on the VAT White List (2026-07-12) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Cash Management / Daily Banking acct Financial Markets (FM) acct |
| BNP Paribas Bank Polska W | 14 accounts on the VAT White List (2026-07-12) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Cash Management / Daily Banking acct |
| ING Bank Śląski W | 7 accounts on the VAT White List (2026-07-12) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Cash Management / Daily Banking acct |
| mBank W | 7 accounts on the VAT White List (2026-07-12) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Cash Management / Daily Banking acct |
| Bank Gospodarstwa Krajowego (BGK) W | 5 accounts on the VAT White List (2026-07-12) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | development_supranational acct Financing acct |
| Santander Bank Polska (= Erste, acquired) W Santander Bank Polska → Erste (bank-continuity map, Rule 39 P2) | 3 accounts on the VAT White List (2026-07-12) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Cash Management / Daily Banking acct |
| European Investment Bank (EIB) W | 0 accounts on the VAT White List (2026-07-12) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | development_supranational acct |
| other institutions (incl. Velo Faktoring + unmapped prefixes) C | 30 accounts on the VAT White List (2026-07-12) remainder — no direct evidence by design | — |
| Window | Facility (FS note, 31.12.2025) | Amount |
|---|---|---|
| 07.03.2027 | ENERGA Finance AB eurobond EUR 300m · fixed 2.125% S timeline ↓ | €300,000k |
| 12.09.2027 | ENERGA hybrid bond EUR 125m · fixed 4.57% S timeline ↓ | €125,000k |
| 27.05.2028 | GMTN Series A Green Bonds EUR 500m · fixed 1.125% S timeline ↓ | €500,000k |
| 13.07.2030 | GMTN Series B EUR 500m · fixed 4.75% S timeline ↓ | €500,000k |
| 25.03.2031 | domestic Series D PLN 1,000m · fixed 2.875% (ESG-linked) S timeline ↓ | €236,591k |
| 02.07.2032 | GMTN Series D Green Bonds EUR 600m · fixed 3.625% S timeline ↓ | €600,000k |
| 09.12.2032 | domestic Series E PLN 2,000m · 6M WIBOR + 1% S timeline ↓ | €473,182k |
| 30.01.2035 | GMTN Series C USD 1,500m incl. the 03.2026 tap · fixed 6.00% S timeline ↓ | €1,278,066k |
| Entity | Ownership | Revenue (as reported) | Indicative wallet /yr | Ownership provenance |
|---|---|---|---|---|
| ORLEN S.A. — consolidated group (apex) Poland · the parent record on this page | 100% | €63,366m | €76–177m /yr FS-based (authoritative) | consolidated FS FY2025 — see this page's facts floor & by-product table |
| CZ — 5 entities · €10,831m disclosed revenue | ||||
| ORLEN Unipetrol a.s. | 100% | €6,500m | €7.8–18.2m /yr revenue-proxy, entity-level | ownership source↗ · registry_verified · reg. IČO 61672190 |
| SPOLANA s.r.o. under ORLEN Unipetrol a.s. | 100% | €1,876m | €2.3–5.2m /yr revenue-proxy, entity-level | ownership source↗ · registry_verified · reg. IČO 45147787 |
| Paramo a.s. under ORLEN Unipetrol a.s. | 100% | €1,522m | €1.8–4.3m /yr revenue-proxy, entity-level | ownership source↗ · registry_verified · reg. IČO 48173355 |
| REMAQ s.r.o. under ORLEN UNIPETROL RPA s.r.o. | 100% | €500m | €0.6–1.4m /yr revenue-proxy, entity-level | ownership source↗ · registry_verified · reg. IČO 26920051 |
| Petrotrans s.r.o. under ORLEN Transport Sp. z o.o. | 100% | €433m | €0.5–1.2m /yr revenue-proxy, entity-level | ORLEN Group — Consolidated Quarterly Report Q4 2025, p.21 · audited · reg. IČO 25123041 |
| LT — 5 entities · €6,025m disclosed revenue | ||||
| AB ORLEN Lietuva | 100% | €5,873m | €7.1–16.4m /yr revenue-proxy, entity-level | ORLEN Group — Consolidated Quarterly Report Q4 2025, p.21 · audited · reg. 166451720 |
| AB ORLEN Baltics Retail | 100% | €120m | €0.1–0.3m /yr revenue-proxy, entity-level | reg. 166920025 |
| UAB ORLEN Service Lietuva under ORLEN Serwis S.A. | 100% | €17m | €0.0–0.0m /yr revenue-proxy, entity-level | ORLEN Group — Consolidated Quarterly Report Q4 2025, p.21 · audited · reg. 302310627 |
| AB LOTOS Geonafta under LOTOS Upstream Sp. z o.o. | 100% | €14m | €0.0–0.0m /yr revenue-proxy, entity-level | ORLEN Group — Consolidated Quarterly Report Q4 2025, p.21 · audited · reg. 163131544 |
| UAB Manifoldas under AB LOTOS Geonafta | 100% | €1m | €0.0–0.0m /yr revenue-proxy, entity-level | ORLEN Group — Consolidated Quarterly Report Q4 2025, p.21 · audited · reg. 170055940 |
| Austria — 1 entity · €1,472m disclosed revenue | ||||
| ORLEN Austria GmbH | 100% | €1,472m | €1.8–4.1m /yr revenue-proxy, entity-level | ownership source↗ · registry_verified · reg. FN 328701i |
| LV — 1 entity · €706m disclosed revenue | ||||
| ORLEN Latvija SIA under AB ORLEN Lietuva | 100% | €706m | €0.9–2.0m /yr revenue-proxy, entity-level | ORLEN Group — Consolidated Quarterly Report Q4 2025, p.21 · audited · reg. 40003637994 |
| EE — 1 entity · €588m disclosed revenue | ||||
| ORLEN Eesti OÜ under AB ORLEN Lietuva | 100% | €588m | €0.7–1.6m /yr revenue-proxy, entity-level | ORLEN Group — Consolidated Quarterly Report Q4 2025, p.21 · audited · reg. 10960209 |
| HU — 1 entity · €353m disclosed revenue | ||||
| ORLEN HUNGARY Kft. under ORLEN Unipetrol a.s. | 100% | €353m | €0.4–1.0m /yr revenue-proxy, entity-level | ORLEN Group — Consolidated Quarterly Report Q4 2025, p.21 · audited · reg. 01-09-718728 |
The subsidiary proxies cover only entities that disclose standalone revenue — €20.0bn, or 32% of the €63.4bn consolidated revenue. The remaining 68% is the ORLEN S.A. Polish core (refining, retail, energy) plus subsidiaries with no disclosed standalone revenue; these sit inside the authoritative consolidated FS wallet, not in this sum. This roll-up is a coverage view, never a second consolidated total: the proxy applies one group-average ratio to as-reported revenue, and some figures are sub-consolidated (e.g. ORLEN Unipetrol already includes Spolana, Paramo and Remaq), so the naive sum overlaps and cannot be added to — or reconciled cleanly against — the group FS number. The group FS-based wallet above remains the single authoritative figure.
Awaiting the bank team's manual figures. The comparison shell is live — our side is computed and cited; the bank side is a placeholder until your numbers land.
| Product · metric | Our figure (est., cited) | Bank team's figure | Divergence |
|---|---|---|---|
| Financing max deliverable volume | €5.11bn S | awaiting bank input | – |
| Financing annual revenue /yr | €30.6m–61.3m /yr S | awaiting bank input | – |
| Debt Capital Markets (DCM) max deliverable volume | €3.82bn S | awaiting bank input | – |
| Debt Capital Markets (DCM) annual revenue /yr | €3.1m–7.6m /yr S | awaiting bank input | – |
| Cash Management / Daily Banking annual revenue /yr | €12.7m–31.7m /yr S | awaiting bank input | – |
| Treasury & Liquidity Solutions annual revenue /yr | €9.4m–25.0m /yr S | awaiting bank input | – |
| Financial Markets (FM) annual revenue /yr | €11.4m–34.1m /yr S | awaiting bank input | – |
| Trade Finance & WC Solutions max deliverable volume | €1.15bn S | awaiting bank input | – |
| Trade Finance & WC Solutions annual revenue /yr | €9.2m–17.2m /yr S | awaiting bank input | – |
Every value in this section is based on the consolidated FS as at 31.12.2025 · published 29.04.2026 (plus the dated registry and interim documents listed below). Facts floor:
| Extracted fact | Value | Dated | Source tag |
|---|---|---|---|
| Consolidated revenue | PLN 267,827.0m | as at 31.12.2025 · publ. 29.04.2026 | Revenue PLN 267,827m — consolidated FS FY2025 (EN, audited, published 29.04.2026) p.5 ⟦scan or-revenue⟧ S |
| EBITDA | PLN 24,200.0m | as at 31.12.2025 · publ. 29.04.2026 | EBITDA PLN 24,200m — printed by the FS ITSELF on the Selected-Data page (p.2 ⟦scan or-netprofit⟧) and re-derived: operating profit 9,957 (p.5 ⟦scan or-pnl⟧) + D&A 14,243 (p.8 ⟦scan or-da⟧); facility-covenant basis (before net impairment 16,277, per p.82 ⟦scan or-covenant⟧) = PLN 40,477m — consolidated FS FY2025 (EN, audited, published 29.04.2026) S S |
| Net debt | PLN -1,411.0m | as at 31.12.2025 · publ. 29.04.2026 | Net debt PLN −1,411m (NET CASH) — ORLEN's reported definition, note 12.10.1 p.84: borrowings 9,020 + bonds 16,144 − cash 26,445 − short-term deposits 130 ⟦scan or-netdebt⟧; leases 12,561 excluded (incl. leases: 11,150) — consolidated FS FY2025 (EN, audited, published 29.04.2026) S |
| Cash & equivalents | PLN 26,445.0m | as at 31.12.2025 · publ. 29.04.2026 | Cash PLN 26,445m (restricted 984) — p.6/p.81 ⟦scan or-cash⟧ — consolidated FS FY2025 (EN, audited, published 29.04.2026) S |
| Finance costs (interest proxy) | PLN 355.0m | as at 31.12.2025 · publ. 29.04.2026 | NET interest PLN 355m = interest expense 1,414 (11.5.2 p.47 ⟦scan or-fincost⟧) − interest income 1,059 (11.5.1 p.46 ⟦scan or-fininc⟧) — consolidated FS FY2025 (EN, audited, published 29.04.2026) S S |
Group boundary: ORLEN S.A. (apex) — ORLEN S.A. (PL). Full 172-entity ownership graph available (recycled from the Risk_ERSTE Capital Linkage product): _ownership_intelligence/orlen_ownership.json — coverage source ORLEN Q4 2025 consolidated report pp.20–23, balance date 2025-12-31. Feeds the V6 group roll-up view. Operator/PAM confirmation: confirmed.
Sources:
Estimates only: drivers are cited consolidated facts; conversion uses CEE market-standard fee/margin benchmarks; the by-bank split is evidence-weighted (deal evidence > syndicate > account presence). Debt-capacity headroom sizes the borrower, not the bank's risk appetite. Your institution's covenant standards and fee benchmarks can replace the CEE defaults applied here.
Fee-methodology caveats. Bands are planning estimates, conservative-high: (1) DCM is a ONE-TIME fee on issuance proceeds, not a recurring charge on bond stock — the per-annum band is an amortised flow proxy. (2) Large-cap IG lending margins run 20–70 bps (our 50–100 is conservative-high). (3) Treasury/deposits run through net-interest-margin, not a fee. Treat totals as order-of-magnitude scale, not billable revenue.
FY2025 audited consolidated basis (EN translation of the Polish original; ESEF official package also on file). Recycled from the Risk_ERSTE Capital Linkage product: the FS document corpus (Q4 2025 + H1 2025 + results deck + financial-operational XLSX), the 172-entity ownership graph (feeds V6), and the entity/UBO verification trail. Q1 2026 (net debt −1,966) carried as an event.
| Document | As at | Published | Download |
|---|---|---|---|
| Consolidated FS FY2025 — audited, English (in FY25 Consolidated PDF package) | 31.12.2025 | 29.04.2026 | download↗ W 4_CONSOLIDATED_FINANCIAL STATEMENTS OF ORLEN GROUP.pdf |
| Consolidated FS FY2025 — ESEF package (official XHTML, Polish) | 31.12.2025 | 29.04.2026 | download↗ W GRUPA_ORLEN_FY25_Skonsolidowane_ESEF.zip |
| Q1 2026 interim report (EN, published 28.05.2026) | 31.03.2026 | 28.05.2026 | download↗ W ORLEN_260528_2026q1 - RAPORT IQ2026_ENG.pdf |
| Q4 2025 consolidated quarterly report (EN, 19.02.2026) — recycled from the Capital Linkage corpus; superseded by the audited annual | 31.12.2025 | 19.02.2026 | download↗ W 2026-02-19_orlen_Q4_2025_consolidated_report_ENG.pdf |
| 4Q/FY2025 results presentation (EN) — recycled from the Capital Linkage corpus | 31.12.2025 | 19.02.2026 | download↗ W 2026-02_orlen_4Q2025_results_presentation.pdf |
| H1 2025 report (EN, 21.08.2025) — recycled from the Capital Linkage corpus | 30.06.2025 | 21.08.2025 | download↗ W 2025-08-21_orlen_H1_2025_report_ENG.pdf |
| ORLEN group ownership graph — 172 entities (Capital Linkage product, v1.2) (unofficial copy) | 31.12.2025 | 19.02.2026 | internal file W orlen_ownership.json |
| Consolidated financial data workbook FY2025 (issuer XLS — machine-readable primary statements) | 31.12.2025 | 29.04.2026 | download↗ W Dane skonsolidowane RI_2025_ENG.xls |
| Consolidated FS FY2025 — audited, Polish original (PDF package) | 31.12.2025 | 29.04.2026 | download↗ W GRUPA_ORLEN_FY25_Skonsolidowane_PDF.zip |
MODIVO S.A. is the FORMER CCC S.A. (renamed 13.02.2026S; KRS 0000211692, WSE ticker CCC→MDV, WIG20) — one of Europe's largest footwear-and-apparel omnichannel groups, running CCC, HalfPrice, eobuwie, Modivo, Worldbox and Boardriders across ~1,200–1,500 stores in 23 markets. FY2025/26 (fashion-retail year to 31.01.2026): revenue PLN 10,895.7m (+6.5%), but EBIT fell 56% to PLN 437.2m and IFRS-16 EBITDAC fell 24.9% to PLN 1,195.9m, with a net loss of PLN 41.4m (owners +21.8m; the swing was a weak Q4). This is a leveraged, working-capital-intensive retail credit, and Erste is DEEPLY incumbent: Santander Bank Polska — now Erste — is BOTH a lender in the PLN 1.8bn 12.07.2024 syndicate (alongside BNP Paribas, EBRD, Pekao, PKO BP, mBank as ESG agent, and Citi Handlowy) AND holds 5 of the group's 35 VAT White List accounts. The wallet sits in four live places.
(1) Syndicated lending: PLN 2,044.5m drawn borrowings (Tranches A/C/D + Unicredit + PKO BP), KUKE-guaranteed up to PLN 750m — the Tranche-B availability window and the December-2026S PKO/Pekao lines are near-term refinancing triggers.
(2) Working-capital finance is the biggest surface: PLN 1,245.6m of reverse factoring (growing — +PLN 215m in Q1) plus the PLN 1.2bn Tranche-B guarantee/LC/RCF commitment — this is where a retailer's bank wallet concentrates.
(3) FX: an import-heavy 23-market book (forwards notional PLN 754.2m).
(4) Cash management on PLN 10.9bn of turnover plus card acquiring across the store estate. DCM is dormant (the SoftBank convertibles and the CCC0626 bond were both redeemed) — a latent refi/issuance option, with a contemplated Modivo.com IPO as an ECM signal. Unrated (bank-syndicate funded).
CovenantC check: the disclosed covenants are Net (Financial Debt / Exposure) / EBITDA ≤ 3.5 and DSCR ≥ 1.2, compliant at 31.01.2026S — BUT the group amended the Net Exposure/EBITDA covenant on 30.04.2026 after identifying a risk of breach. On the covenant's incl-lease basis, net debt PLN 4,070.4m / EBITDA 1,195.9m = 3.40× sits right below the 3.5× ceiling, leaving only ~PLN 115m of headroom — new-money term capacity is effectively exhausted. The origination angle is therefore NOT new leverage but the refinancing + covenant-reset conversation and working-capital share-of-wallet (reverse factoring, guarantees/LCs) — exactly the relationship-led incumbent play where Erste already sits at the table.
| Statement item | Value | Source (page-verified) |
|---|---|---|
| Gross profit | PLN m 5,171.6 | Gross profit PLN 5,171.6m — iXBRL ifrs-full:GrossProfit, audited ESEF FY2025/26 S |
| EBIT (operating profit) | PLN m 437.2 | Operating profit PLN 437.2m — iXBRL, audited ESEF S |
| D&A | PLN m 758.6 | D&A PLN 758.6m — iXBRL adjustments line, audited ESEF S |
| Equity | PLN m 2,118.8 | Total equity PLN 2,118.8m — iXBRL, audited ESEF S |
| Total assets | PLN m 11,025.5 | Total assets PLN 11,025.5m — iXBRL, audited ESEF S |
| Operating cash flow | PLN m 1,260.0 | Operating cash flow PLN 1,260.0m — iXBRL ifrs-full:CashFlowsFromUsedInOperatingActivities S |
| Purchases of PP&E, intangibles, investment property (cash-flow investing line) | PLN m 812.5 | iXBRL ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets = PLN 812.5m — the CASH capex measure (the filing prints no other 'capex' line) S |
| Ratio | Value | Band | Source |
|---|---|---|---|
| Headline KPIs | |||
| Revenue | €2.58bn | — | S |
| EBITDA | €283m | — | S |
| EBITDA Margin | 11.0% | — | S |
| Net Profit | €-10m | — | S |
| Net Debt/EBITDA | 3.40× | ● elevated | C |
| Equity Ratio | 19.2% | — | S |
| Interest Coverage | 3.03× | ● elevated | C |
| Covenant ratios | |||
| Net debt / EBITDA | 3.40× | ● elevated | C |
| Interest coverage | 3.03× | ● elevated | C |
| Gearing | 192% | ● breach-risk | C |
| Net debt / (EBITDA − capex) | 10.6× | ● breach-risk | C |
| DSCR | ≥1.2 (met) | ● within covenant band | C |
| FFO / Net debt | 18% | ● breach-risk | C |
| Computed profile ratios | |||
| EBITDA margin | 11.0% | — | EBITDA ÷ revenue |
| Net margin | -0.4% | — | net result ÷ revenue |
| Capex / revenue | 7.5% | — | capital intensity — the filing's own capex-basis line (see its row above) ÷ revenue |
| Capex / D&A | 1.07× | — | >1× = asset base growing; <1× = harvesting |
| Operating CF / EBIT | 2.88× | — | cash conversion of operating profit |
| Operating CF − capex | PLN m 447.5 | — | internally-funded investment headroom |
| 01.02.2025 - 31.01.2026 | 01.02.2024 - 31.01.2025 | |
|---|---|---|
| Przychody ze sprzedaży (EN: sales revenue) | 10,895.7 | 10,234.7 |
| Koszt własny sprzedaży | -5,724.1 | -5,083.2 |
| Zysk brutto ze sprzedaży | 5,171.6 | 5,151.5 |
| Koszty punktów handlu i sprzedaży | -4,149.1 | -3,863 |
| Koszty ogólnego zarządu | -478.6 | -326.2 |
| Pozostałe przychody operacyjne | 135.4 | 80 |
| Pozostałe koszty operacyjne | -233.5 | -56.8 |
| (Odpisy) / Odwrócenia odpisów z tytułu oczekiwanych strat kredytowych (Odpisy aktualizujące należności handlowe i pozostałe) | -8.6 | -3.7 |
| Zysk (strata) na działalności operacyjnej | 437.2 | 989.2 |
| Przychody finansowe | 41.5 | 370 |
| Koszty finansowe | -435.8 | -486.9 |
| Zysk (strata) przed opodatkowaniem | 42.9 | 872.3 |
| Podatek dochodowy | -84.3 | -110.6 |
| ZYSK (STRATA) NETTO | -41.4 | 983 |
| Przypisany akcjonariuszom jednostki dominującej | 21.8 | 925.1 |
| Przypisany udziałom niekontrolującym | -63.2 | 57.9 |
| Podlegające przeklasyfikowaniu do wyniku: | ||
| Różnice kursowe z przeliczenia sprawozdań jednostek zagranicznych | 2.6 | -10.2 |
| Razem pozostałe całkowite dochody netto (EN: total) | 2.6 | -10.2 |
| ŁĄCZNE CAŁKOWITE DOCHODY | -38.8 | 972.8 |
| Całkowity dochód przypadający na akcjonariuszy jednostki dominującej | 25.7 | 915.2 |
| Udziały niekontrolujące | -64.5 | 57.6 |
| Średnia ważona liczba akcji (mln szt.) | 75.6 | 68.9 |
| Zysk (strata) na akcję podstawowy z zysku (straty) za okres przypadający akcjonariuszom jednostki dominującej (w PLN) | 0.3 | 13.4 |
| Zysk (strata) na akcję rozwodniony z zysku (straty) za okres przypadający akcjonariuszom jednostki dominującej (w PLN) | 0.3 | 13.4 |
| 31.01.2026 | 31.01.2025 | |
|---|---|---|
| Wartości niematerialne | 482.6 | 474.2 |
| Wartość firmy | 334 | 199.6 |
| Rzeczowe aktywa trwałe - inwestycje w sklepach | 1,956.4 | 994.1 |
| Rzeczowe aktywa trwałe - dystrybucja | 592.3 | 545.2 |
| Rzeczowe aktywa trwałe - pozostałe | 139 | 91.7 |
| Prawo do użytkowania | 1,953.4 | 1,586.9 |
| Aktywa z tytułu podatku odroczonego | 431.9 | 422 |
| Inne aktywa finansowe | 11.4 | 11.5 |
| Należności leasingowe | 47 | 9.4 |
| Inwestycje w jednostki stowarzyszone | — | — |
| Należności długoterminowe | 60.9 | 17.7 |
| Aktywa trwałe | 6,008.9 | 4,352.3 |
| Zapasy | 3,845.8 | 3,614.9 |
| Należności od odbiorców | 294.8 | 234.4 |
| Należności z tytułu podatku dochodowego | 13 | 1.7 |
| Pozostałe należności | 409.1 | 330 |
| Środki pieniężne i ich ekwiwalenty (EN: cash and cash equivalents) | 435.8 | 461.2 |
| Pochodne instrumenty finansowe | 0.2 | 1 |
| Należności leasingowe | 17.9 | 2.4 |
| Aktywa obrotowe | 5,016.6 | 4,645.6 |
| Aktywa zaklasyfikowane jako przeznaczone do sprzedaży | — | — |
| AKTYWA RAZEM (EN: total) | 11,025.5 | 8,998 |
| Zobowiązania z tytułu kredytów i obligacji | 1,485.1 | 1,572 |
| Zobowiązania z tytułu odroczonego podatku dochodowego | 59 | 47.9 |
| Pozostałe długoterminowe zobowiązania | 86.8 | 2.8 |
| Rezerwy | 16.3 | 14.6 |
| Otrzymane dotacje | 13.8 | 14.2 |
| Zobowiązania z tytułu leasingu | 1,768.7 | 1,406.4 |
| Zobowiązania z tytułu obowiązku wykupu udziałów niekontrolujących | 5.8 | — |
| Pozostałe długoterminowe zobowiązania finansowe | — | — |
| Zobowiązania długoterminowe | 3,435.5 | 3,057.9 |
| Zobowiązania z tytułu kredytów i obligacji | 559.4 | 324.7 |
| Zobowiązania handlowe i inne | 3,345.4 | 2,522.2 |
| Pozostałe zobowiązania | 575.2 | 491.2 |
| Zobowiązania z tytułu podatku dochodowego | 37.7 | 13.8 |
| Rezerwy | 28.6 | 15 |
| Otrzymane dotacje | 0.5 | 0.5 |
| Zobowiązania z tytułu leasingu | 693 | 585.5 |
| Zobowiązania z tytułu obowiązku wykupu udziałów niekontrolujących | 9.3 | 110.6 |
| Krótkoterminowe pochodne instrumenty finansowe | 18.9 | — |
| Inne zobowiązania finansowe | 203.2 | — |
| Zobowiązania krótkoterminowe | 5,471.2 | 4,063.5 |
| ZOBOWIĄZANIA RAZEM (EN: total) | 8,906.7 | 7,121.4 |
| AKTYWA NETTO | 2,118.8 | 1,876.6 |
| Kapitał własny | ||
| Kapitał akcyjny | 7.7 | 6.9 |
| Kapitał zapasowy ze sprzedaży akcji powyżej ich wartości nominalnej | 3,189.7 | 1,648.2 |
| Różnice kursowe z przeliczenia sprawozdań jednostek zagranicznych | -6.9 | -10.9 |
| Wycena aktuarialna świadczeń pracowniczych | 0.2 | 0.2 |
| Wycena programu motywacyjnego | 18.1 | — |
| Zyski zatrzymane | -1,053.1 | 104.7 |
| Kapitał własny przypadający akcjonariuszom jednostki dominującej | 2,155.7 | 1,749.1 |
| Udziały niekontrolujące | -36.9 | 127.5 |
| RAZEM KAPITAŁY WŁASNE (EN: total) | 2,118.8 | 1,876.6 |
| KAPITAŁ WŁASNY I ZOBOWIĄZANIA RAZEM (EN: total) | 11,025.5 | 8,998 |
| 01.02.2025 - 31.01.2026 | 01.02.2024 - 31.01.2025 | |
|---|---|---|
| Zysk (strata) przed opodatkowaniem | 42.9 | 872.3 |
| Amortyzacja | 758.6 | 599.1 |
| Odpisy aktualizujące wartość rzeczowych aktywów trwałych, prawa do użytkowania, wartości niematerialnych oraz przeszacowanie do wartości godziwej grupy do zbycia | 2.3 | -5.1 |
| (Zysk) Strata na działalności inwestycyjnej | 9.3 | -19.8 |
| Koszty finansowania zewnętrznego | 269.9 | 424.6 |
| Pozostałe korekty zysku przed opodatkowaniem | -276.8 | -314.7 |
| Podatek dochodowy zapłacony | -64.7 | -15.6 |
| Przepływy pieniężne przed zmianami w kapitale obrotowym | 741.5 | 1,540.8 |
| Zmiany w kapitale obrotowym | ||
| Zmiana stanu zapasów i odpisów na zapasy | 13.9 | -664.1 |
| Zmiana stanu należności i odpisów aktualizujących należności | -56.6 | -253.2 |
| Zmiana stanu zobowiązań krótkoterminowych, z wyjątkiem pożyczek, kredytów i obligacji | 561.2 | 688.4 |
| Przepływy pieniężne netto z działalności operacyjnej | 1,260 | 1,311.9 |
| Wpływy ze sprzedaży rzeczowych aktywów trwałych | 13.2 | 85.7 |
| Inne wpływy inwestycyjne | 64.5 | 0.9 |
| Nabycie wartości niematerialnych i rzeczowych aktywów trwałych | -812.5 | -476.9 |
| Nabycie inwestycji w jednostki zależne | -39 | -10 |
| Inne wydatki inwestycyjne | — | -0.2 |
| Przepływy pieniężne netto z działalności inwestycyjnej | -773.8 | -400.5 |
| Wpływy z tytułu zaciągnięcia kredytów i pożyczek | 1,196.7 | 806.9 |
| Spłaty kredytów i pożyczek | -1,157.3 | -846.2 |
| Płatności z tytułu prowizji kredytowych | -4.6 | -16.2 |
| Płatności zobowiązań z tytułu leasingu | -445.2 | -354 |
| Odsetki zapłacone | -393.4 | -248.1 |
| Wpływy netto z emisji akcji | 1,547.3 | — |
| Inne wydatki finansowe | -5 | — |
| Wydatki na nabycie udziałów niekontrolujących | -1,358.2 | -109.4 |
| Inne wpływy finansowe | 108.1 | 50.3 |
| Przepływy pieniężne netto z działalności finansowej | -511.6 | -716.7 |
| PRZEPŁYWY PIENIĘŻNE RAZEM (EN: total) | -25.4 | 194.7 |
| Zwiększenie/zmniejszenie netto stanu środków pieniężnych i ekwiwalentów środków pieniężnych | -25.4 | 194.7 |
| Środki pieniężne i ich ekwiwalenty na początek okresu (EN: cash and cash equivalents) | 461.2 | 266.5 |
| Środki pieniężne i ich ekwiwalenty na koniec okresu (EN: cash and cash equivalents) | 435.8 | 461.2 |
| EBIT (operating result) | 437.2 |
| Depreciation & amortisation (add-back) | 758.6 |
| Product | Subproduct | Revenue pool (all banks · est.) · book position | Revenue share | Driver (dated fact) & method |
|---|---|---|---|---|
| Financing | Working Capital Finance | €9.7m–16.9m · blended in group pool C #7 of 13 · ~6% of book pool | 64% | drawn interest-bearing borrowings (syndicated tranches + Unicredit + PKO BP) — €483,711k drawn balance × margin band derivation → |
| Financing | Investment Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing | Acquisition & Structured Finance | no Acquisition & Structured Finance exposure observed in this group | — | — |
| Financing | Export Finance (ECA) | on the bank's list; no evidence slug in our model yet — no ECA facility observed in the 13-group corpus; flag to collect (BGK/KUKE/EKN/Hermes cover facilities) | — | — |
| Cash Management / Daily Banking | Accounts | €773k–1.8m · group-level pool; subproducts share it C #9 of 13 · ~2% of book pool | 6% | consolidated turnover (payments + accounts + POS acquiring across 1,200+ stores) — €2,577,827k turnover × bps band derivation → |
| Cash Management / Daily Banking | Payments | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Connectivity | not separately estimable — host-to-host/API connectivity has no separately disclosed revenue driver; bundled into cash_management pricing, no slug in our model | — | — |
| Cash Management / Daily Banking | Corporate Cards | not separately estimable — card-program revenue (interchange/fees) not publicly disclosed at group level; no slug in our model | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Guarantees | €2.7m–5.3m · blended in group pool C #3 of 13 · ~16% of book pool | 19% | reverse factoring + guarantee/LC book (core retail WC tool) — €294,698k outstanding × commission band derivation → |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Documentary Trade | see Guarantees — same underlying estimate, not double-counted | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Supply Chain Finance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Receivables Finance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | FX | €357k–714k · blended in group pool C #11 of 13 · ~1% of book pool | 3% | FX book (import-heavy 23-market retailer; forwards notional cited) — €178,437k notional × bps band derivation → |
| Financial Markets (FM) | Interest Rates | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Commodities | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Investments & Deposits | €206k–516k · blended in group pool C #12 of 13 · ~0% of book pool | 2% | cash balances — €103,106k cash × NIM band derivation → |
| Debt Capital Markets (DCM) | Debt Capital Markets (DCM) | no bond stock outstanding — redeemed | — | — |
| Equity Capital Markets (ECM) | Equity Capital Markets (ECM) | latent Modivo.com IPO signal | — | — |
| M&A Advisory | M&A Advisory | event-driven | — | — |
| Custody & Securities Services | Custody | not observable | — | — |
| Custody & Securities Services | Corporate Actions | not observable | — | — |
| Custody & Securities Services | Fund Services | not observable | — | — |
| Custody & Securities Services | Securities Services | not observable | — | — |
| Treasury & Liquidity Solutions | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Investments | see Investments & Deposits — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Treasury Advisory | not separately estimable — advisory mandate revenue is not separately observable from public financials; one of the 'most advisory splits' with no separable public driver | — | — |
| Financial Advisory | Strategic Finance | ESG-linked facility | — | — |
| Financial Advisory | Debt Advisory | ESG-linked facility | — | — |
| Financial Advisory | Structured Solutions | ESG-linked facility | — | — |
| AP additions — not on your list (products our records surface that the brief omits) | ||||
| Financial Advisory | Cross-Border Structuring & Ratings Advisory | ESG-linked facility | — | — |
| Leasing | Finance Lease & Sale-and-Leaseback | €874k–1.7m · blended in group pool C #1 of 13 · ~100% of book pool | 6% | IFRS-16 lease liabilities (large store estate — sale-and-leaseback / equipment surface) — €582,416k lease book × addressable-share band derivation → |
| Trade Finance & Working Capital Solutions | Factoring | see Guarantees — same underlying estimate, not double-counted | — | — |
| Financing | Real Estate & Project Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing / Debt Capital Markets | ESG / Sustainability-Linked Finance | CROSS-CUTTING TAG over the financing (green_loan) and dcm (esg_bond) group volumes — never a separate additive wallet pool; product_group is intentionally null because it spans two groups rather than owning one | — | — |
| Trade Finance & Working Capital Solutions | Trade Credit Insurance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Escrow Services | see Accounts — same underlying estimate, not double-counted | — | — |
| Product (ranked by capital efficiency) | Est. revenue /yr | Exposure (volume basis) | RWA density | RoRWA (revenue ÷ RWA) |
|---|---|---|---|---|
| Cash Management / Daily Banking capital-light (fee-driven) | €0.8–1.8m /yr | €2,578m fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Treasury & Liquidity Solutions capital-light (fee-driven) | €0.2–0.5m /yr | €103m fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Financial Markets (FM) capital-efficient | €0.4–0.7m /yr | €178m SA-CCR add-on on notional (small vs notional) | 3% (of 1–5% range) assumption · WS-CAPITAL v1.0 · regulatory (approx) | 🟢 10.00% hurdle: 🟢 ≥6% · 🟠 ≥3% |
| Financing middle | €9.7–16.9m /yr | €484m unrated corporate 100% SA (term/RCF drawn) | 100% assumption · WS-CAPITAL v1.0 · regulatory | 🟠 2.75% hurdle: 🟢 ≥5% · 🟠 ≥2.5% |
| Trade Finance & WC Solutions capital-heavy | €2.7–5.3m /yr | €295m financial gtee / standby LC 100% CCF; performance gtee 50%; | 60% (of 20–100% range) assumption · WS-CAPITAL v1.0 · regulatory | 🔴 2.25% hurdle: 🟢 ≥6% · 🟠 ≥3% |
| Product group | Risk weight / CCF basis | Density range | Density (default) | Label | Hurdle set |
|---|---|---|---|---|---|
| financing | unrated corporate 100% SA (term/RCF drawn) | 100–100% | 100% | regulatory | lending |
| financing_undrawn | CCF 20% (<=1y) / 50% (>1y), then 100% RW | 20–50% | 35% | regulatory | lending |
| real_estate | 130% pre-op, 100% operational (real estate / project finance) | 100–130% | 115% | regulatory | lending |
| trade_finance_wc | financial gtee / standby LC 100% CCF; performance gtee 50%; trade LC 20%; then 100% RW | 20–100% | 60% | regulatory | trade_finance |
| dcm | origination fee, no balance-sheet hold | 0–0% | 0% | practitioner | cash_fx_dcm |
| financial_markets | SA-CCR add-on on notional (small vs notional) | 1–5% | 3% | regulatory (approx) | cash_fx_dcm |
| cash_management | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| treasury_liquidity | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| Hurdle set | Green | Amber | Red | RAROC green |
|---|---|---|---|---|
| overall | 🟢 ≥4% | 🟠 2–4% | 🔴 <2% | — |
| lending | 🟢 ≥5% | 🟠 2.5–5% | 🔴 <2.5% | ≥15% |
| trade_finance | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥18% |
| cash_fx_dcm | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥20% |
Traffic-light like the covenant scorecard. green = RoRWA >= green hurdle; amber = amber_floor to green; red = < amber_floor. The overall band (green >=4% / amber 2-4% / red <2%) is fully specified in the source; per-category amber_floor is generalized as half the category green hurdle (matching the overall 4/2 shape). RAROC green thresholds shown where the source gives them (lending >=15%, trade finance >=18%, cash/FX/DCM >=20%).
Cost of equity floor: 10–12% — Cost of equity 10-12% is the floor any product must clear.
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| syndicated term loan Tranche A — 5-year amortising (450m 07.2024 + 150m 12.2024) | 7-bank syndicate (+7) | PLN 504.0m drawn (LT 384.0 + ST 120.0; original PLN 600m) | PLN | WIBOR + margin (ESG-linked grid) | 2029 (5y amortising) | S |
| syndicated Tranche B — RCF / overdraft / reverse factoring / guarantees & LCs (multi-purpose) | 7-bank syndicate (+7) | up to PLN 1,200m committed (77.6 drawn as ST borrowings; rest funds factoring/guarantees/LCs) | PLN | WIBOR + margin | 2026, extendable to 2029 (5y) | Tranche B availability 2yr from 07.2024 → extension window is a live refi trigger S |
| syndicated term loan Tranche C | 7-bank syndicate (+7) | PLN 343.1m drawn (LT 329.1 + ST 14.0) | PLN | WIBOR + margin | amortising to 2029 | S |
| syndicated term loan Tranche D — HalfPrice distribution-centre build | 7-bank syndicate (+7) | PLN 145.3m drawn (LT 133.7 + ST 11.6) | PLN | WIBOR + margin | amortising | S |
| Unicredit facility — Modivo.com business unit | UniCredit | PLN 676.0m drawn (LT 622.7 + ST 53.3) | PLN | WIBOR + margin | per agreement | group Net Exposure/EBITDA covenant amended 30.04.2026 — risk of breach S |
| PKO BP facility (BGK-guaranteed) — Modivo business unit | PKO BP | PLN 140.0m limit / 85.7m drawn (BGK guarantee) | PLN | WIBOR + margin | December 2026 | matures December 2026 — near-term refinancing window S |
| Pekao multi-purpose credit line (overdraft/guarantees/LCs) — Modivo.com BU | Bank Pekao | PLN 260m limit (open-ended; extended to 12.07.2026 by 28.04.2026 annex) | PLN | WIBOR + margin | 12.07.2026 (annex) | availability extended to 12.07.2026 — refi/extension window, single-source (company website / ESPI current report) for the PLN 260m limit + 12.07.2026 availability. B18 (B14 #6): the on-disk FS financing note DOES corroborate a Pekao S.A. line for the MODIVO business unit ('Umowa z Pekao S.A. bezterminowo' — open-ended, limit ~PLN 180m) and the ≤3.5 Net-Financial-Debt/EBITDA + DSCR ≥1.2 covenant, but NOT the specific PLN 260m multi-purpose limit or the 12.07.2026 annex date (the 28.04.2026 annex is a post-balance-sheet event, carried in post_statement_events); independent public-source search could not confirm the 260m/12.07.2026 terms S |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| KUKE export-credit guarantees securing the syndicate | KUKE (state export agency) | up to PLN 750.0m (partial guarantee of the syndicate) | PLN | n/a (guarantee) | co-terminous with the syndicate | S |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| IFRS-16 lease liabilities (store estate) | landlords / lessors | PLN 2,461.7m (LT 1,768.7 + ST 693.0; undiscounted 2,829.4) | PLN | implicit | ladder to >5y | S |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| reverse factoring / supply-chain finance | Pekao Faktoring + others | PLN 1,245.6m outstanding (factoring 1,042.4 + other 203.2) | PLN | WIBOR + margin | revolving | S |
| Bank | Confirmed activity — named facilities (ticket · rate · maturity), each with proof | Product split (product · per-bank band · evidence tier) |
|---|---|---|
| Bank Pekao W | 7 accounts on the VAT White List (2026-07-12); member of the 12.07.2024 PLN 1.8bn syndicate (financing note 4.2) syndicated term loan Tranche A — 5-year amortising (450m 07.2024 + 150m 12.2024) — PLN 504.0m drawn (LT 384.0 + ST 120.0; original PLN 600m) · WIBOR + margin (ESG-linked grid) · matures 2029 (5y amortising) S syndicated Tranche B — RCF / overdraft / reverse factoring / guarantees & LCs (multi-purpose) — up to PLN 1,200m committed (77.6 drawn as ST borrowings; rest funds factoring/guarantees/LCs) · WIBOR + margin · matures 2026, extendable to 2029 (5y) S syndicated term loan Tranche C — PLN 343.1m drawn (LT 329.1 + ST 14.0) · WIBOR + margin · matures amortising to 2029 S syndicated term loan Tranche D — HalfPrice distribution-centre build — PLN 145.3m drawn (LT 133.7 + ST 11.6) · WIBOR + margin · matures amortising S Pekao multi-purpose credit line (overdraft/guarantees/LCs) — Modivo.com BU — PLN 260m limit (open-ended; extended to 12.07.2026 by 28.04.2026 annex) · WIBOR + margin · matures 12.07.2026 (annex) S reverse factoring / supply-chain finance — PLN 1,245.6m outstanding (factoring 1,042.4 + other 203.2) · WIBOR + margin · matures revolving S | Financing deal Trade Finance & WC Solutions deal Cash Management / Daily Banking deal |
| PKO BP W | 7 accounts on the VAT White List (2026-07-12); member of the 12.07.2024 PLN 1.8bn syndicate (financing note 4.2) syndicated term loan Tranche A — 5-year amortising (450m 07.2024 + 150m 12.2024) — PLN 504.0m drawn (LT 384.0 + ST 120.0; original PLN 600m) · WIBOR + margin (ESG-linked grid) · matures 2029 (5y amortising) S syndicated Tranche B — RCF / overdraft / reverse factoring / guarantees & LCs (multi-purpose) — up to PLN 1,200m committed (77.6 drawn as ST borrowings; rest funds factoring/guarantees/LCs) · WIBOR + margin · matures 2026, extendable to 2029 (5y) S syndicated term loan Tranche C — PLN 343.1m drawn (LT 329.1 + ST 14.0) · WIBOR + margin · matures amortising to 2029 S syndicated term loan Tranche D — HalfPrice distribution-centre build — PLN 145.3m drawn (LT 133.7 + ST 11.6) · WIBOR + margin · matures amortising S PKO BP facility (BGK-guaranteed) — Modivo business unit — PLN 140.0m limit / 85.7m drawn (BGK guarantee) · WIBOR + margin · matures December 2026 S | Financing deal Cash Management / Daily Banking deal |
| mBank (Credit + ESG Agent) W | 7 accounts on the VAT White List (2026-07-12); member of the 12.07.2024 PLN 1.8bn syndicate (financing note 4.2) syndicated term loan Tranche A — 5-year amortising (450m 07.2024 + 150m 12.2024) — PLN 504.0m drawn (LT 384.0 + ST 120.0; original PLN 600m) · WIBOR + margin (ESG-linked grid) · matures 2029 (5y amortising) S syndicated Tranche B — RCF / overdraft / reverse factoring / guarantees & LCs (multi-purpose) — up to PLN 1,200m committed (77.6 drawn as ST borrowings; rest funds factoring/guarantees/LCs) · WIBOR + margin · matures 2026, extendable to 2029 (5y) S syndicated term loan Tranche C — PLN 343.1m drawn (LT 329.1 + ST 14.0) · WIBOR + margin · matures amortising to 2029 S syndicated term loan Tranche D — HalfPrice distribution-centre build — PLN 145.3m drawn (LT 133.7 + ST 11.6) · WIBOR + margin · matures amortising S | Financing deal Financial Advisory deal |
| Citi Handlowy (Bank Handlowy) W | 7 accounts on the VAT White List (2026-07-12); member of the 12.07.2024 PLN 1.8bn syndicate (financing note 4.2) syndicated term loan Tranche A — 5-year amortising (450m 07.2024 + 150m 12.2024) — PLN 504.0m drawn (LT 384.0 + ST 120.0; original PLN 600m) · WIBOR + margin (ESG-linked grid) · matures 2029 (5y amortising) S syndicated Tranche B — RCF / overdraft / reverse factoring / guarantees & LCs (multi-purpose) — up to PLN 1,200m committed (77.6 drawn as ST borrowings; rest funds factoring/guarantees/LCs) · WIBOR + margin · matures 2026, extendable to 2029 (5y) S syndicated term loan Tranche C — PLN 343.1m drawn (LT 329.1 + ST 14.0) · WIBOR + margin · matures amortising to 2029 S syndicated term loan Tranche D — HalfPrice distribution-centre build — PLN 145.3m drawn (LT 133.7 + ST 11.6) · WIBOR + margin · matures amortising S | Financing deal Financial Markets (FM) deal Cash Management / Daily Banking deal |
| Santander Bank Polska (= Erste, acquired) W Santander Bank Polska → Erste (bank-continuity map, Rule 39 P2) | 5 accounts on the VAT White List (2026-07-12); member of the 12.07.2024 PLN 1.8bn syndicate (financing note 4.2) syndicated term loan Tranche A — 5-year amortising (450m 07.2024 + 150m 12.2024) — PLN 504.0m drawn (LT 384.0 + ST 120.0; original PLN 600m) · WIBOR + margin (ESG-linked grid) · matures 2029 (5y amortising) S syndicated Tranche B — RCF / overdraft / reverse factoring / guarantees & LCs (multi-purpose) — up to PLN 1,200m committed (77.6 drawn as ST borrowings; rest funds factoring/guarantees/LCs) · WIBOR + margin · matures 2026, extendable to 2029 (5y) S syndicated term loan Tranche C — PLN 343.1m drawn (LT 329.1 + ST 14.0) · WIBOR + margin · matures amortising to 2029 S syndicated term loan Tranche D — HalfPrice distribution-centre build — PLN 145.3m drawn (LT 133.7 + ST 11.6) · WIBOR + margin · matures amortising S | Financing deal Cash Management / Daily Banking deal |
| BNP Paribas Bank Polska W | 0 accounts on the VAT White List (2026-07-12); member of the 12.07.2024 PLN 1.8bn syndicate (financing note 4.2) syndicated term loan Tranche A — 5-year amortising (450m 07.2024 + 150m 12.2024) — PLN 504.0m drawn (LT 384.0 + ST 120.0; original PLN 600m) · WIBOR + margin (ESG-linked grid) · matures 2029 (5y amortising) S syndicated Tranche B — RCF / overdraft / reverse factoring / guarantees & LCs (multi-purpose) — up to PLN 1,200m committed (77.6 drawn as ST borrowings; rest funds factoring/guarantees/LCs) · WIBOR + margin · matures 2026, extendable to 2029 (5y) S syndicated term loan Tranche C — PLN 343.1m drawn (LT 329.1 + ST 14.0) · WIBOR + margin · matures amortising to 2029 S syndicated term loan Tranche D — HalfPrice distribution-centre build — PLN 145.3m drawn (LT 133.7 + ST 11.6) · WIBOR + margin · matures amortising S | Financing deal |
| UniCredit W | 0 accounts on the VAT White List (2026-07-12) Unicredit facility — Modivo.com business unit — PLN 676.0m drawn (LT 622.7 + ST 53.3) · WIBOR + margin · matures per agreement S | Financing acct |
| Raiffeisen Bank International (Polska) W | 2 accounts on the VAT White List (2026-07-12) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Cash Management / Daily Banking acct |
| other (BGK/KUKE guarantees, unmapped) C | 0 accounts on the VAT White List (2026-07-12) remainder — no direct evidence by design | — |
| Window | Facility (FS note, 31.01.2026) | Amount |
|---|---|---|
| 12.07.2026 | Pekao multi-purpose credit line PLN 260m — availability extension window timeline ↓ | €61,514k |
| 31.12.2026 | PKO BP facility PLN 140m limit — matures December 2026 timeline ↓ | €33,123k |
| 31.07.2029 | Syndicated Tranche B PLN 1.2bn — availability-extension / refi window timeline ↓ | €283,909k |
Awaiting the bank team's manual figures. The comparison shell is live — our side is computed and cited; the bank side is a placeholder until your numbers land.
| Product · metric | Our figure (est., cited) | Bank team's figure | Divergence |
|---|---|---|---|
| Financing max deliverable volume | €484m | awaiting bank input | – |
| Financing annual revenue /yr | €9.7m–16.9m /yr | awaiting bank input | – |
| Cash Management / Daily Banking annual revenue /yr | €773k–1.8m /yr | awaiting bank input | – |
| Treasury & Liquidity Solutions annual revenue /yr | €206k–516k /yr | awaiting bank input | – |
| Financial Markets (FM) annual revenue /yr | €357k–714k /yr | awaiting bank input | – |
| Trade Finance & WC Solutions max deliverable volume | €295m | awaiting bank input | – |
| Trade Finance & WC Solutions annual revenue /yr | €2.7m–5.3m /yr | awaiting bank input | – |
Every value in this section is based on the consolidated FS as at 31.01.2026 · published 29.05.2026 (plus the dated registry and interim documents listed below). Facts floor:
| Extracted fact | Value | Dated | Source tag |
|---|---|---|---|
| Consolidated revenue | PLN 10,895.7m | as at 31.01.2026 · publ. 29.05.2026 | Consolidated revenue PLN 10,895.7m — statement of comprehensive income, audited consolidated FS FY2025/26 (ESEF, 01.02.2025–31.01.2026; published 29.05.2026) ⟦esef:ifrs-full:Revenue⟧ S |
| EBITDA | PLN 1,195.9m | as at 31.01.2026 · publ. 29.05.2026 | Segment EBITDA PLN 1,195.9m (IFRS-16; = EBIT 437.2 + D&A 758.6) — segment note; down 24.9% from 1,592.2m — audited consolidated FS FY2025/26 (ESEF, 01.02.2025–31.01.2026; published 29.05.2026) ⟦esef:ifrs-full:ProfitLossFromOperatingActivities + ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense⟧ S |
| Net debt | PLN 4,070.4m | as at 31.01.2026 · publ. 29.05.2026 | Net debt PLN 4,070.4m INCL. leases = borrowings 2,044.5 (LT 1,485.1 + ST 559.4) + leases 2,461.7 (NC 1,768.7 + C 693.0) − cash 435.8; ex-leases 1,608.7 — statement of financial position + note 4.2/5.4, audited consolidated FS FY2025/26 (ESEF, 01.02.2025–31.01.2026; published 29.05.2026) ⟦esef:ifrs-full:LongtermBorrowings + ShorttermBorrowings + NoncurrentLeaseLiabilities + CurrentLeaseLiabilities − CashAndCashEquivalents⟧ S |
| Cash & equivalents | PLN 435.8m | as at 31.01.2026 · publ. 29.05.2026 | Cash PLN 435.8m — statement of financial position, audited consolidated FS FY2025/26 (ESEF, 01.02.2025–31.01.2026; published 29.05.2026) ⟦esef:ifrs-full:CashAndCashEquivalents⟧ S |
| Finance costs (interest proxy) | PLN 394.3m | as at 31.01.2026 · publ. 29.05.2026 | NET finance cost PLN 394.3m = finance cost 435.8 (incl. lease interest + FX) − finance income 41.5 — statement of comprehensive income, audited consolidated FS FY2025/26 (ESEF, 01.02.2025–31.01.2026; published 29.05.2026) ⟦esef:ifrs-full:OtherFinanceCost − ifrs-full:FinanceIncome⟧ S |
Group boundary: MODIVO S.A. (formerly CCC S.A.) (apex) — MODIVO S.A. (PL). ENTITY IDENTITY (WS-G1): MODIVO S.A. = former CCC S.A. — same legal entity (KRS 0000211692, LEI 259400NWPQ2HCSMZP970), renamed 13.02.2026. Financing is split across two business units (CCC + Modivo.com) with cross-default. Brands: CCC, HalfPrice, eobuwie, Modivo, Worldbox, Boardriders. Operator/PAM confirmation: confirmed.
Sources:
Estimates only: drivers are cited consolidated facts; conversion uses CEE market-standard fee/margin benchmarks; the by-bank split is evidence-weighted (deal evidence > syndicate > account presence). Debt-capacity headroom sizes the borrower, not the bank's risk appetite. Your institution's covenant standards and fee benchmarks can replace the CEE defaults applied here.
Fee-methodology caveats. Bands are planning estimates, conservative-high: (1) DCM is a ONE-TIME fee on issuance proceeds, not a recurring charge on bond stock — the per-annum band is an amortised flow proxy. (2) Large-cap IG lending margins run 20–70 bps (our 50–100 is conservative-high). (3) Treasury/deposits run through net-interest-margin, not a fee. Treat totals as order-of-magnitude scale, not billable revenue.
FY2025/26 audited consolidated basis (ESEF official iXBRL; Polish original). Second PL company for Jakub's demo. Entity = former CCC S.A. (renamed MODIVO 13.02.2026). Contract-defined covenants disclosed verbatim + a 30.04.2026 amendment — the live refinancing/covenant-reset origination signal. Erste strong incumbent (syndicate lender via Santander + 5 accounts).
| Document | As at | Published | Download |
|---|---|---|---|
| Audited consolidated FS FY2025/26 — ESEF (official iXBRL, FYE 31.01.2026) | 31.01.2026 | 29.05.2026 | download↗ W modivo-2026-01-31-1-pl.xhtml |
| Q1 2026/27 preliminary results (report 23/2026, 20.05.2026) | 30.04.2026 | 20.05.2026 | download↗ W modivo_Q1_2026_preliminary_results_pl.pdf |
| Current report 23/2026 — Q1 2026 preliminary data (cover) | 30.04.2026 | 20.05.2026 | download↗ W 2026_raport-biezacy-23_pl.pdf |
| Current report 39/2026 — new Management Board members (25.06.2026) | 25.06.2026 | 25.06.2026 | download↗ W 2026_raport-biezacy-39_pl.pdf |
TDJ S.A. is the private Katowice-based industrial holding of the Domogała family — a diversified group spanning Grenevia (the former FAMUR: mining machinery pivoting to energy transformation — large-scale PV, wind and batteries — the group's cash engine, ~PLN 650m FY EBITDAC), Polska Grupa Odlewnicza (foundry, 97.99%), Zamet (heavy steel structures, 56.43%), NiUW Glinik (oilfield equipment, 100%) and Invest TDJ Estate (real-estate development). FY2025 consolidated revenue was PLN 3.31bn with EBITDA of ~PLN 731m; the net result was weak (group PLN 190m, parent PLN 8.4m) on real-estate losses, impairments and minority interests. The balance sheet is the headline: PLN 1.81bn of CASH against PLN 2.11bn of gross debt — net debt of only PLN 303m, just 0.41× EBITDA. Erste is a STRONG incumbent: Santander Bank Polska — now Erste — ran the ~PLN 850m Grenevia take-private (the 2025 tender at PLN 2.75 and the 2026 squeeze-out at PLN 3.30) as intermediating broker via Santander Biuro Maklerskie, and Erste Securities covers the name. The wallet sits in five relationship places.
(1) ECM/M&A is the live, proven surface — Erste is already the house broker on the group's biggest transaction, and the now-100%/delisted Grenevia plus the other portfolio companies are the pipeline.
(2) DCM: Invest TDJ Estate is an active Catalyst issuer (PLN 142.5m in the FS + PLN 100m after the balance date).
(3) Green/project finance for Grenevia's energy-transformation capex.
(4) Treasury on the PLN 1.8bn cash pile — a real deposit/liquidity wallet.
(5) FX and advance-payment guarantees/LCs for the industrial exporters (Zamet/PGO/Glinik). Bank lending (PLN 1.93bn drawn across the subsidiaries) is a refinancing/relationship book, not a new-money need — and its core is NAMED: Grenevia's PLN 850m syndicated Sustainability-Linked Loan (09.09.2024; Pekao + PKO BP + BNP Paribas as Sustainability Coordinator; Tranche A 700m SLL + Tranche B 150m; 3y+2y+2y to 2027W–2031; margin steps on 3 ESG KPIs) — ERSTE/SANTANDER IS NOT IN THIS CONSORTIUM, the single clearest share-of-wallet gap, with the 2027 extension window as the entry point. The 04.12.2025 amendment adds Famur S.A. as co-borrower on the demerger — a standalone Famur is a new banking client forming. Precedent works in Erste's favour: Santander Bank Polska ARRANGED TDJ Estate's PLN 115m debut bond (Dec 2021, matured mid-2024) — the active Estate programme is its successor. Unrated private holding.
CovenantC check: TDJ is nearly net cash — net debt 0.41× EBITDA, gearing 8%, cash covering 86% of gross debt — so no covenant binds and the indicative green-ceiling capacity (~PLN 1.89bn, €447m) is academic. The group just self-funded an ~PLN 850m take-private FROM CASH. Capacity is emphatically NOT the constraint; the origination is the relationship — ECM/M&A (where Erste already sits as broker), DCM, green finance and treasury — not new term lending.
| Statement item | Value | Source (page-verified) |
|---|---|---|
| EBIT (operating profit) | PLN 437,682 thousand (= PLN 437.7m) | Operating profit PLN 437,682k — RZiS position F, structured FS XML S |
| D&A | PLN 293,524 thousand (= PLN 293.5m) | D&A PLN 293,524k — cash-flow addback A_II_3, structured FS XML ⟦xml:PrzeplywyPosr A_II_3⟧ S |
| Equity (incl. minorities) | PLN 3,815,248 thousand (= PLN 3,815.2m) | Equity PLN 3,063,454k + minorities 751,794k — Pasywa A+B, structured FS XML ⟦xml:Pasywa_A + Pasywa_B⟧ S |
| Total assets | PLN 7,362,187 thousand (= PLN 7,362.2m) | Total assets PLN 7,362,187k — Bilans, structured FS XML ⟦xml:Aktywa⟧ S |
| Operating cash flow | PLN 1,031,559 thousand (= PLN 1,031.6m) | Operating cash flow PLN 1,031,559k — RPP A_III, structured FS XML S |
| Purchases of intangibles and PP&E (RPP B.II.1 — cash-flow investing outflow) | PLN 419,408 thousand (= PLN 419.4m) | structured FS XML, cash-flow position B_II_1 = PLN 419,408 thousand — the CASH capex measure; the UoR filing prints no 'capex' line S |
| Ratio | Value | Band | Source |
|---|---|---|---|
| Headline KPIs | |||
| Revenue | €784m | — | S |
| EBITDA | €173m | — | S |
| EBITDA Margin | 22.1% | — | S |
| Net Profit | €45m | — | S |
| Net Debt/EBITDA | 0.41× | ● within covenant band | C |
| Covenant ratios | |||
| Net debt / EBITDA | 0.41× | ● within covenant band | C |
| Gearing | 8% | ● within covenant band | C |
| Interest coverage | n/a | — | C |
| Net debt / (EBITDA − capex) | 0.97× | ● within covenant band | C |
| Cash / gross debt | 86% | ● within covenant band | C |
| FFO / Net debt | n/a | — | C |
| Computed profile ratios | |||
| EBITDA margin | 22.1% | — | EBITDA ÷ revenue |
| Net margin | 5.7% | — | net result ÷ revenue |
| Capex / revenue | 12.7% | — | capital intensity — the filing's own capex-basis line (see its row above) ÷ revenue |
| Capex / D&A | 1.43× | — | >1× = asset base growing; <1× = harvesting |
| Operating CF / EBIT | 2.36× | — | cash conversion of operating profit |
| Operating CF − capex | PLN k 612,151.0 | — | internally-funded investment headroom |
| FY2025 | FY2024 | |
|---|---|---|
| A_J | 0 | 6,989 |
| Przychody netto ze sprzedaży produktów, towarów i materiałów | 3,313,028 | 2,776,469 |
| Przychody netto ze sprzedaży towarów i materiałów | 205,097 | 123,776 |
| Przychody netto ze sprzedaży produktów, towarów i materiałów | 3,518,125 | 2,900,245 |
| B_J | 0 | 5,640 |
| Koszt wytworzenia sprzedanych produktów | 2,429,266 | 1,943,805 |
| Wartość sprzedanych towarów i materiałów | 111,992 | 61,499 |
| Koszty sprzedanych produktów, towarów i materiałów | 2,541,258 | 2,005,304 |
| Zysk (strata) brutto ze sprzedaży | 976,867 | 894,941 |
| Koszty sprzedaży | 141,036 | 70,193 |
| Koszty ogólnego zarządu | 398,149 | 344,981 |
| Zysk (strata) z działalności operacyjnej | 437,682 | 479,767 |
| Zysk z tytułu rozchodu niefinansowych aktywów trwałych | 34,002 | 96,377 |
| Dotacje | 2,968 | 442 |
| Aktualizacja wartości aktywów niefinansowych | 6,468 | 2,489 |
| Inne przychody operacyjne | 64,195 | 56,325 |
| Pozostałe przychody operacyjne | 107,633 | 155,633 |
| Strata z tytułu rozchodu niefinansowych aktywów trwałych | 830 | 188 |
| Aktualizacja wartości aktywów niefinansowych | 90,378 | 134,057 |
| Inne koszty operacyjne | 161,218 | 126,907 |
| Pozostałe koszty operacyjne | 252,426 | 261,152 |
| Zysk (strata) z działalności operacyjnej | 292,889 | 374,248 |
| J_I_A_1 | 14,747 | 3,021 |
| J_I_A | 14,747 | 20,647 |
| J_I_B_1 | 0 | 0 |
| J_I_B | 580 | 47,707 |
| Dywidendy i udziały w zyskach | 15,327 | 68,354 |
| J_II_J | 4,036 | 26,641 |
| Odsetki | 74,850 | 112,973 |
| J_III_J | 0 | 0 |
| Zysk z tytułu rozchodu aktywów finansowych | 34,051 | 163,767 |
| Aktualizacja wartości aktywów finansowych | 95 | 5,951 |
| Inne | 29,205 | 95,153 |
| Przychody finansowe | 153,528 | 446,198 |
| K_I_J | 2,467 | 14,290 |
| Odsetki | 135,129 | 133,477 |
| K_II_J | 0 | 0 |
| Strata z tytułu rozchodu aktywów finansowych | 67,910 | 9,657 |
| Aktualizacja wartości aktywów finansowych | 19,427 | 57,468 |
| Inne | 35,093 | 37,900 |
| Koszty finansowe | 257,559 | 238,502 |
| Zysk (strata) z działalności gospodarczej | 1,309 | 58,659 |
| Wynik zdarzeń nadzwyczajnych | 190,167 | 640,603 |
| Zyski nadzwyczajne | 45,005 | 69,863 |
| Straty nadzwyczajne | 0 | 0 |
| Zysk (strata) brutto | 45,005 | 69,863 |
| O_I | 11,757 | 3,770 |
| O_II | 0 | 0 |
| Podatek dochodowy | 11,757 | 3,770 |
| Pozostałe obowiązkowe zmniejszenia zysku | 0 | 0 |
| Zysk (strata) netto | 156,919 | 574,510 |
| Zysk (strata) netto | 47,343 | 78,112 |
| Zysk (strata) netto przypadający udziałowcom niekontrolującym | 0 | 0 |
| Zysk (strata) netto przypadający akcjonariuszom jednostki dominującej | 101,127 | 104,376 |
| Zysk (strata) netto | 8,449 | 392,022 |
| FY2025 | FY2024 | |
|---|---|---|
| Aktywa_A_I_1 | 87,725 | 92,570 |
| Aktywa_A_I_2 | 48,695 | 0 |
| Aktywa_A_I_3 | 86,540 | 76,710 |
| Aktywa_A_I_4 | 473 | 0 |
| Aktywa_A_I | 223,433 | 169,280 |
| Aktywa_A_II_1 | 156,341 | 85,655 |
| Aktywa_A_II_2 | 0 | 0 |
| Aktywa_A_II | 156,341 | 85,655 |
| Aktywa_A_III_1_A | 97,704 | 101,261 |
| Aktywa_A_III_1_B | 757,886 | 693,750 |
| Aktywa_A_III_1_C | 1,093,030 | 993,095 |
| Aktywa_A_III_1_D | 38,276 | 35,403 |
| Aktywa_A_III_1_E | 32,583 | 18,695 |
| Aktywa_A_III_1 | 2,019,479 | 1,842,204 |
| Aktywa_A_III_2 | 96,935 | 68,607 |
| Aktywa_A_III_3 | 352 | 0 |
| Aktywa_A_III | 2,116,766 | 1,910,811 |
| Aktywa_A_IV_1 | 0 | 676 |
| Aktywa_A_IV_2 | 0 | 0 |
| Aktywa_A_IV_3 | 11,480 | 11,089 |
| Aktywa_A_IV | 11,480 | 11,765 |
| Aktywa_A_V_1 | 351,885 | 394,897 |
| Aktywa_A_V_2 | 0 | 0 |
| Aktywa_A_V_3_A_1 | 69,288 | 572,878 |
| Aktywa_A_V_3_A_2 | 0 | 0 |
| Aktywa_A_V_3_A_3 | 29,284 | 153,973 |
| Aktywa_A_V_3_A_4 | 0 | 0 |
| Aktywa_A_V_3_A | 98,572 | 726,851 |
| Aktywa_A_V_3_B_1 | 0 | 50,000 |
| Aktywa_A_V_3_B_2 | 0 | 0 |
| Aktywa_A_V_3_B_3 | 0 | 0 |
| Aktywa_A_V_3_B_4 | 0 | 0 |
| Aktywa_A_V_3_B | 0 | 50,000 |
| Aktywa_A_V_3_C_1 | 158 | 556 |
| Aktywa_A_V_3_C_2 | 0 | 0 |
| Aktywa_A_V_3_C_3 | 0 | 0 |
| Aktywa_A_V_3_C_4 | 0 | 0 |
| Aktywa_A_V_3_C | 158 | 556 |
| Aktywa_A_V_3_D_1 | 176,893 | 0 |
| Aktywa_A_V_3_D_2 | 0 | 0 |
| Aktywa_A_V_3_D_3 | 5,422 | 11,445 |
| Aktywa_A_V_3_D_4 | 0 | 0 |
| Aktywa_A_V_3_D | 182,315 | 11,445 |
| Aktywa_A_V_3 | 281,045 | 788,852 |
| Aktywa_A_V_4 | 30 | 1,503 |
| Aktywa_A_V | 632,960 | 1,185,252 |
| Aktywa_A_VI_1 | 129,745 | 134,103 |
| Aktywa_A_VI_2 | 67,541 | 17,277 |
| Aktywa_A_VI | 197,286 | 151,380 |
| Aktywa trwałe | 3,338,266 | 3,514,143 |
| Aktywa_B_I_1 | 235,891 | 312,578 |
| Aktywa_B_I_2 | 575,485 | 434,317 |
| Aktywa_B_I_3 | 209,247 | 151,651 |
| Aktywa_B_I_4 | 9,259 | 13,233 |
| Aktywa_B_I_5 | 3,478 | 1,334 |
| Aktywa_B_I | 1,033,360 | 913,113 |
| Aktywa_B_II_1_A_1 | 6,286 | 395 |
| Aktywa_B_II_1_A_2 | 0 | 0 |
| Aktywa_B_II_1_A | 6,286 | 395 |
| Aktywa_B_II_1_B | 1,649 | 7,279 |
| Aktywa_B_II_1 | 7,935 | 7,674 |
| Aktywa_B_II_2_A_1 | 264 | 9,504 |
| Aktywa_B_II_2_A_2 | 0 | 0 |
| Aktywa_B_II_2_A | 264 | 9,504 |
| Aktywa_B_II_2_B | 0 | 0 |
| Aktywa_B_II_2 | 264 | 9,504 |
| Aktywa_B_II_3_A_1 | 499,778 | 378,501 |
| Aktywa_B_II_3_A_2 | 0 | 0 |
| Aktywa_B_II_3_A | 499,778 | 378,501 |
| Aktywa_B_II_3_B | 87,296 | 137,569 |
| Aktywa_B_II_3_C | 184,122 | 224,251 |
| Aktywa_B_II_3_D | 0 | 0 |
| Aktywa_B_II_3 | 771,196 | 740,321 |
| Aktywa_B_II | 779,395 | 757,499 |
| Aktywa_B_III_1_A_1 | 0 | 0 |
| Aktywa_B_III_1_A_2 | 0 | 0 |
| Aktywa_B_III_1_A_3 | 6,453 | 103,008 |
| Aktywa_B_III_1_A_4 | 0 | 0 |
| Aktywa_B_III_1_A | 6,453 | 103,008 |
| Aktywa_B_III_1_B_1 | 0 | 0 |
| Aktywa_B_III_1_B_2 | 0 | 0 |
| Aktywa_B_III_1_B_3 | 0 | 819 |
| Aktywa_B_III_1_B_4 | 0 | 0 |
| Aktywa_B_III_1_B | 0 | 819 |
| Aktywa_B_III_1_C_1 | 0 | 0 |
| Aktywa_B_III_1_C_2 | 100,277 | 39,904 |
| Aktywa_B_III_1_C_3 | 8,857 | 0 |
| Aktywa_B_III_1_C_4 | 7,630 | 1,331 |
| Aktywa_B_III_1_C | 116,764 | 41,235 |
| Aktywa_B_III_1_D_1 | 1,623,636 | 1,354,400 |
| Aktywa_B_III_1_D_2 | 182,636 | 111,140 |
| Aktywa_B_III_1_D_3 | 0 | 2,482 |
| Środki pieniężne i inne aktywa pieniężne | 1,806,272 | 1,468,022 |
| Aktywa_B_III_1 | 1,929,489 | 1,613,084 |
| Aktywa_B_III_2 | 13,543 | 36,200 |
| Aktywa_B_III | 1,943,032 | 1,649,284 |
| Aktywa_B_IV | 268,044 | 133,455 |
| Aktywa obrotowe | 4,023,831 | 3,453,351 |
| Aktywa_C | 90 | 8,313 |
| Aktywa_D | 0 | 0 |
| Aktywa razem (EN: total) | 7,362,187 | 6,975,807 |
| Pasywa_A_I | 3,252 | 3,252 |
| Pasywa_A_II_1 | 0 | 0 |
| Pasywa_A_II | 1,598,517 | 1,244,212 |
| Pasywa_A_III_1 | 0 | 0 |
| Pasywa_A_III | 285 | 3,056 |
| Pasywa_A_IV_1 | 0 | 0 |
| Pasywa_A_IV | 0 | 285 |
| Pasywa_A_V | -8,279 | -7,625 |
| Pasywa_A_VI | 1,461,230 | 1,515,562 |
| Pasywa_A_VII | 8,449 | 392,022 |
| Pasywa_A_VIII | 0 | 0 |
| Kapitał (fundusz) własny | 3,063,454 | 3,150,764 |
| Kapitał (fundusz) własny | 751,794 | 1,279,940 |
| Pasywa_C_I | 95,559 | 12,937 |
| Pasywa_C_II | 0 | 0 |
| Zobowiązania i rezerwy na zobowiązania | 95,559 | 12,937 |
| Pasywa_D_I_1 | 47,022 | 47,151 |
| Pasywa_D_I_2_1 | 38,222 | 26,175 |
| Pasywa_D_I_2_2 | 33,140 | 17,824 |
| Pasywa_D_I_2 | 71,362 | 43,999 |
| Pasywa_D_I_3_1 | 83,133 | 60,498 |
| Pasywa_D_I_3_2 | 69,720 | 80,614 |
| Pasywa_D_I_3 | 152,853 | 141,112 |
| Pasywa_D_I | 271,237 | 232,262 |
| Pasywa_D_II_1 | 14,184 | 173,520 |
| Pasywa_D_II_2 | 0 | 0 |
| Kredyty i pożyczki (długoterminowe) | 1,421,720 | 1,114,155 |
| Kredyty i pożyczki (długoterminowe) | 142,500 | 149,115 |
| Inne zobowiązania finansowe / leasing (długoterminowe) | 25,851 | 27,360 |
| Pasywa_D_II_3_D | 0 | 0 |
| Pasywa_D_II_3_E | 11,342 | 2,158 |
| Pasywa_D_II_3 | 1,601,413 | 1,292,788 |
| Pasywa_D_II | 1,615,597 | 1,466,308 |
| Pasywa_D_III_1_A_1 | 31,532 | 28,411 |
| Pasywa_D_III_1_A_2 | 0 | 0 |
| Pasywa_D_III_1_A | 31,532 | 28,411 |
| Pasywa_D_III_1_B | 23,140 | 4,203 |
| Pasywa_D_III_1 | 54,672 | 32,614 |
| Pasywa_D_III_2_A_1 | 0 | 0 |
| Pasywa_D_III_2_A_2 | 0 | 0 |
| Pasywa_D_III_2_A | 0 | 0 |
| Pasywa_D_III_2_B | 0 | 0 |
| Pasywa_D_III_2 | 0 | 0 |
| Kredyty i pożyczki (krótkoterminowe) | 505,872 | 238,999 |
| Kredyty i pożyczki (krótkoterminowe) | 1,387 | 34 |
| Inne zobowiązania finansowe / leasing (krótkoterminowe) | 12,097 | 6,522 |
| Pasywa_D_III_3_D_1 | 307,155 | 204,017 |
| Pasywa_D_III_3_D_2 | 0 | 0 |
| Pasywa_D_III_3_D | 307,155 | 204,017 |
| Pasywa_D_III_3_E | 312,392 | 159,442 |
| Pasywa_D_III_3_F | 0 | 0 |
| Pasywa_D_III_3_G | 81,501 | 76,145 |
| Pasywa_D_III_3_H | 26,190 | 22,790 |
| Pasywa_D_III_3_I | 189,987 | 20,588 |
| Pasywa_D_III_3 | 1,436,581 | 728,537 |
| Pasywa_D_III_4 | 2,199 | 1,556 |
| Pasywa_D_III | 1,493,452 | 762,707 |
| Pasywa_D_IV_1 | 0 | 0 |
| Pasywa_D_IV_2_1 | 38,601 | 24,256 |
| Pasywa_D_IV_2_2 | 32,493 | 46,633 |
| Pasywa_D_IV_2 | 71,094 | 70,889 |
| Pasywa_D_IV | 71,094 | 70,889 |
| Pasywa_D | 3,451,380 | 2,532,166 |
| PASYWA RAZEM (EN: total) | 7,362,187 | 6,975,807 |
| FY2025 | FY2024 | |
|---|---|---|
| Zysk (strata) netto | 8,449 | 392,022 |
| A_II_1 | 101,127 | 104,376 |
| A_II_2 | 0 | 0 |
| Amortyzacja | 293,524 | 305,624 |
| A_II_4 | 33,248 | 6,126 |
| A_II_5 | -11,757 | 51,276 |
| A_II_6 | 0 | 0 |
| A_II_7 | 44,952 | -246,249 |
| A_II_8 | 78,043 | -151,693 |
| A_II_9 | 38,975 | 38,851 |
| A_II_10 | -120,247 | 369,232 |
| A_II_11 | -13,388 | 129,441 |
| A_II_12 | 455,323 | -4,154 |
| A_II_13 | -180,290 | -435,914 |
| A_II_14 | 303,600 | -45,068 |
| Korekty razem (EN: total) | 1,023,110 | 121,848 |
| Przepływy pieniężne netto z działalności operacyjnej | 1,031,559 | 513,870 |
| B_I_1 | 0 | 0 |
| B_I_2 | 31,367 | 165,251 |
| B_I_3_A | 0 | 908,057 |
| B_I_3_B_1 | 188,000 | 19,500 |
| B_I_3_B_2 | 0 | 0 |
| B_I_3_B_3 | 71,350 | 38,606 |
| B_I_3_B_4 | 0 | 803 |
| B_I_3_B_5 | 0 | 0 |
| B_I_3_B | 259,350 | 58,909 |
| B_I_3 | 259,350 | 966,966 |
| B_I_4 | 0 | 0 |
| Wpływy | 290,717 | 1,132,217 |
| Nabycie wartości niematerialnych i prawnych oraz rzeczowych aktywów trwałych | 419,408 | 0 |
| B_II_2 | 22,052 | 552,578 |
| B_II_3_A | 0 | 297,575 |
| B_II_3_B_1 | 604,624 | 0 |
| B_II_3_B_2 | 56,678 | 39,904 |
| B_II_3_B | 661,302 | 39,904 |
| PozycjaUszczegolawiajaca | 244,451 | 0 |
| B_II_3 | 905,753 | 337,479 |
| B_II_4 | 0 | 0 |
| B_II_5 | 0 | 1,473 |
| Wydatki | 1,347,213 | 891,530 |
| Przepływy pieniężne netto z działalności inwestycyjnej | -1,056,496 | 240,687 |
| C_I_1 | 0 | 13,656 |
| C_I_2 | 601,653 | 339,510 |
| C_I_3 | 142,500 | 14,033 |
| C_I_4 | 1,473 | 0 |
| Wpływy | 745,626 | 367,199 |
| C_II_1 | 0 | 4,136 |
| C_II_2 | 0 | 0 |
| C_II_3 | 0 | 0 |
| C_II_4 | 95,785 | 56,172 |
| C_II_5 | 147,459 | 400,000 |
| C_II_6 | 0 | 0 |
| C_II_7 | 4,066 | 4,757 |
| C_II_8 | 135,129 | 96,196 |
| C_II_9 | 0 | 6,966 |
| Wydatki | 382,439 | 568,227 |
| Przepływy pieniężne netto z działalności finansowej | 363,187 | -201,028 |
| Przepływy pieniężne netto razem (EN: total) | 338,250 | 553,529 |
| E_1 | 0 | 0 |
| Bilansowa zmiana stanu środków pieniężnych | 338,250 | 553,529 |
| Środki pieniężne na początek okresu | 1,468,022 | 914,493 |
| G_1 | 60,598 | 19,566 |
| Środki pieniężne na koniec okresu | 1,806,272 | 1,468,022 |
| EBIT (operating result) | 437,682 |
| Depreciation & amortisation (add-back) | 293,524 |
| Product | Subproduct | Revenue pool (all banks · est.) · book position | Revenue share | Driver (dated fact) & method |
|---|---|---|---|---|
| Financing | Working Capital Finance | €6.8m–13.7m · blended in group pool C #9 of 13 · ~5% of book pool | 79% | drawn bank loans & borrowings (across the operating subsidiaries) — €456,051k drawn balance × margin band derivation → |
| Financing | Investment Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing | Acquisition & Structured Finance | no Acquisition & Structured Finance exposure observed in this group | — | — |
| Financing | Export Finance (ECA) | on the bank's list; no evidence slug in our model yet — no ECA facility observed in the 13-group corpus; flag to collect (BGK/KUKE/EKN/Hermes cover facilities) | — | — |
| Cash Management / Daily Banking | Accounts | €157k–392k · group-level pool; subproducts share it C #12 of 13 · ~0% of book pool | 2% | consolidated net sales (payments + accounts + liquidity across the industrial subs) — €783,833k turnover × bps band derivation → |
| Cash Management / Daily Banking | Payments | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Connectivity | not separately estimable — host-to-host/API connectivity has no separately disclosed revenue driver; bundled into cash_management pricing, no slug in our model | — | — |
| Cash Management / Daily Banking | Corporate Cards | not separately estimable — card-program revenue (interchange/fees) not publicly disclosed at group level; no slug in our model | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Guarantees | €591k–1.1m · blended in group pool C #4 of 13 · ~3% of book pool | 7% | advance-payment guarantee / LC book proxy (heavy-engineering contracts) — €73,909k outstanding × commission band derivation → |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Documentary Trade | see Guarantees — same underlying estimate, not double-counted | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Supply Chain Finance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Receivables Finance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | FX | FX present but not sized from the consolidated structured filing | — | — |
| Financial Markets (FM) | Interest Rates | FX present but not sized from the consolidated structured filing | — | — |
| Financial Markets (FM) | Commodities | FX present but not sized from the consolidated structured filing | — | — |
| Financial Markets (FM) | Investments & Deposits | €855k–2.1m · blended in group pool C #10 of 13 · ~1% of book pool | 12% | cash & negotiated deposits (the PLN 1.8bn pile — a real bank-side wallet) — €427,348k cash × NIM band derivation → |
| Debt Capital Markets (DCM) | Debt Capital Markets (DCM) | €27k–68k · blended in group pool C #7 of 13 · ~0% of book pool | 0% | bonds outstanding (Invest TDJ Estate programme; PLN 142.5m + PLN 100m post-BS) — €34,042k stock × amortised issuance-fee band derivation → |
| Equity Capital Markets (ECM) | Equity Capital Markets (ECM) | no Equity Capital Markets (ECM) exposure observed in this group | — | — |
| M&A Advisory | M&A Advisory | event-driven; Erste already the take-private broker | — | — |
| Custody & Securities Services | Custody | not observable | — | — |
| Custody & Securities Services | Corporate Actions | not observable | — | — |
| Custody & Securities Services | Fund Services | not observable | — | — |
| Custody & Securities Services | Securities Services | not observable | — | — |
| Treasury & Liquidity Solutions | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Investments | see Investments & Deposits — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Treasury Advisory | not separately estimable — advisory mandate revenue is not separately observable from public financials; one of the 'most advisory splits' with no separable public driver | — | — |
| Financial Advisory | Strategic Finance | event-driven; energy-transition capex | — | — |
| Financial Advisory | Debt Advisory | event-driven; energy-transition capex | — | — |
| Financial Advisory | Structured Solutions | event-driven; energy-transition capex | — | — |
| AP additions — not on your list (products our records surface that the brief omits) | ||||
| Financial Advisory | Cross-Border Structuring & Ratings Advisory | event-driven; energy-transition capex | — | — |
| Leasing | Finance Lease & Sale-and-Leaseback | no Leasing exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions | Factoring | see Guarantees — same underlying estimate, not double-counted | — | — |
| Financing | Real Estate & Project Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing / Debt Capital Markets | ESG / Sustainability-Linked Finance | CROSS-CUTTING TAG over the financing (green_loan) and dcm (esg_bond) group volumes — never a separate additive wallet pool; product_group is intentionally null because it spans two groups rather than owning one | — | — |
| Trade Finance & Working Capital Solutions | Trade Credit Insurance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Escrow Services | see Accounts — same underlying estimate, not double-counted | — | — |
| Product (ranked by capital efficiency) | Est. revenue /yr | Exposure (volume basis) | RWA density | RoRWA (revenue ÷ RWA) |
|---|---|---|---|---|
| Treasury & Liquidity Solutions capital-light (fee-driven) | €0.9–2.1m /yr | €427m fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Cash Management / Daily Banking capital-light (fee-driven) | €0.2–0.4m /yr | €784m fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Debt Capital Markets (DCM) capital-light (fee-driven) | €0.0–0.1m /yr | €34m origination fee, no balance-sheet hold | 0% assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Financing capital-heavy | €6.8–13.7m /yr | €456m unrated corporate 100% SA (term/RCF drawn) | 100% assumption · WS-CAPITAL v1.0 · regulatory | 🔴 2.25% hurdle: 🟢 ≥5% · 🟠 ≥2.5% |
| Trade Finance & WC Solutions capital-heavy | €0.6–1.1m /yr | €74m financial gtee / standby LC 100% CCF; performance gtee 50%; | 60% (of 20–100% range) assumption · WS-CAPITAL v1.0 · regulatory | 🔴 1.92% hurdle: 🟢 ≥6% · 🟠 ≥3% |
| Product group | Risk weight / CCF basis | Density range | Density (default) | Label | Hurdle set |
|---|---|---|---|---|---|
| financing | unrated corporate 100% SA (term/RCF drawn) | 100–100% | 100% | regulatory | lending |
| financing_undrawn | CCF 20% (<=1y) / 50% (>1y), then 100% RW | 20–50% | 35% | regulatory | lending |
| real_estate | 130% pre-op, 100% operational (real estate / project finance) | 100–130% | 115% | regulatory | lending |
| trade_finance_wc | financial gtee / standby LC 100% CCF; performance gtee 50%; trade LC 20%; then 100% RW | 20–100% | 60% | regulatory | trade_finance |
| dcm | origination fee, no balance-sheet hold | 0–0% | 0% | practitioner | cash_fx_dcm |
| financial_markets | SA-CCR add-on on notional (small vs notional) | 1–5% | 3% | regulatory (approx) | cash_fx_dcm |
| cash_management | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| treasury_liquidity | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| Hurdle set | Green | Amber | Red | RAROC green |
|---|---|---|---|---|
| overall | 🟢 ≥4% | 🟠 2–4% | 🔴 <2% | — |
| lending | 🟢 ≥5% | 🟠 2.5–5% | 🔴 <2.5% | ≥15% |
| trade_finance | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥18% |
| cash_fx_dcm | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥20% |
Traffic-light like the covenant scorecard. green = RoRWA >= green hurdle; amber = amber_floor to green; red = < amber_floor. The overall band (green >=4% / amber 2-4% / red <2%) is fully specified in the source; per-category amber_floor is generalized as half the category green hurdle (matching the overall 4/2 shape). RAROC green thresholds shown where the source gives them (lending >=15%, trade finance >=18%, cash/FX/DCM >=20%).
Cost of equity floor: 10–12% — Cost of equity 10-12% is the floor any product must clear.
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| corporate bonds — Invest TDJ Estate real-estate programme | bondholders (Catalyst) | PLN 142,500k (LT) + PLN 1,387k (ST); + PLN 100m issued after the balance date | PLN | fixed coupon | per series (Estate programme) | PLN 100m further issuance after the balance date — active DCM programme W |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| Grenevia PLN 850m syndicated Sustainability-Linked Loan — Tranche A PLN 700m (SLL, green transformation + 2021-bond redemption + FAMUR Gearo wind) + Tranche B PLN 150m (FAMUR corporate + ST refi) | Pekao + PKO BP + BNP Paribas Bank Polska (BNP = Sustainability Coordinator) (+3) | PLN 850,000k committed (within the consolidated loans PLN 1,927,592k) | PLN | WIBOR + margin; Tranche-A margin steps on 3 SLL KPIs (RES usage growth · new-RES contribution · ESG supplier assessments) | 3y from 09.09.2024 + automatic 2y extension (conditions) + further 2y (lender consent) → 2027–2031 | Santander (= Erste) NOT in the consortium — the #1 share-of-wallet gap, 3y initial term from 09.2024 — extension/refi conversation window 2027 W |
| bank loans & borrowings — long-term (across operating subsidiaries) | relationship banks | PLN 1,421,720k | PLN | floating (WIBOR/EURIBOR + margin) | per facility | W |
| bank loans & borrowings — short-term / working capital | relationship banks | PLN 505,872k | PLN | floating | <1y | W |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| finance leases / other financial liabilities | lessors | PLN 37,948k | PLN | implicit | ladder | W |
| Bank | Confirmed activity — named facilities (ticket · rate · maturity), each with proof | Product split (product · per-bank band · evidence tier) |
|---|---|---|
| PKO BP W | 4 holding accounts on the VAT White List (2026-07-12); Grenevia SLL consortium lender (Tranche A/B) Grenevia PLN 850m syndicated Sustainability-Linked Loan — Tranche A PLN 700m (SLL, green transformation + 2021-bond redemption + FAMUR Gearo wind) + Tranche B PLN 150m (FAMUR corporate + ST refi) — PLN 850,000k committed (within the consolidated loans PLN 1,927,592k) · WIBOR + margin; Tranche-A margin steps on 3 SLL KPIs (RES usage growth · new-RES contribution · ESG supplier assessments) · matures 3y from 09.09.2024 + automatic 2y extension (conditions) + further 2y (lender consent) → 2027–2031 W | Financing acct Cash Management / Daily Banking acct Financing acct |
| Santander Bank Polska (= Erste, acquired) W Santander Bank Polska → Erste (bank-continuity map, Rule 39 P2); also Grenevia take-private broker | 1 holding accounts on the VAT White List (2026-07-12); TDJ Estate PLN 115m debut bond arranger (12.2021) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | M&A Advisory acct Financing acct Cash Management / Daily Banking acct Debt Capital Markets (DCM) acct |
| Bank Pekao W | Grenevia SA entered into a loan agreement with a consortium of banks – Pekao SA, PKO BP SA and BNP Paribas Bank Polska S Grenevia PLN 850m syndicated Sustainability-Linked Loan — Tranche A PLN 700m (SLL, green transformation + 2021-bond redemption + FAMUR Gearo wind) + Tranche B PLN 150m (FAMUR corporate + ST refi) — PLN 850,000k committed (within the consolidated loans PLN 1,927,592k) · WIBOR + margin; Tranche-A margin steps on 3 SLL KPIs (RES usage growth · new-RES contribution · ESG supplier assessments) · matures 3y from 09.09.2024 + automatic 2y extension (conditions) + further 2y (lender consent) → 2027–2031 W | Financing deal |
| BNP Paribas Bank Polska (Sustainability Coordinator, Grenevia SLL) W | Grenevia SA entered into a loan agreement with a consortium of banks – Pekao SA, PKO BP SA and BNP Paribas Bank Polska S Grenevia PLN 850m syndicated Sustainability-Linked Loan — Tranche A PLN 700m (SLL, green transformation + 2021-bond redemption + FAMUR Gearo wind) + Tranche B PLN 150m (FAMUR corporate + ST refi) — PLN 850,000k committed (within the consolidated loans PLN 1,927,592k) · WIBOR + margin; Tranche-A margin steps on 3 SLL KPIs (RES usage growth · new-RES contribution · ESG supplier assessments) · matures 3y from 09.09.2024 + automatic 2y extension (conditions) + further 2y (lender consent) → 2027–2031 W | Financing deal Financial Advisory deal |
| ING Bank Śląski (Projekt Solartechnik project finance) W | ING + Pekao + BNP Paribas syndicate — PLN 428m project finance for 140 PV farms (~134 MW), final repayment by Dec 2040 ( no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Financing deal |
| mBank W | 1 holding accounts on the VAT White List (2026-07-12) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Cash Management / Daily Banking acct |
| operating-subsidiary banks (Grenevia/PGO/Zamet/Glinik/Estate — not in the holding filing) C | 0 holding accounts on the VAT White List (2026-07-12) remainder — no direct evidence by design | — |
| Window | Facility (FS note, 31.12.2025) | Amount |
|---|---|---|
| 31.12.2026 | short-term bank loans PLN 505,872k — annual working-capital roll | €119,685k |
Awaiting the bank team's manual figures. The comparison shell is live — our side is computed and cited; the bank side is a placeholder until your numbers land.
| Product · metric | Our figure (est., cited) | Bank team's figure | Divergence |
|---|---|---|---|
| Financing max deliverable volume | €456m | awaiting bank input | – |
| Financing annual revenue /yr | €6.8m–13.7m /yr | awaiting bank input | – |
| Debt Capital Markets (DCM) max deliverable volume | €34m | awaiting bank input | – |
| Debt Capital Markets (DCM) annual revenue /yr | €27k–68k /yr | awaiting bank input | – |
| Cash Management / Daily Banking annual revenue /yr | €157k–392k /yr | awaiting bank input | – |
| Treasury & Liquidity Solutions annual revenue /yr | €855k–2.1m /yr | awaiting bank input | – |
| Trade Finance & WC Solutions max deliverable volume | €74m | awaiting bank input | – |
| Trade Finance & WC Solutions annual revenue /yr | €591k–1.1m /yr | awaiting bank input | – |
Every value in this section is based on the consolidated FS as at 31.12.2025 · published 26.06.2026 (plus the dated registry and interim documents listed below). Facts floor:
| Extracted fact | Value | Dated | Source tag |
|---|---|---|---|
| Consolidated revenue | PLN 3,313.0m | as at 31.12.2025 · publ. 26.06.2026 | Net sales PLN 3,313,028k (A_I; total incl. equivalents 3,518,125) — statement of profit or loss; consolidated FS FY2025 (Polish MF structured e-Sprawozdanie XML, UoR consolidated; prepared 26.06.2026) ⟦xml:RZiS:A_I⟧ S |
| EBITDA | PLN 731.2m | as at 31.12.2025 · publ. 26.06.2026 | EBITDA PLN 731,206k = operating profit 437,682 (RZiS F; reconciled F + fin.income 107,633 − fin.costs 252,426 = pre-tax 292,889 ✓) + D&A 293,524 (cash-flow addback A_II_3) — consolidated FS FY2025 (Polish MF structured e-Sprawozdanie XML, UoR consolidated; prepared 26.06.2026) S |
| Net debt | PLN 303.2m | as at 31.12.2025 · publ. 26.06.2026 | Net debt PLN 303,155k = loans 1,927,592 (Pasywa_D_II_3_A + D_III_3_A) + bonds 143,887 + leasing 37,948 − cash 1,806,272 — nearly net cash; consolidated FS FY2025 (Polish MF structured e-Sprawozdanie XML, UoR consolidated; prepared 26.06.2026) S |
| Cash & equivalents | PLN 1,806.3m | as at 31.12.2025 · publ. 26.06.2026 | Cash & cash equivalents PLN 1,806,272k (Aktywa_B_III_1_D) — a large deposit/treasury wallet post the Grenevia take-private funding; consolidated FS FY2025 (Polish MF structured e-Sprawozdanie XML, UoR consolidated; prepared 26.06.2026) ⟦xml:Aktywa_B_III_1_D⟧ S |
| Finance costs (interest proxy) | PLN 252.4m | as at 31.12.2025 · publ. 26.06.2026 | Financial costs PLN 252,426k (RZiS H — incl. FX + provision unwind; interest not separately disclosed in the structured filing); financial income 107,633 (G) — consolidated FS FY2025 (Polish MF structured e-Sprawozdanie XML, UoR consolidated; prepared 26.06.2026) S |
Group boundary: TDJ S.A. (apex) — TDJ S.A. (PL). Private Domogała-family holding. Direct stakes per the FS: TDJ Equity I 97.7% (→ Grenevia, taken 100% private Mar-2026), PGO 97.99%, Zamet 56.43%, NiUW Glinik 100%, + Invest TDJ Estate. UoR consolidated basis (Polish GAAP), PLN thousands. Operator/PAM confirmation: confirmed.
Sources:
Estimates only: drivers are cited consolidated facts; conversion uses CEE market-standard fee/margin benchmarks; the by-bank split is evidence-weighted (deal evidence > syndicate > account presence). Debt-capacity headroom sizes the borrower, not the bank's risk appetite. Your institution's covenant standards and fee benchmarks can replace the CEE defaults applied here.
Fee-methodology caveats. Bands are planning estimates, conservative-high: (1) DCM is a ONE-TIME fee on issuance proceeds, not a recurring charge on bond stock — the per-annum band is an amortised flow proxy. (2) Large-cap IG lending margins run 20–70 bps (our 50–100 is conservative-high). (3) Treasury/deposits run through net-interest-margin, not a fee. Treat totals as order-of-magnitude scale, not billable revenue.
FY2025 consolidated UoR basis (Polish MF structured e-Sprawozdanie XML; PLN thousands). Third PL company for Jakub's demo. Private cash-rich holding; Erste incumbent + take-private broker. Bonds line reconciles to the Invest TDJ Estate issue. HISTORIC-INTELLIGENCE MERGE (2026-07-12, from product_santander_erste_cib_poland insight files dated 03-04.2026): key decision-makers — Tomasz Domogała (founder, 100% UBO, SB chairman), Jacek Leonkiewicz (CEO since 01.2023, ex-J.P. Morgan ECM/DCM), Robert Rogowski (VP/finance since 2018, ACCA; career started at Kredyt Bank → today's Santander lineage — warm-intro hook), Wojciech Derda (Managing Partner TDJ Equity, M&A), Milena Pacia (Finance Director TDJ Equity, joint prokura 10.2025); at Grenevia — Beata Zawiszowska (CEO, ran banking 18y), Tomasz Czajor (prokurent, ex-TDJ CFO — post-delisting banking gatekeeper). FAMUR demerger into standalone Famur S.A. in progress (plan 30.06.2025; SLL amendment 12.2025). Kopex-2016 syndicate precedent: PKO/Pekao/ING/BNP/HSBC — Santander absent. Elektromontaż-Lublin (acquired 06.2025) banks with mBank + Pekao.
| Document | As at | Published | Download |
|---|---|---|---|
| Consolidated FS FY2025 — Polish MF structured e-Sprawozdanie (UoR consolidated, XML) | 31.12.2025 | 26.06.2026 | download↗ W TDJ_SSF_2025_consolidated.xml |
| Grenevia take-private disclosures (tender + squeeze-out; Santander BM broker) | 13.03.2026 | 13.03.2026 | download↗ W |
| Invest TDJ Estate 2025 report (bond programme — Catalyst) | 31.12.2025 | 29.05.2026 | download↗ W |
FY2025 is a distress year — the operating result is a PLN 5.3bn loss after a PLN 4.5bn impairment charge, and clean EBITDAC (excluding that impairment) is only PLN 329m against net debt of PLN 8.1bn that is almost entirely reclassified short-term under a multi-bank standstill. The Q1 2026S interim already shows EBITDA recovering to PLN 317m, so the credit is past its trough on the run-rate view.
The banking wallet is large and today it is served by the existing syndicate — PKO BP, EIB, EBRD, ING, Pekao — with Erste an ACTIVE, NAMED relationship: accounts on the VAT White List via the Santander continuity and, decisively, Erste Bank Polski and Erste Factoring named as creditors in the June 2026S term sheet. What share of the wallet each bank actually holds cannot be read from public sources — the VAT list shows who is active and where account relationships grew, not wallet share.
The opportunity is timing rather than displacement: the multi-bank standstill runs to 30.09.2026S (conditional), and the term sheet signed 1 June 2026 sets a grace period to 30.06.2027, extends repayment to end-2030S, and pre-schedules a refinancing assessment of 75% of the debt by mid-2029, with participatory bonds already a considered option. This is an incumbent relationship to deepen ahead of a dated, public refinancing window, where the wallet re-opens as the credit recovers.
CovenantC check: on the CLEAN EBITDA basis (PLN 329m, excl. impairments) net debt/EBITDA is 24.7× — far above the 3.0× chemicals green ceiling — so leverage-based capacity is ZERO and all wallet sizing is restructuring-scoped. BEFORE→AFTER: the earlier read showed leverage 'n.m. (negative EBITDA)'; the clean-basis recompute makes leverage a meaningful 24.7×, but the traffic-light stays RED and the conclusion is unchanged (no new-money capacity). A cited recovery run-rate (Q1 2026S interim EBITDA PLN 317m annualised) is the trigger to re-open capacity.
| Statement item | Value | Source (page-verified) |
|---|---|---|
| Strata na działalności operacyjnej (EN: operating LOSS) | PLN -5,259,933 thousand (= PLN -5,259.9m) | iXBRL ifrs-full:ProfitLossFromOperatingActivities sign=- (printed in parentheses; prior-year loss (872,450)) — the year of the big impairments — audited consolidated ESEF FY2025 (official iXBRL) S |
| Amortyzacja (EN: D&A, cash-flow adjustment) | PLN 1,103,477 thousand (= PLN 1,103.5m) | iXBRL adjustment line — audited consolidated ESEF FY2025 (official iXBRL) S |
| Kapitał własny razem (EN: total equity — eroded from 5,290,637 to 92,820 by the FY2025 loss) | PLN 92,820 thousand (= PLN 92.8m) | iXBRL ifrs-full:Equity, 31.12.2025 — audited consolidated ESEF FY2025 (official iXBRL) S |
| AKTYWA RAZEM (EN: total assets) | PLN 18,280,704 thousand (= PLN 18,280.7m) | iXBRL ifrs-full:Assets, 31.12.2025 — audited consolidated ESEF FY2025 (official iXBRL) S |
| Nabycie wartości niematerialnych oraz rzeczowych aktywów trwałych, nieruchomości inwestycyjnych (EN: purchases — the CASH capex line) | PLN 544,233 thousand (= PLN 544.2m) | iXBRL purchase line (prior 1,351,613 — capex halved under distress) — audited consolidated ESEF FY2025 (official iXBRL) S |
| Ratio | Value | Band | Source |
|---|---|---|---|
| Headline KPIs | |||
| Revenue | €3.11bn | — | S |
| EBITDA | €-983m | — | S |
| EBITDA Margin | -31.6% | — | S |
| Net Profit | €-1.22bn | — | S |
| Net Debt/EBITDA | 24.7× | ● breach-risk | C |
| Equity Ratio | 0.5% | — | S |
| Interest Coverage | 0.34× | ● breach-risk | C |
| Free Cash Flow | €1.62bn | — | S |
| Covenant ratios | |||
| Net debt / EBITDA | 24.7× | ● breach-risk | C |
| Interest coverage | 0.34× | ● breach-risk | C |
| Gearing | 8771% | ● breach-risk | C |
| Net debt / (EBITDA − capex) | n.m. (EBITDA−capex negative) | ● breach-risk | C |
| FCCR | n.m. (EBITDA−capex negative) | ● breach-risk | C |
| FFO / Net debt | n.m. (negative FFO) | ● breach-risk | C |
| Computed profile ratios | |||
| EBITDA margin | -31.6% | — | EBITDA ÷ revenue |
| Net margin | -39.2% | — | net result ÷ revenue |
| Capex / revenue | 4.1% | — | capital intensity — the filing's own capex-basis line (see its row above) ÷ revenue |
| Capex / D&A | 0.49× | — | >1× = asset base growing; <1× = harvesting |
| FY2025 | FY2024 | |
|---|---|---|
| Przychody ze sprzedaży (EN: sales revenue) | 13,138,155 | 13,042,933 |
| Koszt wytworzenia/nabycia sprzedanych produktów, towarów i materiałów | -12,402,937 | -12,287,766 |
| Zysk brutto ze sprzedaży | 735,218 | 755,167 |
| Koszty sprzedaży | -1,078,825 | -1,064,545 |
| Koszty ogólnego zarządu | -940,767 | -1,010,496 |
| Pozostałe przychody operacyjne | 1,005,851 | 898,946 |
| Pozostałe koszty operacyjne | -4,981,410 | -451,522 |
| Strata na działalności operacyjnej | -5,259,933 | -872,450 |
| Przychody finansowe | 953,176 | 286,231 |
| Koszty finansowe | -969,896 | -482,610 |
| Przychody/(Koszty) finansowe netto | -16,720 | -196,379 |
| Zysk z udziałów w jednostkach stowarzyszonych wycenianych metodą praw własności | 27,209 | 27,086 |
| Strata przed opodatkowaniem | -5,249,444 | -1,041,743 |
| Podatek dochodowy | -104,932 | -35,726 |
| Strata netto | -5,144,512 | -1,077,469 |
| Inne całkowite dochody | ||
| Zyski aktuarialne dotyczące programów określonych świadczeń | 8,274 | 20,937 |
| Zyski z wyceny instrumentów kapitałowych wycenianych w wartości godziwej przez inne całkowite dochody | 12,441 | — |
| Podatek dochodowy odnoszący się do pozycji, które nie będą reklasyfikowane do zysków i strat | -4,068 | -3,030 |
| Pozycje, które nie będą reklasyfikowane do zysków i strat | 16,647 | 17,907 |
| Zabezpieczenie przepływów pieniężnych - efektywna część zmian wartości godziwej | 5,876 | -70,110 |
| Różnice kursowe z przeliczenia sprawozdań finansowych jednostek zagranicznych | -15,611 | -45,439 |
| Podatek dochodowy odnoszący się do pozycji, które są lub będą reklasyfikowane do zysków i strat | -862 | -1,886 |
| Pozycje, które są lub będą reklasyfikowane do zysków i strat | -10,597 | -117,435 |
| Suma innych całkowitych dochodów (EN: total) | 6,050 | -99,528 |
| Całkowity dochód za okres | -5,138,462 | -1,176,997 |
| Strata netto przypadający dla: | ||
| Akcjonariuszy jednostki dominującej | -4,309,500 | -1,028,110 |
| Udziałowców niesprawujących kontroli | -835,012 | -49,359 |
| Całkowity dochód za okres przypadające dla: | ||
| Akcjonariuszy jednostki dominującej | -4,302,974 | -1,113,448 |
| Udziałowców niesprawujących kontroli | -835,488 | -63,549 |
| Strata netto na jedną akcję: | ||
| Podstawowy(zł) | -43.4 | -10.4 |
| Rozwodniony(zł) | -43.4 | -10.4 |
| FY2025 | FY2024 | |
|---|---|---|
| Rzeczowe aktywa trwałe | 10,416,936 | 15,329,761 |
| Aktywa z tytułu prawa do użytkowania | 838,043 | 749,948 |
| Nieruchomości inwestycyjne | 72,730 | 73,543 |
| Wartości niematerialne | 847,456 | 985,234 |
| Wartość firmy | 274,984 | 277,986 |
| Udziały i akcje | 22,698 | 10,176 |
| Inwestycje wyceniane metodą praw własności | 100,526 | 98,356 |
| Pozostałe aktywa finansowe | 2,943 | 2,925 |
| Pozostałe należności | 114,190 | 83,569 |
| Aktywa z tytułu odroczonego podatku dochodowego | 646,450 | 514,931 |
| Aktywa trwałe razem (EN: total) | 13,336,956 | 18,126,429 |
| AKTYWA OBROTOWE | ||
| Zapasy | 2,071,723 | 2,343,792 |
| Prawa majątkowe | 966,115 | 1,553,939 |
| Pochodne instrumenty finansowe | — | 266 |
| Pozostałe aktywa finansowe | 2,007 | — |
| Należności z tytułu podatku dochodowego | 23,138 | 20,784 |
| Należności z tytułu dostaw i usług oraz pozostałe | 1,361,346 | 1,383,319 |
| Środki pieniężne i ich ekwiwalenty (EN: cash and cash equivalents) | 498,970 | 692,813 |
| Pozostałe aktywa | 14,940 | 18,349 |
| Aktywa trwałe dostępne do sprzedaży | 5,509 | 22,239 |
| Aktywa obrotowe razem (EN: total) | 4,943,748 | 6,035,501 |
| AKTYWA RAZEM (EN: total) | 18,280,704 | 24,161,930 |
| PASYWA | ||
| KAPITAŁ WŁASNY | ||
| Kapitał zakładowy | 495,977 | 495,977 |
| Kapitał z emisji akcji powyżej ich wartości nominalnej | 431,255 | 817,964 |
| Kapitał z wyceny transakcji zabezpieczających | 144,422 | 187,584 |
| Różnice kursowe z przeliczenia sprawozdań finansowych jednostek zagranicznych | -70,492 | -54,883 |
| Kapitał z aktualizacji wyceny | 6,684 | — |
| Pozostałe kapitały rezerwowe | -17,700 | -17,700 |
| Zyski zatrzymane | -502,789 | 3,409,064 |
| Kapitał własny akcjonariuszy jednostki dominującej | 487,357 | 4,838,006 |
| Kapitał udziałowców niesprawujących kontroli | -394,537 | 452,631 |
| Kapitał własny razem (EN: total) | 92,820 | 5,290,637 |
| ZOBOWIĄZANIA | ||
| Zobowiązania z tytułu kredytów i pożyczek | 51,786 | 698,624 |
| Zobowiązania z tytułu leasingu | 469,764 | 379,352 |
| Pozostałe zobowiązania finansowe | 244,642 | 803,499 |
| Zobowiązania z tytułu świadczeń pracowniczych | 385,894 | 403,555 |
| Zobowiązania z tytułu dostaw i usług oraz pozostałe | 188,459 | 42,490 |
| Rezerwy | 217,338 | 247,382 |
| Dotacje | 272,540 | 225,375 |
| Rezerwa z tytułu odroczonego podatku dochodowego | 261,978 | 277,844 |
| Zobowiązania długoterminowe razem (EN: total) | 2,092,401 | 3,078,121 |
| Zobowiązania z tytułu kredytów i pożyczek | 8,050,794 | 7,609,191 |
| Pochodne instrumenty finansowe | 39 | 182 |
| Zobowiązania z tytułu leasingu | 68,281 | 66,439 |
| Pozostałe zobowiązania finansowe | 2,810,787 | 2,614,483 |
| Zobowiązania z tytułu świadczeń pracowniczych | 27,571 | 30,748 |
| Zobowiązania z tytułu bieżącego podatku dochodowego | 16,176 | 32,130 |
| Zobowiązania z tytułu dostaw i usług oraz pozostałe | 5,024,223 | 5,318,258 |
| Rezerwy | 73,281 | 91,434 |
| Dotacje | 22,547 | 28,170 |
| Zobowiązania związane bezpośrednio z aktywami dostępnymi do sprzedaży | 1,784 | 2,137 |
| Zobowiązania krótkoterminowe razem (EN: total) | 16,095,483 | 15,793,172 |
| Zobowiązania razem (EN: total) | 18,187,884 | 18,871,293 |
| PASYWA RAZEM (EN: total) | 18,280,704 | 24,161,930 |
| FY2025 | FY2024 | |
|---|---|---|
| Strata przed opodatkowaniem | -5,249,444 | -1,041,743 |
| Amortyzacja | 1,103,477 | 851,123 |
| Utworzenie/(Rozwiązanie) odpisów aktualizujących | 4,485,660 | -274,289 |
| (Zysk)/Strata z tytułu działalności inwestycyjnej | -27,157 | 784 |
| (Zysk) z udziałów w jednostkach stowarzyszonych wycenianych metodą praw własności | -27,209 | -27,086 |
| Odsetki, różnice kursowe | 338,240 | 424,592 |
| Dywidendy | -10 | -4 |
| (Zysk)/Strata z tytułu zmiany wartości godziwej aktywów finansowych | -124,981 | 312,647 |
| Zmniejszenie stanu należności z tytułu dostaw i usług oraz pozostałych | 400,764 | 253,497 |
| Zmniejszenie stanu zapasów i praw majątkowych | 848,472 | 592,368 |
| Zwiększenie stanu zobowiązań z tytułu dostaw i usług oraz pozostałych | 5,640,547 | 5,924,805 |
| Zwiększenie/(Zmniejszenie) stanu rezerw | 504 | -13,747 |
| Zmniejszenie stanu świadczeń pracowniczych | -11,582 | -73,444 |
| Zwiększenie/(Zmniejszenie) stanu dotacji | 38,294 | -88,025 |
| Inne korekty | 28,133 | 1,475 |
| (Zapłacony)/Zwrócony podatek dochodowy | -58,856 | -24,250 |
| Przepływy pieniężne netto z działalności operacyjnej | 7,384,852 | 6,867,203 |
| Przepływy środków pieniężnych z działalności inwestycyjnej | ||
| Sprzedaż wartości niematerialnych oraz rzeczowych aktywów trwałych, nieruchomości inwestycyjnych | 54,328 | 5,850 |
| Nabycie wartości niematerialnych oraz rzeczowych aktywów trwałych, nieruchomości inwestycyjnych | -544,233 | -1,351,613 |
| Otrzymane dywidendy | — | 4 |
| Wydatki na nabycie pozostałych aktywów finansowych | -25 | — |
| Odsetki otrzymane | 40,750 | — |
| Wpływy ze sprzedaży pozostałych aktywów finansowych | — | 1,997 |
| Pozostałe wpływy (wydatki) inwestycyjne | -1,216 | -1,927 |
| Przepływy pieniężne netto z działalności inwestycyjnej | -450,396 | -1,345,689 |
| Przepływy środków pieniężnych z działalności finansowej | ||
| Dywidendy wypłacone | — | -655 |
| Wpływy z tytułu zaciągnięcia kredytów i pożyczek | 208,386 | 1,032,021 |
| Wydatki z tytułu spłaty kredytów i pożyczek | -239,615 | -71,839 |
| Odsetki zapłacone | -538,675 | -605,985 |
| Spłata zobowiązań z tytułu umów leasingu | -88,656 | -79,119 |
| Spłata faktoringu odwrotnego | -6,314,700 | -5,953,530 |
| Pozostałe wpływy/(wydatki) finansowe | -151,150 | -156,816 |
| Przepływy pieniężne netto z działalności finansowej | -7,124,410 | -5,835,923 |
| Przepływy pieniężne netto, razem (EN: total) | -189,954 | -314,409 |
| Środki pieniężne i ich ekwiwalenty na początek okresu (EN: cash and cash equivalents) | 692,813 | 1,012,355 |
| Wpływ zmian kursów walut | -3,889 | -5,133 |
| Środki pieniężne i ich ekwiwalenty na koniec okresu (EN: cash and cash equivalents) | 498,970 | 692,813 |
| EBIT (operating result) | -5,259,933 |
| Depreciation & amortisation (add-back) | 1,103,477 |
| Impairment loss (add-back, clean EBITDA basis) | 4,485,660 |
| Product | Subproduct | Revenue pool (all banks · est.) · book position | Revenue share | Driver (dated fact) & method |
|---|---|---|---|---|
| Financing | Working Capital Finance | €28.8m–57.5m · blended in group pool C #2 of 13 · ~20% of book pool 8 banks evidenced → | 88% | drawn interest-bearing bank debt + leasing (excl. bonds) — €1,916,999k drawn bank debt + leasing (facility roll-up) €1,916,999k × 150–300 bps, EUR@4.2267 derivation → |
| Financing | Investment Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing | Acquisition & Structured Finance | no Acquisition & Structured Finance exposure observed in this group | — | — |
| Financing | Export Finance (ECA) | on the bank's list; no evidence slug in our model yet — no ECA facility observed in the 13-group corpus; flag to collect (BGK/KUKE/EKN/Hermes cover facilities) | — | — |
| Cash Management / Daily Banking | Accounts | €622k–1.6m · group-level pool; subproducts share it C #11 of 13 · ~1% of book pool | 2% | consolidated revenue (turnover proxy) — €3,108,372k consolidated revenue €3,108,372k × 2–5 bps, EUR@4.2267 derivation → |
| Cash Management / Daily Banking | Payments | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Connectivity | not separately estimable — host-to-host/API connectivity has no separately disclosed revenue driver; bundled into cash_management pricing, no slug in our model | — | — |
| Cash Management / Daily Banking | Corporate Cards | not separately estimable — card-program revenue (interchange/fees) not publicly disclosed at group level; no slug in our model | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Guarantees | €536k–1.0m · blended in group pool C #5 of 13 · ~3% of book pool | 2% | guarantees & other contingent liabilities outstanding — €67,010k guarantees outstanding €67,010k × 80–150 bps, PLN@4.2267 derivation → |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Documentary Trade | see Guarantees — same underlying estimate, not double-counted | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Supply Chain Finance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Receivables Finance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | FX | €1.5m–3.7m · blended in group pool C #7 of 13 · ~2% of book pool | 5% | FX-exposed turnover (foreign revenue — 47.9% of sales; EUR-priced gas/raw-material imports add further flow) — €1,489,322k FX-exposed turnover €1,489,322k × 10–25 bps, PLN@4.2267 derivation → |
| Financial Markets (FM) | Interest Rates | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Commodities | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Investments & Deposits | €590k–1.8m · blended in group pool C #11 of 13 · ~1% of book pool | 2% | cash & equivalents balances — €118,052k cash & equivalents €118,052k × 50–150 bps, EUR@4.2267 derivation → |
| Debt Capital Markets (DCM) | Debt Capital Markets (DCM) | event signal: Term sheet on debt restructuring signed with 11 financing institutions — incl. ERSTE BANK (signed, 2026-06-01) | — | — |
| Equity Capital Markets (ECM) | Equity Capital Markets (ECM) | event-driven product — estimated only when a deal event fires | — | — |
| M&A Advisory | M&A Advisory | event-driven product — estimated only when a deal event fires | — | — |
| Custody & Securities Services | Custody | not observable from public accounts | — | — |
| Custody & Securities Services | Corporate Actions | not observable from public accounts | — | — |
| Custody & Securities Services | Fund Services | not observable from public accounts | — | — |
| Custody & Securities Services | Securities Services | not observable from public accounts | — | — |
| Treasury & Liquidity Solutions | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Investments | see Investments & Deposits — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Treasury Advisory | not separately estimable — advisory mandate revenue is not separately observable from public financials; one of the 'most advisory splits' with no separable public driver | — | — |
| Financial Advisory | Strategic Finance | event-driven product — estimated only when a deal event fires | — | — |
| Financial Advisory | Debt Advisory | event-driven product — estimated only when a deal event fires | — | — |
| Financial Advisory | Structured Solutions | event-driven product — estimated only when a deal event fires | — | — |
| AP additions — not on your list (products our records surface that the brief omits) | ||||
| Financial Advisory | Cross-Border Structuring & Ratings Advisory | event-driven product — estimated only when a deal event fires | — | — |
| Leasing | Finance Lease & Sale-and-Leaseback | no Leasing exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions | Factoring | see Guarantees — same underlying estimate, not double-counted | — | — |
| Financing | Real Estate & Project Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing / Debt Capital Markets | ESG / Sustainability-Linked Finance | CROSS-CUTTING TAG over the financing (green_loan) and dcm (esg_bond) group volumes — never a separate additive wallet pool; product_group is intentionally null because it spans two groups rather than owning one | — | — |
| Trade Finance & Working Capital Solutions | Trade Credit Insurance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Escrow Services | see Accounts — same underlying estimate, not double-counted | — | — |
| Product (ranked by capital efficiency) | Est. revenue /yr | Exposure (volume basis) | RWA density | RoRWA (revenue ÷ RWA) |
|---|---|---|---|---|
| Cash Management / Daily Banking capital-light (fee-driven) | €0.6–1.6m /yr | €3,108m fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Treasury & Liquidity Solutions capital-light (fee-driven) | €0.6–1.8m /yr | €118m fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Financial Markets (FM) middle | €1.5–3.7m /yr | €1,489m SA-CCR add-on on notional (small vs notional) | 3% (of 1–5% range) assumption · WS-CAPITAL v1.0 · regulatory (approx) | 🟠 5.83% hurdle: 🟢 ≥6% · 🟠 ≥3% |
| Financing capital-heavy | €28.8–57.5m /yr | €1,917m unrated corporate 100% SA (term/RCF drawn) | 100% assumption · WS-CAPITAL v1.0 · regulatory | 🔴 2.25% hurdle: 🟢 ≥5% · 🟠 ≥2.5% |
| Trade Finance & WC Solutions capital-heavy | €0.5–1.0m /yr | €67m financial gtee / standby LC 100% CCF; performance gtee 50%; | 60% (of 20–100% range) assumption · WS-CAPITAL v1.0 · regulatory | 🔴 1.92% hurdle: 🟢 ≥6% · 🟠 ≥3% |
| Product group | Risk weight / CCF basis | Density range | Density (default) | Label | Hurdle set |
|---|---|---|---|---|---|
| financing | unrated corporate 100% SA (term/RCF drawn) | 100–100% | 100% | regulatory | lending |
| financing_undrawn | CCF 20% (<=1y) / 50% (>1y), then 100% RW | 20–50% | 35% | regulatory | lending |
| real_estate | 130% pre-op, 100% operational (real estate / project finance) | 100–130% | 115% | regulatory | lending |
| trade_finance_wc | financial gtee / standby LC 100% CCF; performance gtee 50%; trade LC 20%; then 100% RW | 20–100% | 60% | regulatory | trade_finance |
| dcm | origination fee, no balance-sheet hold | 0–0% | 0% | practitioner | cash_fx_dcm |
| financial_markets | SA-CCR add-on on notional (small vs notional) | 1–5% | 3% | regulatory (approx) | cash_fx_dcm |
| cash_management | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| treasury_liquidity | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| Hurdle set | Green | Amber | Red | RAROC green |
|---|---|---|---|---|
| overall | 🟢 ≥4% | 🟠 2–4% | 🔴 <2% | — |
| lending | 🟢 ≥5% | 🟠 2.5–5% | 🔴 <2.5% | ≥15% |
| trade_finance | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥18% |
| cash_fx_dcm | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥20% |
Traffic-light like the covenant scorecard. green = RoRWA >= green hurdle; amber = amber_floor to green; red = < amber_floor. The overall band (green >=4% / amber 2-4% / red <2%) is fully specified in the source; per-category amber_floor is generalized as half the category green hurdle (matching the overall 4/2 shape). RAROC green thresholds shown where the source gives them (lending >=15%, trade finance >=18%, cash/FX/DCM >=20%).
Cost of equity floor: 10–12% — Cost of equity 10-12% is the floor any product must clear.
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| revolving credit facility (RCF) | syndicate | PLN 1 100 201k | PLN | floating | maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) | restructuring/refinancing under multi-bank standstill — standstill to 30.09.2026 (conditional), grace to 30.06.2027, repayment to end-2030 (term sheet 01.06.2026, ESPI 49/2026 / 59/2026); B18 per B14 #12 — replaces the 31.12.2026 year-end-bucket artifact with the disclosed dates S |
| revolving credit facility (RCF) | syndicate | PLN 351 607k | EUR | floating | maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) | restructuring/refinancing under multi-bank standstill — standstill to 30.09.2026 (conditional), grace to 30.06.2027, repayment to end-2030 (term sheet 01.06.2026, ESPI 49/2026 / 59/2026); B18 per B14 #12 — replaces the 31.12.2026 year-end-bucket artifact with the disclosed dates S |
| term loan | syndicate | PLN 948 232k | PLN | floating | maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) | restructuring/refinancing under multi-bank standstill — standstill to 30.09.2026 (conditional), grace to 30.06.2027, repayment to end-2030 (term sheet 01.06.2026, ESPI 49/2026 / 59/2026); B18 per B14 #12 — replaces the 31.12.2026 year-end-bucket artifact with the disclosed dates S |
| overdraft / current account credit | PKO BP | PLN 788 557k | PLN | floating | maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) | restructuring/refinancing under multi-bank standstill — standstill to 30.09.2026 (conditional), grace to 30.06.2027, repayment to end-2030 (term sheet 01.06.2026, ESPI 49/2026 / 59/2026); B18 per B14 #12 — replaces the 31.12.2026 year-end-bucket artifact with the disclosed dates S |
| overdraft / current account credit | PKO BP | PLN 30 559k | EUR | floating | maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) | restructuring/refinancing under multi-bank standstill — standstill to 30.09.2026 (conditional), grace to 30.06.2027, repayment to end-2030 (term sheet 01.06.2026, ESPI 49/2026 / 59/2026); B18 per B14 #12 — replaces the 31.12.2026 year-end-bucket artifact with the disclosed dates S |
| term loan | EIB | PLN 115 353k | EUR | fixed | maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) | restructuring/refinancing under multi-bank standstill — standstill to 30.09.2026 (conditional), grace to 30.06.2027, repayment to end-2030 (term sheet 01.06.2026, ESPI 49/2026 / 59/2026); B18 per B14 #12 — replaces the 31.12.2026 year-end-bucket artifact with the disclosed dates S |
| term loan | EIB | PLN 422 252k | EUR | fixed | maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) | reclassified-to-short-term, restructuring/refinancing under multi-bank standstill — standstill to 30.09.2026 (conditional), grace to 30.06.2027, repayment to end-2030 (term sheet 01.06.2026, ESPI 49/2026 / 59/2026); B18 per B14 #12 — replaces the 31.12.2026 year-end-bucket artifact with the disclosed dates S |
| loan | — | PLN 3 364k | EUR | fixed | maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) | restructuring/refinancing under multi-bank standstill — standstill to 30.09.2026 (conditional), grace to 30.06.2027, repayment to end-2030 (term sheet 01.06.2026, ESPI 49/2026 / 59/2026); B18 per B14 #12 — replaces the 31.12.2026 year-end-bucket artifact with the disclosed dates S |
| loan | — | PLN 11 408k | BRL | fixed | maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) | restructuring/refinancing under multi-bank standstill — standstill to 30.09.2026 (conditional), grace to 30.06.2027, repayment to end-2030 (term sheet 01.06.2026, ESPI 49/2026 / 59/2026); B18 per B14 #12 — replaces the 31.12.2026 year-end-bucket artifact with the disclosed dates S |
| loan | — | PLN 5 474k | BRL | fixed | maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) | restructuring/refinancing under multi-bank standstill — standstill to 30.09.2026 (conditional), grace to 30.06.2027, repayment to end-2030 (term sheet 01.06.2026, ESPI 49/2026 / 59/2026); B18 per B14 #12 — replaces the 31.12.2026 year-end-bucket artifact with the disclosed dates S |
| loan | — | PLN 1 530k | EUR | floating | maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) | restructuring/refinancing under multi-bank standstill — standstill to 30.09.2026 (conditional), grace to 30.06.2027, repayment to end-2030 (term sheet 01.06.2026, ESPI 49/2026 / 59/2026); B18 per B14 #12 — replaces the 31.12.2026 year-end-bucket artifact with the disclosed dates S |
| loan | — | PLN 2 104k | EUR | floating | maturity bucket 2-5y | S |
| loan | — | PLN 1 489 884k | EUR | floating | maturity bucket >5y | reclassified-to-short-term S |
| loan | — | PLN 1 531 546k | USD | floating | maturity bucket >5y | reclassified-to-short-term S |
| loan | — | PLN 39 381k | PLN | floating | maturity bucket 2-5y | S |
| loan | — | PLN 15 989k | PLN | floating | maturity bucket 2-5y | S |
| loan | — | PLN 314 184k | USD | floating | maturity bucket >5y | reclassified-to-short-term S |
| loan | — | PLN 355 391k | PLN | floating | maturity bucket >5y | reclassified-to-short-term S |
| loan | — | PLN 99 962k | USD | floating | maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) | restructuring/refinancing under multi-bank standstill — standstill to 30.09.2026 (conditional), grace to 30.06.2027, repayment to end-2030 (term sheet 01.06.2026, ESPI 49/2026 / 59/2026); B18 per B14 #12 — replaces the 31.12.2026 year-end-bucket artifact with the disclosed dates S |
| loan | PKO BP | PLN 10k | PLN | floating | maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) | restructuring/refinancing under multi-bank standstill — standstill to 30.09.2026 (conditional), grace to 30.06.2027, repayment to end-2030 (term sheet 01.06.2026, ESPI 49/2026 / 59/2026); B18 per B14 #12 — replaces the 31.12.2026 year-end-bucket artifact with the disclosed dates S |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| term loan | EBRD | PLN 34 672k | PLN | floating | maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) | restructuring/refinancing under multi-bank standstill — standstill to 30.09.2026 (conditional), grace to 30.06.2027, repayment to end-2030 (term sheet 01.06.2026, ESPI 49/2026 / 59/2026); B18 per B14 #12 — replaces the 31.12.2026 year-end-bucket artifact with the disclosed dates S |
| term loan | EBRD | PLN 339 121k | PLN | floating | maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) | reclassified-to-short-term, restructuring/refinancing under multi-bank standstill — standstill to 30.09.2026 (conditional), grace to 30.06.2027, repayment to end-2030 (term sheet 01.06.2026, ESPI 49/2026 / 59/2026); B18 per B14 #12 — replaces the 31.12.2026 year-end-bucket artifact with the disclosed dates S |
| overdraft / current account credit | BGK | PLN 93 205k | PLN | floating | maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) | restructuring/refinancing under multi-bank standstill — standstill to 30.09.2026 (conditional), grace to 30.06.2027, repayment to end-2030 (term sheet 01.06.2026, ESPI 49/2026 / 59/2026); B18 per B14 #12 — replaces the 31.12.2026 year-end-bucket artifact with the disclosed dates S |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| sale-and-leaseback | PKO BP | PLN 8 594k | PLN | floating | maturity bucket 2-5y | S |
| Bank | Confirmed activity — named facilities (ticket · rate · maturity), each with proof | Product split (product · per-bank band · evidence tier) |
|---|---|---|
| PKO Bank Polski W | product_santander_erste_cib_poland:grupa_azoty:esef-fac-04; product_santander_erste_cib_poland:grupa_azoty:esef-fac-05 overdraft / current account credit — PLN 788 557k · floating · matures maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) S overdraft / current account credit — PLN 30 559k · floating · matures maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) S sale-and-leaseback — PLN 8 594k · floating · matures maturity bucket 2-5y S loan — PLN 10k · floating · matures maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) S | Financing €8.1m–15.1m deal W split assumed |
| EIB W | product_santander_erste_cib_poland:grupa_azoty:esef-fac-07; product_santander_erste_cib_poland:grupa_azoty:esef-fac-09 term loan — PLN 115 353k · fixed · matures maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) S term loan — PLN 422 252k · fixed · matures maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) S | Financing €4.5m–8.4m deal W split assumed |
| EBRD W | product_santander_erste_cib_poland:grupa_azoty:esef-fac-08; product_santander_erste_cib_poland:grupa_azoty:esef-fac-10 term loan — PLN 34 672k · floating · matures maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) S term loan — PLN 339 121k · floating · matures maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) S | Financing €3.5m–6.6m deal W split assumed |
| ING Bank Śląski W | ledger:deal-hist-fac-01 (split assumed); ledger:deal-hist-fac-02 (split assumed) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Financing €3.2m–5.9m deal W split assumed |
| Bank Pekao W | ledger:deal-hist-fac-01 (split assumed); ledger:deal-hist-fac-02 (split assumed) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Financing €3.2m–5.9m deal W split assumed |
| Erste W Santander Bank Polska → Erste | ledger:deal-hist-fac-01 (split assumed) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Financing €1.3m–2.4m deal W split assumed |
| BNP Paribas Bank Polska W | ledger:deal-hist-fac-01 (split assumed) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Financing €1.3m–2.4m deal W split assumed |
| BGK W | product_santander_erste_cib_poland:grupa_azoty:esef-fac-20 overdraft / current account credit — PLN 93 205k · floating · matures maturity bucket <=1y — standstill to 30.09.2026; restructured repayment to end-2030 (grace 30.06.2027) S | Financing €560k–1.0m deal W |
| other / unallocated C | — remainder — no direct evidence by design | — |
| Window | Facility (FS note, 31.12.2025) | Amount |
|---|---|---|
| 31.12.2026 | revolving credit facility (RCF) PLN 1 100 201k — syndicate S timeline ↓ | €260,298k |
| 31.12.2026 | revolving credit facility (RCF) PLN 351 607k — syndicate timeline ↓ | €83,187k |
| 31.12.2026 | term loan PLN 948 232k — syndicate S timeline ↓ | €224,343k |
| 31.12.2026 | overdraft / current account credit PLN 788 557k — PKO BP S timeline ↓ | €186,566k |
| 31.12.2026 | overdraft / current account credit PLN 30 559k — PKO BP timeline ↓ | €7,230k |
| 31.12.2026 | term loan PLN 115 353k — EIB timeline ↓ | €27,292k |
| 31.12.2026 | term loan PLN 34 672k — EBRD timeline ↓ | €8,203k |
| 31.12.2026 | term loan PLN 422 252k — EIB timeline ↓ | €99,901k |
| Bank | Confirmed activity — named facilities (ticket · rate · maturity), each with proof | Product split (product · per-bank band · evidence tier) |
|---|---|---|
| mBank W account may be technical / legacy | VAT-WL account no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Cash Management / Daily Banking |
Awaiting the bank team's manual figures. The comparison shell is live — our side is computed and cited; the bank side is a placeholder until your numbers land.
| Product · metric | Our figure (est., cited) | Bank team's figure | Divergence |
|---|---|---|---|
| Financing max deliverable volume | €1.92bn S | awaiting bank input | – |
| Financing annual revenue /yr | €28.8m–57.5m /yr S | awaiting bank input | – |
| Cash Management / Daily Banking annual revenue /yr | €622k–1.6m /yr S | awaiting bank input | – |
| Treasury & Liquidity Solutions annual revenue /yr | €590k–1.8m /yr S | awaiting bank input | – |
| Financial Markets (FM) annual revenue /yr | €1.5m–3.7m /yr S | awaiting bank input | – |
| Trade Finance & WC Solutions max deliverable volume | €67m S | awaiting bank input | – |
| Trade Finance & WC Solutions annual revenue /yr | €536k–1.0m /yr S | awaiting bank input | – |
Every value in this section is based on the consolidated FS as at 31.12.2025 · published 29.04.2026 (plus the dated registry and interim documents listed below). Facts floor:
| Extracted fact | Value | Dated | Source tag |
|---|---|---|---|
| Consolidated revenue | PLN 13,138.2m | as at 31.12.2025 · publ. 29.04.2026 | esef:ifrs-full:Revenue S |
| EBITDA | PLN -4,156.5m | as at 31.12.2025 · publ. 29.04.2026 | EBITDA INCL. impairments = operating result (incl. PLN 4,485.7m impairment charge) −5,259.9m + D&A 1,103.5m = −4,156.5m — the operating result is impairment-laden in FY2025; the covenant-relevant clean EBITDA (excl. impairments) is +329.2m (see ebitda_clean). B18 relabel per B14 #12 ⟦esef:ifrs-full:ProfitLossFromOperatingActivities + AdjustmentsForDepreciationAndAmortisationExpense⟧ S |
| Net debt | PLN 8,141.7m | as at 31.12.2025 · publ. 29.04.2026 | esef:computed:borrowings+leases-cash ⟦esef:borrowings notes (loan table p.78/82) − cash⟧ S S |
| Cash & equivalents | PLN 499.0m | as at 31.12.2025 · publ. 29.04.2026 | esef:ifrs-full:CashAndCashEquivalents S |
| Finance costs (interest proxy) | PLN 969.9m | as at 31.12.2025 · publ. 29.04.2026 | esef:ifrs-full:FinanceCosts (proxy) S |
Group boundary: Grupa Azoty S.A. (apex) — Grupa Azoty S.A. (PL). Full subsidiary list = Phase 4W.2 boundary resolver; facts are consolidated-scope. Operator/PAM confirmation: pending.
Sources:
Estimates only: drivers are cited consolidated facts; conversion uses CEE market-standard fee/margin benchmarks; the by-bank split is evidence-weighted (deal evidence > syndicate > account presence). Debt-capacity headroom sizes the borrower, not the bank's risk appetite. Your institution's covenant standards and fee benchmarks can replace the CEE defaults applied here.
Fee-methodology caveats. Bands are planning estimates, conservative-high: (1) DCM is a ONE-TIME fee on issuance proceeds, not a recurring charge on bond stock — the per-annum band is an amortised flow proxy. (2) Large-cap IG lending margins run 20–70 bps (our 50–100 is conservative-high). (3) Treasury/deposits run through net-interest-margin, not a fee. Treat totals as order-of-magnitude scale, not billable revenue.
FY2025 statutory basis (ESEF official XHTML; §7 reconciliation 0.00 diff). Named-lender upgrade 2026-07-09: EIB/EBRD/PKO BP leasing rows now lender-attributed. Statutory EBITDA negative (impairment year) → leverage capacity zero on this basis; Q1 2026 interim shows EBITDA PLN 317m — parse for a cited run-rate. Nearly all debt reclassified short-term. EVENT-SIGNAL SWEEP 2026-07-09 (fallback engine — primary search engine unavailable): 4 post-statement events attached; dcm/ecm upgraded to SIGNAL_ONLY (participatory-bonds option considered 2025-07-22; PLN 600m SP issuance planned by 31.07.2026); term sheet 01.06.2026 NAMES Erste Bank Polski + Erste Factoring as creditors — incumbent confirmed in writing. EVENT-LAYER VERIFICATION 2026-07-09: all 4 events corroborated (ESPI current reports = gold standard) — flags cleared. Correction: the 31.07.2026 issuance condition is a contractual FLOOR of not less than PLN 500m (CR 18/2026 + 49/2026); ~PLN 600m is the company/press estimate — exec_read adjusted. BANK-IDENTITY CONTINUITY (Rule 39 P2) independently confirmed in primary filings: the 30.01.2026 ESPI names Santander Bank Polska / Santander Factoring; the 06.2026 filings (ESPI 49/2026, 48/2026) show the same syndicate seats as Erste Bank Polska / Erste Factoring. Memo: sources/santander_erste_cib_poland/grupa_azoty/_verification_grupa_azoty.md ADVERSARIAL CHECK 2026-07-09: term sheet (ESPI 49/2026, 01.06.2026) naming Erste Bank Polski + Erste Factoring CONFIRMED verbatim; PLN 500m floor by 31.07.2026, standstill to 30.09.2026 CONFIRMED; still in restructuring. ANTI-CONFLATION: the syndicate has TWO distinct Santander entities — 'Erste Bank Polski' (the rebranded ex-Santander Bank Polska, KRS name change 24.04.2026, = Erste, 49% controlling stake) AND 'Banco Santander S.A., Oddział we Frankfurcie' (the Spanish parent's Frankfurt branch — NOT Erste, a genuinely separate creditor). Do NOT map all 'Santander' references to Erste. ADVERSARIAL WAVE-2 2026-07-09: (1) reverse-factoring is a DISTINCT balance-sheet line (~PLN 360-420m historically), with Erste Factoring / ING Faktoring / Pekao Faktoring named in the standstill perimeter — a separate, modest debt layer (NOT the ~PLN 2bn first hypothesised). (2) Grupa Azoty is UNRATED by S&P/Moody's/Fitch — any 'BB/BB-' seen is Azoty's OWN internal impairment-test assumption, never an agency rating; algorithmic scores (biznesradar) are not agency ratings. (3) EGM convened 09.07.2026 (today) to approve security/collateral over Azoty assets+shares for the financing institutions + Orlen — a condition precedent to the long-term restructuring agreement.
| Document | As at | Published | Download |
|---|---|---|---|
| Consolidated FS FY2025 — ESEF package (official XHTML) | 31.12.2025 | 29.04.2026 | download↗ W 2026-04-29_grupaazoty-2025-12-31-1-pl.xbri |
| Consolidated FS FY2025 — PDF copy of the XHTML report (issuer, unofficial copy) (unofficial copy) | 31.12.2025 | 29.04.2026 | download↗ S 2026-04-29_28-04-2026-20grupa_azoty_skonsolidowane_sprawozdanie_finanso.pdf |
| Consolidated interim report Q1 2026 (PDF) | 31.03.2026 | 28.05.2026 | download↗ W 2026-05-28_grupa_azoty_skonsolidowany_raport_za_i_kwartal_2026.pdf |
| VAT White List — bank-account register (Ministry of Finance), queried 2026-07-09 | 09.07.2026 | 09.07.2026 | download↗ W |
| ESPI 59/2026 (parent) / 48/2026 (Police) — standstill extension to 30.09.2026, conditional | — | 01.07.2026 | download↗ W |
| Puls Biznesu 01.07.2026 — independent second outlet on the standstill extension (unofficial copy) | — | 01.07.2026 | download↗ W |
| Grupa Azoty official EN press release — term sheet 01.06.2026, 11 institutions, deal terms | — | 02.06.2026 | download↗ W |
| bankier.pl — exact ESPI header 49/2026 (term sheet) 02.06.2026 (unofficial copy) | — | 02.06.2026 | download↗ W |
| Reuters 13.11.2025 — ~PLN 600m/$165m State Treasury share-issue plan (33.7m shares) (unofficial copy) | — | 13.11.2025 | download↗ W |
| rp.pl 13.03.2026 — EGM resolution + capital-increase authorization band (unofficial copy) | — | 13.03.2026 | download↗ W |
| Grupa Azoty Tarnów current-reports archive (EN) — CR 18/2026 (EGM), 49/2026 (term sheet), 59/2026 (standstill); the "not less than PLN 500m by 31.07.2026" condition text | — | — | download↗ W |
| Parkiet 23.07.2025 — second outlet + named spokesperson for the considered-options event (unofficial copy) | — | 23.07.2025 | download↗ W |
| PAP Biznes EN wire 22.07.2025 — original report with explicit "no agreement yet reached" caveat (unofficial copy) | — | 22.07.2025 | download↗ W |
| Event-layer verification memo (2026-07-09): 3 VERIFIED via ESPI + 1 corrected (PLN 500m floor vs ~600m estimate); Santander→Erste continuity confirmed in filings (unofficial copy) | — | 09.07.2026 | internal file W _verification_grupa_azoty.md |
Śnieżka is a healthy mid-cap — FY2025 EBITDAC of PLN 144m against net debt of PLN 133m (~0.9x leverage, 8.9x interest cover, both green).
Erste has no observed presence — no accounts on the VAT White List and no facility evidence — so this is a clean greenfield: the estimated wallet of €0.6–1.1m/yr is whitespace, with BNP Paribas (the SLL lender), Pekao and PKO BP sitting pari passu on the Zawada plant mortgage.
The most actionable hook is cross-border: Śnieżka filed to register subsidiaries in Czechia and Slovakia in March 2026W (Poli-Farbe Czechia / Poli-Farbe Slovakia; register entry pending confirmation) — both Erste home markets — creating immediate local accounts, cash-management and CZK-flow needs. Management has also declared 'room to finance further acquisitions' at current leverageC, a live but unfunded consultative acquisition-finance angle.
CovenantC check: no covenant is stressed — leverage 0.92× and coverage 8.9× are deep in green — but the TIGHTEST basis is capex-adjusted leverage (1.07× vs the 2.5× green ceiling): additional-debt headroom ≈PLN 178m on that basis (vs ≈PLN 299m on headline leverage), still comfortably covenant-unconstrained for the consultative acquisition-finance angle.
| Statement item | Value | Source (page-verified) |
|---|---|---|
| Zysk na działalności operacyjnej (EN: operating profit) | PLN 105,360 thousand (= PLN 105.4m) | iXBRL ifrs-full:ProfitLossFromOperatingActivities, FY2025 (prior 105,232) — audited consolidated ESEF FY2025 (official iXBRL) S |
| Amortyzacja rzeczowych aktywów trwałych, aktywów niematerialnych i nieruchomości inwestycyjnych (EN: D&A) | PLN 38,367 thousand (= PLN 38.4m) | iXBRL cash-flow adjustment line — audited consolidated ESEF FY2025 (official iXBRL) S |
| Kapitał własny ogółem (EN: total equity) | PLN 425,036 thousand (= PLN 425.0m) | iXBRL ifrs-full:Equity, 31.12.2025 — audited consolidated ESEF FY2025 (official iXBRL) S |
| SUMA AKTYWÓW (EN: total assets) | PLN 714,827 thousand (= PLN 714.8m) | iXBRL ifrs-full:Assets, 31.12.2025 — audited consolidated ESEF FY2025 (official iXBRL) S |
| Środki pieniężne netto z działalności operacyjnej (EN: operating cash flow) | PLN 152,442 thousand (= PLN 152.4m) | iXBRL cash-flow statement — audited consolidated ESEF FY2025 (official iXBRL) S |
| Wydatki na nabycie rzeczowych aktywów trwałych i aktywów niematerialnych (EN: purchases of PP&E + intangibles — the CASH capex line) | PLN 19,343 thousand (= PLN 19.3m) | iXBRL purchase line (prior 37,025) — audited consolidated ESEF FY2025 (official iXBRL) S |
| Ratio | Value | Band | Source |
|---|---|---|---|
| Headline KPIs | |||
| Revenue | €183m | — | S |
| EBITDA | €34m | — | S |
| EBITDA Margin | 18.6% | — | S |
| Net Profit | €17m | — | S |
| Net Debt/EBITDA | 0.92× | ● within covenant band | C |
| Equity Ratio | 59.5% | — | S |
| Interest Coverage | 8.86× | ● within covenant band | C |
| Free Cash Flow | €31m | — | S |
| Covenant ratios | |||
| Net debt / EBITDA | 0.92× | ● within covenant band | C |
| Interest coverage | 8.86× | ● within covenant band | C |
| Gearing | 31% | ● within covenant band | C |
| Net debt / (EBITDA − capex) | 1.07× | ● within covenant band | C |
| FCCR | 7.67× | ● within covenant band | C |
| FFO / Net debt | 83% | ● within covenant band | C |
| Computed profile ratios | |||
| EBITDA margin | 18.6% | — | EBITDA ÷ revenue |
| Net margin | 9.6% | — | net result ÷ revenue |
| Capex / revenue | 2.5% | — | capital intensity — the filing's own capex-basis line (see its row above) ÷ revenue |
| Capex / D&A | 0.50× | — | >1× = asset base growing; <1× = harvesting |
| Operating CF / EBIT | 1.45× | — | cash conversion of operating profit |
| Operating CF − capex | PLN k 133,099.0 | — | internally-funded investment headroom |
| 2025 | 2024 | |
|---|---|---|
| Przychody ze sprzedaży (EN: sales revenue) | 772,506 | 798,440 |
| Koszt własny sprzedaży | 378,080 | 404,678 |
| Zysk brutto ze sprzedaży | 394,426 | 393,762 |
| Pozostałe przychody operacyjne | 4,725 | 2,290 |
| Koszty sprzedaży | 157,982 | 160,505 |
| Koszty ogólnego zarządu | 131,614 | 125,997 |
| Pozostałe koszty operacyjne | 4,195 | 4,318 |
| Zysk na działalności operacyjnej | 105,360 | 105,232 |
| Przychody finansowe | 2,150 | 4,272 |
| Koszty finansowe | 16,214 | 22,412 |
| Udział w zysku jednostki stowarzyszonej | -104 | 250 |
| Zysk brutto | 91,192 | 87,342 |
| Podatek dochodowy | 17,305 | 15,251 |
| Zysk netto z działalności kontynuowanej | 73,887 | 72,091 |
| Zysk netto za okres | 73,887 | 72,091 |
| Pozycje podlegające przeklasyfikowaniu do zysku/(straty) w kolejnych okresach sprawozdawczych, netto: | -3,411 | -8,245 |
| Różnice kursowe z przeliczenia jednostek zagranicznych | -3,411 | -8,245 |
| Zabezpieczenie przepływów pieniężnych | — | — |
| Zabezpieczenie inwestycji netto w jednostce zagranicznej | — | — |
| Pozycje niepodlegające przeklasyfikowaniu do zysku/(straty) w kolejnych okresach sprawozdawczych, netto: | 138 | 682 |
| Zmiana wartości godziwej instrumentów kapitałowych wycenianych wg wartości godziwej przez inne całkowite dochody | -126 | 420 |
| Zyski (straty) aktuarialne po uwzględnieniu odroczonego podatku dochodowego | 264 | 262 |
| Inne całkowite dochody netto | -3,273 | -7,563 |
| CAŁKOWITY DOCHÓD ZA OKRES | 70,614 | 64,528 |
| Zysk przypadający: | 73,887 | 72,091 |
| Akcjonariuszom jednostki dominującej | 71,374 | 69,351 |
| Akcjonariuszom niekontrolującym | 2,513 | 2,740 |
| Całkowity dochód przypadający: | 70,614 | 64,528 |
| Akcjonariuszom jednostki dominującej | 68,844 | 62,871 |
| Akcjonariuszom niekontrolującym | 1,770 | 1,657 |
| – podstawowy z zysku za okres przypadającego akcjonariuszom jednostki dominującej | 5.7 | 5.5 |
| – podstawowy z zysku z działalności kontynuowanej za okres przypadającego akcjonariuszom jednostki dominującej | 5.7 | 5.5 |
| – rozwodniony z zysku za okres przypadającego akcjonariuszom jednostki dominującej | 5.7 | 5.5 |
| – rozwodniony z zysku z działalności kontynuowanej za okres przypadającego akcjonariuszom jednostki dominującej | 5.7 | 5.5 |
| Dywidendy ujęte jako wypłaty na rzecz właścicieli na jedną akcję | 3 | 3.2 |
| Dywidendy zaproponowane lub uchwalone do dnia zatwierdzenia sprawozdań finansowych do publikacji, ale nieujęte jako przekazane posiadaczom akcji, na jedną akcję | 0 | 0 |
| Dywidendy zaproponowane lub uchwalone do dnia zatwierdzenia sprawozdania finansowego do publikacji, ale nieujęte jako przekazane posiadaczom akcji | 0 | 0 |
| FY2025 | FY2024 | |
|---|---|---|
| Aktywa trwałe | 533,251 | 549,190 |
| Rzeczowe aktywa trwałe | 474,072 | 484,093 |
| Wartość firmy | 3,931 | 3,733 |
| Aktywa niematerialne | 49,699 | 56,189 |
| Inwestycje w jednostkach stowarzyszonych wycenianych metodą praw własności | 1,567 | 1,921 |
| Pozostałe aktywa finansowe | 1,391 | 1,591 |
| Należności długoterminowe z tytułu leasingu i pozostałe | 1,084 | 84 |
| Aktywa z tytułu podatku odroczonego | 1,507 | 1,579 |
| Aktywa obrotowe | 181,576 | 236,107 |
| Aktywa obrotowe bez aktywów trwałych przeznaczonych do sprzedaży | 181,576 | 235,273 |
| Zapasy | 89,502 | 100,345 |
| Należności z tytułu dostaw i usług oraz pozostałe należności | 70,222 | 65,463 |
| Należności z tytułu podatku dochodowego | 4,661 | 13,842 |
| Środki pieniężne i ich ekwiwalenty (EN: cash and cash equivalents) | 17,191 | 55,623 |
| Aktywa trwałe przeznaczone do sprzedaży | — | 834 |
| SUMA AKTYWÓW (EN: total) | 714,827 | 785,297 |
| Kapitał własny (przypadający akcjonariuszom jednostki dominującej) | 406,934 | 373,231 |
| Kapitał podstawowy | 12,618 | 12,618 |
| Opcja na zakup udziałów w posiadaniu mniejszości | -28,464 | -31,119 |
| Pozostałe kapitały rezerwowe | -73,654 | -70,860 |
| Zyski zatrzymane | 496,434 | 462,592 |
| Kapitały akcjonariuszy niekontrolujących | 18,102 | 21,759 |
| Kapitał własny ogółem | 425,036 | 394,990 |
| Zobowiązania długoterminowe | 157,007 | 210,520 |
| Oprocentowane kredyty i pożyczki | 129,204 | 188,567 |
| Rezerwy, w tym: | 7,052 | 6,163 |
| - Rezerwy na świadczenia pracownicze | 6,856 | 5,888 |
| - Pozostałe rezerwy | 196 | 275 |
| Zobowiązania z tytułu leasingu | 9,085 | 4,299 |
| Rezerwa z tytułu odroczonego podatku dochodowego | 11,666 | 11,491 |
| Zobowiązania krótkoterminowe | 132,784 | 179,787 |
| Zobowiązania krótkoterminowe bez dotyczących aktywów przeznaczonych do sprzedaży | 132,784 | 179,787 |
| Zobowiązania z tytułu dostaw i usług oraz pozostałe zobowiązania | 82,758 | 74,888 |
| Bieżąca część oprocentowanych kredytów i pożyczek | 10,279 | 68,924 |
| Zobowiązania z tytułu leasingu | 1,146 | 646 |
| Zobowiązanie z tytułu opcji na zakup udziałów w posiadaniu mniejszości | 28,046 | 30,700 |
| Zobowiązania z tytułu podatku dochodowego | 5,150 | — |
| Rezerwy, w tym: | 5,405 | 4,629 |
| - Rezerwy na świadczenia pracownicze | 5,325 | 4,513 |
| - Pozostałe rezerwy | 80 | 116 |
| Zobowiązania razem (EN: total) | 289,791 | 390,307 |
| SUMA PASYWÓW (EN: total) | 714,827 | 785,297 |
| FY2025 | FY2024 | |
|---|---|---|
| Zysk przed opodatkowaniem | 91,192 | 87,342 |
| Korekty: | 64,635 | 47,510 |
| Amortyzacja rzeczowych aktywów trwałych, aktywów niematerialnych i nieruchomości inwestycyjnych | 38,367 | 37,604 |
| Zysk (strata) na działalności inwestycyjnej | -959 | 87 |
| Różnice kursowe | 225 | 3 |
| Udział w zyskach jednostek stowarzyszonych | -104 | -250 |
| Koszty z tytułu odsetek | 11,902 | 20,230 |
| Pozostałe korekty | -178 | -230 |
| Zmiana stanu zapasów | 10,404 | 13,760 |
| Zmiana stanu należności | -6,995 | 6,650 |
| Zmiana stanu zobowiązań | 9,298 | -29,639 |
| Zmiana stanu rezerw | 2,467 | -705 |
| Środki pieniężne wygenerowane w toku działalności operacyjnej | 155,827 | 134,852 |
| Zapłacony podatek dochodowy | -3,385 | -16,381 |
| Środki pieniężne netto z działalności operacyjnej | 152,442 | 118,471 |
| Wydatki na nabycie rzeczowych aktywów trwałych i aktywów niematerialnych | -19,343 | -37,025 |
| Wpływy ze sprzedaży rzeczowych aktywów trwałych i aktywów niematerialnych | 5,003 | 1,795 |
| Wydatki na nabycie jednostek zależnych | -73 | — |
| Otrzymane odsetki | 1,624 | — |
| Otrzymane dywidendy | — | 38 |
| Środki pieniężne netto wykorzystane w działalności inwestycyjnej | -12,789 | -35,192 |
| Wpływy z tytułu zaciągnięcia kredytów i pożyczek | 56,942 | 64,187 |
| Spłaty kredytów i pożyczek | -175,064 | -84,716 |
| Spłata zobowiązań z tytułu leasingu finansowego | -2,420 | -2,270 |
| Odsetki | -13,955 | -21,113 |
| Dywidendy | -42,605 | -45,437 |
| Środki pieniężne netto z działalności finansowej | -177,102 | -89,349 |
| Zwiększenie (zmniejszenie) netto stanu środków pieniężnych i ekwiwalentów środków pieniężnych przed różnicami kursowymi | -37,449 | -6,070 |
| Różnice kursowe z przeliczenia jednostek zagranicznych | -983 | -3,972 |
| Zwiększenie (zmniejszenie) netto stanu środków pieniężnych i ekwiwalentów środków pieniężnych | -38,432 | -10,042 |
| Środki pieniężne i ich ekwiwalenty na początek okresu (EN: cash and cash equivalents) | 55,623 | 65,665 |
| Środki pieniężne i ich ekwiwalenty na koniec okresu (EN: cash and cash equivalents) | 17,191 | 55,623 |
| EBIT (operating result) | 105,360 |
| Depreciation & amortisation (add-back) | 38,367 |
| Product | Subproduct | Revenue pool (all banks · est.) · book position | Revenue share | Driver (dated fact) & method |
|---|---|---|---|---|
| Financing | Working Capital Finance | €495k–990k · blended in group pool C #11 of 13 · ~0% of book pool 6 banks evidenced → | 80% | drawn interest-bearing bank debt + leasing (excl. bonds) — €33,000k drawn bank debt + leasing (facility roll-up) €33,000k × 150–300 bps, EUR@4.2267 derivation → |
| Financing | Investment Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing | Acquisition & Structured Finance | no Acquisition & Structured Finance exposure observed in this group | — | — |
| Financing | Export Finance (ECA) | on the bank's list; no evidence slug in our model yet — no ECA facility observed in the 13-group corpus; flag to collect (BGK/KUKE/EKN/Hermes cover facilities) | — | — |
| Cash Management / Daily Banking | Accounts | €37k–91k · group-level pool; subproducts share it C #13 of 13 · ~0% of book pool | 7% | consolidated revenue (turnover proxy) — €182,768k consolidated revenue €182,768k × 2–5 bps, EUR@4.2267 derivation → |
| Cash Management / Daily Banking | Payments | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Connectivity | not separately estimable — host-to-host/API connectivity has no separately disclosed revenue driver; bundled into cash_management pricing, no slug in our model | — | — |
| Cash Management / Daily Banking | Corporate Cards | not separately estimable — card-program revenue (interchange/fees) not publicly disclosed at group level; no slug in our model | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Guarantees | the Group explicitly discloses NO guarantees or sureties granted (note 3.22 'Zobowiązania warunkowe' (EN: contingent liabilities): 'Grupa nie posiada gwarancji ani poręczeń' (EN: the Group holds no guarantees or sureties), FY2025+FY2024) — an evidenced zero, not a data gap | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Documentary Trade | the Group explicitly discloses NO guarantees or sureties granted (note 3.22 'Zobowiązania warunkowe' (EN: contingent liabilities): 'Grupa nie posiada gwarancji ani poręczeń' (EN: the Group holds no guarantees or sureties), FY2025+FY2024) — an evidenced zero, not a data gap | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Supply Chain Finance | the Group explicitly discloses NO guarantees or sureties granted (note 3.22 'Zobowiązania warunkowe' (EN: contingent liabilities): 'Grupa nie posiada gwarancji ani poręczeń' (EN: the Group holds no guarantees or sureties), FY2025+FY2024) — an evidenced zero, not a data gap | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Receivables Finance | the Group explicitly discloses NO guarantees or sureties granted (note 3.22 'Zobowiązania warunkowe' (EN: contingent liabilities): 'Grupa nie posiada gwarancji ani poręczeń' (EN: the Group holds no guarantees or sureties), FY2025+FY2024) — an evidenced zero, not a data gap | — | — |
| Financial Markets (FM) | FX | €49k–122k · blended in group pool C #12 of 13 · ~0% of book pool | 9% | FX-exposed turnover (non-PLN segments: Hungary + Ukraine + Other) — €48,648k FX-exposed turnover €48,648k × 10–25 bps, PLN@4.2267 derivation → |
| Financial Markets (FM) | Interest Rates | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Commodities | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Investments & Deposits | €20k–61k · blended in group pool C #13 of 13 · ~0% of book pool | 4% | cash & equivalents balances — €4,067k cash & equivalents €4,067k × 50–150 bps, EUR@4.2267 derivation → |
| Debt Capital Markets (DCM) | Debt Capital Markets (DCM) | no bonds outstanding (amortised issuance fees) disclosed in the consolidated accounts | — | — |
| Equity Capital Markets (ECM) | Equity Capital Markets (ECM) | event-driven product — estimated only when a deal event fires | — | — |
| M&A Advisory | M&A Advisory | event-driven product — estimated only when a deal event fires | — | — |
| Custody & Securities Services | Custody | not observable from public accounts | — | — |
| Custody & Securities Services | Corporate Actions | not observable from public accounts | — | — |
| Custody & Securities Services | Fund Services | not observable from public accounts | — | — |
| Custody & Securities Services | Securities Services | not observable from public accounts | — | — |
| Treasury & Liquidity Solutions | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Investments | see Investments & Deposits — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Treasury Advisory | not separately estimable — advisory mandate revenue is not separately observable from public financials; one of the 'most advisory splits' with no separable public driver | — | — |
| Financial Advisory | Strategic Finance | event-driven product — estimated only when a deal event fires | — | — |
| Financial Advisory | Debt Advisory | event-driven product — estimated only when a deal event fires | — | — |
| Financial Advisory | Structured Solutions | event-driven product — estimated only when a deal event fires | — | — |
| AP additions — not on your list (products our records surface that the brief omits) | ||||
| Financial Advisory | Cross-Border Structuring & Ratings Advisory | event-driven product — estimated only when a deal event fires | — | — |
| Leasing | Finance Lease & Sale-and-Leaseback | no Leasing exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions | Factoring | the Group explicitly discloses NO guarantees or sureties granted (note 3.22 'Zobowiązania warunkowe' (EN: contingent liabilities): 'Grupa nie posiada gwarancji ani poręczeń' (EN: the Group holds no guarantees or sureties), FY2025+FY2024) — an evidenced zero, not a data gap | — | — |
| Financing | Real Estate & Project Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing / Debt Capital Markets | ESG / Sustainability-Linked Finance | CROSS-CUTTING TAG over the financing (green_loan) and dcm (esg_bond) group volumes — never a separate additive wallet pool; product_group is intentionally null because it spans two groups rather than owning one | — | — |
| Trade Finance & Working Capital Solutions | Trade Credit Insurance | the Group explicitly discloses NO guarantees or sureties granted (note 3.22 'Zobowiązania warunkowe' (EN: contingent liabilities): 'Grupa nie posiada gwarancji ani poręczeń' (EN: the Group holds no guarantees or sureties), FY2025+FY2024) — an evidenced zero, not a data gap | — | — |
| Cash Management / Daily Banking | Escrow Services | see Accounts — same underlying estimate, not double-counted | — | — |
| Product (ranked by capital efficiency) | Est. revenue /yr | Exposure (volume basis) | RWA density | RoRWA (revenue ÷ RWA) |
|---|---|---|---|---|
| Cash Management / Daily Banking capital-light (fee-driven) | €0.0–0.1m /yr | €183m fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Treasury & Liquidity Solutions capital-light (fee-driven) | €0.0–0.1m /yr | €4m fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Financial Markets (FM) middle | €0.0–0.1m /yr | €49m SA-CCR add-on on notional (small vs notional) | 3% (of 1–5% range) assumption · WS-CAPITAL v1.0 · regulatory (approx) | 🟠 5.83% hurdle: 🟢 ≥6% · 🟠 ≥3% |
| Financing capital-heavy | €0.5–1.0m /yr | €33m unrated corporate 100% SA (term/RCF drawn) | 100% assumption · WS-CAPITAL v1.0 · regulatory | 🔴 2.25% hurdle: 🟢 ≥5% · 🟠 ≥2.5% |
| Product group | Risk weight / CCF basis | Density range | Density (default) | Label | Hurdle set |
|---|---|---|---|---|---|
| financing | unrated corporate 100% SA (term/RCF drawn) | 100–100% | 100% | regulatory | lending |
| financing_undrawn | CCF 20% (<=1y) / 50% (>1y), then 100% RW | 20–50% | 35% | regulatory | lending |
| real_estate | 130% pre-op, 100% operational (real estate / project finance) | 100–130% | 115% | regulatory | lending |
| trade_finance_wc | financial gtee / standby LC 100% CCF; performance gtee 50%; trade LC 20%; then 100% RW | 20–100% | 60% | regulatory | trade_finance |
| dcm | origination fee, no balance-sheet hold | 0–0% | 0% | practitioner | cash_fx_dcm |
| financial_markets | SA-CCR add-on on notional (small vs notional) | 1–5% | 3% | regulatory (approx) | cash_fx_dcm |
| cash_management | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| treasury_liquidity | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| Hurdle set | Green | Amber | Red | RAROC green |
|---|---|---|---|---|
| overall | 🟢 ≥4% | 🟠 2–4% | 🔴 <2% | — |
| lending | 🟢 ≥5% | 🟠 2.5–5% | 🔴 <2.5% | ≥15% |
| trade_finance | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥18% |
| cash_fx_dcm | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥20% |
Traffic-light like the covenant scorecard. green = RoRWA >= green hurdle; amber = amber_floor to green; red = < amber_floor. The overall band (green >=4% / amber 2-4% / red <2%) is fully specified in the source; per-category amber_floor is generalized as half the category green hurdle (matching the overall 4/2 shape). RAROC green thresholds shown where the source gives them (lending >=15%, trade finance >=18%, cash/FX/DCM >=20%).
Cost of equity floor: 10–12% — Cost of equity 10-12% is the floor any product must clear.
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| term loan / investment credit | — | PLN 28 470k | PLN | — | repayment 01.12.2030 | W |
| term loan / investment credit | — | PLN 27 262k | PLN | — | repayment 01.12.2030 | W |
| term loan / investment credit | — | PLN 60 215k | PLN | — | repayment 02.12.2031 | W |
| term loan / investment credit | — | PLN 7 848k | HUF | — | repayment 07.05.2026 | W |
| term loan / investment credit (sustainability-linked loan) | BNP Paribas Bank Polska | PLN 10 945k | HUF | — | repayment 10.06.2027 | lender attributed from Śnieżka Group SLL announcement (press), not the FS loan table which omits lender names; other Śnieżka facilities remain lender-undisclosed in the FS W |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| sale-and-leaseback | — | PLN 4 743k | PLN | — | repayment 31.07.2027 | W |
| Bank | Confirmed activity — named facilities (ticket · rate · maturity), each with proof | Product split (product · per-bank band · evidence tier) |
|---|---|---|
| BNP Paribas Bank Polska W | ledger:deal-snz-01 (split assumed); ledger:deal-snz-04-hist term loan / investment credit (sustainability-linked loan) — PLN 10 945k · matures repayment 10.06.2027 W | Financing €270k–502k deal W split assumed |
| Bank Pekao W | ledger:deal-snz-01 (split assumed) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Financing €66k–122k deal W split assumed |
| PKO Bank Polski W | ledger:deal-snz-01 (split assumed) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Financing €66k–122k deal W split assumed |
| CIB Bank (Hungary) W | ledger:deal-snz-02 (split assumed) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Financing €16k–30k deal W split assumed |
| Raiffeisen Bank Zrt W | ledger:deal-snz-02 (split assumed) no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Financing €16k–30k deal W split assumed |
| ING Leasing W | ledger:deal-snz-03 no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Financing €8k–15k deal W |
| other / unallocated C | — remainder — no direct evidence by design | — |
| Window | Facility (FS note, 31.12.2025) | Amount |
|---|---|---|
| 07.05.2026 | term loan / investment credit PLN 7 848k — n/a timeline ↓ | €1,857k |
| 10.06.2027 | term loan / investment credit PLN 10 945k — n/a timeline ↓ | €2,589k |
| 31.07.2027 | sale-and-leaseback PLN 4 743k — n/a timeline ↓ | €1,122k |
| Bank | Confirmed activity — named facilities (ticket · rate · maturity), each with proof | Product split (product · per-bank band · evidence tier) |
|---|---|---|
| ING Bank Śląski W account may be technical / legacy | VAT-WL account no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | Cash Management / Daily Banking |
Awaiting the bank team's manual figures. The comparison shell is live — our side is computed and cited; the bank side is a placeholder until your numbers land.
| Product · metric | Our figure (est., cited) | Bank team's figure | Divergence |
|---|---|---|---|
| Financing max deliverable volume | €33m | awaiting bank input | – |
| Financing annual revenue /yr | €495k–990k /yr | awaiting bank input | – |
| Cash Management / Daily Banking annual revenue /yr | €37k–91k /yr | awaiting bank input | – |
| Treasury & Liquidity Solutions annual revenue /yr | €20k–61k /yr | awaiting bank input | – |
| Financial Markets (FM) annual revenue /yr | €49k–122k /yr | awaiting bank input | – |
Every value in this section is based on the consolidated FS as at 31.12.2025 · published 14.04.2026 (plus the dated registry and interim documents listed below). Facts floor:
| Extracted fact | Value | Dated | Source tag |
|---|---|---|---|
| Consolidated revenue | PLN 772.5m | as at 31.12.2025 · publ. 14.04.2026 | esef:ifrs-full:Revenue S |
| EBITDA | PLN 143.7m | as at 31.12.2025 · publ. 14.04.2026 | esef:computed:opProfit+D&A ⟦esef:ifrs-full:ProfitLossFromOperatingActivities + AdjustmentsForDepreciationAndAmortisationExpense⟧ S |
| Net debt | PLN 132.5m | as at 31.12.2025 · publ. 14.04.2026 | esef:computed:borrowings+leases-cash ⟦esef:borrowings + lease liabilities − ifrs-full:CashAndCashEquivalents⟧ S |
| Cash & equivalents | PLN 17.2m | as at 31.12.2025 · publ. 14.04.2026 | esef:ifrs-full:CashAndCashEquivalents S |
| Finance costs (interest proxy) | PLN 16.2m | as at 31.12.2025 · publ. 14.04.2026 | esef:ifrs-full:FinanceCosts (proxy) S |
Group boundary: FFiL Śnieżka S.A. (apex) — FFiL Śnieżka S.A. (PL), Poli-Farbe Vegyipari Kft (HU) (HU). Cross-border footprint (PL/HU + UA ops); full subsidiary list = 4W.2 resolver. Operator/PAM confirmation: pending.
Sources:
Estimates only: drivers are cited consolidated facts; conversion uses CEE market-standard fee/margin benchmarks; the by-bank split is evidence-weighted (deal evidence > syndicate > account presence). Debt-capacity headroom sizes the borrower, not the bank's risk appetite. Your institution's covenant standards and fee benchmarks can replace the CEE defaults applied here.
Fee-methodology caveats. Bands are planning estimates, conservative-high: (1) DCM is a ONE-TIME fee on issuance proceeds, not a recurring charge on bond stock — the per-annum band is an amortised flow proxy. (2) Large-cap IG lending margins run 20–70 bps (our 50–100 is conservative-high). (3) Treasury/deposits run through net-interest-margin, not a fee. Treat totals as order-of-magnitude scale, not billable revenue.
FY2025 basis (ESEF official XHTML; §7 reconciliation 0.00). Healthy credit: EBITDA PLN 143.7m, net debt PLN 132.5m (~0.9x). GREENFIELD for Erste — incumbents Pekao/PKO BP/BNP pari passu + CIB/Raiffeisen in Hungary. Cross-border group (PL/HU/UA). Named-lender upgrade applied. EVENT SWEEP 2026-07-09: CZ/SK subsidiaries registered 03.2026 (Erste home markets — local banking whitespace); acquisition capacity declared 0.9x (unfunded); dividend policy ≥50%. DCM/financing sweeps: no events found (clean no-hit). EVENT-LAYER VERIFICATION 2026-07-09: all 3 events corroborated via ESPI/GPW current reports — flags cleared. Corrections: dividend status → PAID/completed (ESPI 3/2026 rec → ESPI 19/2026 AGM → paid 08.06.2026; policy is a firming of the 2022 framework); the CZ/SK expansion is registration FILINGS submitted 02.03.2026 (ESPI 2/2026), not completed registrations — exec_read adjusted. Memo: sources/santander_erste_cib_poland/sniezka/_verification_sniezka.md ADVERSARIAL CHECK 2026-07-09: dividend PLN 5.15 PAID 08.06.2026, 0.9x leverage (EBITDA PLN 143.7m, net debt PLN 133m), CZ/SK filings 02.03.2026 — ALL CONFIRMED. Nuance: the ≥50% dividend policy is a REAFFIRMATION of the 2022 framework (ESPI 5/2022), not brand-new; CZ/SK register-entry completion still unconfirmed (framed as pending).
| Document | As at | Published | Download |
|---|---|---|---|
| Consolidated FS FY2025 — ESEF package (official XHTML; no issuer PDF copy published) | 31.12.2025 | 14.04.2026 | download↗ W 2026-04-24_20260414_175806_1116710752_ska-2025-12-31-1-pl.xbri |
| FY2024 FS note — historical financing observations (BNP SLL) | 31.12.2024 | 16.04.2025 | download↗ W |
| VAT White List — bank-account register (Ministry of Finance), queried 2026-07-09 | 09.07.2026 | 09.07.2026 | download↗ W |
| ESPI 3/2026 (GPW) — board dividend recommendation 15.04.2026: PLN 5.15/share + "at least 50%" policy language | — | 15.04.2026 | download↗ W |
| ESPI 19/2026 (GPW) — AGM dividend resolution 21.05.2026 | — | 21.05.2026 | download↗ W |
| ESPI 2/2026 (GPW) — CZ/SK subsidiary registration filings 02.03.2026 (+ delayed inside information) | — | 02.03.2026 | download↗ W |
| Śnieżka press release 02.03.2026 — entity names, seats, 100% ownership (Poli-Farbe Czechia / Slovakia) | — | 02.03.2026 | download↗ W |
| Śnieżka press release 14.04.2026 — FY2025 results (net debt/EBITDA 0.9x vs 1.4x) | — | 14.04.2026 | download↗ W |
| Bankier.pl 15.04.2026 — CEO Mikrut: room to finance acquisitions, no active M&A talks (unofficial copy) | — | 15.04.2026 | download↗ W |
| Event-layer verification memo (2026-07-09): dividend PAID (status fix), CZ/SK = filings not registrations, ESPI numbers pinned (unofficial copy) | — | 09.07.2026 | internal file W _verification_sniezka.md |
Siemens Healthineers is investment-grade and cash-generative — FY2025 revenue €23.4bn, EBITDAC €4.5bn, net debt/EBITDAaL 2.8x including pensions, with a stated investment-grade intention.
About 95% of its €14.5bn debt is intercompany funding from Siemens AG treasury; bank lending at group level is just €148m, so the bank wallet is structurally captive today. That captivity is now ending: Siemens AG announced in November 2025 it will deconsolidate Healthineers via a 30% spin-off, with the decision prepared for the Siemens AG AGM in February 2027W and the stake ultimately reduced to a financial asset.
As detachment progresses, the entire intercompany stack — term loans out to 2046W, the €2.5bn+€2.0bn parent RCFs, FX hedging and cash pooling — must be re-established in the bank and capital markets: the single largest wallet-unlock event in this portfolio. The bank that leads the inaugural standalone syndication or bond anchors the post-detachment relationship, so this is a call-now-to-position even ahead of the 2027W vote.
CovenantC check: leverage 2.69× sits within 0.31× of the 3.0× industrial green ceiling, gearing (66%) is already AMBER, and the CAPEX-ADJUSTED basis — net debt/(EBITDA−capex) at 3.30× vs the 2.5× green ceiling — shows NEGATIVE additional-debt capacity (≈−€2.9bn). Standard-covenant headroom for NEW debt is effectively exhausted. That constraint is the point: the opportunity is the ~€14bn intercompany refinancing at separation (replacing Siemens-AG funding like-for-like), not incremental leverage.
| Statement item | Value | Source (page-verified) |
|---|---|---|
| Earnings before interest and taxes | EUR m 3,154.0 | consolidated income statement B.1, p.138 — annual report FY2025 (IFRS, FYE 30.09.2025) S |
| Amortization, depreciation and impairments | EUR m 1,296.0 | cash-flow reconciliation B.4, p.141 — annual report FY2025 (IFRS, FYE 30.09.2025) S |
| Total equity | EUR m 18,091.0 | statement of financial position B.3, p.140 — annual report FY2025 (IFRS, FYE 30.09.2025) S |
| Total assets | EUR m 44,370.0 | statement of financial position B.3, p.140 — annual report FY2025 (IFRS, FYE 30.09.2025) S |
| Cash flows from operating activities | EUR m 3,532.0 | cash-flow statement B.4, p.141 — annual report FY2025 (IFRS, FYE 30.09.2025) S |
| Additions to intangible assets and property, plant and equipment | EUR m 818.0 | cash-flow statement B.4 investing section, p.141 (printed −818) — annual report FY2025 (IFRS, FYE 30.09.2025) S |
| Ratio | Value | Band | Source |
|---|---|---|---|
| Headline KPIs | |||
| Revenue | €23.38bn | — | S |
| EBITDA | €4.45bn | — | S |
| EBITDA Margin | 19.0% | — | S |
| Net Profit | €2.17bn | — | S |
| Net Debt/EBITDA | 2.69× | ● within covenant band | C |
| Equity Ratio | 40.7% | — | S |
| Interest Coverage | 10.47× | ● within covenant band | C |
| Free Cash Flow | €2.71bn | — | S |
| Covenant ratios | |||
| Net debt / EBITDA | 2.69× | ● within covenant band | C |
| Interest coverage | 10.47× | ● within covenant band | C |
| Gearing | 66% | ● elevated | C |
| Net debt / (EBITDA − capex) | 3.30× | ● elevated | C |
| FCCR | 8.55× | ● within covenant band | C |
| FFO / Net debt | 28% | ● breach-risk | C |
| Computed profile ratios | |||
| EBITDA margin | 19.0% | — | EBITDA ÷ revenue |
| Net margin | 9.3% | — | net result ÷ revenue |
| Capex / revenue | 3.5% | — | capital intensity — the filing's own capex-basis line (see its row above) ÷ revenue |
| Capex / D&A | 0.63× | — | >1× = asset base growing; <1× = harvesting |
| Operating CF / EBIT | 1.12× | — | cash conversion of operating profit |
| Operating CF − capex | EUR m 2,714.0 | — | internally-funded investment headroom |
| FY2025 (€m) | FY2024 (€m) |
|---|---|
| Revenue | 23,375 |
| Cost of sales | -14,345 |
| Gross profit | 9,030 |
| Research and development expenses | -1,958 |
| Selling and general administrative expenses | -3,887 |
| Other operating income | 12 |
| Other operating expenses | -33 |
| Income from investments accounted for using the equity method, net | -10 |
| Earnings before interest and taxes | 3,154 |
| Interest income | 99 |
| Interest expenses | -425 |
| Other financial income, net | 25 |
| Income before income taxes | 2,853 |
| Income tax expenses | -686 |
| Net income | 2,168 |
| Non-controlling interests | 23 |
| Shareholders of Siemens Healthineers AG | 2,144 |
| Basic earnings per share | 1.9 |
| Diluted earnings per share | 1.9 |
| Amortization, depreciation and impairments | 1,296 |
| 30 Sep 2025 (€m) | 30 Sep 2024 (€m) |
|---|---|
| Cash and cash equivalents | 2,175 |
| Trade and other receivables | 4,681 |
| Other current financial assets | 344 |
| Current receivables from the Siemens Group | 9 |
| Contract assets | 1,869 |
| Inventories | 4,135 |
| Current income tax assets | 126 |
| Other current assets | 760 |
| Total current assets | 14,098 |
| Goodwill | 17,124 |
| Other intangible assets | 6,505 |
| Property, plant and equipment | 4,713 |
| Investments accounted for using the equity method | 19 |
| Other non-current financial assets | 956 |
| Deferred tax assets | 410 |
| Other non-current assets | 543 |
| Total non-current assets | 30,272 |
| Total assets | 44,370 |
| Short-term financial debt and current maturities of long-term financial debt | 268 |
| Trade payables | 2,296 |
| Other current financial liabilities | 245 |
| Current liabilities to the Siemens Group | 3,192 |
| Contract liabilities | 3,641 |
| Current provisions | 411 |
| Current income tax liabilities | 675 |
| Other current liabilities | 1,916 |
| Total current liabilities | 12,644 |
| Long-term financial debt | 487 |
| Provisions for pensions and similar obligations | 488 |
| Deferred tax liabilities | 1,150 |
| Non-current provisions | 151 |
| Other non-current financial liabilities | 22 |
| Other non-current liabilities | 483 |
| Non-current liabilities to the Siemens Group | 10,855 |
| Total non-current liabilities | 13,635 |
| Total liabilities | 26,279 |
| Issued capital | 1,128 |
| Capital reserve | 15,888 |
| Retained earnings | 3,240 |
| Other components of equity | -1,676 |
| Treasury shares | -539 |
| Total equity attributable to shareholders of Siemens Healthineers AG | 18,040 |
| Non-controlling interests | 51 |
| Total equity | 18,091 |
| Total liabilities and equity | 44,370 |
| FY2025 (€m) | FY2024 (€m) |
|---|---|
| Net income | 2,168 |
| Amortization, depreciation and impairments | 1,296 |
| Income tax expenses | 686 |
| Interest income/expenses, net | 326 |
| Income/loss related to investing activities | -30 |
| Other non-cash income/expenses, net | 184 |
| Contract assets | -39 |
| Inventories | -76 |
| Trade and other receivables | -378 |
| Receivables from and payables to the Siemens Group from operating activities | 7 |
| Trade payables | 229 |
| Contract liabilities | 164 |
| Change in other assets and liabilities | -175 |
| Additions to equipment leased to others in operating leases | -313 |
| Income taxes paid | -577 |
| Interest received | 61 |
| Cash flows from operating activities | 3,532 |
| Additions to intangible assets and property, plant and equipment | -818 |
| Purchase of investments and financial assets for investment purposes | -2 |
| Acquisitions of businesses, net of cash acquired | -216 |
| Disposal of investments, intangible assets and property, plant and equipment | 128 |
| Disposal of businesses, net of cash disposed | 3 |
| Cash flows from investing activities | -906 |
| Purchase of treasury shares | -301 |
| Other transactions with owners | -13 |
| Repayment of long-term debt (including current maturities of long-term debt) | -188 |
| Change in short-term financial debt and other financing activities | 3 |
| Interest paid | -48 |
| Dividends paid to shareholders of Siemens Healthineers AG | -1,066 |
| Dividends paid to non-controlling interests | -13 |
| Interest paid to the Siemens Group | -401 |
| Issuance of long-term debt | 61 |
| Repayment of long-term debt (including current maturities of long-term debt) | -5 |
| Change in short-term financial debt and other financing activities | -1,068 |
| Cash flows from financing activities | -3,038 |
| Effect of changes in exchange rates on cash and cash equivalents | -97 |
| Change in cash and cash equivalents | -508 |
| Cash and cash equivalents at beginning of period | 2,683 |
| Cash and cash equivalents at end of period | 2,175 |
| Earnings before interest and taxes (EN: EBIT) | — |
| Amortization, depreciation and impairments (EN: D&A — from the cash flow statement, added back) | — |
| Product | Subproduct | Revenue pool (all banks · est.) · book position | Revenue share | Driver (dated fact) & method |
|---|---|---|---|---|
| Financing | Working Capital Finance | €12.5m–25.0m · blended in group pool C #6 of 13 · ~9% of book pool | 27% | drawn interest-bearing bank debt + leasing (excl. bonds) — €832,000k drawn bank debt + leasing (facility roll-up) €832,000k × 150–300 bps, EUR@1.0 derivation → |
| Financing | Investment Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing | Acquisition & Structured Finance | no Acquisition & Structured Finance exposure observed in this group | — | — |
| Financing | Export Finance (ECA) | on the bank's list; no evidence slug in our model yet — no ECA facility observed in the 13-group corpus; flag to collect (BGK/KUKE/EKN/Hermes cover facilities) | — | — |
| Cash Management / Daily Banking | Accounts | €4.7m–11.7m · group-level pool; subproducts share it C #4 of 13 · ~10% of book pool | 12% | consolidated revenue (turnover proxy) — €23,375,000k consolidated revenue €23,375,000k × 2–5 bps, EUR@1.0 derivation → |
| Cash Management / Daily Banking | Payments | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Connectivity | not separately estimable — host-to-host/API connectivity has no separately disclosed revenue driver; bundled into cash_management pricing, no slug in our model | — | — |
| Cash Management / Daily Banking | Corporate Cards | not separately estimable — card-program revenue (interchange/fees) not publicly disclosed at group level; no slug in our model | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Guarantees | €4.1m–7.6m · blended in group pool C #2 of 13 · ~23% of book pool | 8% | guarantee credit lines + overdrafts currently secured by Siemens AG letters of support — €509,000k secured guarantee lines €509,000k × 80–150 bps derivation → |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Documentary Trade | see Guarantees — same underlying estimate, not double-counted | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Supply Chain Finance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Receivables Finance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | FX | €9.1m–22.8m · blended in group pool C #3 of 13 · ~15% of book pool | 23% | disclosed FX hedge notional (forwards + swaps designated as hedging instruments) — €9,112,000k FX hedge notional €9,112,000k × 10–25 bps derivation → |
| Financial Markets (FM) | Interest Rates | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Commodities | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Investments & Deposits | €10.9m–32.6m · blended in group pool C #4 of 13 · ~13% of book pool | 31% | cash & equivalents balances — €2,175,000k cash & equivalents €2,175,000k × 50–150 bps, EUR@1.0 derivation → |
| Debt Capital Markets (DCM) | Debt Capital Markets (DCM) | event signal: STRUCTURAL: Siemens AG announced the DECONSOLIDATION of Siemens Healthineers — spin-off of (planned, 2025-11) | — | — |
| Equity Capital Markets (ECM) | Equity Capital Markets (ECM) | event-driven product — estimated only when a deal event fires | — | — |
| M&A Advisory | M&A Advisory | event-driven product — estimated only when a deal event fires | — | — |
| Custody & Securities Services | Custody | not observable from public accounts | — | — |
| Custody & Securities Services | Corporate Actions | not observable from public accounts | — | — |
| Custody & Securities Services | Fund Services | not observable from public accounts | — | — |
| Custody & Securities Services | Securities Services | not observable from public accounts | — | — |
| Treasury & Liquidity Solutions | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Investments | see Investments & Deposits — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Treasury Advisory | not separately estimable — advisory mandate revenue is not separately observable from public financials; one of the 'most advisory splits' with no separable public driver | — | — |
| Financial Advisory | Strategic Finance | event-driven product — estimated only when a deal event fires | — | — |
| Financial Advisory | Debt Advisory | event-driven product — estimated only when a deal event fires | — | — |
| Financial Advisory | Structured Solutions | event-driven product — estimated only when a deal event fires | — | — |
| AP additions — not on your list (products our records surface that the brief omits) | ||||
| Financial Advisory | Cross-Border Structuring & Ratings Advisory | event-driven product — estimated only when a deal event fires | — | — |
| Leasing | Finance Lease & Sale-and-Leaseback | no Leasing exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions | Factoring | see Guarantees — same underlying estimate, not double-counted | — | — |
| Financing | Real Estate & Project Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing / Debt Capital Markets | ESG / Sustainability-Linked Finance | CROSS-CUTTING TAG over the financing (green_loan) and dcm (esg_bond) group volumes — never a separate additive wallet pool; product_group is intentionally null because it spans two groups rather than owning one | — | — |
| Trade Finance & Working Capital Solutions | Trade Credit Insurance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Escrow Services | see Accounts — same underlying estimate, not double-counted | — | — |
| Product (ranked by capital efficiency) | Est. revenue /yr | Exposure (volume basis) | RWA density | RoRWA (revenue ÷ RWA) |
|---|---|---|---|---|
| Cash Management / Daily Banking capital-light (fee-driven) | €4.7–11.7m /yr | €23,375m fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Treasury & Liquidity Solutions capital-light (fee-driven) | €10.9–32.6m /yr | €2,175m fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Financial Markets (FM) middle | €9.1–22.8m /yr | €9,112m SA-CCR add-on on notional (small vs notional) | 3% (of 1–5% range) assumption · WS-CAPITAL v1.0 · regulatory (approx) | 🟠 5.83% hurdle: 🟢 ≥6% · 🟠 ≥3% |
| Financing capital-heavy | €12.5–25.0m /yr | €832m unrated corporate 100% SA (term/RCF drawn) | 100% assumption · WS-CAPITAL v1.0 · regulatory | 🔴 2.25% hurdle: 🟢 ≥5% · 🟠 ≥2.5% |
| Trade Finance & WC Solutions capital-heavy | €4.1–7.6m /yr | €509m financial gtee / standby LC 100% CCF; performance gtee 50%; | 60% (of 20–100% range) assumption · WS-CAPITAL v1.0 · regulatory | 🔴 1.92% hurdle: 🟢 ≥6% · 🟠 ≥3% |
| Product group | Risk weight / CCF basis | Density range | Density (default) | Label | Hurdle set |
|---|---|---|---|---|---|
| financing | unrated corporate 100% SA (term/RCF drawn) | 100–100% | 100% | regulatory | lending |
| financing_undrawn | CCF 20% (<=1y) / 50% (>1y), then 100% RW | 20–50% | 35% | regulatory | lending |
| real_estate | 130% pre-op, 100% operational (real estate / project finance) | 100–130% | 115% | regulatory | lending |
| trade_finance_wc | financial gtee / standby LC 100% CCF; performance gtee 50%; trade LC 20%; then 100% RW | 20–100% | 60% | regulatory | trade_finance |
| dcm | origination fee, no balance-sheet hold | 0–0% | 0% | practitioner | cash_fx_dcm |
| financial_markets | SA-CCR add-on on notional (small vs notional) | 1–5% | 3% | regulatory (approx) | cash_fx_dcm |
| cash_management | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| treasury_liquidity | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| Hurdle set | Green | Amber | Red | RAROC green |
|---|---|---|---|---|
| overall | 🟢 ≥4% | 🟠 2–4% | 🔴 <2% | — |
| lending | 🟢 ≥5% | 🟠 2.5–5% | 🔴 <2.5% | ≥15% |
| trade_finance | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥18% |
| cash_fx_dcm | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥20% |
Traffic-light like the covenant scorecard. green = RoRWA >= green hurdle; amber = amber_floor to green; red = < amber_floor. The overall band (green >=4% / amber 2-4% / red <2%) is fully specified in the source; per-category amber_floor is generalized as half the category green hurdle (matching the overall 4/2 shape). RAROC green thresholds shown where the source gives them (lending >=15%, trade finance >=18%, cash/FX/DCM >=20%).
Cost of equity floor: 10–12% — Cost of equity 10-12% is the floor any product must clear.
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| loans from banks | — | EUR 148m | EUR | — | — | S |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| lease liabilities (IFRS 16) | — | EUR 684m | EUR | — | — | W |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| intercompany term loan | Siemens AG (parent treasury) | EUR 1484m | USD | 1.38% | FY2026 | W |
| intercompany term loan | Siemens AG (parent treasury) | EUR 1438m | USD | 2.51% | FY2027 | W |
| intercompany term loan | Siemens AG (parent treasury) | EUR 1059m | USD | 1.87% | FY2028 | W |
| intercompany term loan | Siemens AG (parent treasury) | EUR 1482m | USD | 2.30% | FY2031 | W |
| intercompany term loan | Siemens AG (parent treasury) | EUR 1266m | USD | 3.03% | FY2041 | W |
| intercompany term loan | Siemens AG (parent treasury) | EUR 843m | USD | 3.44% | FY2046 | W |
| intercompany term loan | Siemens AG (parent treasury) | EUR 300m | EUR | 3.70% | FY2026 | W |
| intercompany term loan | Siemens AG (parent treasury) | EUR 500m | EUR | 2.96% | FY2028 | W |
| intercompany term loan | Siemens AG (parent treasury) | EUR 850m | EUR | 3.58% | FY2029 | W |
| intercompany term loan | Siemens AG (parent treasury) | EUR 600m | EUR | 3.20% | FY2029 | W |
| intercompany term loan | Siemens AG (parent treasury) | EUR 700m | EUR | 3.59% | FY2030 | W |
| intercompany term loan | Siemens AG (parent treasury) | EUR 500m | EUR | 3.21% | FY2030 | W |
| intercompany term loan | Siemens AG (parent treasury) | EUR 700m | EUR | 3.80% | FY2032 | W |
| intercompany term loan | Siemens AG (parent treasury) | EUR 750m | EUR | 3.40% | FY2032 | W |
| multicurrency revolving credit facility | Siemens AG (parent treasury) | EUR 900m drawn | EUR | — | extended to 31.01.2028 | W |
| Bank | Confirmed activity — named facilities (ticket · rate · maturity), each with proof | Product split (product · per-bank band · evidence tier) | |||
|---|---|---|---|---|---|
| Siemens AG (parent treasury) financier class: parent treasury — intercompany funding | n/a not bank wallet | debt stock €13,372.0m | deal_evidence | captive funding — addressable only on a structural change (parent stake reduction / detachment) | — |
| other / unallocated C | — remainder — no direct evidence by design | — |
| Window | Facility (FS note, 30.09.2025) | Amount |
|---|---|---|
| 30.09.2026 | intercompany term loan EUR 1484m — Siemens AG (parent treasury) S timeline ↓ | €1,484,000k |
| 30.09.2026 | intercompany term loan EUR 300m — Siemens AG (parent treasury) S timeline ↓ | €300,000k |
| 30.09.2027 | intercompany term loan EUR 1438m — Siemens AG (parent treasury) timeline ↓ | €1,438,000k |
| 31.01.2028 | multicurrency revolving credit facility EUR 900m — Siemens AG (parent treasury) S timeline ↓ | €900,000k |
Awaiting the bank team's manual figures. The comparison shell is live — our side is computed and cited; the bank side is a placeholder until your numbers land.
| Product · metric | Our figure (est., cited) | Bank team's figure | Divergence |
|---|---|---|---|
| Financing max deliverable volume | €832m S S | awaiting bank input | – |
| Financing annual revenue /yr | €12.5m–25.0m /yr S S | awaiting bank input | – |
| Cash Management / Daily Banking annual revenue /yr | €4.7m–11.7m /yr S | awaiting bank input | – |
| Treasury & Liquidity Solutions annual revenue /yr | €10.9m–32.6m /yr | awaiting bank input | – |
| Financial Markets (FM) annual revenue /yr | €9.1m–22.8m /yr | awaiting bank input | – |
| Trade Finance & WC Solutions max deliverable volume | €509m | awaiting bank input | – |
| Trade Finance & WC Solutions annual revenue /yr | €4.1m–7.6m /yr | awaiting bank input | – |
Every value in this section is based on the consolidated FS as at 30.09.2025 · published 19.11.2025 (plus the dated registry and interim documents listed below). Facts floor:
| Extracted fact | Value | Dated | Source tag |
|---|---|---|---|
| Consolidated revenue | EUR 23,375.0m | as at 30.09.2025 · publ. 19.11.2025 | AR FY2025 p.138 (B.1) S |
| EBITDA | EUR 4,450.0m | as at 30.09.2025 · publ. 19.11.2025 | AR FY2025 Note 16 p.162 (issuer-defined) S |
| Net debt | EUR 11,985.0m | as at 30.09.2025 · publ. 19.11.2025 | AR FY2025 Note 16 p.162 S |
| Cash & equivalents | EUR 2,175.0m | as at 30.09.2025 · publ. 19.11.2025 | AR FY2025 Note 16/25 p.162/170 S |
| Finance costs (interest proxy) | EUR 425.0m | as at 30.09.2025 · publ. 19.11.2025 | AR FY2025 p.138 (thereof €335m to Siemens Group) S |
Group boundary: Siemens Healthineers AG (Munich, HRB 237558) (apex) — Siemens Healthineers AG (DE). Global group (~70 countries); subsidiary roll-out = 4W.2 resolver. PAM unit per bank request = the Healthineers group; cluster = Siemens AG. Operator/PAM confirmation: pending.
Sources:
Estimates only: drivers are cited consolidated facts; conversion uses CEE market-standard fee/margin benchmarks; the by-bank split is evidence-weighted (deal evidence > syndicate > account presence). Debt-capacity headroom sizes the borrower, not the bank's risk appetite. Your institution's covenant standards and fee benchmarks can replace the CEE defaults applied here.
Fee-methodology caveats. Bands are planning estimates, conservative-high: (1) DCM is a ONE-TIME fee on issuance proceeds, not a recurring charge on bond stock — the per-annum band is an amortised flow proxy. (2) Large-cap IG lending margins run 20–70 bps (our 50–100 is conservative-high). (3) Treasury/deposits run through net-interest-margin, not a fee. Treat totals as order-of-magnitude scale, not billable revenue.
DE standard v1.1 applied (financier_class first). ~95% of financial debt is Siemens AG treasury (€14.5bn at 31.03.2026 incl. RCF €900m drawn; 15-loan book to FY2046, USD legs hedged to ~0.5% eff.); loans from banks €148m. Bank wallet is structurally captive — origination angles: local cash management, guarantees/trade finance at operating entities, mandate business (active buyback via a commissioned credit institution since 01.06.2026), and the STRUCTURAL detachment signal (any Siemens stake reduction sends the intercompany stack to the bank market). Leverage: net debt (incl. pensions)/EBITDA 2.8x, IG intention (AR Note 16) — healthy capacity, but addressable only on structural change. EVENT SWEEP 2026-07-09: DECONSOLIDATION ANNOUNCED (Nov 2025, details Q2 2026) — the parent-treasury-detachment signal is no longer hypothetical; monitor via /monitor-source. Buyback executing (mandate business). Bond/credit sweeps: no standalone instruments yet (expected AS the detachment progresses). EVENT-LAYER VERIFICATION 2026-07-09: all 3 events corroborated by official Siemens/SHL primary sources — flags cleared. Attribution corrections applied: the treasury/financing/guarantees/cash-pooling category list comes from FY2024 AR disclosures (not the 17.04.2026 PR); the sub-20% residual-stake target is analyst consensus, never a Siemens statement. NEW corroboration for the wallet-unlock thesis: a large share of SHL loans is understood to carry Siemens AG group guarantees that fall away on deconsolidation, forcing standalone refinancing (the ~€13.9bn figure is a single-source estimate, not independently confirmed; SHL obtained its OWN standalone Moody's A3/P-2 rating in Dec-2025 ahead of the separation — consistent with losing parent support) (distinct from the €14.5bn total intercompany figure — guaranteed subset vs total). Feb-2027 AGM path reaffirmed by CEO commentary 04.07.2026. Memo: sources/santander_erste_cib_poland/siemens_healthineers/_verification_siemens_healthineers.md ADVERSARIAL CHECK 2026-07-09: Feb-2027 AGM spin-off timeline CONFIRMED (Siemens PR 17.04.2026); the 'below-20% residual' framing correctly flagged as analyst consensus (Siemens says only 'significant minority'→'financial asset'). The ~95%/€148m intercompany-vs-bank split is FS-sourced (kept); the ~€13.9bn guaranteed-loan figure is single-source (softened). NEW corroboration: SHL got its own standalone Moody's A3/P-2 rating ~Dec-2025 ahead of separation — reinforces the wallet-unlock (standalone-refi) thesis.
| Document | As at | Published | Download |
|---|---|---|---|
| Annual Report FY2025 — IFRS consolidated (Note 15 Financial debt pp.159–161, Note 16 p.162) | 30.09.2025 | 19.11.2025 | download↗ S 2025-11_shl_annual_report_fy2025.pdf |
| Half-Year Financial Report H1 FY2026 (freshest BS, 31.03.2026; debt composition p.24) | 31.03.2026 | 06.05.2026 | download↗ W 2026-05_shl_half_year_report_q2_fy2026.pdf |
| AG Jahresabschluss FY2025 (HGB; banks €0, affiliated €21.7bn) | 30.09.2025 | 19.11.2025 | download↗ W 2025-11_shl_financial_statements_fy2025.pdf |
| EQS buyback 5th interim report (2.29m shares by 05.07.2026) — Unternehmensregister | 05.07.2026 | 06.07.2026 | download↗ W 2026-07-06_shl_eqs_buyback_5th_interim_EN_unternehmensregister.pdf |
| SHL official IR — Share Buyback Jun 2026–Jan 2027 (terms of the €230m / 14m-share programme) | — | 21.05.2026 | download↗ W |
| Siemens official PDF press release 17.04.2026 — Feb-2027 AGM timeline (canonical primary) | — | 17.04.2026 | download↗ W |
| Siemens official press release 12.11.2025 — deconsolidation plan (30% spin-off, 67%→~37%, "significant minority") | — | 12.11.2025 | download↗ W |
| EQS notice — prior buyback completion 10.11.2025 (7,517,375 shares / €349,999,963.40, exact match) | — | 10.11.2025 | download↗ W |
| stock-world.de — ~€13.9bn of SHL loans carry a Siemens AG group guarantee lapsing on deconsolidation (wallet-unlock corroboration) (unofficial copy) | — | — | download↗ W |
| finanzen.net 04.07.2026 — CEO Busch reaffirms the Feb-2027 AGM path (timeline still current) (unofficial copy) | — | 04.07.2026 | download↗ W |
| Event-layer verification memo (2026-07-09): 1 VERIFIED, 2 attribution corrections; treasury-detachment framing confirmed vs FY2024 AR (unofficial copy) | — | 09.07.2026 | internal file W _verification_siemens_healthineers.md |
Kärcher is effectively debt-free and cash-rich — FY2024 bank debt of just €11.9m against €3.38bn revenue and €206m cash (net cashC ~€194m, −0.71x leverage), with FY2025 revenue rising to €3.48bn.
There is no lending wallet to compete for today, so the estimated €1.7–4.8m/yr sits in deposits, cash management and FX — 86% of revenue is earned abroad across ~170 companies in 87 countries. The near-term hooks are transactional and expansion-driven: a €170m investment programme decided for 2025, new subsidiaries in Portugal and the Ivory Coast, and the completed 100% acquisition of its Indian manufacturing partner (ARMA, Coimbatore).
The strategic upside is the ~€1.0–1.3bn of untapped borrowing capacity — a family-owned balance sheet that could underwrite a step-change acquisition, the latent event a relationship should be positioned for.
CovenantC check: net cash and effectively debt-free — no covenant binds; indicative green-ceiling capacity ≈€1.0bn (3.0× × EBITDA €273m + net cash), far beyond any realistic need. Wallet is operational (cash management, FX, trade), not credit-led.
| Statement item | Value | Source (page-verified) |
|---|---|---|
| Abschreibungen auf immaterielle Vermögensgegenstände des Anlagevermögens und Sachanlagen (EN: D&A) | EUR 99,231 thousand (= EUR 99.2m) | Konzern-GuV p.2 — HGB Konzernabschluss FY2024 S |
| Eigenkapital (EN: total equity) | EUR 1,397,079 thousand (= EUR 1,397.1m) | Konzernbilanz Passiva p.1-2 (narrative cross-check Lagebericht p.31-32) — HGB Konzernabschluss FY2024 S |
| Bilanzsumme (EN: total assets) | EUR 2,372,967 thousand (= EUR 2,373.0m) | Konzernbilanz p.1 — HGB Konzernabschluss FY2024 S |
| Cashflow aus der laufenden Geschäftstätigkeit (EN: operating cash flow) | EUR 199,466 thousand (= EUR 199.5m) | Konzernkapitalflussrechnung (DRS 21) p.24 — HGB Konzernabschluss FY2024 S |
| Investitionen in immaterielle Vermögensgegenstände und Sachanlagen (EN: capex — Lagebericht narrative EUR 149.8m) | EUR 149,800 thousand (= EUR 149.8m) | Lagebericht 'Finanzlage' p.32 (no single line in the Anlagenspiegel) — HGB Konzernabschluss FY2024 S |
| Ratio | Value | Band | Source |
|---|---|---|---|
| Headline KPIs | |||
| Revenue | €3.38bn | — | S |
| EBITDA | €273m | — | S |
| EBITDA Margin | 8.1% | — | S |
| Net Profit | €127m | — | S |
| Net Debt/EBITDA | net cash | ● within covenant band | C |
| Free Cash Flow | €50m | — | S |
| Covenant ratios | |||
| Net debt / EBITDA | net cash | ● within covenant band | C |
| Interest coverage | n.m. (net interest income) | ● within covenant band | C |
| Gearing | -14% | ● within covenant band | C |
| Net debt / (EBITDA − capex) | net cash | ● within covenant band | C |
| FCCR | n/a | — | C |
| FFO / Net debt | n/a | — | C |
| Computed profile ratios | |||
| EBITDA margin | 8.1% | — | EBITDA ÷ revenue |
| Net margin | 3.8% | — | net result ÷ revenue |
| Capex / revenue | 4.4% | — | capital intensity — the filing's own capex-basis line (see its row above) ÷ revenue |
| Capex / D&A | 1.51× | — | >1× = asset base growing; <1× = harvesting |
| Operating CF − capex | EUR k 49,666.0 | — | internally-funded investment headroom |
| 2024 (TEUR) | Vorjahr (TEUR) |
|---|---|
| Umsatzerlöse (EN: revenue) (EN: sales revenue) | 3,377,049 |
| Veränderung des Bestands an fertigen und unfertigen Erzeugnissen | 62,467 |
| Andere aktivierte Eigenleistungen | 26,238 |
| Sonstige betriebliche Erträge | 62,901 |
| Materialaufwand (EN: cost of materials) | 1,475,347 |
| Personalaufwand (EN: personnel expense) | 989,847 |
| Abschreibungen auf immaterielle Vermögensgegenstände des Anlagevermögens und Sachanlagen (EN: depreciation & amortisation) | 99,231 |
| Sonstige betriebliche Aufwendungen (EN: other operating expenses) | 790,401 |
| Finanzergebnis (EN: net financial result) | 3,117 |
| Ergebnis vor Steuern (EN: profit before tax) | 176,946 |
| Steuern vom Einkommen und vom Ertrag (EN: income taxes) | 39,450 |
| Ergebnis nach Steuern | 137,496 |
| Sonstige Steuern | 10,660 |
| Konzernjahresüberschuss (EN: consolidated net income) | 126,836 |
| a) am Gewinn | 160 |
| b) am Verlust | 0 |
| 31.12.2024 (TEUR) | 31.12.2023 (TEUR) |
|---|---|
| Immaterielle Vermögensgegenstände (EN: intangible assets) | 10,660 |
| Sachanlagen (EN: property, plant & equipment) | 641,448 |
| Finanzanlagen (EN: financial assets) | 102,944 |
| A. ANLAGEVERMÖGEN — Summe (EN: section total) | 755,052 |
| Vorräte (EN: inventories) | 718,279 |
| Forderungen und sonstige Vermögensgegenstände (EN: receivables & other assets) | 550,821 |
| Wertpapiere | 2,642 |
| Kassenbestand und Guthaben bei Kreditinstituten (EN: cash & bank balances) | 206,213 |
| B. UMLAUFVERMÖGEN — Summe (EN: section total) | 1,477,955 |
| C. RECHNUNGSABGRENZUNGSPOSTEN | 26,071 |
| D. AKTIVE LATENTE STEUERN | 113,889 |
| B. UMLAUFVERMÖGEN — Summe (EN: section total) | 2,372,967 |
| Kapitalanteile der Kommanditisten (EN: limited partners' capital) | 250,000 |
| Rücklagen | 1,229,948 |
| Eigenkapitaldifferenz aus Währungsumrechnung (EN: total equity) | -84,906 |
| Nicht beherrschende Anteile (EN: non-controlling interests) | 2,037 |
| A. EIGENKAPITAL — Summe (EN: section total) | 1,397,079 |
| B. UNTERSCHIEDSBETRAG AUS DER KAPITAL- KONSOLIDIERUNG | 0 |
| C. RÜCKSTELLUNGEN (EN: provisions) | 407,145 |
| D. VERBINDLICHKEITEN (EN: liabilities) | 561,240 |
| E. RECHNUNGSABGRENZUNGSPOSTEN | 7,503 |
| A. EIGENKAPITAL — Summe (EN: section total) | 2,372,967 |
| 2024 (TEUR) |
|---|
| 1. Periodenergebnis (Konzernjahresüberschuss/-fehlbetrag ein- schließlich Ergebnisanteile nicht beherrschender Anteile) (EN: net income for the period) |
| 2. +/- Abschreibungen/Zuschreibungen auf Gegenstände des Anlage- vermögens |
| 3. +/- Zunahme/Abnahme der Rückstellungen |
| 4. +/- Sonstige zahlungsunwirksame Aufwendungen/Erträge |
| 5. -/+ Zunahme/Abnahme der Vorräte, der Forderungen aus Lieferungen und Leistungen sowie anderer Aktiva, die nicht der Investitions- oder Finanzierungstätigkeit zuzuordnen sind |
| 6. +/- Zunahme/Abnahme der Verbindlichkeiten aus Lieferungen und Leistungen sowie anderer Passiva, die nicht der Investitions- oder Finanzierungstätigkeit zuzuordnen sind |
| 7. -/+ Gewinn/Verlust aus dem Abgang von Gegenständen des Anlage- vermögens |
| 8. +/- Zinsaufwendungen/Zinserträge |
| 9. +/- Sonstige Aufwendungen/Erträge aus Beteiligungen |
| 10. +/- Ertragsteueraufwand/-ertrag |
| 11. -/+ Ertragsteuerzahlungen |
| 12. = Cashflow aus der laufenden Geschäftstätigkeit (Summe aus 1 bis 11) (EN: operating cash flow) |
| 13. = Cashflow aus der Investitionstätigkeit (EN: investing cash flow) |
| 14. + Einzahlungen aus der Aufnahme von (Finanz-) Krediten |
| 15. - Auszahlungen aus der Tilgung von (Finanz-) Krediten |
| 16. - Gezahlte Zinsen |
| 17. - Gezahlte Gewinnanteile an Gesellschafter des Mutterunterneh- mens |
| 18. = Cashflow aus der Finanzierungstätigkeit (Summe aus 14 bis 19) (EN: financing cash flow) |
| 19. Zahlungswirksame Veränderungen des Finanzmittelfonds (Sum- me aus 12, 13, 20) |
| 20. +/- Wechselkurs- und bewertungsbedingte Änderungen des Finanz- mittelfonds |
| 21. +/- Konsolidierungskreisbedingte Änderungen des Finanzmittelfonds |
| 22. + Finanzmittelfonds am Anfang der Periode |
| 23. = Finanzmittelfonds am Ende der Periode (Summe aus 21 bis 24) |
| Ergebnis vor Steuern (EN: profit before tax) | — |
| Finanzergebnis (EN: net financial result — removed) | — |
| Abschreibungen (EN: D&A — added back) | — |
| Product | Subproduct | Revenue pool (all banks · est.) · book position | Revenue share | Driver (dated fact) & method |
|---|---|---|---|---|
| Financing | Working Capital Finance | €178k–357k · blended in group pool C #13 of 13 · ~0% of book pool | 7% | drawn interest-bearing bank debt + leasing (excl. bonds) — €11,894k drawn bank debt €11,894k × 150–300 bps derivation → |
| Financing | Investment Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing | Acquisition & Structured Finance | no Acquisition & Structured Finance exposure observed in this group | — | — |
| Financing | Export Finance (ECA) | on the bank's list; no evidence slug in our model yet — no ECA facility observed in the 13-group corpus; flag to collect (BGK/KUKE/EKN/Hermes cover facilities) | — | — |
| Cash Management / Daily Banking | Accounts | €675k–1.7m · group-level pool; subproducts share it C #10 of 13 · ~1% of book pool | 29% | consolidated revenue (turnover proxy) — €3,377,049k consolidated revenue €3,377,049k × 2–5 bps, EUR@1.0 derivation → |
| Cash Management / Daily Banking | Payments | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Connectivity | not separately estimable — host-to-host/API connectivity has no separately disclosed revenue driver; bundled into cash_management pricing, no slug in our model | — | — |
| Cash Management / Daily Banking | Corporate Cards | not separately estimable — card-program revenue (interchange/fees) not publicly disclosed at group level; no slug in our model | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Guarantees | €8k–15k · blended in group pool C #7 of 13 · ~0% of book pool | 0% | disclosed contingent liabilities (Haftungsverhältnisse: bills + sureties + warranties) — €983k contingents €983k × 80–150 bps derivation → |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Documentary Trade | see Guarantees — same underlying estimate, not double-counted | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Supply Chain Finance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Receivables Finance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | FX | €323k–807k · blended in group pool C #10 of 13 · ~1% of book pool | 14% | disclosed FX-derivative notional stock (currency hedging contracts) — the banked hedging book — €322,747k FX hedge notional €322,747k × 10–25 bps derivation → |
| Financial Markets (FM) | Interest Rates | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Commodities | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Investments & Deposits | €1.0m–3.1m · blended in group pool C #9 of 13 · ~1% of book pool | 50% | cash & equivalents balances — €206,213k cash & equivalents €206,213k × 50–150 bps, EUR@1.0 derivation → |
| Debt Capital Markets (DCM) | Debt Capital Markets (DCM) | no bonds outstanding (amortised issuance fees) disclosed in the consolidated accounts | — | — |
| Equity Capital Markets (ECM) | Equity Capital Markets (ECM) | event-driven product — estimated only when a deal event fires | — | — |
| M&A Advisory | M&A Advisory | event-driven product — estimated only when a deal event fires | — | — |
| Custody & Securities Services | Custody | not observable from public accounts | — | — |
| Custody & Securities Services | Corporate Actions | not observable from public accounts | — | — |
| Custody & Securities Services | Fund Services | not observable from public accounts | — | — |
| Custody & Securities Services | Securities Services | not observable from public accounts | — | — |
| Treasury & Liquidity Solutions | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Investments | see Investments & Deposits — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Treasury Advisory | not separately estimable — advisory mandate revenue is not separately observable from public financials; one of the 'most advisory splits' with no separable public driver | — | — |
| Financial Advisory | Strategic Finance | event-driven product — estimated only when a deal event fires | — | — |
| Financial Advisory | Debt Advisory | event-driven product — estimated only when a deal event fires | — | — |
| Financial Advisory | Structured Solutions | event-driven product — estimated only when a deal event fires | — | — |
| AP additions — not on your list (products our records surface that the brief omits) | ||||
| Financial Advisory | Cross-Border Structuring & Ratings Advisory | event-driven product — estimated only when a deal event fires | — | — |
| Leasing | Finance Lease & Sale-and-Leaseback | no Leasing exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions | Factoring | see Guarantees — same underlying estimate, not double-counted | — | — |
| Financing | Real Estate & Project Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing / Debt Capital Markets | ESG / Sustainability-Linked Finance | CROSS-CUTTING TAG over the financing (green_loan) and dcm (esg_bond) group volumes — never a separate additive wallet pool; product_group is intentionally null because it spans two groups rather than owning one | — | — |
| Trade Finance & Working Capital Solutions | Trade Credit Insurance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Escrow Services | see Accounts — same underlying estimate, not double-counted | — | — |
| Product (ranked by capital efficiency) | Est. revenue /yr | Exposure (volume basis) | RWA density | RoRWA (revenue ÷ RWA) |
|---|---|---|---|---|
| Cash Management / Daily Banking capital-light (fee-driven) | €0.7–1.7m /yr | €3,377m fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Treasury & Liquidity Solutions capital-light (fee-driven) | €1.0–3.1m /yr | €206m fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Financial Markets (FM) middle | €0.3–0.8m /yr | €323m SA-CCR add-on on notional (small vs notional) | 3% (of 1–5% range) assumption · WS-CAPITAL v1.0 · regulatory (approx) | 🟠 5.83% hurdle: 🟢 ≥6% · 🟠 ≥3% |
| Financing capital-heavy | €0.2–0.4m /yr | €12m unrated corporate 100% SA (term/RCF drawn) | 100% assumption · WS-CAPITAL v1.0 · regulatory | 🔴 2.25% hurdle: 🟢 ≥5% · 🟠 ≥2.5% |
| Trade Finance & WC Solutions capital-heavy | €0.0–0.0m /yr | €1m financial gtee / standby LC 100% CCF; performance gtee 50%; | 60% (of 20–100% range) assumption · WS-CAPITAL v1.0 · regulatory | 🔴 1.92% hurdle: 🟢 ≥6% · 🟠 ≥3% |
| Product group | Risk weight / CCF basis | Density range | Density (default) | Label | Hurdle set |
|---|---|---|---|---|---|
| financing | unrated corporate 100% SA (term/RCF drawn) | 100–100% | 100% | regulatory | lending |
| financing_undrawn | CCF 20% (<=1y) / 50% (>1y), then 100% RW | 20–50% | 35% | regulatory | lending |
| real_estate | 130% pre-op, 100% operational (real estate / project finance) | 100–130% | 115% | regulatory | lending |
| trade_finance_wc | financial gtee / standby LC 100% CCF; performance gtee 50%; trade LC 20%; then 100% RW | 20–100% | 60% | regulatory | trade_finance |
| dcm | origination fee, no balance-sheet hold | 0–0% | 0% | practitioner | cash_fx_dcm |
| financial_markets | SA-CCR add-on on notional (small vs notional) | 1–5% | 3% | regulatory (approx) | cash_fx_dcm |
| cash_management | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| treasury_liquidity | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| Hurdle set | Green | Amber | Red | RAROC green |
|---|---|---|---|---|
| overall | 🟢 ≥4% | 🟠 2–4% | 🔴 <2% | — |
| lending | 🟢 ≥5% | 🟠 2.5–5% | 🔴 <2.5% | ≥15% |
| trade_finance | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥18% |
| cash_fx_dcm | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥20% |
Traffic-light like the covenant scorecard. green = RoRWA >= green hurdle; amber = amber_floor to green; red = < amber_floor. The overall band (green >=4% / amber 2-4% / red <2%) is fully specified in the source; per-category amber_floor is generalized as half the category green hurdle (matching the overall 4/2 shape). RAROC green thresholds shown where the source gives them (lending >=15%, trade finance >=18%, cash/FX/DCM >=20%).
Cost of equity floor: 10–12% — Cost of equity 10-12% is the floor any product must clear.
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| bank loans (HGB Konzernbilanz) | — | EUR 11,894k | EUR | — | — | S |
| Bank | Confirmed activity — named facilities (ticket · rate · maturity), each with proof | Product split (product · per-bank band · evidence tier) |
|---|---|---|
| other / unallocated C | — remainder — no direct evidence by design | — |
| Window | Facility (FS note, 31.12.2024) | Amount |
|---|---|---|
| no facilities maturing in window | ||
Awaiting the bank team's manual figures. The comparison shell is live — our side is computed and cited; the bank side is a placeholder until your numbers land.
| Product · metric | Our figure (est., cited) | Bank team's figure | Divergence |
|---|---|---|---|
| Financing max deliverable volume | €12m S | awaiting bank input | – |
| Financing annual revenue /yr | €178k–357k /yr S | awaiting bank input | – |
| Cash Management / Daily Banking annual revenue /yr | €675k–1.7m /yr S | awaiting bank input | – |
| Treasury & Liquidity Solutions annual revenue /yr | €1.0m–3.1m /yr S | awaiting bank input | – |
| Financial Markets (FM) annual revenue /yr | €323k–807k /yr | awaiting bank input | – |
| Trade Finance & WC Solutions max deliverable volume | €983k | awaiting bank input | – |
| Trade Finance & WC Solutions annual revenue /yr | €8k–15k /yr | awaiting bank input | – |
Every value in this section is based on the consolidated FS as at 31.12.2024 · published 21.04.2026 (plus the dated registry and interim documents listed below). Facts floor:
| Extracted fact | Value | Dated | Source tag |
|---|---|---|---|
| Consolidated revenue | EUR 3,377.0m | as at 31.12.2024 · publ. 21.04.2026 | register FS p.2 (Konzern-GuV) ⟦scan ka-revenue⟧ S |
| EBITDA | EUR 273.1m | as at 31.12.2024 · publ. 21.04.2026 | computed: EBT 176,946 − Finanzergebnis 3,117 + D&A 99,231 (register FS p.2) S |
| Net debt | EUR -194.3m | as at 31.12.2024 · publ. 21.04.2026 | computed: bank debt 11,894 (p.25 ⟦scan ka-bank-debt⟧) − cash 206,213 (p.1 ⟦scan ka-cash⟧) → NET CASH S S |
| Cash & equivalents | EUR 206.2m | as at 31.12.2024 · publ. 21.04.2026 | register FS p.1 ⟦scan ka-cash⟧ S |
Group boundary: Alfred Kärcher SE & Co. KG (Group) (apex) — Alfred Kärcher SE & Co. KG (Group) (DE). Apex: Alfred Kärcher SE & Co. KG, Winnenden (HRA 260169). Family-owned; ~170 companies / 87 countries; group-exemption route for subsidiaries (Vertriebs-GmbH notice on file). Operator/PAM confirmation: confirmed.
Sources:
Estimates only: drivers are cited consolidated facts; conversion uses CEE market-standard fee/margin benchmarks; the by-bank split is evidence-weighted (deal evidence > syndicate > account presence). Debt-capacity headroom sizes the borrower, not the bank's risk appetite. Your institution's covenant standards and fee benchmarks can replace the CEE defaults applied here.
Fee-methodology caveats. Bands are planning estimates, conservative-high: (1) DCM is a ONE-TIME fee on issuance proceeds, not a recurring charge on bond stock — the per-annum band is an amortised flow proxy. (2) Large-cap IG lending margins run 20–70 bps (our 50–100 is conservative-high). (3) Treasury/deposits run through net-interest-margin, not a fee. Treat totals as order-of-magnitude scale, not billable revenue.
FY2024 register FS (published 21.04.2026): effectively DEBT-FREE — bank debt EUR 11.9m vs revenue EUR 3.38bn, cash EUR 206m (net cash ~EUR 194m). Deposits/cash-management-led wallet; FY2025 key figures (press): revenue EUR 3.483bn. Entity identity verified (HRA 260169; §264(3) chain). EVENT-LAYER VERIFICATION 2026-07-09: both flagged events corroborated by independent second sources. Correction applied: the €170m is FY2025 capex actually DEPLOYED (annual review), not a forward "decided" programme. Targeted debt sweep found NO new group-level corporate debt 2025-2026 (only Kärcher Financial Solutions customer leasing) — the effectively-debt-free framing stands as of 2026-07-09. Memo: sources/santander_erste_cib_poland/kaercher/_verification_kaercher.md
| Document | As at | Published | Download |
|---|---|---|---|
| Konzernabschluss FY2024 (HGB) — Unternehmensregister HRA 260169 Stuttgart | 31.12.2024 | 21.04.2026 | download↗ W DE_KAERCHER_2024_consolidated_FS_HGB.pdf |
| FY2025 key-figures press release (revenue EUR 3.483bn) — NOT an FS (unofficial copy) | 31.12.2025 | 21.01.2026 | download↗ W 2026-01-21_kaercher-pm-jahr-2025.pdf |
| Vertriebs-GmbH §264(3) exemption notice (group scope evidence) | 31.12.2025 | 25.03.2026 | download↗ W DE_KAERCHER_2026_subsidiary_exemption_vertriebsgmbh.pdf |
| Kärcher official Jahresrückblick 2025 (FY2025 annual review: €170m capex deployed, PT/CI subsidiaries, 86% foreign revenue) | — | 29.01.2026 | download↗ W |
| presseportal.de wire — independent syndication of the FY2025 annual-review facts (unofficial copy) | — | 29.01.2026 | download↗ W |
| Business News This Week — ARMA Products India 100% acquisition (second source, independent of Trilegal) (unofficial copy) | — | 08.11.2024 | download↗ W |
| Event-layer verification memo (2026-07-09): 1 VERIFIED, 1 CORRECTED (capex reframe); no new corporate debt found — debt-free framing stands (unofficial copy) | — | 09.07.2026 | internal file W _verification_kaercher.md |
Knauf is a €15.6bn-revenue family group with a fortress balance sheet — €2.83bn cash against just €32m of bank and bond debt (net cashC ~€2.79bn), funded by €12.5bn equity plus €1.51bn of callable shareholder/family loans.
There is no meaningful lending wallet at group level; the estimated €17–50m/yr sits in deposits/liquidity, cash management and FX across 90+ countries, and the family-treasury line is a substitution watch-item rather than a displacement target.
But Knauf is a serial acquirer and heavy investor: a planned 63.2% majority acquisition of United Mining Industries in Saudi Arabia (January 2026, with intent to reach 100%), on top of €150m in Ukraine, €120m in Croatia and over €200m in Romania in capex. The opportunity is event-driven acquisition and project finance plus the transactional wallet on a vast footprint — with the failed 2025 Russia exit as a standing risk flag.
Contrary to a pure family-loan read, Knauf is materially BANK-financed too: its FY2023 accounts show a very high repayment share of bank loans (~€1.2bn of Bankdarlehen repaid in one year) alongside >€2.0bn of UNDRAWN committed liquidity facilities and a ~66% equity ratio. That standing bank-debt roll plus the large undrawn backup lines are a real origination surface for Erste — RCF participation, refinancing and the CEE-plant financing — not just a shareholder-loan story.
CovenantC check: net cash €2.79bn with DERIVED EBITDA of €2.39bn (HGB build-up: net income 857,414 + income taxes 599,085 + net interest 15,362 + depreciation 916,620, all page-verified) — no covenant binds; the indicative green-ceiling capacity is ≈€5.1bn on the tighter capex-adjusted basis (2.5× × (EBITDA − capex €1,456m) + net cash). Capacity is not the constraint: the origination surface is the ~€1.2bn/yr bank-debt roll (a FLOW — year-end stock is only €24m), the >€2.0bn undrawn committed liquidity lines (Lagebericht p.5), and the guarantee book (€46m).
| Statement item | Value | Source (page-verified) |
|---|---|---|
| Abschreibungen auf immaterielle Vermögensgegenstände des Anlagevermögens und Sachanlagen (EN: D&A) | EUR 916,620 thousand (= EUR 916.6m) | Konzern-GuV item 7, p.14 — HGB/PublG Konzernabschluss FY2024 S |
| Eigenkapital (EN: total equity, incl. minorities 70,063) | EUR 12,476,674 thousand (= EUR 12,476.7m) | Konzernbilanz Passiva p.13 — HGB/PublG Konzernabschluss FY2024 S |
| Bilanzsumme (EN: total assets) | EUR 18,694,407 thousand (= EUR 18,694.4m) | Konzernbilanz p.13 — HGB/PublG Konzernabschluss FY2024 S |
| Investitionen in das Sachanlagevermögen (EN: PP&E capex — Lagebericht EUR 1,456m; Anlagenspiegel Zugänge 1,455,768 TEUR) | EUR 1,455,768 thousand (= EUR 1,455.8m) | Lagebericht p.5 + Anlagenspiegel (Anhang) — HGB/PublG Konzernabschluss FY2024 S |
| Ratio | Value | Band | Source |
|---|---|---|---|
| Headline KPIs | |||
| Revenue | €15.55bn | — | S |
| EBITDA | €2.39bn | — | S |
| EBITDA Margin | 15.4% | — | S |
| Net Profit | €857m | — | S |
| Net Debt/EBITDA | net cash | ● within covenant band | C |
| Interest Coverage | 155.48× | ● within covenant band | C |
| Free Cash Flow | €968m | — | S |
| Covenant ratios | |||
| Net debt / EBITDA | net cash | ● within covenant band | C |
| Interest coverage | 155.48× | ● within covenant band | C |
| Gearing | -22% | ● within covenant band | C |
| Net debt / (EBITDA − capex) | net cash | ● within covenant band | C |
| FCCR | 60.70× | ● within covenant band | C |
| FFO / Net debt | n/a | — | C |
| Computed profile ratios | |||
| EBITDA margin | 15.4% | — | EBITDA ÷ revenue |
| Net margin | 5.5% | — | net result ÷ revenue |
| Capex / revenue | 9.4% | — | capital intensity — the filing's own capex-basis line (see its row above) ÷ revenue |
| Capex / D&A | 1.59× | — | >1× = asset base growing; <1× = harvesting |
| 2024 (Tsd. EUR) | 2023 (Tsd. EUR) |
|---|---|
| 1. Umsatzerlöse (EN: revenue) (EN: sales revenue) | 15,552,685 |
| 2. Veränderung des Bestandes an fertigen und unfertigen Erzeugnissen und Leistungen | 74,502 |
| 3. Andere aktivierte Eigenleistungen | 29,115 |
| 15,656,302 | |
| 4. Sonstige betriebliche Erträge | 384,997 |
| 5. Materialaufwand a) Aufwendungen für Roh-, Hilfs- und Betriebsstoffe und für bezogene Waren (EN: cost of materials) | -6,635,793 |
| b) Aufwendungen für bezogene Leistungen | -154,011 |
| -6,789,804 | |
| 6. Personalaufwand a) Löhne und Gehälter (EN: personnel expense) | -2,283,222 |
| b) Soziale Abgaben und Aufwendungen für Altersversorgung und für Unterstützung | -387,410 |
| -2,670,632 | |
| 7. Abschreibungen auf immaterielle Vermögensgegenstände des Anlagevermögens und Sachanlagen (EN: depreciation & amortisation) | -916,620 |
| 8. Sonstige betriebliche Aufwendungen (EN: other operating expenses) | -4,189,231 |
| 1,475,012 | |
| 9. Erträge aus Beteiligungen | 4,285 |
| 10. Erträge aus assoziierten Unternehmen | 9,730 |
| 11. Erträge aus anderen Wertpapieren und Ausleihungen des Finanzanlagevermögens | 2,743 |
| 12. Sonstige Zinsen und ähnliche Erträge (EN: interest & similar income) | 146,081 |
| 13. Abschreibungen auf Finanzanlagen und auf Wertpapiere des Umlaufvermögens | -19,299 |
| 14. Aufwendungen aus Verlustübernahme | -610 |
| 15. Zinsen und ähnliche Aufwendungen (EN: interest & similar expense) | -161,443 |
| -18,513 | |
| Ergebnis vor Steuern (EN: profit before tax) | 1,456,499 |
| 16. Steuern vom Einkommen und vom Ertrag (EN: income taxes) | -599,085 |
| 17. Ergebnis nach Steuern | 857,414 |
| 18. Konzernjahresüberschuss (EN: consolidated net income) | 857,414 |
| 19. Auf nicht beherrschende Anteile entfallender Gewinn | -21,539 |
| 20. Konzerngewinn | 835,875 |
| 21. Zuweisung zu den Gewinnrücklagen | -96,207 |
| 22. Konzernbilanzgewinn | 739,668 |
| 31.12.2024 (Tsd. EUR) | 31.12.2023 (Tsd. EUR) |
|---|---|
| Konzernbilanz zum 31. Dezember 2024 Aktiva 31.12.2024 31.12.2023 A. Anlagevermögen I. Immaterielle Vermögensgegenstände 1. Entgeltlich erworbene Konzessionen, gewerbliche Schutzrechte und ähnliche Rechte und Werte sowie Lizenzen an solchen Rechten und Werten (EN: intangible assets) | 202,284 |
| 2. Geschäfts- oder Firmenwerte | 2,858,610 |
| 3. Geleistete Anzahlungen | 573 |
| 3,061,467 | |
| II. Sachanlagen 1. Grundstücke, grundstücksgleiche Rechte und Bauten einschließlich der Bauten auf fremden Grundstücken (EN: property, plant & equipment) | 3,384,340 |
| 2. Technische Anlagen und Maschinen | 2,746,427 |
| 3. Andere Anlagen, Betriebs- und Geschäftsausstattung | 419,906 |
| 4. Geleistete Anzahlungen und Anlagen im Bau | 1,440,320 |
| 7,990,993 | |
| III. Finanzanlagen 1. Anteile an verbundenen Unternehmen (EN: financial assets) | 123,249 |
| 2. Ausleihungen an verbundene Unternehmen | 10,193 |
| 3. Anteile an assoziierten Unternehmen | 153,497 |
| 4. Beteiligungen | 35,660 |
| 5. Ausleihungen an Unternehmen, mit denen ein Beteiligungsverhältnis besteht | 982 |
| 6. Wertpapiere des Anlagevermögens | 12,561 |
| 7. Sonstige Ausleihungen | 13,957 |
| 350,099 | |
| B. Umlaufvermögen I. Vorräte 1. Roh-, Hilfs- und Betriebsstoffe (EN: inventories) | 1,197,431 |
| 2. Unfertige Erzeugnisse, unfertige Leistungen | 144,942 |
| 3. Fertige Erzeugnisse und Waren | 693,558 |
| 4. Geleistete Anzahlungen | 24,814 |
| 2,060,745 | |
| 31.12.2024 31.12.2023 II. Forderungen und sonstige Vermögensgegenstände 1. Forderungen aus Lieferungen und Leistungen | 1,446,576 |
| 2. Forderungen gegen verbundene Unternehmen | 27,173 |
| 3. Forderungen gegen Unternehmen, mit denen ein Beteiligungsverhältnis besteht | 18,439 |
| 4. Sonstige Vermögensgegenstände | 590,034 |
| 2,082,222 | |
| III. Wertpapiere 1. Sonstige Wertpapiere | 35,992 |
| IV. Kassenbestand, Guthaben bei Kreditinstituten und Schecks (EN: cash & bank balances) | 2,826,837 |
| 7,005,796 | |
| C. Rechnungsabgrenzungsposten | 135,399 |
| D. Aktive latente Steuern | 150,201 |
| E. Aktiver Unterschiedsbetrag aus der Vermögensverrechnung | 452 |
| 18,694,407 | |
| Passiva 31.12.2024 31.12.2023 A. Eigenkapital I. Eigenkapital der Gesellschafter des Mutterunternehmens (EN: total equity) | 12,406,611 |
| II. Nicht beherrschende Anteile | 70,063 |
| 12,476,674 | |
| B. Verbindlichkeiten gegenüber Gesellschaftern und sonstigen Familienmitgliedern (EN: liabilities to shareholders and other family members) | 1,509,033 |
| C. Sonderposten für Investitionszuschüsse | 7,405 |
| D. Sonderposten für unentgeltlich ausgegebene Emissionsberechtigungen | 13,612 |
| E. Rückstellungen 1. Rückstellungen für Pensionen und ähnliche Verpflichtungen (EN: provisions) | 400,666 |
| 2. Steuerrückstellungen (EN: provisions) | 119,031 |
| 3. Sonstige Rückstellungen (EN: provisions) | 1,680,270 |
| 2,199,967 | |
| F. Verbindlichkeiten 1. Anleihen (EN: bonds) | 7,777 |
| 2. Verbindlichkeiten gegenüber Kreditinstituten (EN: bank borrowings) (EN: liabilities to credit institutions — bank debt) | 24,175 |
| 3. Erhaltene Anzahlungen auf Bestellungen | 21,230 |
| 31.12.2024 31.12.2023 4. Verbindlichkeiten aus Lieferungen und Leistungen | 1,289,447 |
| 5. Wechselverbindlichkeiten | 634 |
| 6. Verbindlichkeiten gegenüber verbundenen Unternehmen | 39,914 |
| 7. Verbindlichkeiten gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht | 23,583 |
| 8. Sonstige Verbindlichkeiten | 739,538 |
| 2,146,298 | |
| G. Rechnungsabgrenzungsposten | 16,416 |
| H. Passive latente Steuern | 325,002 |
| 18,694,407 |
| Konzernjahresüberschuss (EN: consolidated net income) | — |
| Steuern vom Einkommen und vom Ertrag (EN: income taxes — added back) | — |
| Zinsen und ähnliche Aufwendungen (EN: interest & similar expense — added back) | — |
| Sonstige Zinsen und ähnliche Erträge (EN: interest & similar income — removed) | — |
| Abschreibungen auf immaterielle Vermögensgegenstände (EN: D&A — added back) | — |
| Product | Subproduct | Revenue pool (all banks · est.) · book position | Revenue share | Driver (dated fact) & method |
|---|---|---|---|---|
| Financing | Working Capital Finance | €363k–725k · blended in group pool C #12 of 13 · ~0% of book pool | 2% | drawn interest-bearing bank debt + leasing (excl. bonds) — €24,175k drawn bank debt (Verbindlichkeiten gegenüber Kreditinstituten) €24,175k × 150–300 bps derivation → |
| Financing | Investment Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing | Acquisition & Structured Finance | no Acquisition & Structured Finance exposure observed in this group | — | — |
| Financing | Export Finance (ECA) | on the bank's list; no evidence slug in our model yet — no ECA facility observed in the 13-group corpus; flag to collect (BGK/KUKE/EKN/Hermes cover facilities) | — | — |
| Cash Management / Daily Banking | Accounts | €3.1m–7.8m · group-level pool; subproducts share it C #7 of 13 · ~6% of book pool | 15% | consolidated revenue (turnover proxy) — €15,552,685k consolidated revenue €15,552,685k × 2–5 bps, EUR@1.0 derivation → |
| Cash Management / Daily Banking | Payments | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Connectivity | not separately estimable — host-to-host/API connectivity has no separately disclosed revenue driver; bundled into cash_management pricing, no slug in our model | — | — |
| Cash Management / Daily Banking | Corporate Cards | not separately estimable — card-program revenue (interchange/fees) not publicly disclosed at group level; no slug in our model | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Guarantees | €368k–690k · blended in group pool C #6 of 13 · ~2% of book pool | 1% | disclosed contingent liabilities (Haftungsverhältnisse: bills + warranties + sureties) — €46,000k contingents €46,000k × 80–150 bps derivation → |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Documentary Trade | see Guarantees — same underlying estimate, not double-counted | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Supply Chain Finance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Receivables Finance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | FX | €651k–1.6m · blended in group pool C #9 of 13 · ~1% of book pool | 3% | disclosed derivative notional stock (FX forwards + FX swaps + cross-currency swaps) — the banked hedging book; ~89% of revenue is foreign — €651,400k derivative notionals €651,400k × 10–25 bps derivation → |
| Financial Markets (FM) | Interest Rates | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Commodities | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Investments & Deposits | €14.1m–42.4m · blended in group pool C #2 of 13 · ~17% of book pool | 79% | cash & equivalents balances — €2,826,837k cash & equivalents €2,826,837k × 50–150 bps, EUR@1.0 derivation → |
| Debt Capital Markets (DCM) | Debt Capital Markets (DCM) | €5k–12k · blended in group pool C #8 of 13 · ~0% of book pool | 0% | bonds outstanding (amortised issuance fees) — €7,777k bonds outstanding €7,777k × 6–16 bps (30–80 bps one-time underwriting amortised over ~5y) derivation → |
| Equity Capital Markets (ECM) | Equity Capital Markets (ECM) | event-driven product — estimated only when a deal event fires | — | — |
| M&A Advisory | M&A Advisory | event-driven product — estimated only when a deal event fires | — | — |
| Custody & Securities Services | Custody | not observable from public accounts | — | — |
| Custody & Securities Services | Corporate Actions | not observable from public accounts | — | — |
| Custody & Securities Services | Fund Services | not observable from public accounts | — | — |
| Custody & Securities Services | Securities Services | not observable from public accounts | — | — |
| Treasury & Liquidity Solutions | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Investments | see Investments & Deposits — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Treasury Advisory | not separately estimable — advisory mandate revenue is not separately observable from public financials; one of the 'most advisory splits' with no separable public driver | — | — |
| Financial Advisory | Strategic Finance | event-driven product — estimated only when a deal event fires | — | — |
| Financial Advisory | Debt Advisory | event-driven product — estimated only when a deal event fires | — | — |
| Financial Advisory | Structured Solutions | event-driven product — estimated only when a deal event fires | — | — |
| AP additions — not on your list (products our records surface that the brief omits) | ||||
| Financial Advisory | Cross-Border Structuring & Ratings Advisory | event-driven product — estimated only when a deal event fires | — | — |
| Leasing | Finance Lease & Sale-and-Leaseback | no Leasing exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions | Factoring | see Guarantees — same underlying estimate, not double-counted | — | — |
| Financing | Real Estate & Project Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing / Debt Capital Markets | ESG / Sustainability-Linked Finance | CROSS-CUTTING TAG over the financing (green_loan) and dcm (esg_bond) group volumes — never a separate additive wallet pool; product_group is intentionally null because it spans two groups rather than owning one | — | — |
| Trade Finance & Working Capital Solutions | Trade Credit Insurance | see Guarantees — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Escrow Services | see Accounts — same underlying estimate, not double-counted | — | — |
| Product (ranked by capital efficiency) | Est. revenue /yr | Exposure (volume basis) | RWA density | RoRWA (revenue ÷ RWA) |
|---|---|---|---|---|
| Cash Management / Daily Banking capital-light (fee-driven) | €3.1–7.8m /yr | €15,553m fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Debt Capital Markets (DCM) capital-light (fee-driven) | €0.0–0.0m /yr | €8m origination fee, no balance-sheet hold | 0% assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Treasury & Liquidity Solutions capital-light (fee-driven) | €14.1–42.4m /yr | €2,827m fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Financial Markets (FM) middle | €0.7–1.6m /yr | €651m SA-CCR add-on on notional (small vs notional) | 3% (of 1–5% range) assumption · WS-CAPITAL v1.0 · regulatory (approx) | 🟠 5.83% hurdle: 🟢 ≥6% · 🟠 ≥3% |
| Financing capital-heavy | €0.4–0.7m /yr | €24m unrated corporate 100% SA (term/RCF drawn) | 100% assumption · WS-CAPITAL v1.0 · regulatory | 🔴 2.25% hurdle: 🟢 ≥5% · 🟠 ≥2.5% |
| Trade Finance & WC Solutions capital-heavy | €0.4–0.7m /yr | €46m financial gtee / standby LC 100% CCF; performance gtee 50%; | 60% (of 20–100% range) assumption · WS-CAPITAL v1.0 · regulatory | 🔴 1.92% hurdle: 🟢 ≥6% · 🟠 ≥3% |
| Product group | Risk weight / CCF basis | Density range | Density (default) | Label | Hurdle set |
|---|---|---|---|---|---|
| financing | unrated corporate 100% SA (term/RCF drawn) | 100–100% | 100% | regulatory | lending |
| financing_undrawn | CCF 20% (<=1y) / 50% (>1y), then 100% RW | 20–50% | 35% | regulatory | lending |
| real_estate | 130% pre-op, 100% operational (real estate / project finance) | 100–130% | 115% | regulatory | lending |
| trade_finance_wc | financial gtee / standby LC 100% CCF; performance gtee 50%; trade LC 20%; then 100% RW | 20–100% | 60% | regulatory | trade_finance |
| dcm | origination fee, no balance-sheet hold | 0–0% | 0% | practitioner | cash_fx_dcm |
| financial_markets | SA-CCR add-on on notional (small vs notional) | 1–5% | 3% | regulatory (approx) | cash_fx_dcm |
| cash_management | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| treasury_liquidity | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| Hurdle set | Green | Amber | Red | RAROC green |
|---|---|---|---|---|
| overall | 🟢 ≥4% | 🟠 2–4% | 🔴 <2% | — |
| lending | 🟢 ≥5% | 🟠 2.5–5% | 🔴 <2.5% | ≥15% |
| trade_finance | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥18% |
| cash_fx_dcm | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥20% |
Traffic-light like the covenant scorecard. green = RoRWA >= green hurdle; amber = amber_floor to green; red = < amber_floor. The overall band (green >=4% / amber 2-4% / red <2%) is fully specified in the source; per-category amber_floor is generalized as half the category green hurdle (matching the overall 4/2 shape). RAROC green thresholds shown where the source gives them (lending >=15%, trade finance >=18%, cash/FX/DCM >=20%).
Cost of equity floor: 10–12% — Cost of equity 10-12% is the floor any product must clear.
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| bonds (EUR 2,851k due >5y) | — | EUR 7,777k | EUR | — | >1y | S |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| bank loans (maturity: 15,003 ≤1y / 9,172 >1y) | — | EUR 24,175k | EUR | — | mixed | S |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| shareholder / family loans (callable ≤1y) | Gesellschafter und Familienmitglieder | EUR 1,509,033k | EUR | — | callable ≤1y | S |
| Bank | Confirmed activity — named facilities (ticket · rate · maturity), each with proof | Product split (product · per-bank band · evidence tier) | |||
|---|---|---|---|---|---|
| Bank syndicate (Bankdarlehen + >€2bn undrawn committed facilities) W | disclosure — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — | |||
| Gesellschafter und Familienmitglieder (family treasury) financier class: shareholder / family loans — family-treasury funding | n/a not bank wallet | debt stock €1,509.0m | deal_evidence | family funding, callable short-term — the bank angle is deposits/treasury and substitution readiness, not displacement | — |
| other / unallocated C | — remainder — no direct evidence by design | — |
| Window | Facility (FS note, 31.12.2024) | Amount |
|---|---|---|
| no facilities maturing in window | ||
Awaiting the bank team's manual figures. The comparison shell is live — our side is computed and cited; the bank side is a placeholder until your numbers land.
| Product · metric | Our figure (est., cited) | Bank team's figure | Divergence |
|---|---|---|---|
| Financing max deliverable volume | €24m S | awaiting bank input | – |
| Financing annual revenue /yr | €363k–725k /yr S | awaiting bank input | – |
| Debt Capital Markets (DCM) max deliverable volume | €8m S | awaiting bank input | – |
| Debt Capital Markets (DCM) annual revenue /yr | €5k–12k /yr S | awaiting bank input | – |
| Cash Management / Daily Banking annual revenue /yr | €3.1m–7.8m /yr S | awaiting bank input | – |
| Treasury & Liquidity Solutions annual revenue /yr | €14.1m–42.4m /yr S | awaiting bank input | – |
| Financial Markets (FM) annual revenue /yr | €651k–1.6m /yr | awaiting bank input | – |
| Trade Finance & WC Solutions max deliverable volume | €46m | awaiting bank input | – |
| Trade Finance & WC Solutions annual revenue /yr | €368k–690k /yr | awaiting bank input | – |
Every value in this section is based on the consolidated FS as at 31.12.2024 · published 26.05.2026 (plus the dated registry and interim documents listed below). Facts floor:
| Extracted fact | Value | Dated | Source tag |
|---|---|---|---|
| Consolidated revenue | EUR 15,552.7m | as at 31.12.2024 · publ. 26.05.2026 | register FS p.14 (Konzern-GuV) ⟦scan kn-revenue⟧ S |
| EBITDA | EUR 2,388.5m | as at 31.12.2024 · publ. 26.05.2026 | DERIVED (HGB build-up, all inputs page-verified 2026-07-10): Konzernjahresüberschuss TEUR 857.414 + Steuern vom Einkommen und vom Ertrag 599.085 (GuV p.15) + net interest 15.362 (161.443 − 146.081, p.15) + Abschreibungen 916.620 (p.14) = TEUR 2.388.481 S |
| Net debt | EUR -2,794.9m | as at 31.12.2024 · publ. 26.05.2026 | computed: bank 24,175 (p.26 ⟦scan kn-bank-debt⟧) + bonds 7,777 (⟦scan kn-bonds⟧) − cash 2,826,837 (p.13 ⟦scan kn-cash⟧) → MASSIVE NET CASH S S S |
| Cash & equivalents | EUR 2,826.8m | as at 31.12.2024 · publ. 26.05.2026 | register FS p.13 ⟦scan kn-cash⟧ S |
Group boundary: Knauf Group (Gebr. Knauf KG) (apex) — Knauf Group (Gebr. Knauf KG) (DE). Apex: Gebr. Knauf KG, Iphofen (HRA 2771). Fully family-owned; 300+ locations, 90+ countries; PublG shortened group accounts (no standalone KG FS exists by regime). Operator/PAM confirmation: confirmed.
Sources:
Estimates only: drivers are cited consolidated facts; conversion uses CEE market-standard fee/margin benchmarks; the by-bank split is evidence-weighted (deal evidence > syndicate > account presence). Debt-capacity headroom sizes the borrower, not the bank's risk appetite. Your institution's covenant standards and fee benchmarks can replace the CEE defaults applied here.
Fee-methodology caveats. Bands are planning estimates, conservative-high: (1) DCM is a ONE-TIME fee on issuance proceeds, not a recurring charge on bond stock — the per-annum band is an amortised flow proxy. (2) Large-cap IG lending margins run 20–70 bps (our 50–100 is conservative-high). (3) Treasury/deposits run through net-interest-margin, not a fee. Treat totals as order-of-magnitude scale, not billable revenue.
FY2024 register FS (published 26.05.2026): the FAMILY-TREASURY pattern — EUR 2.83bn cash vs EUR 32m bank+bond debt (net cash ~EUR 2.79bn); funded by EUR 12.5bn equity + EUR 1.51bn shareholder/family loans (callable ≤1y, +152.3m YoY). Revenue EUR 15.55bn (cross-checks the 15.6bn press headline). Wallet is deposits/liquidity + cash management + FX/trade across 90 countries — NOT lending. Entity identity verified (HRA 2771 Iphofen). EVENT-LAYER VERIFICATION 2026-07-09: all 4 events corroborated; flags cleared. Material updates: the UMI Saudi acquisition COMPLETED 12/13.05.2026 (63.2%, ~€125m, apparently cash-funded; follow-on tender for ~36.8% pending) — moved from watch-item to closed transaction; Texnopark completion 20.01.2025; the Ukraine/Romania/Croatia capex event re-dated to 28.05.2025 (true source date). Debt sweep found NO 2025-2026 event contradicting the shareholder/family-loan financing framing (only the historical 2018 USG acquisition loan). Memo: sources/santander_erste_cib_poland/gebr_knauf/_verification_gebr_knauf.md ADVERSARIAL WAVE-2 2026-07-09: CORRECTION — Knauf is NOT purely family/shareholder-loan financed. Its FY2023 Lobbyregister Testat shows ~€1,232m of bank-loan (Bankdarlehen) repayments in one year + >€2.0bn undrawn committed liquidity facilities (equity ratio ~66%). Bilateral/syndicated bank debt coexists with family capital — a materially more bankable profile than first framed. No marketed Schuldschein/bond found. Also: UMI follow-on tender (SAR 293.5m, firm intention 22.06.2026) to take UMI 100% + delist from Tadawul.
| Document | As at | Published | Download |
|---|---|---|---|
| Konzernabschluss FY2024 (HGB/PublG, shortened) — Unternehmensregister HRA 2771 Würzburg | 31.12.2024 | 26.05.2026 | download↗ W DE_KNAUF_2024_consolidated_FS_PublG.pdf |
| Argaam (Tadawul newswire) — UMI acquisition completed 12/13.05.2026 (unofficial copy) | — | 13.05.2026 | download↗ W |
| Knauf official UMI completion PR (SAR 57/share · SAR 504.5m · 8,850,669 shares) | — | 12.05.2026 | download↗ W |
| Zawya — UMI GAC regulatory clearance 12.03.2026 (unofficial copy) | — | 12.03.2026 | download↗ W |
| Handelsblatt — Russia exit declared failed (second source) (unofficial copy) | — | 07.10.2025 | download↗ W |
| AK&M — Russia business still under local management as of 04.2026 (current-state check) (unofficial copy) | — | 29.04.2026 | download↗ W |
| Knauf newsroom statement 28.05.2025 — Ukraine Borshchiv capex (corrects the recorded event date) | — | 28.05.2025 | download↗ W |
| Davaktiv.uz — independent Uzbek confirmation of the Texnopark acquisition (unofficial copy) | — | — | download↗ W |
| Event-layer verification memo (2026-07-09): UMI completed, Texnopark completed, event-date fix, Russia-exit corroborated ×6 (unofficial copy) | — | 09.07.2026 | internal file W _verification_gebr_knauf.md |
Orange is a large investment-grade telecom holding — FY2025 revenue €40.4bn, net financial debt €22.5bn at 1.80x EBITDAaLC (target ~2x), ratedS BBB+/Baa1 with a huge, actively-managed debt book.
The defining feature is that Orange funds itself overwhelmingly in the bond market, not from banks: of ~€37.8bn gross debt, bonds are ~€32.3bn while bank loans are just €3.0bn, and the group issued €6.5bn of SENIOR bonds in 2025 (€1.5bn in May + €5bn in five tranches in November) plus a €750m June hybrid, and priced a US$6bn jumbo in January 2026W (next fiscal year) plus a US$6bn deal in January 2026. DCM — bookrunning, hybrids, green bonds — is by far the largest strategic wallet, alongside the €6bn 27-bank sustainability-linked RCF and FX hedging on a multi-currency book.
The live catalyst is the €4.25bn MasOrange buyout completed June 2026W, which fully consolidates Spain and lifts S&PS-adjusted leverageC toward 3.2x in 2026 — a concrete post-deal refinancing and integration mandate. For Erste the realistic angle is not lead lending but a bookrunner/co-manager seat on the standing DCM flow — most recently the confirmed €850m June-2026 hybrid priced alongside a concurrent €356.6m hybrid tender (settled 25.06.2026) — plus the €889m PLN exposure via Orange Polska in Erste's home region.
CovenantC check: headline leverage is comfortable (1.80× vs the 3.5× telecom green ceiling), but the CAPEX-ADJUSTED leverage — net debt / (EBITDAaL − eCapex) — already reads 3.57×, ABOVE its 3.0× green threshold (amber), and FFO/net debt at 46% sits barely above the 45% green floor. On the capex-adjusted basis there is NO additional-senior-debt headroom — incremental term lending is covenant-constrained, so the origination angle is the refinancing/DCM rotation (and the SFR/MasOrange event financing), not new leverage. The wallet bands on EXISTING debt service are unaffected.
| Statement item | Value | Source (page-verified) |
|---|---|---|
| Operating income | EUR m 3,422.0 | consolidated income statement p.167 (prior year 5,116) — Universal Registration Document FY2025 (IFRS consolidated) S |
| Depreciation and amortization — fixed assets + financed assets + right-of-use (7,005 + 116 + 1,428, three printed lines) | EUR m 8,549.0 | income statement p.167 — Universal Registration Document FY2025 (IFRS consolidated) S |
| Total equity | EUR m 33,154.0 | statement of financial position p.169 — Universal Registration Document FY2025 (IFRS consolidated) S |
| Total assets | EUR m 107,415.0 | statement of financial position p.168 — Universal Registration Document FY2025 (IFRS consolidated) S |
| Net cash provided by operating activities (a) | EUR m 10,780.0 | cash-flow statement p.172 — Universal Registration Document FY2025 (IFRS consolidated) S |
| Purchases of property, plant and equipment and intangible assets (5) | EUR m 7,322.0 | cash-flow statement p.172 (printed (7,322)) — the CASH capex line — Universal Registration Document FY2025 (IFRS consolidated) S |
| eCAPEX (the issuer's non-IFRS measure — the covenant-relevant basis) | EUR m 6,208.0 | MD&A p.126 (printed p.124); distinct from both the cash line 7,322 and the accrual 7,343 — Universal Registration Document FY2025 (IFRS consolidated) S |
| Ratio | Value | Band | Source |
|---|---|---|---|
| Headline KPIs | |||
| Revenue | €40.40bn | — | S |
| EBITDA | €12.51bn | — | S |
| EBITDA Margin | 31.0% | — | S |
| Net Profit | €1.14bn | — | S |
| Net Debt/EBITDA | 1.80× | ● within covenant band | C |
| Equity Ratio | 30.9% | — | S |
| Interest Coverage | 11.52× | ● within covenant band | C |
| Free Cash Flow | €2.79bn | — | S |
| Covenant ratios | |||
| Net debt / EBITDA | 1.80× | ● within covenant band | C |
| Interest coverage | 11.52× | ● within covenant band | C |
| Gearing | 68% | ● elevated | C |
| Net debt / (EBITDA − capex) | 3.57× | ● elevated | C |
| FCCR | 5.81× | ● within covenant band | C |
| FFO / Net debt | 46% | ● within covenant band | C |
| Computed profile ratios | |||
| EBITDA margin | 31.0% | — | EBITDA ÷ revenue |
| Net margin | 2.8% | — | net result ÷ revenue |
| Capex / revenue | 18.1% | — | capital intensity — the filing's own capex-basis line (see its row above) ÷ revenue |
| Capex / D&A | 0.86× | — | >1× = asset base growing; <1× = harvesting |
| Operating CF / EBIT | 3.15× | — | cash conversion of operating profit |
| Operating CF − capex | EUR m 3,458.0 | — | internally-funded investment headroom |
| FY2025 (€m) | FY2024 (€m) |
|---|---|
| Revenue | 40,396 |
| External purchases | -16,388 |
| Other operating income | 930 |
| Other operating expenses | -517 |
| Labor expenses | -9,840 |
| Operating taxes and levies | -1,868 |
| Gains (losses) on disposal of fixed assets, investments and activities | 184 |
| Restructuring costs | -327 |
| Depreciation and amortization of fixed assets | -7,005 |
| Depreciation and amortization of financed assets | -116 |
| Depreciation and amortization of right‑of‑use assets | -1,428 |
| Impairment of goodwill | -332 |
| Impairment of fixed assets | -1 |
| Impairment of right‑of‑use assets | -65 |
| Share of profits (losses) of associates and joint ventures | -202 |
| Operating income | 3,422 |
| Cost of gross financial debt excluding financed assets | -1,087 |
| Interests on debts related to financed assets | -11 |
| Gains (losses) on assets contributing to net financial debt | 271 |
| Foreign exchange gain (loss) | -3 |
| Interests on lease liabilities | -243 |
| Other net financial expenses | -181 |
| Finance costs, net | -1,254 |
| Income taxes | -1,070 |
| Consolidated net income of continuing operations | 1,097 |
| Consolidated net income of discontinued operations | 42 |
| Consolidated net income | 1,139 |
| Net income attributable to owners of the parent company | 538 |
| Non‑controlling interests | 601 |
| 31.12.2025 (€m) | 31.12.2024 (€m) |
|---|---|
| Goodwill | 20,758 |
| Other intangible assets | 12,510 |
| Property, plant and equipment | 31,903 |
| Right‑of‑use assets | 7,231 |
| Interests in associates and joint ventures | 3,564 |
| Non‑current financial assets related to Mobile Financial Services activities | 3 |
| Non‑current financial assets | 1,305 |
| Non‑current derivatives assets | 517 |
| Other non‑current assets | 176 |
| Deferred tax assets | 552 |
| Total non‑current assets | 78,518 |
| Inventories | 743 |
| Trade receivables | 5,165 |
| Other customer contract assets | 1,723 |
| Current financial assets related to Mobile Financial Services activities | 3 |
| Current financial assets | 3,118 |
| Current derivatives assets | 35 |
| Other current assets | 3,788 |
| Operating taxes and levies receivables | 1,294 |
| Current taxes assets | 180 |
| Prepaid expenses | 682 |
| Cash and cash equivalents | 12,167 |
| Total current assets | 28,898 |
| Total assets | 107,415 |
| Share capital | 10,640 |
| Share premiums and statutory reserve | 16,859 |
| Subordinated notes | 4,500 |
| Retained earnings | -2,261 |
| Equity attributable to the owners of the parent company | 29,739 |
| Non‑controlling interests | 3,416 |
| Total equity | 33,154 |
| Non‑current financial liabilities | 33,457 |
| Non‑current derivatives liabilities | 201 |
| Non‑current lease liabilities | 6,089 |
| Non‑current fixed assets payables | 1,077 |
| Non‑current financial liabilities related to Mobile Financial Services activities | — |
| Non‑current employee benefits | 3,424 |
| Non‑current dismantling provisions | 2,564 |
| Non‑current restructuring provisions | 152 |
| Other non‑current liabilities | 336 |
| Deferred tax liabilities | 1,023 |
| Total non‑current liabilities | 48,323 |
| Current financial liabilities | 4,538 |
| Current derivatives liabilities | 62 |
| Current lease liabilities | 1,433 |
| Current fixed assets payables | 2,287 |
| Trade payables | 6,375 |
| Customer contract liabilities | 2,485 |
| Current financial liabilities related to Mobile Financial Services activities | — |
| Current employee benefits | 2,339 |
| Current dismantling provisions | 115 |
| Current restructuring provisions | 190 |
| Other current liabilities | 3,891 |
| Operating taxes and levies payables | 1,541 |
| Current taxes payables | 576 |
| Deferred income | 105 |
| Total current liabilities | 25,938 |
| Total equity and liabilities | 107,415 |
| FY2025 (€m) | FY2024 (€m) |
|---|---|
| Consolidated net income | 1,139 |
| Non‑monetary items and reclassified items for presentation | 14,096 |
| Operating taxes and levies | 1,868 |
| Gains (losses) on disposal of fixed assets, investments and activities | -184 |
| Other gains and losses | -69 |
| Depreciation and amortization of fixed assets | 7,005 |
| Depreciation and amortization of financed assets | 116 |
| Depreciation and amortization of right‑of‑use assets | 1,428 |
| Changes in provisions 4‑5‑6‑8 | 1,004 |
| Effects resulting from business combinations ‑ | — |
| Impairment of goodwill | 332 |
| Impairment of fixed assets | 1 |
| Impairment of right‑of‑use assets | 65 |
| Share of profits (losses) of associates and joint ventures | 202 |
| Operational net foreign exchange and derivatives | -13 |
| Finance costs, net | 1,254 |
| Income tax | 1,070 |
| Share‑based compensation | 18 |
| Changes in working capital and operating banking activities | -526 |
| Decrease (increase) in inventories, gross | 35 |
| Decrease (increase) in trade receivables, gross | 332 |
| Increase (decrease) in trade payables | 60 |
| Changes in other customer contract assets and liabilities | -52 |
| Changes in other assets and liabilities | -901 |
| Other net cash out | -3,930 |
| Operating taxes and levies paid | -1,797 |
| Dividends received | 27 |
| Interest paid and interest rates effects on derivatives, net | -1,021 |
| Income tax paid | -1,138 |
| Net cash provided by operating activities (a) | 10,780 |
| o/w discontinued operations ‑ | — |
| Purchases and sales of property, plant and equipment and intangible assets | -7,002 |
| Purchases of property, plant and equipment and intangible assets | -7,322 |
| Increase (decrease) in fixed assets payables | -145 |
| Investing donations received in advance | -19 |
| Sales of property, plant and equipment and intangible assets | 485 |
| Cash paid for investment securities, net of cash acquired | -82 |
| Investments in associates and joint ventures | -17 |
| Purchases of investment securities measured at fair value | -29 |
| Proceeds from sales of investment securities, net of cash transferred | 48 |
| Loss of exclusive control of Orange Espagne and its subsidiaries | 15 |
| Sale of OCS and Orange Studio | -4 |
| Other | 37 |
| Proceeds from sales of investment securities at fair value | 56 |
| Other decrease (increase) in securities and other financial assets | 584 |
| Investments at fair value, excluding cash equivalents | 186 |
| Sale of Orange Bank’s portfolios ‑ | — |
| Sale of Orange Bank’s investment portfolios | 198 |
| Partial reimbursement of the Orange Concessions share premium | 216 |
| Other | -16 |
| Net cash used in investing activities (b) | -6,442 |
| o/w discontinued operations ‑ | — |
| Medium and long‑term debt issuances 13.5‑13.6 | 7,783 |
| Medium and long‑term debt redemptions and repayments | -3,414 |
| Repayments of lease liabilities | -1,496 |
| Increase (decrease) of bank overdrafts and short‑term borrowings | -115 |
| Decrease (increase) in debt related financial assets | -424 |
| o/w decrease (increase) of cash collateral deposits | -413 |
| Exchange rates effects on derivatives, net | 33 |
| Subordinated notes issuances (purchases) and other related fees | -476 |
| Coupon on subordinated notes | -169 |
| Proceeds (purchases) treasury shares | -11 |
| Capital increase (decrease) – non‑controlling interests | 2 |
| Changes in ownership interests with no gain/loss of control | -161 |
| Dividends paid to owners of the parent company | -1,994 |
| Dividends paid to non‑controlling interests | -433 |
| Net cash used in financing activities (c) | -875 |
| o/w discontinued operations ‑ | — |
| Cash change in cash and cash equivalents (a) + (b) + (c) | 3,463 |
| Cash and cash equivalents in the opening balance | 8,766 |
| o/w cash and cash equivalents of continuing operations | 8,766 |
| o/w cash and cash equivalents of discontinued operations ‑ | — |
| Cash change in cash and cash equivalents | 3,463 |
| Non‑cash change in cash and cash equivalents | -62 |
| Cash and cash equivalents in the closing balance | 12,167 |
| o/w cash and cash equivalents of continuing operations | 12,167 |
| Net financial debt (group_facts total_net_debt) | — |
| ÷ reported net debt / EBITDAaL leverage multiple | — |
| Product | Subproduct | Revenue pool (all banks · est.) · book position | Revenue share | Driver (dated fact) & method |
|---|---|---|---|---|
| Financing | Working Capital Finance | €14.9m–29.7m · blended in group pool C #4 of 13 · ~10% of book pool | 16% | drawn bank loans + loans from development orgs (IFRS) — €2,974,000k drawn bank debt + leasing (facility roll-up) €2,974,000k × 50–100 bps, EUR@1.0 derivation → |
| Financing | Investment Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing | Acquisition & Structured Finance | no Acquisition & Structured Finance exposure observed in this group | — | — |
| Financing | Export Finance (ECA) | on the bank's list; no evidence slug in our model yet — no ECA facility observed in the 13-group corpus; flag to collect (BGK/KUKE/EKN/Hermes cover facilities) | — | — |
| Cash Management / Daily Banking | Accounts | €8.1m–20.2m · group-level pool; subproducts share it C #3 of 13 · ~17% of book pool | 10% | consolidated revenue (turnover proxy) — €40,396,000k consolidated revenue €40,396,000k × 2–5 bps, EUR@1.0 derivation → |
| Cash Management / Daily Banking | Payments | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Connectivity | not separately estimable — host-to-host/API connectivity has no separately disclosed revenue driver; bundled into cash_management pricing, no slug in our model | — | — |
| Cash Management / Daily Banking | Corporate Cards | not separately estimable — card-program revenue (interchange/fees) not publicly disclosed at group level; no slug in our model | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Guarantees | the URD discloses €1,591m 'Guarantees granted to third parties in the ordinary course of business' (commitments note, URD p.274) — but it does not split BANK-ISSUED instruments (the fee-bearing stock) from parent-company guarantees, so a bank trade-finance wallet cannot be sized on it without overstating; evidenced gap, not a data hole | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Documentary Trade | the URD discloses €1,591m 'Guarantees granted to third parties in the ordinary course of business' (commitments note, URD p.274) — but it does not split BANK-ISSUED instruments (the fee-bearing stock) from parent-company guarantees, so a bank trade-finance wallet cannot be sized on it without overstating; evidenced gap, not a data hole | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Supply Chain Finance | the URD discloses €1,591m 'Guarantees granted to third parties in the ordinary course of business' (commitments note, URD p.274) — but it does not split BANK-ISSUED instruments (the fee-bearing stock) from parent-company guarantees, so a bank trade-finance wallet cannot be sized on it without overstating; evidenced gap, not a data hole | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Receivables Finance | the URD discloses €1,591m 'Guarantees granted to third parties in the ordinary course of business' (commitments note, URD p.274) — but it does not split BANK-ISSUED instruments (the fee-bearing stock) from parent-company guarantees, so a bank trade-finance wallet cannot be sized on it without overstating; evidenced gap, not a data hole | — | — |
| Financial Markets (FM) | FX | €7.5m–22.5m · blended in group pool C #4 of 13 · ~14% of book pool | 11% | FX-exposed turnover (+ floating-rate debt for IRS) — €15,000,000k FX-exposed turnover €15,000,000k × 5–15 bps, EUR@1.0 derivation → |
| Financial Markets (FM) | Interest Rates | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Commodities | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Investments & Deposits | €22.8m–60.9m · blended in group pool C #1 of 13 · ~25% of book pool | 30% | cash & short-term financial assets (net-debt calc) — €15,232,000k cash & equivalents €15,232,000k × 15–40 bps, EUR@1.0 derivation → |
| Debt Capital Markets (DCM) | Debt Capital Markets (DCM) | €27.0m–67.6m · blended in group pool C #2 of 13 · ~43% of book pool | 34% | bonds + commercial paper + TDIRA outstanding (serial issuer) — €33,802,000k bonds outstanding (facility roll-up) €33,802,000k × 8–20 bps, EUR@1.0 derivation → |
| Equity Capital Markets (ECM) | Equity Capital Markets (ECM) | event-driven product — estimated only when a deal event fires | — | — |
| M&A Advisory | M&A Advisory | event-driven product — estimated only when a deal event fires | — | — |
| Custody & Securities Services | Custody | not observable from public accounts | — | — |
| Custody & Securities Services | Corporate Actions | not observable from public accounts | — | — |
| Custody & Securities Services | Fund Services | not observable from public accounts | — | — |
| Custody & Securities Services | Securities Services | not observable from public accounts | — | — |
| Treasury & Liquidity Solutions | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Investments | see Investments & Deposits — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Treasury Advisory | not separately estimable — advisory mandate revenue is not separately observable from public financials; one of the 'most advisory splits' with no separable public driver | — | — |
| Financial Advisory | Strategic Finance | event-driven product — estimated only when a deal event fires | — | — |
| Financial Advisory | Debt Advisory | event-driven product — estimated only when a deal event fires | — | — |
| Financial Advisory | Structured Solutions | event-driven product — estimated only when a deal event fires | — | — |
| AP additions — not on your list (products our records surface that the brief omits) | ||||
| Financial Advisory | Cross-Border Structuring & Ratings Advisory | event-driven product — estimated only when a deal event fires | — | — |
| Leasing | Finance Lease & Sale-and-Leaseback | no Leasing exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions | Factoring | the URD discloses €1,591m 'Guarantees granted to third parties in the ordinary course of business' (commitments note, URD p.274) — but it does not split BANK-ISSUED instruments (the fee-bearing stock) from parent-company guarantees, so a bank trade-finance wallet cannot be sized on it without overstating; evidenced gap, not a data hole | — | — |
| Financing | Real Estate & Project Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing / Debt Capital Markets | ESG / Sustainability-Linked Finance | CROSS-CUTTING TAG over the financing (green_loan) and dcm (esg_bond) group volumes — never a separate additive wallet pool; product_group is intentionally null because it spans two groups rather than owning one | — | — |
| Trade Finance & Working Capital Solutions | Trade Credit Insurance | the URD discloses €1,591m 'Guarantees granted to third parties in the ordinary course of business' (commitments note, URD p.274) — but it does not split BANK-ISSUED instruments (the fee-bearing stock) from parent-company guarantees, so a bank trade-finance wallet cannot be sized on it without overstating; evidenced gap, not a data hole | — | — |
| Cash Management / Daily Banking | Escrow Services | see Accounts — same underlying estimate, not double-counted | — | — |
| Product (ranked by capital efficiency) | Est. revenue /yr | Exposure (volume basis) | RWA density | RoRWA (revenue ÷ RWA) |
|---|---|---|---|---|
| Cash Management / Daily Banking capital-light (fee-driven) | €8.1–20.2m /yr | €40,396m fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Debt Capital Markets (DCM) capital-light (fee-driven) | €27.0–67.6m /yr | €33,802m origination fee, no balance-sheet hold | 0% assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Treasury & Liquidity Solutions capital-light (fee-driven) | €22.8–60.9m /yr | €15,232m fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Financial Markets (FM) middle | €7.5–22.5m /yr | €15,000m SA-CCR add-on on notional (small vs notional) | 3% (of 1–5% range) assumption · WS-CAPITAL v1.0 · regulatory (approx) | 🟠 3.33% hurdle: 🟢 ≥6% · 🟠 ≥3% |
| Financing capital-heavy | €14.9–29.7m /yr | €2,974m unrated corporate 100% SA (term/RCF drawn) | 100% assumption · WS-CAPITAL v1.0 · regulatory | 🔴 0.75% hurdle: 🟢 ≥5% · 🟠 ≥2.5% |
| Product group | Risk weight / CCF basis | Density range | Density (default) | Label | Hurdle set |
|---|---|---|---|---|---|
| financing | unrated corporate 100% SA (term/RCF drawn) | 100–100% | 100% | regulatory | lending |
| financing_undrawn | CCF 20% (<=1y) / 50% (>1y), then 100% RW | 20–50% | 35% | regulatory | lending |
| real_estate | 130% pre-op, 100% operational (real estate / project finance) | 100–130% | 115% | regulatory | lending |
| trade_finance_wc | financial gtee / standby LC 100% CCF; performance gtee 50%; trade LC 20%; then 100% RW | 20–100% | 60% | regulatory | trade_finance |
| dcm | origination fee, no balance-sheet hold | 0–0% | 0% | practitioner | cash_fx_dcm |
| financial_markets | SA-CCR add-on on notional (small vs notional) | 1–5% | 3% | regulatory (approx) | cash_fx_dcm |
| cash_management | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| treasury_liquidity | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| Hurdle set | Green | Amber | Red | RAROC green |
|---|---|---|---|---|
| overall | 🟢 ≥4% | 🟠 2–4% | 🔴 <2% | — |
| lending | 🟢 ≥5% | 🟠 2.5–5% | 🔴 <2.5% | ≥15% |
| trade_finance | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥18% |
| cash_fx_dcm | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥20% |
Traffic-light like the covenant scorecard. green = RoRWA >= green hurdle; amber = amber_floor to green; red = < amber_floor. The overall band (green >=4% / amber 2-4% / red <2%) is fully specified in the source; per-category amber_floor is generalized as half the category green hurdle (matching the overall 4/2 shape). RAROC green thresholds shown where the source gives them (lending >=15%, trade finance >=18%, cash/FX/DCM >=20%).
Cost of equity floor: 10–12% — Cost of equity 10-12% is the floor any product must clear.
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| bond (senior + Médi Telecom/Sonatel) | — | EUR 32,348m | EUR | 2.5–4.125% (2025 tranches) | 2026–2045 | S |
| Neu Commercial Paper | — | EUR 830m | EUR | — | short-term | W |
| TDIRA perpetual (redeemable for shares) | — | EUR 624m | EUR | 3M Euribor + 2.5% | perpetual | quasi-equity / hybrid W |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| undrawn sustainability-linked RCF (backup) | syndicate (27 banks) | EUR 6,000m committed; understood undrawn (issuer debt page — not independently confirmed) | EUR | commitment fee; margin 25bp opening ±2.25bp ESG adjustment (AMF filing) | Nov-2027 initial (+2×1yr extension options) | undrawn_unconfirmed W |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| bank loans + development orgs/multilateral | — | EUR 2,974m | EUR | — | — | W |
| Bank | Confirmed activity — named facilities (ticket · rate · maturity), each with proof | Product split (product · per-bank band · evidence tier) |
|---|---|---|
| other / unallocated C | — remainder — no direct evidence by design | — |
| Window | Facility (FS note, 31.12.2025) | Amount |
|---|---|---|
| 30.06.2026 | bond — Neu Commercial Paper EUR 830m — n/a timeline ↓ | €830,000k |
Awaiting the bank team's manual figures. The comparison shell is live — our side is computed and cited; the bank side is a placeholder until your numbers land.
| Product · metric | Our figure (est., cited) | Bank team's figure | Divergence |
|---|---|---|---|
| Financing max deliverable volume | €2.97bn | awaiting bank input | – |
| Financing annual revenue /yr | €14.9m–29.7m /yr | awaiting bank input | – |
| Debt Capital Markets (DCM) max deliverable volume | €33.80bn S | awaiting bank input | – |
| Debt Capital Markets (DCM) annual revenue /yr | €27.0m–67.6m /yr S | awaiting bank input | – |
| Cash Management / Daily Banking annual revenue /yr | €8.1m–20.2m /yr S | awaiting bank input | – |
| Treasury & Liquidity Solutions annual revenue /yr | €22.8m–60.9m /yr | awaiting bank input | – |
| Financial Markets (FM) annual revenue /yr | €7.5m–22.5m /yr | awaiting bank input | – |
Every value in this section is based on the consolidated FS as at 31.12.2025 · published 02.04.2026 (plus the dated registry and interim documents listed below). Facts floor:
| Extracted fact | Value | Dated | Source tag |
|---|---|---|---|
| Consolidated revenue | EUR 40,396.0m | as at 31.12.2025 · publ. 02.04.2026 | URD income statement p.165 (Revenue €40,396m) ⟦scan ora-revenue⟧ S |
| EBITDA | EUR 12,514.0m | as at 31.12.2025 · publ. 02.04.2026 | derived: net financial debt €22,526m ÷ reported net debt/EBITDAaL 1.80x (URD/FY2025 results) (EBITDAaL — URD income statement p.167 region, fitz-verified) S |
| Net debt | EUR 22,526.0m | as at 31.12.2025 · publ. 02.04.2026 | URD Note 13.3 net financial debt by currency p.248 (€22,526m) ⟦scan ora-netdebt⟧ S |
| Cash & equivalents | EUR 15,232.0m | as at 31.12.2025 · publ. 02.04.2026 | URD Note 13.3 — financial assets in the net-debt calc €15,232m p.248 S |
| Finance costs (interest proxy) | EUR 1,087.0m | as at 31.12.2025 · publ. 02.04.2026 | URD income statement — cost of gross financial debt €1,087m p.165 S |
Group boundary: Orange S.A., Issy-les-Moulineaux (SIREN 380 129 866, RCS Nanterre) (apex) — Orange S.A. (FR), Orange Polska (PL), MasOrange (Spain) (ES). Global telecom holding. Entity triple-checked: distinct from Orange Bank, Orange Belgium (Euronext Brussels), Orange Polska (WSE subsidiary), MasOrange (JV→subsidiary H1 2026). Operator/PAM confirmation: confirmed.
Sources:
Estimates only: drivers are cited consolidated facts; conversion uses CEE market-standard fee/margin benchmarks; the by-bank split is evidence-weighted (deal evidence > syndicate > account presence). Debt-capacity headroom sizes the borrower, not the bank's risk appetite. Your institution's covenant standards and fee benchmarks can replace the CEE defaults applied here.
Fee-methodology caveats. Bands are planning estimates, conservative-high: (1) DCM is a ONE-TIME fee on issuance proceeds, not a recurring charge on bond stock — the per-annum band is an amortised flow proxy. (2) Large-cap IG lending margins run 20–70 bps (our 50–100 is conservative-high). (3) Treasury/deposits run through net-interest-margin, not a fee. Treat totals as order-of-magnitude scale, not billable revenue.
TRIPLE-CHECK 2026-07-09 (deep research, analyst/bank commentary): revenue €40,396m, net debt €22,526m @1.80x and the Nov-2025 €5bn/5-tranche print VERIFIED against independent sources. FY2025 SENIOR issuance is €6.5bn (€1.5bn May + €5bn Nov; €750m June hybrid separate); the URD Note 13.5 total-issuances line (7,500) spans senior + hybrid + other (yellow-marked scan ora-bonds: "Total of issuances 7,500"); press coverage captures only the Nov print. Corrections applied: USD-deal oversubscription softened to "significantly oversubscribed"; Jun-2026 €850m hybrid downgraded to PLANNED/unconfirmed (single-source issuer PR); RCF "undrawn" qualified (not independently confirmed) and enriched with AMF-verified terms (Nov-2027 +2×1yr, 25bp ±2.25bp ESG). Gross-debt split (€37.8bn: bonds ~€32.3bn / bank €3.0bn) and the €889m PLN component rest on the URD primary only — Orange communicates net debt externally; audited FS needs no corroboration. Full memo: sources/santander_erste_cib_poland/orange_sa/_verification_orange.md ADVERSARIAL CHECK 2026-07-09: revenue €40,396m, net debt €22,526m @1.80x, MasOrange €4.25bn (08.06.2026), ratings BBB+/Baa1/BBB+ all CONFIRMED. CORRECTION: the FY2025 senior issuance is €6.5bn (€1.5bn May + €5bn Nov), NOT €7.5bn; a €750m June hybrid is separate; the US$6bn jumbo priced Jan-2026 (next FY, excluded). The instrument-level split (bonds €32,348m / bank €2,974m / CP €830m) rests on the URD Note 13 primary — not independently reproduced in press, none required (audited). ADVERSARIAL WAVE-2 2026-07-09: EBITDAaL €12,522m CONFIRMED (matches derived); consolidation timing CORRECT (YE2025 net debt is pre-MasOrange; MasOrange consolidates 2026, pushing leverage up materially — ~3.2x is an analyst estimate, not an agency figure). NEW EVENT: SFR MoU 06.06.2026 (€20.35bn consortium; Orange ~€5.6bn debt-financed; H2-2027) — a large acquisition-finance + DCM origination catalyst; Moody's reaffirmed Baa1/stable on it.
| Document | As at | Published | Download |
|---|---|---|---|
| 2025 Universal Registration Document — IFRS consolidated FS + PCG parent accounts (EN) | 31.12.2025 | 02.04.2026 | download↗ S FR_ORA_2025_URD_consolidated_IFRS.pdf |
| Q1 2026 trading update (revenue + EBITDAaL; no balance sheet) | 31.03.2026 | 23.04.2026 | download↗ W FR_ORA_Q1-2026_trading_update.pdf |
| Orange PR — "Success of Lead the Future 2023-2025" (verifies FY2025 revenue €40,396m · net debt €22,526m · 1.80x) | — | 18.02.2026 | download↗ W |
| Orange PR — €5bn senior bond in 5 tranches (Nov-2025 print; tranche-level terms) | — | 06.11.2025 | download↗ W |
| Orange PR — US$6bn bond in 5 tranches (Jan-2026; wavg coupon 4.72%, first USD deal since 2016) | — | 06.01.2026 | download↗ W |
| AMF open-data filing — €6bn sustainability-linked RCF, 27 banks (terms: Nov-2027 +2×1yr, 25bp ±2.25bp ESG) | — | 23.11.2022 | download↗ R |
| S&P Global Ratings — BBB+/A-2 affirmation + MasOrange leverage path ~3.2x→~3.0x [paywalled] (unofficial copy) | — | — | download↗ W |
| Moody's Credit Outlook 10-Nov-2025 — leverage rising toward ~3.0x Moody's-adjusted [paywalled] (unofficial copy) | — | 10.11.2025 | download↗ W |
| Euronext notice — €750m hybrid notes Jun-2025 (3.875%, first call Mar-2032, 50% equity credit) | — | 12.06.2025 | download↗ W |
| Triple-check verification memo (deep research 2026-07-09): verdict table a-j, analyst sources, corrections (unofficial copy) | — | 09.07.2026 | internal file W _verification_orange.md |
Vodafone is a UK-listed, EUR-reporting telecom group in the middle of a hard perimeter reshape — FY2026 (year ended 31.03.2026) revenue of €40.5bn now consolidates VodafoneThree (UK merger completed 31.05.2025), while Italy and Spain are gone and the VodafoneZiggo 50% stake sale is signed. Net debtC is €25.4bn at 2.2x Adjusted EBITDAaL — at the bottom of the stated 2.25–2.75x policy range — with a marginal net result (−€49m).
The funding model is Orange-class DCM dominance, at bigger scale: €33.8bn of bonds across seven currencies against just €1.4bn of drawn bank loans, refreshed by a serial issuance calendar (£500m 2050s, €1.4bn hybrid print >6x covered, €350m 2029s, and a US$3.5bn three-tranche SEC-registered deal settled 18.06.2026). Around €22.5bn of non-EUR notionals are swapped back to euro — a standing cross-currency derivatives book — and the bank-facility layer is pure backstop: US$4.0bn + €4.1bn syndicated RCFs, fully undrawn, behind US$15bn/€10bn CP programmes. ECM is a live, broker-rotated €2bn/yr buyback flow (Citi, Goldman, Merrill mandates on record).
The dated hook is the £4.3bn cash buyout of CK Hutchison's 49% of VodafoneThree signed 05.05.2026 and expected to complete H2 2026 (adds ~0.4x leverageC — funding events likely), alongside VodafoneZiggo completion. What share of the wallet each bank holds cannot be read from public sources; the observed mandate evidence is bookrunner/broker rotation, and Erste has no observed presence — the realistic entry is a dealer seat in the EMTN/USD flow (no Erste seat on the 22-bank panel; additional dealers can be appointed) and Romania — where Vodafone just absorbed Telekom Romania Mobile (legal merger effective July 2026, ~8.4m customers), no local bank holds a disclosed transactional mandate, and BCR is already a named Vodafone 'strategic partner'.
CovenantC check: headline leverage 2.2× is green vs the 3.5× telecom standard — but the CAPEX-ADJUSTED basis, net debt / (EBITDAaL − capital additions), reads 5.97× vs its 3.0× green ceiling: RED, and additional-debt capacity on this basis is NEGATIVE (≈−€12.6bn) — the same telecom-capex pattern that flips Orange. Vodafone's OWN policy range (2.25–2.75×) also binds, with the signed CKHGT buyout consuming ~0.4×. New-money term lending is covenant- AND policy-capped; the origination angle is the refinancing/DCM rotation, FX and ECM flow — not incremental leverage.
| Statement item | Value | Source (page-verified) |
|---|---|---|
| Operating profit/(loss) | EUR m 2,844.0 | consolidated income statement, printed p.137 (FY25: loss (411)) — SEC Form 20-F FY2026 (year ended 31.03.2026; statutory FS in EUR) S |
| Total depreciation and amortisation on owned and leased assets | EUR m 12,454.0 | non-GAAP appendix printed p.230 (statutory note split: intangibles 4,090 + owned PP&E 4,391 + leased 3,973) — SEC Form 20-F FY2026 (year ended 31.03.2026; statutory FS in EUR) S |
| Total equity | EUR m 54,365.0 | balance sheet printed p.138 — SEC Form 20-F FY2026 (year ended 31.03.2026; statutory FS in EUR) S |
| Total assets | EUR m 129,918.0 | balance sheet printed p.138 — SEC Form 20-F FY2026 (year ended 31.03.2026; statutory FS in EUR) S |
| Inflow from operating activities | EUR m 14,291.0 | cash-flow statement printed p.141 — SEC Form 20-F FY2026 (year ended 31.03.2026; statutory FS in EUR) S |
| Purchase of intangible assets + Purchase of property, plant and equipment (2,447 + 4,871 — two printed lines, no single capex line) | EUR m 7,318.0 | cash-flow statement printed p.141 — SEC Form 20-F FY2026 (year ended 31.03.2026; statutory FS in EUR) S |
| Ratio | Value | Band | Source |
|---|---|---|---|
| Headline KPIs | |||
| Revenue | €40.46bn | — | S |
| EBITDA | €11.54bn | — | S |
| EBITDA Margin | 28.5% | — | S |
| Net Profit | €-49m | — | S |
| Net Debt/EBITDA | 2.20× | ● within covenant band | C |
| Equity Ratio | 41.8% | — | S |
| Interest Coverage | 4.86× | ● within covenant band | C |
| Free Cash Flow | €2.60bn | — | S |
| Covenant ratios | |||
| Net debt / EBITDA | 2.20× | ● within covenant band | C |
| Interest coverage | 4.86× | ● within covenant band | C |
| Gearing | 47% | ● within covenant band | C |
| Net debt / (EBITDA − capex) | 5.97× | ● breach-risk | C |
| FCCR | 1.79× | ● within covenant band | C |
| FFO / Net debt | 29% | ● breach-risk | C |
| Computed profile ratios | |||
| EBITDA margin | 28.5% | — | EBITDA ÷ revenue |
| Net margin | -0.1% | — | net result ÷ revenue |
| Capex / revenue | 18086.6% | — | capital intensity — the filing's own capex-basis line (see its row above) ÷ revenue |
| Capex / D&A | 0.59× | — | >1× = asset base growing; <1× = harvesting |
| Operating CF / EBIT | 5.02× | — | cash conversion of operating profit |
| Operating CF − capex | EUR m 6,973.0 | — | internally-funded investment headroom |
| 2026 (€m) | 2025 (€m) |
|---|---|
| Revenue | 40,461 |
| Cost of sales | -27,728 |
| Gross profit | 12,733 |
| Selling and distribution expenses | -3,149 |
| Administrative expenses | -5,841 |
| Net credit losses on financial assets | -429 |
| Share of results of equity accounted associates and joint ventures | -382 |
| Impairment (charge)/reversal | 0 |
| Other (expense)/income | -88 |
| Operating profit/(loss) | 2,844 |
| Investment and other income | 1,395 |
| Financing costs | -2,375 |
| Profit/(loss) before taxation | 1,864 |
| Income tax expense | -1,805 |
| Profit/(loss) for the financial year - Continuing operations | 59 |
| Loss for the financial year - Discontinued operations | -108 |
| (Loss)/profit for the financial year | -49 |
| Owners of the parent | -397 |
| Non-controlling interests | 348 |
| (Loss)/profit for the financial year | -49 |
| (Loss)/profit for the financial year | -49 |
| Other comprehensive (expense)/income: Items that may be reclassified to the income statement in subsequent years: Foreign exchange translation differences, net of tax | -696 |
| Foreign exchange translation differences, transferred to the income statement | 0 |
| Other, net of tax | 209 |
| Total items that may be reclassified to the income statement in subsequent years | -487 |
| Items that will not be reclassified to the income statement in subsequent years: Fair value gains on equity instruments classified as Other investments, net of tax | 428 |
| Net actuarial gains/(losses) on defined benefit pension schemes, net of tax | 9 |
| Total items that will not be reclassified to the income statement in subsequent years | 437 |
| Other comprehensive (expense)/income | -50 |
| Total comprehensive (expense)/income for the financial year | -99 |
| Owners of the parent | -254 |
| Non-controlling interests | 155 |
| Total comprehensive (expense)/income for the financial year | -99 |
| 31 March 2026 (€m) | 31 March 2025 (€m) |
|---|---|
| Non-current assets Goodwill | 21,918 |
| Other intangible assets | 14,359 |
| Property, plant and equipment | 34,193 |
| Investments in associates and joint ventures | 6,492 |
| Other investments | 2,087 |
| Deferred tax assets | 18,068 |
| Post employment benefits | 288 |
| Trade and other receivables | 5,221 |
| (section subtotal — unlabelled in source) | 102,626 |
| Current assets Inventory | 596 |
| Taxation recoverable | 186 |
| Trade and other receivables | 10,584 |
| Other investments | 6,770 |
| Cash and cash equivalents | 8,982 |
| (section subtotal — unlabelled in source) | 27,118 |
| Assets held for sale | 174 |
| Total assets | 129,918 |
| Equity Called up share capital | 3,950 |
| Additional paid-in capital | 150,312 |
| Treasury shares | -6,704 |
| Accumulated losses | -126,532 |
| Accumulated other comprehensive income | 29,607 |
| Total attributable to owners of the parent | 50,633 |
| Non-controlling interests | 3,732 |
| Total equity | 54,365 |
| Non-current liabilities Borrowings | 45,506 |
| Share of net liabilities in associates and joint ventures | 102 |
| Deferred tax liabilities | 1,043 |
| Post employment benefits | 206 |
| Provisions | 1,261 |
| Non-debt liabilities in respect of written put options | 107 |
| Trade and other payables | 3,333 |
| (section subtotal — unlabelled in source) | 51,558 |
| Current liabilities Borrowings | 7,130 |
| Taxation liabilities | 555 |
| Provisions | 731 |
| Trade and other payables | 15,579 |
| (section subtotal — unlabelled in source) | 23,995 |
| Total equity and liabilities | 129,918 |
| 2026 (€m) | 2025 (€m) |
|---|---|
| Inflow from operating activities | 14,291 |
| Cash flows from investing activities Purchase of interests in subsidiaries, net of cash acquired | -193 |
| Purchase of interests in associates and joint ventures | -729 |
| Purchase of intangible assets | -2,447 |
| Purchase of property, plant and equipment | -4,871 |
| Purchase of investments | -1,060 |
| Disposal of interests in subsidiaries, net of cash disposed | -131 |
| Disposal of interests in associates and joint ventures | 20 |
| Disposal of property, plant and equipment and intangible assets | 209 |
| Disposal of investments | 3,601 |
| Dividends received from investments | 818 |
| Interest received | 545 |
| Cash outflows from discontinued operations | 0 |
| (Outflow)/inflow from investing activities | -4,238 |
| Cash flows from financing activities Proceeds from issue of long-term borrowings | 6,081 |
| Repayment of borrowings | -11,924 |
| Net movement in short-term borrowings | -502 |
| Net movement in derivative and other financial instruments | 73 |
| Interest paid | -2,257 |
| Payments for settlement of written put options | 0 |
| Purchase of treasury shares | -2,041 |
| Issue of ordinary share capital and reissue of treasury shares | 2 |
| Equity dividends paid | -1,093 |
| Dividends paid to non-controlling shareholders in subsidiaries | -245 |
| Other transactions with non-controlling shareholders in subsidiaries | 100 |
| Cash outflows from discontinued operations | 0 |
| Outflow from financing activities | -11,806 |
| Net cash (outflow)/inflow | -1,753 |
| Cash and cash equivalents at the beginning of the financial year | 19 |
| Exchange loss on cash and cash equivalents | -227 |
| Cash and cash equivalents at the end of the financial year | 19 |
| Net financial debt (FY26 net debt note) | — |
| ÷ reported net debt / Adjusted EBITDAaL leverage | — |
| Product | Subproduct | Revenue pool (all banks · est.) · book position | Revenue share | Driver (dated fact) & method |
|---|---|---|---|---|
| Financing | Working Capital Finance | €6.9m–13.8m · blended in group pool C #8 of 13 · ~5% of book pool | 9% | drawn bank loans (IFRS borrowings note) — €1,383,000k drawn bank debt €1,383,000k × 50–100 bps, EUR@1.0 derivation → |
| Financing | Investment Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing | Acquisition & Structured Finance | no Acquisition & Structured Finance exposure observed in this group | — | — |
| Financing | Export Finance (ECA) | on the bank's list; no evidence slug in our model yet — no ECA facility observed in the 13-group corpus; flag to collect (BGK/KUKE/EKN/Hermes cover facilities) | — | — |
| Cash Management / Daily Banking | Accounts | €8.1m–20.2m · group-level pool; subproducts share it C #2 of 13 · ~17% of book pool | 12% | consolidated revenue (turnover proxy) consolidated revenue €40,461,000k × 2–5 bps, EUR@1.0 derivation → |
| Cash Management / Daily Banking | Payments | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Connectivity | not separately estimable — host-to-host/API connectivity has no separately disclosed revenue driver; bundled into cash_management pricing, no slug in our model | — | — |
| Cash Management / Daily Banking | Corporate Cards | not separately estimable — card-program revenue (interchange/fees) not publicly disclosed at group level; no slug in our model | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Guarantees | no guarantee/LC stock disclosed at group level in the 20-F borrowings note | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Documentary Trade | no guarantee/LC stock disclosed at group level in the 20-F borrowings note | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Supply Chain Finance | no guarantee/LC stock disclosed at group level in the 20-F borrowings note | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Receivables Finance | no guarantee/LC stock disclosed at group level in the 20-F borrowings note | — | — |
| Financial Markets (FM) | FX | €9.3m–28.1m · blended in group pool C #2 of 13 · ~18% of book pool | 16% | cross-currency-hedged non-EUR bond notionals (USD/GBP/JPY/HKD/AUD/CHF book swapped to EUR) non-EUR bond notionals ~€22,500,000k equiv × 5–15 bps, EUR@1.0 derivation → |
| Financial Markets (FM) | Interest Rates | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Commodities | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Investments & Deposits | €13.5m–35.9m · blended in group pool C #3 of 13 · ~15% of book pool | 21% | cash & equivalents (centralised group treasury) cash & equivalents €8,982,000k × 15–40 bps, EUR@1.0 derivation → |
| Debt Capital Markets (DCM) | Debt Capital Markets (DCM) | €27.1m–67.7m · blended in group pool C #1 of 13 · ~43% of book pool | 40% | bonds outstanding (serial EMTN + SEC-registered issuer; CP programmes US$15bn/€10bn behind) bonds outstanding €33,828,000k × 8–20 bps, EUR@1.0 derivation → |
| Equity Capital Markets (ECM) | Equity Capital Markets (ECM) | €2.0m–5.0m · blended in group pool C #1 of 13 · ~49% of book pool | 3% | standing buyback programme flow (broker-run tranches) buyback flow €2,000,000k p.a. × 10–25 bps, EUR@1.0 derivation → |
| M&A Advisory | M&A Advisory | live: CKHGT 49% VodafoneThree buyout £4.3bn signed 05.05.2026 (H2 2026); VodafoneZiggo 50% sale signed 18.02.2026 | — | — |
| Custody & Securities Services | Custody | no addressable custody stock evidenced at group level | — | — |
| Custody & Securities Services | Corporate Actions | no addressable custody stock evidenced at group level | — | — |
| Custody & Securities Services | Fund Services | no addressable custody stock evidenced at group level | — | — |
| Custody & Securities Services | Securities Services | no addressable custody stock evidenced at group level | — | — |
| Treasury & Liquidity Solutions | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Investments | see Investments & Deposits — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Treasury Advisory | not separately estimable — advisory mandate revenue is not separately observable from public financials; one of the 'most advisory splits' with no separable public driver | — | — |
| Financial Advisory | Strategic Finance | rating-advisory / structure work follows the DCM + M&A flow | — | — |
| Financial Advisory | Debt Advisory | rating-advisory / structure work follows the DCM + M&A flow | — | — |
| Financial Advisory | Structured Solutions | rating-advisory / structure work follows the DCM + M&A flow | — | — |
| AP additions — not on your list (products our records surface that the brief omits) | ||||
| Financial Advisory | Cross-Border Structuring & Ratings Advisory | rating-advisory / structure work follows the DCM + M&A flow | — | — |
| Leasing | Finance Lease & Sale-and-Leaseback | no Leasing exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions | Factoring | no guarantee/LC stock disclosed at group level in the 20-F borrowings note | — | — |
| Financing | Real Estate & Project Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing / Debt Capital Markets | ESG / Sustainability-Linked Finance | CROSS-CUTTING TAG over the financing (green_loan) and dcm (esg_bond) group volumes — never a separate additive wallet pool; product_group is intentionally null because it spans two groups rather than owning one | — | — |
| Trade Finance & Working Capital Solutions | Trade Credit Insurance | no guarantee/LC stock disclosed at group level in the 20-F borrowings note | — | — |
| Cash Management / Daily Banking | Escrow Services | see Accounts — same underlying estimate, not double-counted | — | — |
| Product (ranked by capital efficiency) | Est. revenue /yr | Exposure (volume basis) | RWA density | RoRWA (revenue ÷ RWA) |
|---|---|---|---|---|
| Cash Management / Daily Banking capital-light (fee-driven) | €8.1–20.2m /yr | n/a fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Debt Capital Markets (DCM) capital-light (fee-driven) | €27.1–67.7m /yr | n/a origination fee, no balance-sheet hold | 0% assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Treasury & Liquidity Solutions capital-light (fee-driven) | €13.5–35.9m /yr | n/a fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Financing capital-heavy | €6.9–13.8m /yr | €1,383m unrated corporate 100% SA (term/RCF drawn) | 100% assumption · WS-CAPITAL v1.0 · regulatory | 🔴 0.75% hurdle: 🟢 ≥5% · 🟠 ≥2.5% |
| Financial Markets (FM) no exposure driver in record | €9.3–28.1m /yr | n/a SA-CCR add-on on notional (small vs notional) | 3% (of 1–5% range) assumption · WS-CAPITAL v1.0 · regulatory (approx) | ◻ n/a |
| Product group | Risk weight / CCF basis | Density range | Density (default) | Label | Hurdle set |
|---|---|---|---|---|---|
| financing | unrated corporate 100% SA (term/RCF drawn) | 100–100% | 100% | regulatory | lending |
| financing_undrawn | CCF 20% (<=1y) / 50% (>1y), then 100% RW | 20–50% | 35% | regulatory | lending |
| real_estate | 130% pre-op, 100% operational (real estate / project finance) | 100–130% | 115% | regulatory | lending |
| trade_finance_wc | financial gtee / standby LC 100% CCF; performance gtee 50%; trade LC 20%; then 100% RW | 20–100% | 60% | regulatory | trade_finance |
| dcm | origination fee, no balance-sheet hold | 0–0% | 0% | practitioner | cash_fx_dcm |
| financial_markets | SA-CCR add-on on notional (small vs notional) | 1–5% | 3% | regulatory (approx) | cash_fx_dcm |
| cash_management | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| treasury_liquidity | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| Hurdle set | Green | Amber | Red | RAROC green |
|---|---|---|---|---|
| overall | 🟢 ≥4% | 🟠 2–4% | 🔴 <2% | — |
| lending | 🟢 ≥5% | 🟠 2.5–5% | 🔴 <2.5% | ≥15% |
| trade_finance | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥18% |
| cash_fx_dcm | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥20% |
Traffic-light like the covenant scorecard. green = RoRWA >= green hurdle; amber = amber_floor to green; red = < amber_floor. The overall band (green >=4% / amber 2-4% / red <2%) is fully specified in the source; per-category amber_floor is generalized as half the category green hurdle (matching the overall 4/2 shape). RAROC green thresholds shown where the source gives them (lending >=15%, trade finance >=18%, cash/FX/DCM >=20%).
Cost of equity floor: 10–12% — Cost of equity 10-12% is the floor any product must clear.
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| senior + hybrid bonds (EMTN €30bn + SEC-registered + other programmes) | bond market | EUR 32,285m | multi (EUR/USD/GBP/JPY/HKD/AUD/CHF) | 0.5%–8.0% coupon range (fixed, swapped) | laddered to 2059 | W |
| bond maturities due ≤1y | bond market | EUR 1,543m | multi | — | ≤1y | maturity-in-window W |
| commercial paper programmes (US$15bn USCP + €10bn ECP) | money market | EUR 23,000m combined headroom (undrawn at FY-end) | USD/EUR | — | rolling | undrawn W |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| bank loans (bilateral/term) | banks (unnamed in note) | EUR 1,383m (LT 1,209 + ST 174) | multi | — | — | W |
| other borrowings (incl. spectrum & vendor-type obligations) | — | EUR 3,393m (LT 2,425 + ST 968) | multi | — | — | W |
| derivative collateral liabilities (cash collateral received) | derivative counterparties | EUR 1,644m | multi | — | on-demand | collateral-flow W |
| syndicated RCF (backup liquidity, supports US CP programme) | syndicate (unnamed) | USD 4,004m committed, undrawn | USD | commitment fee | 10.03.2028 | undrawn W |
| syndicated RCF (backup liquidity, supports ECP programme) | syndicate (unnamed) | EUR 4,100m committed, undrawn | EUR | commitment fee | 2030 (per IR materials; a 2024 6-K states 08.02.2031) | undrawn W |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| lease liabilities (IFRS 16) | lessors | EUR 12,388m (LT 9,587 + ST 2,801) | multi | — | — | W |
| Bank | Confirmed activity — named facilities (ticket · rate · maturity), each with proof | Product split (product · per-bank band · evidence tier) |
|---|---|---|
| Goldman Sachs International W | deal — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| Citigroup W | deal — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| Merrill Lynch International (BofA) W | deal — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| Morgan Stanley & Co. International W | registry — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| RCF syndicate (unnamed, 2 facilities) W | syndicate — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| Erste Group W | — — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| Deutsche Bank W | deal — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| J.P. Morgan W | deal — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| RBC Capital Markets W | deal — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| EMTN dealer panel (22 banks, arranger NatWest) W | syndicate — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| other / unallocated C | — remainder — no direct evidence by design | — |
| Window | Facility (FS note, 31.03.2026) | Amount |
|---|---|---|
| 31.03.2027 | bond maturities due ≤1y — EUR 1,543m — bond market timeline ↓ | €1,543,000k |
| 31.03.2027 | bank loans due ≤1y — EUR 174m | €174,000k |
| 31.03.2027 | other borrowings due ≤1y — EUR 968m | €968,000k |
Awaiting the bank team's manual figures. The comparison shell is live — our side is computed and cited; the bank side is a placeholder until your numbers land.
| Product · metric | Our figure (est., cited) | Bank team's figure | Divergence |
|---|---|---|---|
| Financing max deliverable volume | €1.38bn | awaiting bank input | – |
| Financing annual revenue /yr | €6.9m–13.8m /yr | awaiting bank input | – |
| Debt Capital Markets (DCM) annual revenue /yr | €27.1m–67.7m /yr S | awaiting bank input | – |
| Cash Management / Daily Banking annual revenue /yr | €8.1m–20.2m /yr | awaiting bank input | – |
| Treasury & Liquidity Solutions annual revenue /yr | €13.5m–35.9m /yr | awaiting bank input | – |
| Financial Markets (FM) annual revenue /yr | €9.3m–28.1m /yr | awaiting bank input | – |
| Equity Capital Markets (ECM) annual revenue /yr | €2.0m–5.0m /yr | awaiting bank input | – |
Every value in this section is based on the consolidated FS as at 31.03.2026 · published 22.05.2026 (plus the dated registry and interim documents listed below). Facts floor:
| Extracted fact | Value | Dated | Source tag |
|---|---|---|---|
| Consolidated revenue | EUR 40,461.0m | as at 31.03.2026 · publ. 22.05.2026 | ifrs-full:Revenue — 20-F FY2026 iXBRL (SEC accn 0001193125-26-235425, filed 22.05.2026) S |
| EBITDA | EUR 11,545.0m | as at 31.03.2026 · publ. 22.05.2026 | DERIVED: net debt €25.4bn at 2.2x Adjusted EBITDAaL ⇒ ~€11.5bn — FY26 Annual Report / preliminary results (published 22.05.2026) (adjusted EBITDAaL — 20-F printed p.137 region) S |
| Net debt | EUR 25,400.0m | as at 31.03.2026 · publ. 22.05.2026 | net debt €25.4bn (up from €22.4bn) — FY26 Annual Report / preliminary results (published 22.05.2026) (net debt note — 20-F, grep-verified) (20-F net debt note, printed p.~160 region; grep-verified in d143190d20f.md) S |
| Cash & equivalents | EUR 8,982.0m | as at 31.03.2026 · publ. 22.05.2026 | ifrs-full:CashAndCashEquivalents — 20-F FY2026 iXBRL (SEC accn 0001193125-26-235425, filed 22.05.2026) S |
| Finance costs (interest proxy) | EUR 2,375.0m | as at 31.03.2026 · publ. 22.05.2026 | ifrs-full:FinanceCosts — 20-F FY2026 iXBRL (SEC accn 0001193125-26-235425, filed 22.05.2026) S |
Group boundary: Vodafone Group Plc (Companies House 01833679) (apex) — Vodafone Group Plc (GB), VodafoneThree Holdings Ltd (GB), Vodacom Group Ltd (ZA), Oak Holdings 1 GmbH (Vantage Towers) (DE), VodafoneZiggo Group (NL). Perimeter in motion: Italy (Swisscom, completed 31.12.2024) and Spain (Zegona, completed 31.05.2024) disposed; VodafoneThree consolidating; group-level record covers the IFRS consolidation. Operator/PAM confirmation: pending.
Sources:
Estimates only: drivers are cited consolidated facts; conversion uses CEE market-standard fee/margin benchmarks; the by-bank split is evidence-weighted (deal evidence > syndicate > account presence). Debt-capacity headroom sizes the borrower, not the bank's risk appetite. Your institution's covenant standards and fee benchmarks can replace the CEE defaults applied here.
Fee-methodology caveats. Bands are planning estimates, conservative-high: (1) DCM is a ONE-TIME fee on issuance proceeds, not a recurring charge on bond stock — the per-annum band is an amortised flow proxy. (2) Large-cap IG lending margins run 20–70 bps (our 50–100 is conservative-high). (3) Treasury/deposits run through net-interest-margin, not a fee. Treat totals as order-of-magnitude scale, not billable revenue.
FRESHNESS GATE 2026-07-09: FY2026 (31.03.2026) is the latest annual reporting — 20-F filed 22.05.2026; next scheduled disclosure is the Q1 FY27 trading update on 27.07.2026. FACTS FLOOR from the 20-F iXBRL tags (not text-scraped). Adjusted EBITDAaL is not IFRS-tagged — the €11.5bn reference is DERIVED from disclosed net debt €25.4bn @ 2.2x and is marked as such. The FY26 Annual Report PDF is served via a JS viewer only — manual download queued for page-scan citations (scan-pending badges meanwhile). Companies House GB adapter returned empty (COMPANIES_HOUSE_API_KEY not exported in the session env) — identity triple-check done against the public register pages instead. NOTE: the June-2026 US$3.5bn 3-tranche print was found via SEC 424B2/FWP filings, NOT by the press sweep — SEC-filings check is a worthwhile standing addition to the sweep for US-registered issuers. FOLLOW-UP SEARCHES 2026-07-09: (a) June-2026 USD bookrunners named from the 424B2 underwriting table — BofA, Citigroup, Deutsche Bank, Goldman Sachs, J.P. Morgan, RBC; (b) the full 22-bank EMTN dealer panel extracted from the base prospectus p.27 (yellow-marked scan vod-emtn-dealers) — arranger NatWest; CONTINUITY CAUTION: the panel's Santander Corporate & Investment Banking (Spanish parent CIB arm) is the Spanish parent, NOT Santander Bank Polska (Erste); (c) RCF syndicate composition NOT publicly disclosed (sizes/maturities confirmed in H1 FY25 6-K + FY26 20-F; the EMTN panel is the standard relationship-bank proxy); (d) Romania: TKRM absorbed (completed 01.10.2025, €30m; legal merger ~01.07.2026), transactional banking undisclosed = white space, BCR partnership on record; (e) monitor-source watches registered: results hub (27.07 Q1 FY27), corporate newsroom (Mon/Thu), CKHGT/NSIA page (Tue/Fri); (f) AR PDF remains one manual click (JS viewer, signed URLs) — scan-pending badges honest until then; the EMTN prospectus PDF yielded the first real Vodafone scan. VERIFICATION PASS 2026-07-09 (7 flagged events): 6 VERIFIED against SEC 6-K originals / RNS / official IR PDFs — all share counts, VWAPs, broker names and dates matched exactly; flags cleared. 1 KILLED: the "€350m 3.125% Series 86 due 2029" event (MarketScreener-only) does NOT appear in Vodafone's own bonds-outstanding register (all 21 EUR EMTN notes checked 2026-07-09) and has no RNS/6-K/FCA NSM record — removed per the WS-EVT evidenced+cited floor. The single-source guard did its job: an aggregator phantom would otherwise have shipped to an RM as a fact. Memo: sources/santander_erste_cib_poland/vodafone_group/_verification_vodafone_group.md ADVERSARIAL CHECK 2026-07-09: net debt €25.4bn@2.2x, bonds €33.8bn/bank €1.4bn, CKHGT £4.3bn (pending H2-2026), June US$3.5bn 3-tranche bookrunners (BofA/Citi/DB/GS/JPM/RBC), no Erste on panel, Romania merger — ALL CONFIRMED; no phantom. Panel label precised to 'Santander CIB' (Spanish parent). ADVERSARIAL WAVE-2 2026-07-09: FX/CCIRS book revised up ~€18.7bn→~€22.5bn (of €35.5bn bonds, only €13.0bn EUR; the rest swapped to EUR). Fitch outlook confirmed STABLE (reverted from Positive 07.11.2025). Consolidation timing verified: net debt €25.4bn includes VodafoneThree (from 31.05.2025); the CKHGT buyout is post-YE-Mar-2026 (not in figures).
| Document | As at | Published | Download |
|---|---|---|---|
| 20-F FY2026 — audited IFRS consolidated FS, iXBRL-tagged (SEC, filed 22.05.2026) | 31.03.2026 | 22.05.2026 | download↗ S d143190d20f.md |
| FY26 Annual Report (issuer online viewer — PDF download pending manual pull) | 31.03.2026 | 22.05.2026 | download↗ W |
| Bonds outstanding — EMTN/USD bond list with ISINs & maturities (IR debt page) | — | — | download↗ W bonds-outstanding.md |
| €30bn EMTN Programme base prospectus (16.06.2025; supplement 12.02.2026) | — | 16.06.2025 | download↗ R 2026-07-09_vg-plc-emtn-prospectus.pdf |
| FWP — US$3.5bn 3-tranche notes (4.800% 2031 / 5.350% 2036 / 6.100% 2056), settled 18.06.2026 | — | 15.06.2026 | download↗ R tm2617025d4_fwp.md |
| Companies House 01833679 — overview (entity-identity triple-check: seat Newbury, SIC 61900/70100, Active) | — | 09.07.2026 | download↗ R 01833679.md |
| Companies House charges register — 6 charges (5 outstanding), chargee Morgan Stanley & Co. International | — | 09.07.2026 | download↗ R charges.md |
| Results & presentations hub (FY26 results presentation + transcript links) | — | — | download↗ W results-and-presentations.md |
| SEC 424B2 — US$3.5bn June-2026 deal: underwriters BofA · Citi · DB · GS · JPM · RBC | — | 15.06.2026 | download↗ R tm2617025-1_424b2.md |
| H1 FY25 6-K (29.11.2024) — RCF sizes/maturities narrative (syndicate composition not disclosed) | — | 29.11.2024 | download↗ R |
| OTE/Deutsche Telekom PR — TKRM sale to Vodafone Romania (€30m) + Digi (€40m), signed 19.09.2025 | — | 19.09.2025 | download↗ W |
| BCR FY2025 results PR — Vodafone named a BCR 'strategic partner' (digital ecosystem) | — | 26.02.2026 | download↗ W |
| ANCOM — Vodafone Romania €122.5m 5G licence (2022 auction; instalments to 2028) | — | 15.11.2022 | download↗ R |
| Event-layer verification memo (2026-07-09): 6/7 VERIFIED vs SEC/RNS primaries; the €350m "Series 86" note exposed as an aggregator phantom and removed (unofficial copy) | — | 09.07.2026 | internal file W _verification_vodafone_group.md |
| SEC 6-K — 11.05.2026 buyback completion (3,685,754 shares @ 121.04p, original filing) | — | 11.05.2026 | download↗ R |
| SEC 6-K — 10.11.2025 buyback completion (6,514,459 shares @ 88.36p, original filing) | — | 10.11.2025 | download↗ R |
ENTITY-BOUNDARY NOTE: 3 of the 5 facilities below (tk-ets*) are EuroTeleSites AG debt — a separately-listed company (Wiener Börse AT000000ETS9) since the 2023 tower spin-off, not Telekom Austria AG's own obligation; they are badged (not deleted) and the TKA-AG maturity wall proper is the €750m TKA bond + €1bn RCF (both 2026W).
Telekom Austria (trading as A1 Group) is the Austrian-listed CEE telecom incumbent — FY2025 total revenues of €5.58bn, reported EBITDAC of €2.06bn (EBITDAaL €1.65bn), and a conservative balance sheet ratedS A3 / A- / A- (Moody's / S&P / Fitch), majority-owned by América Móvil (~56.6%) alongside the Austrian state's ÖBAG (~28.4%). Leverage is low — the parent bond alone is €0.75bn against €0.76bn of cash and short-term investments.
This is the report's first INCUMBENT case, and the relationship is concrete: **Erste Group Bank AG is joint bookrunner AND facility agent on the €1bn revolving credit facility A1 refinanced in December 2025** (with BBVA and Citibank, a 14-bank syndicate, undrawn). The whole of A1's funded debt sits in a single senior bond of about €750m that was reclassified to short-term at year-end 2025 because it MATURES IN DECEMBER 2026W — and Moody's has explicitly flagged that A1 will refinance it at least a year ahead. Long-term debt on the balance sheet is literally zero.
That combination — Erste already the trusted RCF agent, plus a dated €750m bond refinancing window opening now — is the clearest origination call in the book: lead or co-lead the 2026W bond refi off the existing agency relationship, with the CEE FX book (CZK/BGN/RSD/BYN) and the EuroTeleSites tower financing as follow-on. Share of wallet is not derivable from public sources, but the mandate evidence here is unusually strong.
CovenantC check: net cash — no covenant binds; indicative green-ceiling capacity is ~€7.2bn (3.5× telecom green × reported EBITDA €2.06bn + net cash). Capacity is not the constraint here; the actionable item remains the €750m bond maturing Dec-2026W.
| Statement item | Value | Source (page-verified) |
|---|---|---|
| Operating income – EBIT | EUR 851,724 thousand (= EUR 851.7m) | consolidated statement of comprehensive income p.124 — annual financial report FY2025 (IFRS) S |
| Depreciation and amortization + Depreciation of right-of-use assets (853,624 + 357,091 — two printed P&L lines) | EUR 1,210,715 thousand (= EUR 1,210.7m) | income statement p.124 — annual financial report FY2025 (IFRS) S |
| TOTAL STOCKHOLDERS' EQUITY | EUR 5,353,446 thousand (= EUR 5,353.4m) | statement of financial position p.125 — annual financial report FY2025 (IFRS) S |
| TOTAL ASSETS | EUR 10,228,193 thousand (= EUR 10,228.2m) | statement of financial position p.125 — annual financial report FY2025 (IFRS) S |
| Net cash flow from operating activities | EUR 1,843,559 thousand (= EUR 1,843.6m) | cash-flow statement p.126 — annual financial report FY2025 (IFRS) S |
| Capital expenditures paid | EUR 866,069 thousand (= EUR 866.1m) | cash-flow statement investing (note 32) p.126 (printed -866,069) — annual financial report FY2025 (IFRS) S |
| Ratio | Value | Band | Source |
|---|---|---|---|
| Headline KPIs | |||
| Revenue | €5.58bn | — | S |
| EBITDA | €1.99bn | — | S |
| EBITDA Margin | 35.6% | — | S |
| Net Profit | €613m | — | S |
| Net Debt/EBITDA | net cash | ● within covenant band | C |
| Equity Ratio | 52.3% | — | S |
| Interest Coverage | 32.89× | ● within covenant band | C |
| Free Cash Flow | €596m | — | S |
| Covenant ratios | |||
| Net debt / EBITDA | net cash | ● within covenant band | C |
| Interest coverage | 32.89× | ● within covenant band | C |
| Gearing | -0% | ● within covenant band | C |
| Net debt / (EBITDA − capex) | net cash | ● within covenant band | C |
| FCCR | 19.08× | ● within covenant band | C |
| FFO / Net debt | n/a | — | C |
| Computed profile ratios | |||
| EBITDA margin | 35.6% | — | EBITDA ÷ revenue |
| Net margin | 11.0% | — | net result ÷ revenue |
| Capex / revenue | 15528.2% | — | capital intensity — the filing's own capex-basis line (see its row above) ÷ revenue |
| Capex / D&A | 0.72× | — | >1× = asset base growing; <1× = harvesting |
| Operating CF / EBIT | 2.16× | — | cash conversion of operating profit |
| Operating CF − capex | EUR k 977,490.0 | — | internally-funded investment headroom |
| FY2025 (TEUR) | FY2024 (TEUR) |
|---|---|
| Earnings before income tax – EBT | 775,641 |
| Depreciation (15) | 562,490 |
| Amortization of intangible assets (16) | 291,134 |
| Depreciation of right-of-use assets (30) | 357,091 |
| Equity interest in net income of associated companies (18) | -1,228 |
| Result on sale / measurement of investments (7) | 164 |
| Result on sale of property, plant and equipment (5) (6) | -816 |
| Net period cost of labor obligations and restructuring (7) (23) (27) | 115,228 |
| Foreign currency exchange differences, net (7) | -1,129 |
| Interest income (7) | -36,819 |
| Interest expense (7) | 102,220 |
| Other adjustments (32) | -7,253 |
| Non-cash and other reconciliation items | 1,381,081 |
| Accounts receivable: Subscribers, distributors and other, net (10) | -60,126 |
| Prepaid expenses (13) | -2,636 |
| Due from related parties (11) | 1,100 |
| Inventories (12) | -16,492 |
| Other assets (13) (20) | -14,248 |
| Contract assets (14) | -10,232 |
| Accounts payable and accrued liabilities (22) (23) | 33,948 |
| Due to related parties (11) | 9,092 |
| Contract liabilities (24) | 13,883 |
| Working capital changes | -45,712 |
| Employee benefits and restructuring paid (23) (27) | -146,782 |
| Interest received (7) | 31,605 |
| Income taxes paid (29) | -152,275 |
| Net cash flow from operating activities | 1,843,559 |
| Capital expenditures paid (32) | -866,069 |
| Proceeds from sale of property, plant and equipment (15) | 8,062 |
| Purchase of investments (19) | -531,193 |
| Proceeds from sale of investments (19) | 237,074 |
| Acquisition of businesses, net of cash acquired (34) | -10,081 |
| Net cash flow from investing activities | -1,162,207 |
| Interest paid (7) | -96,215 |
| Repayments of short-term debt (21) (32) | -500,000 |
| Issuance of short-term debt (21) (32) | 505,045 |
| Dividends paid (28) | -266,001 |
| Deferred consideration paid for business combinations (32) (34) | -675 |
| Lease principal paid (30) | -331,102 |
| Net cash flow from financing activities | -688,948 |
| Adjustment to cash flows due to exchange rate fluctuations, net (3) | 2,289 |
| Net change in cash and cash equivalents | -5,307 |
| Cash and cash equivalents beginning of the year (9) | 366,991 |
| Cash and cash equivalents end of the year (9) | 361,684 |
| Service revenues | 4,587,835 |
| Equipment revenues | 886,514 |
| Other operating income | 103,057 |
| Total revenues (incl. other operating income) (5) | 5,577,405 |
| Cost of service | -1,458,555 |
| Cost of equipment | -887,432 |
| Selling, general & administrative expenses | -1,134,369 |
| Other expenses | -34,610 |
| Total cost and expenses (6) | -3,514,966 |
| Earnings before interest, tax, depreciation and amortization – EBITDA | 2,062,439 |
| Depreciation and amortization (15) (16) | -853,624 |
| Depreciation of right-of-use assets (30) | -357,091 |
| Operating income – EBIT | 851,724 |
| Interest income | 36,819 |
| Interest expense | -99,511 |
| Interest on employee benefits and restructuring and other financial items, net | -15,748 |
| Foreign currency exchange differences, net | 1,129 |
| Equity interest in net income of associated companies (18) | 1,228 |
| Financial result (7) | -76,083 |
| Earnings before income tax – EBT | 775,641 |
| Income tax (29) | -162,840 |
| Net result | 612,801 |
| Attributable to: Equity holders of the parent | 612,127 |
| Non-controlling interests (34) | 674 |
| Items that will not be reclassified to profit or loss: Remeasurement of defined benefit obligations, net of tax (27) | 2,452 |
| Total other comprehensive income (loss) | 20,342 |
| Total comprehensive income (loss) | 633,143 |
| Attributable to: Equity holders of the parent | 632,469 |
| Non-controlling interests (34) | 674 |
| 31.12.2025 (TEUR) | 31.12.2024 (TEUR) |
|---|---|
| ASSETS Cash and cash equivalents (9) | 361,684 |
| Short-term investments (19) | 397,949 |
| Accounts receivable: Subscribers, distributors and other, net (10) | 1,021,247 |
| Receivables due from related parties (11) | 11,414 |
| Inventories, net (12) | 119,307 |
| Income tax receivable (29) | 1,625 |
| Other current assets, net (13) | 276,350 |
| Contract assets (14) | 93,325 |
| Current assets | 2,282,900 |
| Property, plant and equipment, net (15) | 3,213,105 |
| Right-of-use assets, net (30) | 1,819,616 |
| Intangibles, net (16) | 1,509,342 |
| Goodwill (17) | 1,092,023 |
| Investments in associated companies (18) | 3,264 |
| Long-term investments (19) | 215,255 |
| Deferred income tax assets (29) | 62,176 |
| Other non-current assets, net (20) | 30,512 |
| Non-current assets | 7,945,293 |
| TOTAL ASSETS | 10,228,193 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt (21) | 753,756 |
| Lease liabilities short-term (30) | 341,744 |
| Accounts payable (22) | 1,022,846 |
| Accrued liabilities and current provisions (23) | 273,817 |
| Income tax payable (29) | 73,049 |
| Payables due to related parties (11) | 45,846 |
| Contract liabilities (24) | 254,793 |
| Current liabilities | 2,765,852 |
| Lease liabilities long-term (30) | 1,512,613 |
| Deferred income tax liabilities (29) | 65,606 |
| Other non-current liabilities (26) | 9,731 |
| Asset retirement obligation and restructuring (23) | 365,715 |
| Employee benefits (27) | 155,230 |
| Non-current liabilities | 2,108,895 |
| TOTAL LIABILITIES | 4,874,747 |
| Common stock | 1,449,275 |
| Treasury shares | -7,803 |
| Additional paid-in capital | 1,100,148 |
| Retained earnings | 3,551,932 |
| Other comprehensive income (loss) items | -742,700 |
| Equity attributable to equity holders of the parent (28) | 5,350,851 |
| Non-controlling interests | 2,595 |
| TOTAL STOCKHOLDERS’ EQUITY | 5,353,446 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 10,228,193 |
| FY2025 (TEUR) | FY2024 (TEUR) |
|---|---|
| Earnings before income tax – EBT | 775,641 |
| Depreciation (15) | 562,490 |
| Amortization of intangible assets (16) | 291,134 |
| Depreciation of right-of-use assets (30) | 357,091 |
| Equity interest in net income of associated companies (18) | -1,228 |
| Result on sale / measurement of investments (7) | 164 |
| Result on sale of property, plant and equipment (5) (6) | -816 |
| Net period cost of labor obligations and restructuring (7) (23) (27) | 115,228 |
| Foreign currency exchange differences, net (7) | -1,129 |
| Interest income (7) | -36,819 |
| Interest expense (7) | 102,220 |
| Other adjustments (32) | -7,253 |
| Non-cash and other reconciliation items | 1,381,081 |
| Accounts receivable: Subscribers, distributors and other, net (10) | -60,126 |
| Prepaid expenses (13) | -2,636 |
| Due from related parties (11) | 1,100 |
| Inventories (12) | -16,492 |
| Other assets (13) (20) | -14,248 |
| Contract assets (14) | -10,232 |
| Accounts payable and accrued liabilities (22) (23) | 33,948 |
| Due to related parties (11) | 9,092 |
| Contract liabilities (24) | 13,883 |
| Working capital changes | -45,712 |
| Employee benefits and restructuring paid (23) (27) | -146,782 |
| Interest received (7) | 31,605 |
| Income taxes paid (29) | -152,275 |
| Net cash flow from operating activities | 1,843,559 |
| Capital expenditures paid (32) | -866,069 |
| Proceeds from sale of property, plant and equipment (15) | 8,062 |
| Purchase of investments (19) | -531,193 |
| Proceeds from sale of investments (19) | 237,074 |
| Acquisition of businesses, net of cash acquired (34) | -10,081 |
| Net cash flow from investing activities | -1,162,207 |
| Interest paid (7) | -96,215 |
| Repayments of short-term debt (21) (32) | -500,000 |
| Issuance of short-term debt (21) (32) | 505,045 |
| Dividends paid (28) | -266,001 |
| Deferred consideration paid for business combinations (32) (34) | -675 |
| Lease principal paid (30) | -331,102 |
| Net cash flow from financing activities | -688,948 |
| Adjustment to cash flows due to exchange rate fluctuations, net (3) | 2,289 |
| Net change in cash and cash equivalents | -5,307 |
| Cash and cash equivalents beginning of the year (9) | 366,991 |
| Cash and cash equivalents end of the year (9) | 361,684 |
| Earnings before income tax – EBT | — |
| Depreciation | — |
| Amortization of intangible assets | — |
| Depreciation of right-of-use assets | — |
| Product | Subproduct | Revenue pool (all banks · est.) · book position | Revenue share | Driver (dated fact) & method |
|---|---|---|---|---|
| Financing | Working Capital Finance | €3.8m–7.5m · blended in group pool C #10 of 13 · ~3% of book pool | 45% | total financial debt (one €750m bond, bank-light) — €753,756k drawn debt €753,756k × 50–100 bps, EUR@1.0 derivation → |
| Financing | Investment Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing | Acquisition & Structured Finance | no Acquisition & Structured Finance exposure observed in this group | — | — |
| Financing | Export Finance (ECA) | on the bank's list; no evidence slug in our model yet — no ECA facility observed in the 13-group corpus; flag to collect (BGK/KUKE/EKN/Hermes cover facilities) | — | — |
| Cash Management / Daily Banking | Accounts | €1.1m–2.8m · group-level pool; subproducts share it C #8 of 13 · ~2% of book pool | 15% | total revenues total revenues €5,577,405k × 2–5 bps, EUR@1.0 derivation → |
| Cash Management / Daily Banking | Payments | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Connectivity | not separately estimable — host-to-host/API connectivity has no separately disclosed revenue driver; bundled into cash_management pricing, no slug in our model | — | — |
| Cash Management / Daily Banking | Corporate Cards | not separately estimable — card-program revenue (interchange/fees) not publicly disclosed at group level; no slug in our model | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Guarantees | no Trade Finance & WC Solutions exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Documentary Trade | no Trade Finance & WC Solutions exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Supply Chain Finance | no Trade Finance & WC Solutions exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Receivables Finance | no Trade Finance & WC Solutions exposure observed in this group | — | — |
| Financial Markets (FM) | FX | €976k–2.9m · blended in group pool C #8 of 13 · ~2% of book pool | 15% | CEE currency book (CZK, BGN, RSD, BYN, MKD) FX-exposed turnover ~€1,952,092k × 5–15 bps, EUR@1.0 derivation → |
| Financial Markets (FM) | Interest Rates | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Commodities | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Investments & Deposits | €1.1m–3.0m · blended in group pool C #8 of 13 · ~1% of book pool | 16% | cash + short-term investments cash & ST investments €759,633k × 15–40 bps, EUR@1.0 derivation → |
| Debt Capital Markets (DCM) | Debt Capital Markets (DCM) | €600k–1.5m · blended in group pool C #6 of 13 · ~1% of book pool | 8% | €750m bond maturing Dec-2026 (refinancing window) bond refi €750,000k × 8–20 bps, EUR@1.0 derivation → |
| Equity Capital Markets (ECM) | Equity Capital Markets (ECM) | no Equity Capital Markets (ECM) exposure observed in this group | — | — |
| M&A Advisory | M&A Advisory | EuroTeleSites tower subsidiary + CEE footprint — event-driven advisory flow | — | — |
| Custody & Securities Services | Custody | no Custody & Securities Services exposure observed in this group | — | — |
| Custody & Securities Services | Corporate Actions | no Custody & Securities Services exposure observed in this group | — | — |
| Custody & Securities Services | Fund Services | no Custody & Securities Services exposure observed in this group | — | — |
| Custody & Securities Services | Securities Services | no Custody & Securities Services exposure observed in this group | — | — |
| Treasury & Liquidity Solutions | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Investments | see Investments & Deposits — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Treasury Advisory | not separately estimable — advisory mandate revenue is not separately observable from public financials; one of the 'most advisory splits' with no separable public driver | — | — |
| Financial Advisory | Strategic Finance | no Financial Advisory exposure observed in this group | — | — |
| Financial Advisory | Debt Advisory | no Financial Advisory exposure observed in this group | — | — |
| Financial Advisory | Structured Solutions | no Financial Advisory exposure observed in this group | — | — |
| AP additions — not on your list (products our records surface that the brief omits) | ||||
| Financial Advisory | Cross-Border Structuring & Ratings Advisory | no Financial Advisory exposure observed in this group | — | — |
| Leasing | Finance Lease & Sale-and-Leaseback | no Leasing exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions | Factoring | no Trade Finance & WC Solutions exposure observed in this group | — | — |
| Financing | Real Estate & Project Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing / Debt Capital Markets | ESG / Sustainability-Linked Finance | CROSS-CUTTING TAG over the financing (green_loan) and dcm (esg_bond) group volumes — never a separate additive wallet pool; product_group is intentionally null because it spans two groups rather than owning one | — | — |
| Trade Finance & Working Capital Solutions | Trade Credit Insurance | no Trade Finance & WC Solutions exposure observed in this group | — | — |
| Cash Management / Daily Banking | Escrow Services | see Accounts — same underlying estimate, not double-counted | — | — |
| Product (ranked by capital efficiency) | Est. revenue /yr | Exposure (volume basis) | RWA density | RoRWA (revenue ÷ RWA) |
|---|---|---|---|---|
| Cash Management / Daily Banking capital-light (fee-driven) | €1.1–2.8m /yr | n/a fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Debt Capital Markets (DCM) capital-light (fee-driven) | €0.6–1.5m /yr | n/a origination fee, no balance-sheet hold | 0% assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Treasury & Liquidity Solutions capital-light (fee-driven) | €1.1–3.0m /yr | n/a fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Financing capital-heavy | €3.8–7.5m /yr | €754m unrated corporate 100% SA (term/RCF drawn) | 100% assumption · WS-CAPITAL v1.0 · regulatory | 🔴 0.75% hurdle: 🟢 ≥5% · 🟠 ≥2.5% |
| Financial Markets (FM) no exposure driver in record | €1.0–2.9m /yr | n/a SA-CCR add-on on notional (small vs notional) | 3% (of 1–5% range) assumption · WS-CAPITAL v1.0 · regulatory (approx) | ◻ n/a |
| Product group | Risk weight / CCF basis | Density range | Density (default) | Label | Hurdle set |
|---|---|---|---|---|---|
| financing | unrated corporate 100% SA (term/RCF drawn) | 100–100% | 100% | regulatory | lending |
| financing_undrawn | CCF 20% (<=1y) / 50% (>1y), then 100% RW | 20–50% | 35% | regulatory | lending |
| real_estate | 130% pre-op, 100% operational (real estate / project finance) | 100–130% | 115% | regulatory | lending |
| trade_finance_wc | financial gtee / standby LC 100% CCF; performance gtee 50%; trade LC 20%; then 100% RW | 20–100% | 60% | regulatory | trade_finance |
| dcm | origination fee, no balance-sheet hold | 0–0% | 0% | practitioner | cash_fx_dcm |
| financial_markets | SA-CCR add-on on notional (small vs notional) | 1–5% | 3% | regulatory (approx) | cash_fx_dcm |
| cash_management | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| treasury_liquidity | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| Hurdle set | Green | Amber | Red | RAROC green |
|---|---|---|---|---|
| overall | 🟢 ≥4% | 🟠 2–4% | 🔴 <2% | — |
| lending | 🟢 ≥5% | 🟠 2.5–5% | 🔴 <2.5% | ≥15% |
| trade_finance | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥18% |
| cash_fx_dcm | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥20% |
Traffic-light like the covenant scorecard. green = RoRWA >= green hurdle; amber = amber_floor to green; red = < amber_floor. The overall band (green >=4% / amber 2-4% / red <2%) is fully specified in the source; per-category amber_floor is generalized as half the category green hurdle (matching the overall 4/2 shape). RAROC green thresholds shown where the source gives them (lending >=15%, trade finance >=18%, cash/FX/DCM >=20%).
Cost of equity floor: 10–12% — Cost of equity 10-12% is the floor any product must clear.
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| €750m senior bond (1.50%, ISIN XS1405762805; issued by Telekom Finanzmanagement GmbH, guaranteed by Telekom Austria AG), maturing 07.12.2026 — reclassified to current | bond market | €753,756k (short-term debt = the €750m bond) | EUR | 1.50% | 07.12.2026 | maturity-in-window, refinancing-window W |
| A1 Towers / EuroTeleSites €255m private placement (2025) | related party (A1 Bulgaria) | €255m | EUR | 3.029% | matures 26.11.2026 | ENTITY BOUNDARY (B18 / B14 #5): this is EuroTeleSites AG debt, not Telekom Austria AG's. EuroTeleSites AG has been a SEPARATELY LISTED company (Wiener Börse AT000000ETS9) since the 2023 tower-carve-out spin-off, with its own annual financial report; its obligations are not TKA-AG consolidated debt. Kept (badged, not deleted) — the relationship intelligence stays relevant, but the obligor is EuroTeleSites, not TKA. Load-bearing TKA maturity wall = the €750m TKA bond (tk-bond-2026) + €1bn RCF (tk-rcf), both 2026. W |
| EuroTeleSites €500m senior bond | bond market | €500m | EUR | 5.25% | matures Jul-2028 | ENTITY BOUNDARY (B18 / B14 #5): this is EuroTeleSites AG debt, not Telekom Austria AG's. EuroTeleSites AG has been a SEPARATELY LISTED company (Wiener Börse AT000000ETS9) since the 2023 tower-carve-out spin-off, with its own annual financial report; its obligations are not TKA-AG consolidated debt. Kept (badged, not deleted) — the relationship intelligence stays relevant, but the obligor is EuroTeleSites, not TKA. Load-bearing TKA maturity wall = the €750m TKA bond (tk-bond-2026) + €1bn RCF (tk-rcf), both 2026. W |
| EuroTeleSites €180m private placement | institutional | €180m | EUR | Euribor+1.05% | matures Jul-2028 | ENTITY BOUNDARY (B18 / B14 #5): this is EuroTeleSites AG debt, not Telekom Austria AG's. EuroTeleSites AG has been a SEPARATELY LISTED company (Wiener Börse AT000000ETS9) since the 2023 tower-carve-out spin-off, with its own annual financial report; its obligations are not TKA-AG consolidated debt. Kept (badged, not deleted) — the relationship intelligence stays relevant, but the obligor is EuroTeleSites, not TKA. Load-bearing TKA maturity wall = the €750m TKA bond (tk-bond-2026) + €1bn RCF (tk-rcf), both 2026. W |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| €1bn revolving credit facility (refinanced Dec-2025, 5y +2×1y, undrawn) | syndicate (14 banks) — Erste Group joint bookrunner + FACILITY AGENT (+4) | EUR 1,000m committed, undrawn | EUR | commitment fee | 2030 (+2×1y) | undrawn W |
| Bank | Confirmed activity — named facilities (ticket · rate · maturity), each with proof | Product split (product · per-bank band · evidence tier) |
|---|---|---|
| Erste Group Bank AG W | deal — €1bn revolving credit facility (refinanced Dec-2025, 5y +2×1y, undrawn) — EUR 1,000m committed, undrawn · commitment fee · matures 2030 (+2×1y) W | — |
| BBVA W | deal — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| Citibank W | deal — €1bn revolving credit facility (refinanced Dec-2025, 5y +2×1y, undrawn) — EUR 1,000m committed, undrawn · commitment fee · matures 2030 (+2×1y) W | — |
| RCF syndicate (14 banks total, 11 unnamed) W | syndicate — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| other / unallocated C | — remainder — no direct evidence by design | — |
| Window | Facility (FS note, 31.12.2025) | Amount |
|---|---|---|
| 31.12.2026 | €750m senior bond maturing Dec-2026 — bond market — THE refinancing hook (Erste is the RCF S timeline ↓ | €753,756k |
| 26.11.2026 | A1 Towers €255m note maturing 26.11.2026 timeline ↓ | €255,000k |
Awaiting the bank team's manual figures. The comparison shell is live — our side is computed and cited; the bank side is a placeholder until your numbers land.
| Product · metric | Our figure (est., cited) | Bank team's figure | Divergence |
|---|---|---|---|
| Financing max deliverable volume | €754m S | awaiting bank input | – |
| Financing annual revenue /yr | €3.8m–7.5m /yr S | awaiting bank input | – |
| Debt Capital Markets (DCM) annual revenue /yr | €600k–1.5m /yr S | awaiting bank input | – |
| Cash Management / Daily Banking annual revenue /yr | €1.1m–2.8m /yr S | awaiting bank input | – |
| Treasury & Liquidity Solutions annual revenue /yr | €1.1m–3.0m /yr S | awaiting bank input | – |
| Financial Markets (FM) annual revenue /yr | €976k–2.9m /yr | awaiting bank input | – |
Every value in this section is based on the consolidated FS as at 31.12.2025 · published 01.05.2026 (plus the dated registry and interim documents listed below). Facts floor:
| Extracted fact | Value | Dated | Source tag |
|---|---|---|---|
| Consolidated revenue | EUR 5,577.4m | as at 31.12.2025 · publ. 01.05.2026 | Total revenues €5,577,405k — Annual Financial Report FY2025 — Telekom Austria AG consolidated IFRS FS (comprehensive income p.124, statement of financial position p.125, cash flows p.126), verifier-PASS 2026-07-09; in TEUR S |
| EBITDA | EUR 1,986.4m | as at 31.12.2025 · publ. 01.05.2026 | DERIVED: EBT €775,641k + depreciation 562,490 + amortization 291,134 + RoU depreciation 357,091 (cash-flow addbacks p.126) = €1,986,356k — Annual Financial Report FY2025 — Telekom Austria AG consolidated IFRS FS (comprehensive income p.124, statement of financial position p.125, cash flows p.126), verifier-PASS 2026-07-09; in TEUR S |
| Net debt | EUR -5.9m | as at 31.12.2025 · publ. 01.05.2026 | debt €753,756k − cash €361,684k − ST inv €397,949k — Annual Financial Report FY2025 — Telekom Austria AG consolidated IFRS FS (comprehensive income p.124, statement of financial position p.125, cash flows p.126), verifier-PASS 2026-07-09; in TEUR S |
| Cash & equivalents | EUR 361.7m | as at 31.12.2025 · publ. 01.05.2026 | Cash & equivalents €361,684k — Annual Financial Report FY2025 — Telekom Austria AG consolidated IFRS FS (comprehensive income p.124, statement of financial position p.125, cash flows p.126), verifier-PASS 2026-07-09; in TEUR S |
Group boundary: Telekom Austria AG, Vienna (apex) — Telekom Austria AG (A1 Group) (AT), EuroTeleSites AG / A1 Towers Holding (AT), América Móvil (parent ~56.6%) (MX). Austrian incumbent — Erste home market. Reports in TEUR (= EUR thousand). Operator/PAM confirmation: pending.
Sources:
Estimates only: drivers are cited consolidated facts; conversion uses CEE market-standard fee/margin benchmarks; the by-bank split is evidence-weighted (deal evidence > syndicate > account presence). Debt-capacity headroom sizes the borrower, not the bank's risk appetite. Your institution's covenant standards and fee benchmarks can replace the CEE defaults applied here.
Fee-methodology caveats. Bands are planning estimates, conservative-high: (1) DCM is a ONE-TIME fee on issuance proceeds, not a recurring charge on bond stock — the per-annum band is an amortised flow proxy. (2) Large-cap IG lending margins run 20–70 bps (our 50–100 is conservative-high). (3) Treasury/deposits run through net-interest-margin, not a fee. Treat totals as order-of-magnitude scale, not billable revenue.
FRESHNESS GATE 2026-07-09: FY2025 latest. FACTS FLOOR verifier-PASS (total revenues 5,577,405 · service revenues 4,587,835 · cash 361,684 · ST investments 397,949 · short-term debt 753,756 · long-term debt 0 · EBT 775,641 — all 2025 column, TEUR ×1000, locale en comma-thousands). INCUMBENT: Erste is the RCF joint bookrunner + facility agent (Clifford Chance PR 19.12.2025). The whole of funded debt is one €750m bond maturing Dec-2026 (reclassified to short-term) — the near-term refinancing ticket. EBITDA is a DERIVED proxy (EBT + D&A cash-flow addbacks), badged as such. ADVERSARIAL CHECK 2026-07-09: Erste = RCF joint bookrunner + facility agent CONFIRMED (Clifford Chance 19.12.2025); leverage corrected 0.9x→0.9x (A1-reported net debt incl. leases/EBITDA); the €750m bond (1.50%, XS1405762805, matures 07.12.2026, issued by Telekom Finanzmanagement GmbH guaranteed by TKA) refi is a LIVE 2026 catalyst (Fitch: repay via cash + new debt) — reinforces the origination hook. RCF scan (Clifford Chance PR) cut; AR page scans queued.
| Document | As at | Published | Download |
|---|---|---|---|
| Annual Financial Report FY2025 — Telekom Austria consolidated IFRS FS (comprehensive income p.124, SoFP p.125, cash flows p.126); every figure verifier-PASS | 31.12.2025 | 01.05.2026 | download↗ S AT_TKA_2025_annual_financial_report_IFRS.pdf |
| Clifford Chance PR — €1bn RCF refinancing (Erste joint bookrunner + facility agent), 19.12.2025 | — | 19.12.2025 | download↗ W |
| Moody's Credit Opinion 28.10.2025 — Telekom Austria A3 stable (issuer-republished PDF; flags the Dec-2026 €750m bond refinancing) (unofficial copy) | — | 28.10.2025 | download↗ W 2025-10-28_moodys_credit_opinion_telekom_austria_A3.pdf |
| A1 Group debt page — total financial debt €754m, committed lines €1,315m undrawn (31.03.2026) | — | 31.03.2026 | download↗ W |
| EuroTeleSites ad-hoc — A1 Towers €255m private placement (10.04.2025) | — | 10.04.2025 | download↗ W |
Ericsson is a Swedish-listed telecom-equipment maker that runs a fortress balance sheet — FY2025 net sales of SEK 236.7bn (~€21.4bn at 11.0565) and a NET-CASH position of SEK 61.2bn (~€5.5bn), up sharply from SEK 37.8bn a year earlier after the iconectiv disposal. It is ratedW S&P BBB- (stable), Fitch BBB- (stable) and Moody's Baa3 (upgraded from Ba1 on 01.06.2026, outlook stable).
Because the group is net cashC, the bank product is not term lending. Its ~SEK 32.7bn of gross borrowings sit almost entirely in bonds under a US$5bn EMTN programme (the dealer panel per the issuer offering circular includes Citigroup, Deutsche Bank and SEB; the full current panel is not independently reconfirmed), backed by two undrawn syndicated RCFs (US$2bn sustainability-linked + US$500m). The live capital-return story is a SEK 15bn Goldman-run buyback (to March 2027) plus a SEK 3.00/share dividend, and a low-hedge FX book (~half of sales USD, >15% EUR).
For Erste there is no observed presence and no Nordic-house angle on the current dealer panel — the realistic engagement is opportunistic DCM co-manager interest and the FX/hedging flow, not a lead-lending or share-of-wallet play. What share of the wallet each bank holds cannot be read from public sources.
CovenantC check: net cash SEK 61.2bn — no covenant binds and capacity is not debt-bound; the bank product is DCM/FX/ECM flow, not term lending.
| Statement item | Value | Source (page-verified) |
|---|---|---|
| Earnings (loss) before financial items and income tax (EBIT) | SEK m 38,634.0 | consolidated income statement p.33 — annual report FY2025 (IFRS) S |
| Depreciations + Total amortizations (cash-flow note H3: 3,247 PP&E + 2,051 right-of-use + 3,611 intangibles) | SEK m 8,909.0 | note H3 p.79 — no single printed D&A total; sum of the three printed components — annual report FY2025 (IFRS) S |
| Total equity | SEK m 110,264.0 | consolidated balance sheet p.34 — annual report FY2025 (IFRS) S |
| Total assets | SEK m 279,223.0 | consolidated balance sheet p.34 — annual report FY2025 (IFRS) S |
| Cash flow from operating activities | SEK m 32,954.0 | cash-flow statement p.35 — annual report FY2025 (IFRS) S |
| Investments in property, plant and equipment + Product development (2,630 + 1,138 — two printed lines) | SEK m 3,768.0 | cash-flow statement investing section p.35 — annual report FY2025 (IFRS) S |
| Ratio | Value | Band | Source |
|---|---|---|---|
| Headline KPIs | |||
| Revenue | €21.41bn | — | S |
| EBITDA | €4.52bn | — | S |
| EBITDA Margin | 21.1% | — | S |
| Net Profit | €2.60bn | — | S |
| Net Debt/EBITDA | net cash | ● within covenant band | C |
| Interest Coverage | 88.09× | ● within covenant band | C |
| Free Cash Flow | €2.42bn | — | S |
| Covenant ratios | |||
| Net debt / EBITDA | net cash | ● within covenant band | C |
| Interest coverage | 88.09× | ● within covenant band | C |
| Gearing | -56% | ● within covenant band | C |
| Net debt / (EBITDA − capex) | net cash | ● within covenant band | C |
| FCCR | 81.44× | ● within covenant band | C |
| FFO / Net debt | n/a | — | C |
| Computed profile ratios | |||
| EBITDA margin | 21.1% | — | EBITDA ÷ revenue |
| Net margin | 12.1% | — | net result ÷ revenue |
| Capex / revenue | 17602.1% | — | capital intensity — the filing's own capex-basis line (see its row above) ÷ revenue |
| Capex / D&A | 0.42× | — | >1× = asset base growing; <1× = harvesting |
| Operating CF / EBIT | 0.85× | — | cash conversion of operating profit |
| Operating CF − capex | SEK m 29,186.0 | — | internally-funded investment headroom |
| 2025 (SEK million) | 2024 (SEK million) |
|---|---|
| Net sales B1, B2 | 236,681 |
| Cost of sales | -124,013 |
| Gross income | 112,668 |
| Research and development expenses | -48,852 |
| Selling and administrative expenses | -33,685 |
| Impairment reversals/losses on trade receivables F1 | 239 |
| Operating expenses | -82,298 |
| Other operating income B4 | 9,389 |
| Other operating expenses B4 | -1,179 |
| Share of earnings of associated companies B1, E3 | 54 |
| Earnings (loss) before financial items and income tax (EBIT) B1 | 38,634 |
| Financial income F2 | 2,480 |
| Financial expenses F2 | -3,047 |
| Net foreign exchange gains/losses F2 | 235 |
| Income (loss) after financial items | 38,302 |
| Income tax H1 | -9,588 |
| Net income (loss) | 28,714 |
| Owners of the Parent Company | 28,428 |
| Non-controlling interests | 286 |
| Average number of shares, basic (million) H2 | 3,333 |
| Earnings (loss) per share attributable to owners of the Parent Company, basic (SEK) H2 | 8.5 |
| Earnings (loss) per share attributable to owners of the Parent Company, diluted (SEK) H2 | 8.5 |
| Depreciations | 2,051 |
| Impairment losses | 21 |
| intangible assets (EN: Note H3 (p.79) sub-item — Customer relationships, IPRs & other intangible assets (amortisation OR impairment charge, depending on tag/value; label truncated by the source's 2-column page layout)) | 1,821 |
| intangible assets (EN: Note H3 (p.79) sub-item — Customer relationships, IPRs & other intangible assets (amortisation OR impairment charge, depending on tag/value; label truncated by the source's 2-column page layout)) | 77 |
| equipment and intangible assets (EN: Note H3 (p.79) — total depreciation, amortisation & impairment losses on property, plant & equipment + intangible assets; label truncated by the source's 3-line text wrap, values verified against the printed row) | 9,241 |
| Dec 31 2025 (SEK million) | Dec 31 2024 (SEK million) |
|---|---|
| Capitalized development expenses | 3,866 |
| Goodwill | 46,882 |
| Customer relationships, IPRs and other intangible assets | 5,631 |
| Property, plant and equipment C2 | 8,789 |
| Right-of-use assets C3 | 6,738 |
| Investments in associated companies E3 | 1,507 |
| Other investments in shares and participations F3 | 1,909 |
| Customer finance, non-current B6, F1 | 238 |
| Interest-bearing securities, non-current F1, F3 | 37,298 |
| Other financial assets, non-current F3 | 5,960 |
| Deferred tax assets H1 | 16,851 |
| Financial assets — Summe (EN: section total) | 135,669 |
| Inventories B5 | 23,451 |
| Contract assets B6, F1 | 7,333 |
| Trade receivables B6, F1 | 40,327 |
| Customer finance, current B6, F1 | 852 |
| Current tax assets | 5,030 |
| Other current receivables B7 | 9,920 |
| Interest-bearing securities, current F1 | 12,715 |
| Cash and cash equivalents H3 | 43,926 |
| Current assets — Summe (EN: section total) | 143,554 |
| Total assets | 279,223 |
| Capital stock E1 | 16,859 |
| Additional paid in capital E1 | 24,731 |
| Translation reserves E1 | 1,254 |
| Cash flow hedge reserves E1 | 2,064 |
| Revaluation of borrowings E1 | -479 |
| Retained earnings E1 | 65,106 |
| Equity attributable to owners of the Parent Company E1 | 109,535 |
| Non-controlling interests E1 | 729 |
| Equity — Summe (EN: section total) | 110,264 |
| Post-employment benefits G1 | 18,648 |
| Provisions, non-current D1 | 2,993 |
| Deferred tax liabilities H1 | 152 |
| Borrowings, non-current F4 | 29,165 |
| Lease liabilities, non-current C3 | 5,772 |
| Other non-current liabilities | 1,292 |
| Non-current liabilities — Summe (EN: section total) | 58,022 |
| Provisions, current D1 | 5,691 |
| Borrowings, current F4 | 3,538 |
| Lease liabilities, current C3 | 1,789 |
| Contract liabilities B6 | 36,867 |
| Trade payables B8 | 26,335 |
| Current tax liabilities | 2,679 |
| Other current liabilities B9 | 34,038 |
| Current liabilities — Summe (EN: section total) | 110,937 |
| Total equity and liabilities | 279,223 |
| 2025 (SEK million) | 2024 (SEK million) |
|---|---|
| Net income (loss) | 28,714 |
| Adjustments to reconcile net income to cash H3 | 10,793 |
| Changes in operating net assets Inventories | 929 |
| Customer finance, current and non-current | 3,033 |
| Trade receivables and contract assets | -4,301 |
| Trade payables | 462 |
| Provisions and post-employment benefits | -1,435 |
| Contract liabilities | 1,485 |
| Other operating assets and liabilities, net | 205 |
| Interest received | 2,283 |
| Interest paid | -2,205 |
| Taxes paid | -7,009 |
| Cash flow from operating activities | 32,954 |
| Investing activities Investments in property, plant and equipment C2 | -2,630 |
| Sales of property, plant and equipment | 192 |
| Acquisitions of subsidiaries and other operations H3, E2 | -1,099 |
| Divestments of subsidiaries and other operations H3, E2 | 11,638 |
| Product development C1 | -1,138 |
| Purchase of interest-bearing securities | -38,758 |
| Sale of interest-bearing securities | 16,688 |
| Other investing activities | 3,670 |
| Cash flow from investing activities | -11,437 |
| Financing activities Proceeds from issuance of borrowings F4 | 398 |
| Repayment of borrowings F4 | -3,538 |
| Dividends paid | -9,545 |
| Repayment of lease liabilities F4 | -2,115 |
| Other financing activities | 577 |
| Cash flow from financing activities | -14,223 |
| Effect of exchange rate changes on cash | -7,253 |
| Net change in cash and cash equivalents | 41 |
| Cash and cash equivalents, beginning of period | 43,885 |
| Cash and cash equivalents, end of period H3 | 43,926 |
| Earnings (loss) before financial items and income tax (EBIT) | — |
| Total depreciation, amortisation & impairment losses — PP&E + intangible assets (Note H3) | — |
| Right-of-use assets — depreciation (Note H3) | — |
| Right-of-use assets — impairment losses (Note H3) | — |
| Product | Subproduct | Revenue pool (all banks · est.) · book position | Revenue share | Driver (dated fact) & method |
|---|---|---|---|---|
| Financing | Working Capital Finance | €14.8m–29.6m · blended in group pool C #5 of 13 · ~10% of book pool | 38% | drawn borrowings (mostly bonds; bank-light) — €2,957,808k drawn debt €2,957,808k × 50–100 bps, EUR@11.0565 derivation → |
| Financing | Investment Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing | Acquisition & Structured Finance | no Acquisition & Structured Finance exposure observed in this group | — | — |
| Financing | Export Finance (ECA) | on the bank's list; no evidence slug in our model yet — no ECA facility observed in the 13-group corpus; flag to collect (BGK/KUKE/EKN/Hermes cover facilities) | — | — |
| Cash Management / Daily Banking | Accounts | €4.3m–10.7m · group-level pool; subproducts share it C #5 of 13 · ~9% of book pool | 13% | consolidated net sales net sales €21,406,503k × 2–5 bps, EUR@11.0565 derivation → |
| Cash Management / Daily Banking | Payments | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Connectivity | not separately estimable — host-to-host/API connectivity has no separately disclosed revenue driver; bundled into cash_management pricing, no slug in our model | — | — |
| Cash Management / Daily Banking | Corporate Cards | not separately estimable — card-program revenue (interchange/fees) not publicly disclosed at group level; no slug in our model | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Guarantees | no Trade Finance & WC Solutions exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Documentary Trade | no Trade Finance & WC Solutions exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Supply Chain Finance | no Trade Finance & WC Solutions exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Receivables Finance | no Trade Finance & WC Solutions exposure observed in this group | — | — |
| Financial Markets (FM) | FX | €5.4m–16.1m · blended in group pool C #6 of 13 · ~10% of book pool | 19% | USD/EUR-heavy sales basket (SEK reporting; ~half USD, >15% EUR) FX-exposed turnover ~€10,703,252k × 5–15 bps, EUR@11.0565 derivation → |
| Financial Markets (FM) | Interest Rates | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Commodities | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Investments & Deposits | €6.0m–15.9m · blended in group pool C #7 of 13 · ~7% of book pool | 19% | cash & equivalents (net-cash group) cash €3,972,867k × 15–40 bps, EUR@11.0565 derivation → |
| Debt Capital Markets (DCM) | Debt Capital Markets (DCM) | €2.4m–5.9m · blended in group pool C #5 of 13 · ~4% of book pool | 7% | US$5bn EMTN programme (serial issuer) bonds outstanding €2,957,808k × 8–20 bps, EUR@11.0565 derivation → |
| Equity Capital Markets (ECM) | Equity Capital Markets (ECM) | €1.4m–3.4m · blended in group pool C #2 of 13 · ~33% of book pool | 4% | SEK 15bn buyback programme (Goldman-run) buyback €1,356,668k × 10–25 bps, EUR@11.0565 derivation → |
| M&A Advisory | M&A Advisory | iconectiv sale to Koch completed 22.08.2025 (~SEK 9.9bn cash) — disposal advisory flow | — | — |
| Custody & Securities Services | Custody | no Custody & Securities Services exposure observed in this group | — | — |
| Custody & Securities Services | Corporate Actions | no Custody & Securities Services exposure observed in this group | — | — |
| Custody & Securities Services | Fund Services | no Custody & Securities Services exposure observed in this group | — | — |
| Custody & Securities Services | Securities Services | no Custody & Securities Services exposure observed in this group | — | — |
| Treasury & Liquidity Solutions | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Investments | see Investments & Deposits — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Treasury Advisory | not separately estimable — advisory mandate revenue is not separately observable from public financials; one of the 'most advisory splits' with no separable public driver | — | — |
| Financial Advisory | Strategic Finance | no Financial Advisory exposure observed in this group | — | — |
| Financial Advisory | Debt Advisory | no Financial Advisory exposure observed in this group | — | — |
| Financial Advisory | Structured Solutions | no Financial Advisory exposure observed in this group | — | — |
| AP additions — not on your list (products our records surface that the brief omits) | ||||
| Financial Advisory | Cross-Border Structuring & Ratings Advisory | no Financial Advisory exposure observed in this group | — | — |
| Leasing | Finance Lease & Sale-and-Leaseback | no Leasing exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions | Factoring | no Trade Finance & WC Solutions exposure observed in this group | — | — |
| Financing | Real Estate & Project Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing / Debt Capital Markets | ESG / Sustainability-Linked Finance | CROSS-CUTTING TAG over the financing (green_loan) and dcm (esg_bond) group volumes — never a separate additive wallet pool; product_group is intentionally null because it spans two groups rather than owning one | — | — |
| Trade Finance & Working Capital Solutions | Trade Credit Insurance | no Trade Finance & WC Solutions exposure observed in this group | — | — |
| Cash Management / Daily Banking | Escrow Services | see Accounts — same underlying estimate, not double-counted | — | — |
| Product (ranked by capital efficiency) | Est. revenue /yr | Exposure (volume basis) | RWA density | RoRWA (revenue ÷ RWA) |
|---|---|---|---|---|
| Cash Management / Daily Banking capital-light (fee-driven) | €4.3–10.7m /yr | n/a fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Debt Capital Markets (DCM) capital-light (fee-driven) | €2.4–5.9m /yr | n/a origination fee, no balance-sheet hold | 0% assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Treasury & Liquidity Solutions capital-light (fee-driven) | €6.0–15.9m /yr | n/a fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Financing capital-heavy | €14.8–29.6m /yr | €2,958m unrated corporate 100% SA (term/RCF drawn) | 100% assumption · WS-CAPITAL v1.0 · regulatory | 🔴 0.75% hurdle: 🟢 ≥5% · 🟠 ≥2.5% |
| Financial Markets (FM) no exposure driver in record | €5.4–16.1m /yr | n/a SA-CCR add-on on notional (small vs notional) | 3% (of 1–5% range) assumption · WS-CAPITAL v1.0 · regulatory (approx) | ◻ n/a |
| Product group | Risk weight / CCF basis | Density range | Density (default) | Label | Hurdle set |
|---|---|---|---|---|---|
| financing | unrated corporate 100% SA (term/RCF drawn) | 100–100% | 100% | regulatory | lending |
| financing_undrawn | CCF 20% (<=1y) / 50% (>1y), then 100% RW | 20–50% | 35% | regulatory | lending |
| real_estate | 130% pre-op, 100% operational (real estate / project finance) | 100–130% | 115% | regulatory | lending |
| trade_finance_wc | financial gtee / standby LC 100% CCF; performance gtee 50%; trade LC 20%; then 100% RW | 20–100% | 60% | regulatory | trade_finance |
| dcm | origination fee, no balance-sheet hold | 0–0% | 0% | practitioner | cash_fx_dcm |
| financial_markets | SA-CCR add-on on notional (small vs notional) | 1–5% | 3% | regulatory (approx) | cash_fx_dcm |
| cash_management | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| treasury_liquidity | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| Hurdle set | Green | Amber | Red | RAROC green |
|---|---|---|---|---|
| overall | 🟢 ≥4% | 🟠 2–4% | 🔴 <2% | — |
| lending | 🟢 ≥5% | 🟠 2.5–5% | 🔴 <2.5% | ≥15% |
| trade_finance | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥18% |
| cash_fx_dcm | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥20% |
Traffic-light like the covenant scorecard. green = RoRWA >= green hurdle; amber = amber_floor to green; red = < amber_floor. The overall band (green >=4% / amber 2-4% / red <2%) is fully specified in the source; per-category amber_floor is generalized as half the category green hurdle (matching the overall 4/2 shape). RAROC green thresholds shown where the source gives them (lending >=15%, trade finance >=18%, cash/FX/DCM >=20%).
Cost of equity floor: 10–12% — Cost of equity 10-12% is the floor any product must clear.
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| senior bonds under US$5bn EMTN | bond market | SEK 32,703m (€2,957,808k equiv) | multi (SEK/USD/EUR) | fixed/floating | laddered | W |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| US$2bn sustainability-linked RCF (backup, undrawn) | syndicate (unnamed) | USD 2,000m committed, undrawn | USD | commitment fee | 2026 (+ext options) | undrawn W |
| US$500m liquidity RCF (backup, undrawn) | syndicate (unnamed) | USD 500m committed, undrawn | USD | commitment fee | — | undrawn W |
| Bank | Confirmed activity — named facilities (ticket · rate · maturity), each with proof | Product split (product · per-bank band · evidence tier) |
|---|---|---|
| Citigroup W | syndicate — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| Deutsche Bank W | syndicate — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| SEB W | syndicate — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| Other EMTN dealers (panel not independently reconfirmed) W | syndicate — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| Goldman Sachs Bank Europe W | deal — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| Erste Group W | — — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| other / unallocated C | — remainder — no direct evidence by design | — |
| Window | Facility (FS note, 31.12.2025) | Amount |
|---|---|---|
| no facilities maturing in window | ||
Awaiting the bank team's manual figures. The comparison shell is live — our side is computed and cited; the bank side is a placeholder until your numbers land.
| Product · metric | Our figure (est., cited) | Bank team's figure | Divergence |
|---|---|---|---|
| Financing max deliverable volume | €2.96bn S | awaiting bank input | – |
| Financing annual revenue /yr | €14.8m–29.6m /yr S | awaiting bank input | – |
| Debt Capital Markets (DCM) annual revenue /yr | €2.4m–5.9m /yr S | awaiting bank input | – |
| Cash Management / Daily Banking annual revenue /yr | €4.3m–10.7m /yr S | awaiting bank input | – |
| Treasury & Liquidity Solutions annual revenue /yr | €6.0m–15.9m /yr S | awaiting bank input | – |
| Financial Markets (FM) annual revenue /yr | €5.4m–16.1m /yr | awaiting bank input | – |
| Equity Capital Markets (ECM) annual revenue /yr | €1.4m–3.4m /yr | awaiting bank input | – |
Every value in this section is based on the consolidated FS as at 31.12.2025 · published 27.03.2026 (plus the dated registry and interim documents listed below). Facts floor:
| Extracted fact | Value | Dated | Source tag |
|---|---|---|---|
| Consolidated revenue | EUR 21,406.5m | as at 31.12.2025 · publ. 27.03.2026 | Net sales SEK 236,681m → €21,406,503k @ 11.0565 — 20-F/AR FY2025 — Ericsson consolidated FS (income p.33, balance sheet p.34), verifier-PASS 2026-07-09 S |
| EBITDA | EUR 4,517.4m | as at 31.12.2025 · publ. 27.03.2026 | DERIVED: EBIT SEK 38,634m + D&A/impairments PP&E+intangibles 9,241m (note H3 p.79) + RoU depreciation 2,072m = SEK 49,947m → EUR @11.0565 — AR FY2025 p.33/79, verified 2026-07-10 S |
| Net debt | EUR -5,535.2m | as at 31.12.2025 · publ. 27.03.2026 | NET CASH SEK 61.2bn → €5,535,206k (Ericsson Q4/FY2025 results) (borrowings p.34 − cash p.34, AR FY2025) S |
| Cash & equivalents | EUR 3,972.9m | as at 31.12.2025 · publ. 27.03.2026 | Cash & equivalents SEK 43,926m → €3,972,867k — 20-F/AR FY2025 — Ericsson consolidated FS (income p.33, balance sheet p.34), verifier-PASS 2026-07-09 S |
Group boundary: Telefonaktiebolaget LM Ericsson AB (publ), Stockholm (apex) — Telefonaktiebolaget LM Ericsson AB (SE). Reports in SEK; wallet in EUR at the stamped rate (2025 full-year average, flow basis). Net-cash group. FX RESIDUAL: the stock lines — net cash SEK 61.2bn and drawn debt SEK 32.7bn — are converted at the same average; at the SEK/EUR year-end reference (10.8215) they would read ~2.2% higher in EUR. Immaterial to this wallet: no lending capacity binds and the fee bands are bps-level, so the flow (average) basis governs the material conversion. Operator/PAM confirmation: pending.
Sources:
Estimates only: drivers are cited consolidated facts; conversion uses CEE market-standard fee/margin benchmarks; the by-bank split is evidence-weighted (deal evidence > syndicate > account presence). Debt-capacity headroom sizes the borrower, not the bank's risk appetite. Your institution's covenant standards and fee benchmarks can replace the CEE defaults applied here.
Fee-methodology caveats. Bands are planning estimates, conservative-high: (1) DCM is a ONE-TIME fee on issuance proceeds, not a recurring charge on bond stock — the per-annum band is an amortised flow proxy. (2) Large-cap IG lending margins run 20–70 bps (our 50–100 is conservative-high). (3) Treasury/deposits run through net-interest-margin, not a fee. Treat totals as order-of-magnitude scale, not billable revenue.
FRESHNESS GATE 2026-07-09: FY2025 (31.12.2025) latest; AR published 27.03.2026. FACTS FLOOR from the AR IFRS FS — ALL figures verifier-PASS (net sales 236,681 · cash 43,926 · borrowings 29,165+3,538, 2025 column, SEK million ×1M, locale en). SEK→EUR at 11.15 (approx; wallet is estimates). Net-cash group: the bank product is DCM/FX, not lending. Scans pending (AR PDF page render queued).
| Document | As at | Published | Download |
|---|---|---|---|
| Annual Report FY2025 — Ericsson consolidated IFRS FS (income p.33, balance sheet p.34); every figure verifier-PASS | 31.12.2025 | 27.03.2026 | download↗ S SE_ERIC_2025_annual_report_IFRS.pdf |
| US$5bn EMTN Offering Circular 2026 (dealers Citi/CACIB/Danske/DB/SEB) | — | 27.03.2026 | download↗ W |
| Ericsson PR — SEK 15bn buyback (Goldman, from 23.04.2026) | — | 16.04.2026 | download↗ W |
| Ericsson PR — iconectiv sale completed 22.08.2025 (~SEK 9.9bn) | — | 22.08.2025 | download↗ W |
Nokia is a Finnish-listed, EUR-reporting network-equipment maker — FY2025 net sales of €19.9bn and a net-cash-and-investments position of about €3.4bn (down from €4.9bn after the €2.2bn Infinera acquisition, which was funded cash-and-stock). Ratings sit at the IG threshold: S&PW BBB-, Fitch BBB-, Moody's Ba1 with a positive outlook from December 2025.
Like the other large-cap telcos in this book it funds through the bond market, not banks: ~€3.4bn of interest-bearing liabilities under a €5bn EMTN programme (a fresh €500m 3.625% 2032 print in June 2026), a €1.5bn sustainability-linked RCF signed June 2025 (undrawn, no financial covenants), and a €435m EIB R&D facility. The €500m 2027 RCF was voluntarily cancelled in March 2026 — a group trimming spare bank lines it does not need. ECM is the live flow: the AGM re-upped a 550m-share buyback authorization.
The dated catalyst is the closed Infinera integration and the standing DCM calendar. For Erste there is no observed presence and the RCF syndicate is unnamed in public sources — the realistic entry is a co-manager seat on the EMTN flow, not lead lending. Share of wallet is not derivable from public sources.
CovenantC check: net cash €3.4bn — no covenant binds; capacity is not the constraint. The wallet is flow-led (EMTN calendar, RCF backstop, buyback execution).
| Statement item | Value | Source (page-verified) |
|---|---|---|
| Operating profit | EUR m 885.0 | consolidated income statement p.200 — annual report FY2025 (IFRS) S |
| Depreciation and amortization | EUR m 1,119.0 | segment note 2.2 'Other segment items', Nokia Group column p.212 (printed (1 119)) — annual report FY2025 (IFRS) S |
| Total equity | EUR m 21,058.0 | statement of financial position p.202 — annual report FY2025 (IFRS) S |
| Total assets | EUR m 37,597.0 | statement of financial position p.202 — annual report FY2025 (IFRS) S |
| Net cash flows from operating activities | EUR m 2,071.0 | cash-flow statement p.203 — annual report FY2025 (IFRS) S |
| Purchase of property, plant and equipment and intangible assets | EUR m 606.0 | cash-flow statement investing p.203 (printed (606)) — annual report FY2025 (IFRS) S |
| Ratio | Value | Band | Source |
|---|---|---|---|
| Headline KPIs | |||
| Revenue | €19.89bn | — | S |
| EBITDA | €2.00bn | — | S |
| EBITDA Margin | 10.1% | — | S |
| Net Profit | €660m | — | S |
| Net Debt/EBITDA | net cash | ● within covenant band | C |
| Equity Ratio | 56.0% | — | S |
| Free Cash Flow | €1.47bn | — | S |
| Covenant ratios | |||
| Net debt / EBITDA | net cash | ● within covenant band | C |
| Interest coverage | n.m. (net interest income) | ● within covenant band | C |
| Gearing | -16% | ● within covenant band | C |
| Net debt / (EBITDA − capex) | net cash | ● within covenant band | C |
| FCCR | n/a | — | C |
| FFO / Net debt | n/a | — | C |
| Computed profile ratios | |||
| EBITDA margin | 10.1% | — | EBITDA ÷ revenue |
| Net margin | 3.3% | — | net result ÷ revenue |
| Capex / revenue | 3046.9% | — | capital intensity — the filing's own capex-basis line (see its row above) ÷ revenue |
| Capex / D&A | 0.54× | — | >1× = asset base growing; <1× = harvesting |
| Operating CF / EBIT | 2.34× | — | cash conversion of operating profit |
| Operating CF − capex | EUR m 1,465.0 | — | internally-funded investment headroom |
| 2025 (EURm) | 2024 (EURm) |
|---|---|
| Net sales 2.1, 2.2 | 19,889 |
| Cost of sales 2.2, 2.3 | -11,230 |
| Gross profit | 8,659 |
| Research and development expenses 2.2, 2.3 | -4,855 |
| Selling, general and administrative expenses(1) 2.2, 2.3 | -3,073 |
| Other operating income(1) 2.2, 2.3 | 42 |
| Other operating expenses 2.2, 2.3 | 112 |
| Operating profit⁽¹⁾ | 885 |
| Share of results of associates and joint ventures 2.2, 6.4 | 19 |
| Financial income(1) 2.2, 2.4 | 257 |
| Financial expenses 2.2, 2.4 | -246 |
| Profit before tax | 915 |
| Income tax expense 2.5 | -277 |
| Profit from continuing operations | 638 |
| Profit/(loss) from discontinued operations 2.6 | 22 |
| Profit for the year | 660 |
| Attributable to: Equity holders of the parent | 651 |
| Non-controlling interests | 9 |
| EURm 2025 2024 2023 Personnel expenses | 7,831 |
| Material and customer contract related expenses | 8,609 |
| Depreciation and amortization | 1,119 |
| 31 Dec 2025 (EURm) | 31 Dec 2024 (EURm) |
|---|---|
| Non-current assets Goodwill 4.1 | 5,996 |
| Other intangible assets 4.1 | 1,399 |
| Property, plant and equipment 4.2 | 1,570 |
| Right-of-use assets 4.3 | 920 |
| Investments in associated companies and joint ventures 6.4 | 180 |
| Non-current interest-bearing financial investments 5.2, 5.4 | 368 |
| Other non-current financial assets 5.2, 5.4 | 1,072 |
| Defined benefit pension assets 3.4 | 6,380 |
| Deferred tax assets 2.5 | 3,643 |
| Other non-current receivables 4.6 | 277 |
| Total non-current assets | 21,805 |
| Current assets Inventories 4.4 | 2,209 |
| Trade receivables 4.5, 5.2, 5.4 | 4,975 |
| Contract assets 4.5 | 805 |
| Current income tax assets 2.5 | 256 |
| Other current receivables 4.6 | 784 |
| Current interest-bearing financial investments 5.2, 5.4 | 961 |
| Other current financial assets 5.2, 5.3, 5.4 | 340 |
| Cash and cash equivalents 5.2, 5.4 | 5,462 |
| Total current assets | 15,792 |
| Total assets | 37,597 |
| EURm Note 2025 2024 SHAREHOLDERS’ EQUITY AND LIABILITIES Equity Share capital | 246 |
| Share premium | 870 |
| Treasury shares | -352 |
| Translation differences | -1,272 |
| Fair value and other reserves | 3,955 |
| Reserve for invested unrestricted equity | 15,663 |
| Retained earnings | 1,857 |
| Total shareholders’ equity | 20,967 |
| Non-controlling interests | 91 |
| Total equity 5.1 | 21,058 |
| Non-current liabilities Long-term interest-bearing liabilities 5.2, 5.3, 5.4 | 2,329 |
| Long-term lease liabilities 5.4 | 797 |
| Defined benefit pension and post-employment liabilities 3.4 | 1,947 |
| Deferred tax liabilities 2.5 | 392 |
| Contract liabilities 4.5 | 286 |
| Other non-current liabilities 4.6 | 147 |
| Provisions 4.7 | 637 |
| Total non-current liabilities | 6,535 |
| Current liabilities Short-term interest-bearing liabilities 5.2, 5.3, 5.4 | 1,084 |
| Short-term lease liabilities 5.4 | 203 |
| Other financial liabilities 5.2, 5.3, 5.4 | 316 |
| Contract liabilities 4.5 | 1,562 |
| Current income tax liabilities 2.5 | 344 |
| Trade payables 5.2, 5.4 | 2,978 |
| Other current liabilities 4.6 | 2,738 |
| Provisions 4.7 | 779 |
| Total current liabilities | 10,004 |
| Total liabilities | 16,539 |
| Total shareholders’ equity and liabilities | 37,597 |
| 2025 (EURm) | 2024 (EURm) |
|---|---|
| Profit for the year | 660 |
| Adjustments, total(1) | 2,065 |
| Change in net working capital(2) | -209 |
| Cash flows from operations | 2,516 |
| Interest received | 163 |
| Interest paid 4.3, 5.2 | -212 |
| Income taxes paid, net | -396 |
| Net cash flows from operating activities | 2,071 |
| Cash flow from investing activities Purchase of property, plant and equipment and intangible assets | -606 |
| Proceeds from sale of property, plant and equipment and intangible assets | 28 |
| Acquisition of businesses, net of cash acquired 6.2 | -1,730 |
| Purchase of shares in associated companies | -50 |
| — — Proceeds from disposal of businesses, net of cash disposed 2.6 | 40 |
| Purchase of interest-bearing financial investments | -337 |
| Proceeds from interest-bearing financial investments | 1,102 |
| Purchase of other financial assets | -117 |
| Proceeds from other financial assets | 186 |
| Other | 88 |
| Net cash flows (used in)/from investing activities | -1,396 |
| Cash flow from financing activities Proceeds from issuance of shares 5.1 | 859 |
| — — Acquisition of treasury shares 5.1 | -624 |
| Purchase of equity instruments of subsidiaries 5.2 | -501 |
| — — Proceeds from long-term borrowings 5.4 | 151 |
| Repayment of long-term borrowings 5.4 | -875 |
| (Repayment of)/proceeds from short-term borrowings 5.4 | 360 |
| Payment of principal portion of lease liabilities 4.3, 5.4 | -221 |
| Dividends paid 5.1 | -759 |
| Net cash flows used in financing activities | -1,610 |
| Translation differences | -226 |
| Net (decrease)/increase in cash and cash equivalents | -1,161 |
| Cash and cash equivalents at 1 January | 6,623 |
| Cash and cash equivalents at 31 December | 5,462 |
| Operating profit (EN: operating profit) | — |
| Depreciation and amortization (EN: D&A add-back, Note 2.3 Operating expenses by nature) | — |
| Product | Subproduct | Revenue pool (all banks · est.) · book position | Revenue share | Driver (dated fact) & method |
|---|---|---|---|---|
| Financing | Working Capital Finance | €17.1m–34.1m · blended in group pool C #3 of 13 · ~12% of book pool | 37% | interest-bearing liabilities (bond-led) — €3,413,000k drawn debt €3,413,000k × 50–100 bps, EUR@1.0 derivation → |
| Financing | Investment Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing | Acquisition & Structured Finance | Infinera (~€2.19bn, US$2.3bn EV) completed 28.02.2025, cash-and-stock (~70% cash / ≤30% Nokia ADS) + a treasury-share buyback to offset dilution — integration + follow-on flow | — | — |
| Financing | Export Finance (ECA) | on the bank's list; no evidence slug in our model yet — no ECA facility observed in the 13-group corpus; flag to collect (BGK/KUKE/EKN/Hermes cover facilities) | — | — |
| Cash Management / Daily Banking | Accounts | €4.0m–9.9m · group-level pool; subproducts share it C #6 of 13 · ~8% of book pool | 10% | net sales net sales €19,889,000k × 2–5 bps, EUR@1.0 derivation → |
| Cash Management / Daily Banking | Payments | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Cash Management / Daily Banking | Connectivity | not separately estimable — host-to-host/API connectivity has no separately disclosed revenue driver; bundled into cash_management pricing, no slug in our model | — | — |
| Cash Management / Daily Banking | Corporate Cards | not separately estimable — card-program revenue (interchange/fees) not publicly disclosed at group level; no slug in our model | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Guarantees | no Trade Finance & WC Solutions exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Documentary Trade | no Trade Finance & WC Solutions exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Supply Chain Finance | no Trade Finance & WC Solutions exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions (excl. Export Finance) | Receivables Finance | no Trade Finance & WC Solutions exposure observed in this group | — | — |
| Financial Markets (FM) | FX | €7.5m–22.4m · blended in group pool C #5 of 13 · ~14% of book pool | 22% | multi-currency sales; USD/INR/CNY exposure hedged FX-exposed turnover ~€14,917,000k × 5–15 bps, EUR@1.0 derivation → |
| Financial Markets (FM) | Interest Rates | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Commodities | see FX — same underlying estimate, not double-counted | — | — |
| Financial Markets (FM) | Investments & Deposits | €8.2m–21.8m · blended in group pool C #6 of 13 · ~9% of book pool | 22% | cash & equivalents (net-cash group) cash €5,462,000k × 15–40 bps, EUR@1.0 derivation → |
| Debt Capital Markets (DCM) | Debt Capital Markets (DCM) | €2.7m–6.8m · blended in group pool C #4 of 13 · ~4% of book pool | 7% | €5bn EMTN programme (serial issuer) bonds outstanding €3,413,000k × 8–20 bps, EUR@1.0 derivation → |
| Equity Capital Markets (ECM) | Equity Capital Markets (ECM) | €700k–1.8m · blended in group pool C #3 of 13 · ~17% of book pool | 2% | buyback authorizations (up to 550m shares) buyback flow €700,000k × 10–25 bps, EUR@1.0 derivation → |
| M&A Advisory | M&A Advisory | no M&A Advisory exposure observed in this group | — | — |
| Custody & Securities Services | Custody | no Custody & Securities Services exposure observed in this group | — | — |
| Custody & Securities Services | Corporate Actions | no Custody & Securities Services exposure observed in this group | — | — |
| Custody & Securities Services | Fund Services | no Custody & Securities Services exposure observed in this group | — | — |
| Custody & Securities Services | Securities Services | no Custody & Securities Services exposure observed in this group | — | — |
| Treasury & Liquidity Solutions | Liquidity Management | see Accounts — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Investments | see Investments & Deposits — same underlying estimate, not double-counted | — | — |
| Treasury & Liquidity Solutions | Treasury Advisory | not separately estimable — advisory mandate revenue is not separately observable from public financials; one of the 'most advisory splits' with no separable public driver | — | — |
| Financial Advisory | Strategic Finance | no Financial Advisory exposure observed in this group | — | — |
| Financial Advisory | Debt Advisory | no Financial Advisory exposure observed in this group | — | — |
| Financial Advisory | Structured Solutions | no Financial Advisory exposure observed in this group | — | — |
| AP additions — not on your list (products our records surface that the brief omits) | ||||
| Financial Advisory | Cross-Border Structuring & Ratings Advisory | no Financial Advisory exposure observed in this group | — | — |
| Leasing | Finance Lease & Sale-and-Leaseback | no Leasing exposure observed in this group | — | — |
| Trade Finance & Working Capital Solutions | Factoring | no Trade Finance & WC Solutions exposure observed in this group | — | — |
| Financing | Real Estate & Project Finance | see Working Capital Finance — same underlying estimate, not double-counted | — | — |
| Financing / Debt Capital Markets | ESG / Sustainability-Linked Finance | CROSS-CUTTING TAG over the financing (green_loan) and dcm (esg_bond) group volumes — never a separate additive wallet pool; product_group is intentionally null because it spans two groups rather than owning one | — | — |
| Trade Finance & Working Capital Solutions | Trade Credit Insurance | no Trade Finance & WC Solutions exposure observed in this group | — | — |
| Cash Management / Daily Banking | Escrow Services | see Accounts — same underlying estimate, not double-counted | — | — |
| Product (ranked by capital efficiency) | Est. revenue /yr | Exposure (volume basis) | RWA density | RoRWA (revenue ÷ RWA) |
|---|---|---|---|---|
| Cash Management / Daily Banking capital-light (fee-driven) | €4.0–9.9m /yr | n/a fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Debt Capital Markets (DCM) capital-light (fee-driven) | €2.7–6.8m /yr | n/a origination fee, no balance-sheet hold | 0% assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Treasury & Liquidity Solutions capital-light (fee-driven) | €8.2–21.8m /yr | n/a fee / deposit-driven, minimal RWA | 2.5% (of 0–5% range) assumption · WS-CAPITAL v1.0 · practitioner | 🟢 ~0% RWA — fee/deposit-driven |
| Financing capital-heavy | €17.1–34.1m /yr | €3,413m unrated corporate 100% SA (term/RCF drawn) | 100% assumption · WS-CAPITAL v1.0 · regulatory | 🔴 0.75% hurdle: 🟢 ≥5% · 🟠 ≥2.5% |
| Financial Markets (FM) no exposure driver in record | €7.5–22.4m /yr | n/a SA-CCR add-on on notional (small vs notional) | 3% (of 1–5% range) assumption · WS-CAPITAL v1.0 · regulatory (approx) | ◻ n/a |
| Product group | Risk weight / CCF basis | Density range | Density (default) | Label | Hurdle set |
|---|---|---|---|---|---|
| financing | unrated corporate 100% SA (term/RCF drawn) | 100–100% | 100% | regulatory | lending |
| financing_undrawn | CCF 20% (<=1y) / 50% (>1y), then 100% RW | 20–50% | 35% | regulatory | lending |
| real_estate | 130% pre-op, 100% operational (real estate / project finance) | 100–130% | 115% | regulatory | lending |
| trade_finance_wc | financial gtee / standby LC 100% CCF; performance gtee 50%; trade LC 20%; then 100% RW | 20–100% | 60% | regulatory | trade_finance |
| dcm | origination fee, no balance-sheet hold | 0–0% | 0% | practitioner | cash_fx_dcm |
| financial_markets | SA-CCR add-on on notional (small vs notional) | 1–5% | 3% | regulatory (approx) | cash_fx_dcm |
| cash_management | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| treasury_liquidity | fee / deposit-driven, minimal RWA | 0–5% | 2.5% | practitioner | cash_fx_dcm |
| Hurdle set | Green | Amber | Red | RAROC green |
|---|---|---|---|---|
| overall | 🟢 ≥4% | 🟠 2–4% | 🔴 <2% | — |
| lending | 🟢 ≥5% | 🟠 2.5–5% | 🔴 <2.5% | ≥15% |
| trade_finance | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥18% |
| cash_fx_dcm | 🟢 ≥6% | 🟠 3–6% | 🔴 <3% | ≥20% |
Traffic-light like the covenant scorecard. green = RoRWA >= green hurdle; amber = amber_floor to green; red = < amber_floor. The overall band (green >=4% / amber 2-4% / red <2%) is fully specified in the source; per-category amber_floor is generalized as half the category green hurdle (matching the overall 4/2 shape). RAROC green thresholds shown where the source gives them (lending >=15%, trade finance >=18%, cash/FX/DCM >=20%).
Cost of equity floor: 10–12% — Cost of equity 10-12% is the floor any product must clear.
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| senior notes under €5bn EMTN | bond market | €3,413m (LT 2,329 + ST 1,084) | multi | fixed | laddered to 2032 | W |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| €1.5bn sustainability-linked RCF (5y +2×1y, undrawn) | syndicate (unnamed) | EUR 1,500m committed, undrawn | EUR | commitment fee; margin tied to Scope 1/2/3 | 2030 | undrawn W |
| Structure | Financier | Amount | Ccy | Rate | Maturity | Flags / scan |
|---|---|---|---|---|---|---|
| €435m EIB R&D facility (committed, undisbursed) | European Investment Bank | EUR 435m committed | EUR | EIB terms | ~7y post-disbursement | undisbursed W |
| Bank | Confirmed activity — named facilities (ticket · rate · maturity), each with proof | Product split (product · per-bank band · evidence tier) |
|---|---|---|
| Syndicate of the €1.5bn SLL RCF (unnamed) W | syndicate — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| European Investment Bank W | deal — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| Erste Group W | — — no NAMED facility ties to this bank in the financing notes we parsed — account/roster relationship only | — |
| other / unallocated C | — remainder — no direct evidence by design | — |
| Window | Facility (FS note, 31.12.2025) | Amount |
|---|---|---|
| no facilities maturing in window | ||
Awaiting the bank team's manual figures. The comparison shell is live — our side is computed and cited; the bank side is a placeholder until your numbers land.
| Product · metric | Our figure (est., cited) | Bank team's figure | Divergence |
|---|---|---|---|
| Financing max deliverable volume | €3.41bn S | awaiting bank input | – |
| Financing annual revenue /yr | €17.1m–34.1m /yr S | awaiting bank input | – |
| Debt Capital Markets (DCM) annual revenue /yr | €2.7m–6.8m /yr S | awaiting bank input | – |
| Cash Management / Daily Banking annual revenue /yr | €4.0m–9.9m /yr S | awaiting bank input | – |
| Treasury & Liquidity Solutions annual revenue /yr | €8.2m–21.8m /yr S | awaiting bank input | – |
| Financial Markets (FM) annual revenue /yr | €7.5m–22.4m /yr | awaiting bank input | – |
| Equity Capital Markets (ECM) annual revenue /yr | €700k–1.8m /yr | awaiting bank input | – |
Every value in this section is based on the consolidated FS as at 31.12.2025 · published 29.01.2026 (plus the dated registry and interim documents listed below). Facts floor:
| Extracted fact | Value | Dated | Source tag |
|---|---|---|---|
| Consolidated revenue | EUR 19,889.0m | as at 31.12.2025 · publ. 29.01.2026 | Net sales €19,889m — AR FY2025 — Nokia consolidated IFRS FS (income p.200, statement of financial position p.202), verifier-PASS 2026-07-09 S |
| EBITDA | EUR 2,004.0m | as at 31.12.2025 · publ. 29.01.2026 | DERIVED: operating profit €885m + D&A €1,119m (cash-flow add-back p.203) = €2,004m — AR FY2025 p.200/203, verified 2026-07-10 S |
| Net debt | EUR -3,378.0m | as at 31.12.2025 · publ. 29.01.2026 | NET CASH + investments €3,378m (Nokia Q4/FY2025 report) (interest-bearing liabilities p.202 − cash p.202, AR FY2025) S |
| Cash & equivalents | EUR 5,462.0m | as at 31.12.2025 · publ. 29.01.2026 | Cash & equivalents €5,462m — AR FY2025 — Nokia consolidated IFRS FS (income p.200, statement of financial position p.202), verifier-PASS 2026-07-09 S |
Group boundary: Nokia Oyj, Espoo (apex) — Nokia Oyj (FI), Infinera Corporation (US). Net-cash group. Reports in EUR. Operator/PAM confirmation: pending.
Sources:
Estimates only: drivers are cited consolidated facts; conversion uses CEE market-standard fee/margin benchmarks; the by-bank split is evidence-weighted (deal evidence > syndicate > account presence). Debt-capacity headroom sizes the borrower, not the bank's risk appetite. Your institution's covenant standards and fee benchmarks can replace the CEE defaults applied here.
Fee-methodology caveats. Bands are planning estimates, conservative-high: (1) DCM is a ONE-TIME fee on issuance proceeds, not a recurring charge on bond stock — the per-annum band is an amortised flow proxy. (2) Large-cap IG lending margins run 20–70 bps (our 50–100 is conservative-high). (3) Treasury/deposits run through net-interest-margin, not a fee. Treat totals as order-of-magnitude scale, not billable revenue.
FRESHNESS GATE 2026-07-09: FY2025 latest; AR published 01.03.2026. FACTS FLOOR verifier-PASS (net sales 19,889 · cash 5,462 · LT 2,329 + ST 1,084, 2025 column, EURm ×1M, locale fi space-thousands). Net-cash group. Scans pending (AR PDF page render queued).
| Document | As at | Published | Download |
|---|---|---|---|
| Annual Report FY2025 — Nokia consolidated IFRS FS (income p.200, SoFP p.202); every figure verifier-PASS | 31.12.2025 | 01.03.2026 | download↗ S FI_NOKIA_2025_annual_report_IFRS.pdf |
| €5bn EMTN base prospectus (31.03.2026; BBB-/BBB-) | — | 31.03.2026 | download↗ R |
| Nokia PR — €1.5bn sustainability-linked RCF (30.06.2025) | — | 30.06.2025 | download↗ W |
| Nokia newsroom — Infinera acquisition completed (28.02.2025) | — | 28.02.2025 | download↗ W |
| Company | Document | As at | Published | Download |
|---|---|---|---|---|
| ORLEN | Consolidated FS FY2025 — audited, English (in FY25 Consolidated PDF package) | 31.12.2025 | 29.04.2026 | download↗ |
| ORLEN | Consolidated FS FY2025 — ESEF package (official XHTML, Polish) | 31.12.2025 | 29.04.2026 | download↗ |
| ORLEN | Q1 2026 interim report (EN, published 28.05.2026) | 31.03.2026 | 28.05.2026 | download↗ |
| ORLEN | Q4 2025 consolidated quarterly report (EN, 19.02.2026) — recycled from the Capital Linkage corpus; superseded by the audited annual | 31.12.2025 | 19.02.2026 | download↗ |
| ORLEN | 4Q/FY2025 results presentation (EN) — recycled from the Capital Linkage corpus | 31.12.2025 | 19.02.2026 | download↗ |
| ORLEN | H1 2025 report (EN, 21.08.2025) — recycled from the Capital Linkage corpus | 30.06.2025 | 21.08.2025 | download↗ |
| ORLEN | ORLEN group ownership graph — 172 entities (Capital Linkage product, v1.2) | 31.12.2025 | 19.02.2026 | download↗ |
| ORLEN | Consolidated financial data workbook FY2025 (issuer XLS — machine-readable primary statements) | 31.12.2025 | 29.04.2026 | download↗ |
| ORLEN | Consolidated FS FY2025 — audited, Polish original (PDF package) | 31.12.2025 | 29.04.2026 | download↗ |
| MODIVO (formerly CCC S.A.) | Audited consolidated FS FY2025/26 — ESEF (official iXBRL, FYE 31.01.2026) | 31.01.2026 | 29.05.2026 | download↗ |
| MODIVO (formerly CCC S.A.) | Q1 2026/27 preliminary results (report 23/2026, 20.05.2026) | 30.04.2026 | 20.05.2026 | download↗ |
| MODIVO (formerly CCC S.A.) | Current report 23/2026 — Q1 2026 preliminary data (cover) | 30.04.2026 | 20.05.2026 | download↗ |
| MODIVO (formerly CCC S.A.) | Current report 39/2026 — new Management Board members (25.06.2026) | 25.06.2026 | 25.06.2026 | download↗ |
| TDJ | Consolidated FS FY2025 — Polish MF structured e-Sprawozdanie (UoR consolidated, XML) | 31.12.2025 | 26.06.2026 | download↗ |
| TDJ | Grenevia take-private disclosures (tender + squeeze-out; Santander BM broker) | 13.03.2026 | 13.03.2026 | download↗ |
| TDJ | Invest TDJ Estate 2025 report (bond programme — Catalyst) | 31.12.2025 | 29.05.2026 | download↗ |
| Grupa Azoty | Consolidated FS FY2025 — ESEF package (official XHTML) | 31.12.2025 | 29.04.2026 | download↗ |
| Grupa Azoty | Consolidated FS FY2025 — PDF copy of the XHTML report (issuer, unofficial copy) | 31.12.2025 | 29.04.2026 | download↗ |
| Grupa Azoty | Consolidated interim report Q1 2026 (PDF) | 31.03.2026 | 28.05.2026 | download↗ |
| Grupa Azoty | VAT White List — bank-account register (Ministry of Finance), queried 2026-07-09 | 09.07.2026 | 09.07.2026 | download↗ |
| Grupa Azoty | ESPI 59/2026 (parent) / 48/2026 (Police) — standstill extension to 30.09.2026, conditional | — | 01.07.2026 | download↗ |
| Grupa Azoty | Puls Biznesu 01.07.2026 — independent second outlet on the standstill extension | — | 01.07.2026 | download↗ |
| Grupa Azoty | Grupa Azoty official EN press release — term sheet 01.06.2026, 11 institutions, deal terms | — | 02.06.2026 | download↗ |
| Grupa Azoty | bankier.pl — exact ESPI header 49/2026 (term sheet) 02.06.2026 | — | 02.06.2026 | download↗ |
| Grupa Azoty | Reuters 13.11.2025 — ~PLN 600m/$165m State Treasury share-issue plan (33.7m shares) | — | 13.11.2025 | download↗ |
| Grupa Azoty | rp.pl 13.03.2026 — EGM resolution + capital-increase authorization band | — | 13.03.2026 | download↗ |
| Grupa Azoty | Grupa Azoty Tarnów current-reports archive (EN) — CR 18/2026 (EGM), 49/2026 (term sheet), 59/2026 (standstill); the "not less than PLN 500m by 31.07.2026" condition text | — | — | download↗ |
| Grupa Azoty | Parkiet 23.07.2025 — second outlet + named spokesperson for the considered-options event | — | 23.07.2025 | download↗ |
| Grupa Azoty | PAP Biznes EN wire 22.07.2025 — original report with explicit "no agreement yet reached" caveat | — | 22.07.2025 | download↗ |
| Grupa Azoty | Event-layer verification memo (2026-07-09): 3 VERIFIED via ESPI + 1 corrected (PLN 500m floor vs ~600m estimate); Santander→Erste continuity confirmed in filings | — | 09.07.2026 | download↗ |
| Grupa Śnieżka (FFiL Śnieżka S.A.) | Consolidated FS FY2025 — ESEF package (official XHTML; no issuer PDF copy published) | 31.12.2025 | 14.04.2026 | download↗ |
| Grupa Śnieżka (FFiL Śnieżka S.A.) | FY2024 FS note — historical financing observations (BNP SLL) | 31.12.2024 | 16.04.2025 | download↗ |
| Grupa Śnieżka (FFiL Śnieżka S.A.) | VAT White List — bank-account register (Ministry of Finance), queried 2026-07-09 | 09.07.2026 | 09.07.2026 | download↗ |
| Grupa Śnieżka (FFiL Śnieżka S.A.) | ESPI 3/2026 (GPW) — board dividend recommendation 15.04.2026: PLN 5.15/share + "at least 50%" policy language | — | 15.04.2026 | download↗ |
| Grupa Śnieżka (FFiL Śnieżka S.A.) | ESPI 19/2026 (GPW) — AGM dividend resolution 21.05.2026 | — | 21.05.2026 | download↗ |
| Grupa Śnieżka (FFiL Śnieżka S.A.) | ESPI 2/2026 (GPW) — CZ/SK subsidiary registration filings 02.03.2026 (+ delayed inside information) | — | 02.03.2026 | download↗ |
| Grupa Śnieżka (FFiL Śnieżka S.A.) | Śnieżka press release 02.03.2026 — entity names, seats, 100% ownership (Poli-Farbe Czechia / Slovakia) | — | 02.03.2026 | download↗ |
| Grupa Śnieżka (FFiL Śnieżka S.A.) | Śnieżka press release 14.04.2026 — FY2025 results (net debt/EBITDA 0.9x vs 1.4x) | — | 14.04.2026 | download↗ |
| Grupa Śnieżka (FFiL Śnieżka S.A.) | Bankier.pl 15.04.2026 — CEO Mikrut: room to finance acquisitions, no active M&A talks | — | 15.04.2026 | download↗ |
| Grupa Śnieżka (FFiL Śnieżka S.A.) | Event-layer verification memo (2026-07-09): dividend PAID (status fix), CZ/SK = filings not registrations, ESPI numbers pinned | — | 09.07.2026 | download↗ |
| Siemens Healthineers AG | Annual Report FY2025 — IFRS consolidated (Note 15 Financial debt pp.159–161, Note 16 p.162) | 30.09.2025 | 19.11.2025 | download↗ |
| Siemens Healthineers AG | Half-Year Financial Report H1 FY2026 (freshest BS, 31.03.2026; debt composition p.24) | 31.03.2026 | 06.05.2026 | download↗ |
| Siemens Healthineers AG | AG Jahresabschluss FY2025 (HGB; banks €0, affiliated €21.7bn) | 30.09.2025 | 19.11.2025 | download↗ |
| Siemens Healthineers AG | EQS buyback 5th interim report (2.29m shares by 05.07.2026) — Unternehmensregister | 05.07.2026 | 06.07.2026 | download↗ |
| Siemens Healthineers AG | SHL official IR — Share Buyback Jun 2026–Jan 2027 (terms of the €230m / 14m-share programme) | — | 21.05.2026 | download↗ |
| Siemens Healthineers AG | Siemens official PDF press release 17.04.2026 — Feb-2027 AGM timeline (canonical primary) | — | 17.04.2026 | download↗ |
| Siemens Healthineers AG | Siemens official press release 12.11.2025 — deconsolidation plan (30% spin-off, 67%→~37%, "significant minority") | — | 12.11.2025 | download↗ |
| Siemens Healthineers AG | EQS notice — prior buyback completion 10.11.2025 (7,517,375 shares / €349,999,963.40, exact match) | — | 10.11.2025 | download↗ |
| Siemens Healthineers AG | stock-world.de — ~€13.9bn of SHL loans carry a Siemens AG group guarantee lapsing on deconsolidation (wallet-unlock corroboration) | — | — | download↗ |
| Siemens Healthineers AG | finanzen.net 04.07.2026 — CEO Busch reaffirms the Feb-2027 AGM path (timeline still current) | — | 04.07.2026 | download↗ |
| Siemens Healthineers AG | Event-layer verification memo (2026-07-09): 1 VERIFIED, 2 attribution corrections; treasury-detachment framing confirmed vs FY2024 AR | — | 09.07.2026 | download↗ |
| Alfred Kärcher SE & Co. KG | Konzernabschluss FY2024 (HGB) — Unternehmensregister HRA 260169 Stuttgart | 31.12.2024 | 21.04.2026 | download↗ |
| Alfred Kärcher SE & Co. KG | FY2025 key-figures press release (revenue EUR 3.483bn) — NOT an FS | 31.12.2025 | 21.01.2026 | download↗ |
| Alfred Kärcher SE & Co. KG | Vertriebs-GmbH §264(3) exemption notice (group scope evidence) | 31.12.2025 | 25.03.2026 | download↗ |
| Alfred Kärcher SE & Co. KG | Kärcher official Jahresrückblick 2025 (FY2025 annual review: €170m capex deployed, PT/CI subsidiaries, 86% foreign revenue) | — | 29.01.2026 | download↗ |
| Alfred Kärcher SE & Co. KG | presseportal.de wire — independent syndication of the FY2025 annual-review facts | — | 29.01.2026 | download↗ |
| Alfred Kärcher SE & Co. KG | Business News This Week — ARMA Products India 100% acquisition (second source, independent of Trilegal) | — | 08.11.2024 | download↗ |
| Alfred Kärcher SE & Co. KG | Event-layer verification memo (2026-07-09): 1 VERIFIED, 1 CORRECTED (capex reframe); no new corporate debt found — debt-free framing stands | — | 09.07.2026 | download↗ |
| Knauf Group (Gebr. Knauf KG) | Konzernabschluss FY2024 (HGB/PublG, shortened) — Unternehmensregister HRA 2771 Würzburg | 31.12.2024 | 26.05.2026 | download↗ |
| Knauf Group (Gebr. Knauf KG) | Argaam (Tadawul newswire) — UMI acquisition completed 12/13.05.2026 | — | 13.05.2026 | download↗ |
| Knauf Group (Gebr. Knauf KG) | Knauf official UMI completion PR (SAR 57/share · SAR 504.5m · 8,850,669 shares) | — | 12.05.2026 | download↗ |
| Knauf Group (Gebr. Knauf KG) | Zawya — UMI GAC regulatory clearance 12.03.2026 | — | 12.03.2026 | download↗ |
| Knauf Group (Gebr. Knauf KG) | Handelsblatt — Russia exit declared failed (second source) | — | 07.10.2025 | download↗ |
| Knauf Group (Gebr. Knauf KG) | AK&M — Russia business still under local management as of 04.2026 (current-state check) | — | 29.04.2026 | download↗ |
| Knauf Group (Gebr. Knauf KG) | Knauf newsroom statement 28.05.2025 — Ukraine Borshchiv capex (corrects the recorded event date) | — | 28.05.2025 | download↗ |
| Knauf Group (Gebr. Knauf KG) | Davaktiv.uz — independent Uzbek confirmation of the Texnopark acquisition | — | — | download↗ |
| Knauf Group (Gebr. Knauf KG) | Event-layer verification memo (2026-07-09): UMI completed, Texnopark completed, event-date fix, Russia-exit corroborated ×6 | — | 09.07.2026 | download↗ |
| Orange S.A. | 2025 Universal Registration Document — IFRS consolidated FS + PCG parent accounts (EN) | 31.12.2025 | 02.04.2026 | download↗ |
| Orange S.A. | Q1 2026 trading update (revenue + EBITDAaL; no balance sheet) | 31.03.2026 | 23.04.2026 | download↗ |
| Orange S.A. | Orange PR — "Success of Lead the Future 2023-2025" (verifies FY2025 revenue €40,396m · net debt €22,526m · 1.80x) | — | 18.02.2026 | download↗ |
| Orange S.A. | Orange PR — €5bn senior bond in 5 tranches (Nov-2025 print; tranche-level terms) | — | 06.11.2025 | download↗ |
| Orange S.A. | Orange PR — US$6bn bond in 5 tranches (Jan-2026; wavg coupon 4.72%, first USD deal since 2016) | — | 06.01.2026 | download↗ |
| Orange S.A. | AMF open-data filing — €6bn sustainability-linked RCF, 27 banks (terms: Nov-2027 +2×1yr, 25bp ±2.25bp ESG) | — | 23.11.2022 | download↗ |
| Orange S.A. | S&P Global Ratings — BBB+/A-2 affirmation + MasOrange leverage path ~3.2x→~3.0x [paywalled] | — | — | download↗ |
| Orange S.A. | Moody's Credit Outlook 10-Nov-2025 — leverage rising toward ~3.0x Moody's-adjusted [paywalled] | — | 10.11.2025 | download↗ |
| Orange S.A. | Euronext notice — €750m hybrid notes Jun-2025 (3.875%, first call Mar-2032, 50% equity credit) | — | 12.06.2025 | download↗ |
| Orange S.A. | Triple-check verification memo (deep research 2026-07-09): verdict table a-j, analyst sources, corrections | — | 09.07.2026 | download↗ |
| Vodafone Group Plc | 20-F FY2026 — audited IFRS consolidated FS, iXBRL-tagged (SEC, filed 22.05.2026) | 31.03.2026 | 22.05.2026 | download↗ |
| Vodafone Group Plc | FY26 Annual Report (issuer online viewer — PDF download pending manual pull) | 31.03.2026 | 22.05.2026 | download↗ |
| Vodafone Group Plc | Bonds outstanding — EMTN/USD bond list with ISINs & maturities (IR debt page) | — | — | download↗ |
| Vodafone Group Plc | €30bn EMTN Programme base prospectus (16.06.2025; supplement 12.02.2026) | — | 16.06.2025 | download↗ |
| Vodafone Group Plc | FWP — US$3.5bn 3-tranche notes (4.800% 2031 / 5.350% 2036 / 6.100% 2056), settled 18.06.2026 | — | 15.06.2026 | download↗ |
| Vodafone Group Plc | Companies House 01833679 — overview (entity-identity triple-check: seat Newbury, SIC 61900/70100, Active) | — | 09.07.2026 | download↗ |
| Vodafone Group Plc | Companies House charges register — 6 charges (5 outstanding), chargee Morgan Stanley & Co. International | — | 09.07.2026 | download↗ |
| Vodafone Group Plc | Results & presentations hub (FY26 results presentation + transcript links) | — | — | download↗ |
| Vodafone Group Plc | SEC 424B2 — US$3.5bn June-2026 deal: underwriters BofA · Citi · DB · GS · JPM · RBC | — | 15.06.2026 | download↗ |
| Vodafone Group Plc | H1 FY25 6-K (29.11.2024) — RCF sizes/maturities narrative (syndicate composition not disclosed) | — | 29.11.2024 | download↗ |
| Vodafone Group Plc | OTE/Deutsche Telekom PR — TKRM sale to Vodafone Romania (€30m) + Digi (€40m), signed 19.09.2025 | — | 19.09.2025 | download↗ |
| Vodafone Group Plc | BCR FY2025 results PR — Vodafone named a BCR 'strategic partner' (digital ecosystem) | — | 26.02.2026 | download↗ |
| Vodafone Group Plc | ANCOM — Vodafone Romania €122.5m 5G licence (2022 auction; instalments to 2028) | — | 15.11.2022 | download↗ |
| Vodafone Group Plc | Event-layer verification memo (2026-07-09): 6/7 VERIFIED vs SEC/RNS primaries; the €350m "Series 86" note exposed as an aggregator phantom and removed | — | 09.07.2026 | download↗ |
| Vodafone Group Plc | SEC 6-K — 11.05.2026 buyback completion (3,685,754 shares @ 121.04p, original filing) | — | 11.05.2026 | download↗ |
| Vodafone Group Plc | SEC 6-K — 10.11.2025 buyback completion (6,514,459 shares @ 88.36p, original filing) | — | 10.11.2025 | download↗ |
| Telekom Austria AG (A1 Group) | Annual Financial Report FY2025 — Telekom Austria consolidated IFRS FS (comprehensive income p.124, SoFP p.125, cash flows p.126); every figure verifier-PASS | 31.12.2025 | 01.05.2026 | download↗ |
| Telekom Austria AG (A1 Group) | Clifford Chance PR — €1bn RCF refinancing (Erste joint bookrunner + facility agent), 19.12.2025 | — | 19.12.2025 | download↗ |
| Telekom Austria AG (A1 Group) | Moody's Credit Opinion 28.10.2025 — Telekom Austria A3 stable (issuer-republished PDF; flags the Dec-2026 €750m bond refinancing) | — | 28.10.2025 | download↗ |
| Telekom Austria AG (A1 Group) | A1 Group debt page — total financial debt €754m, committed lines €1,315m undrawn (31.03.2026) | — | 31.03.2026 | download↗ |
| Telekom Austria AG (A1 Group) | EuroTeleSites ad-hoc — A1 Towers €255m private placement (10.04.2025) | — | 10.04.2025 | download↗ |
| Telefonaktiebolaget LM Ericsson AB | Annual Report FY2025 — Ericsson consolidated IFRS FS (income p.33, balance sheet p.34); every figure verifier-PASS | 31.12.2025 | 27.03.2026 | download↗ |
| Telefonaktiebolaget LM Ericsson AB | US$5bn EMTN Offering Circular 2026 (dealers Citi/CACIB/Danske/DB/SEB) | — | 27.03.2026 | download↗ |
| Telefonaktiebolaget LM Ericsson AB | Ericsson PR — SEK 15bn buyback (Goldman, from 23.04.2026) | — | 16.04.2026 | download↗ |
| Telefonaktiebolaget LM Ericsson AB | Ericsson PR — iconectiv sale completed 22.08.2025 (~SEK 9.9bn) | — | 22.08.2025 | download↗ |
| Nokia Oyj | Annual Report FY2025 — Nokia consolidated IFRS FS (income p.200, SoFP p.202); every figure verifier-PASS | 31.12.2025 | 01.03.2026 | download↗ |
| Nokia Oyj | €5bn EMTN base prospectus (31.03.2026; BBB-/BBB-) | — | 31.03.2026 | download↗ |
| Nokia Oyj | Nokia PR — €1.5bn sustainability-linked RCF (30.06.2025) | — | 30.06.2025 | download↗ |
| Nokia Oyj | Nokia newsroom — Infinera acquisition completed (28.02.2025) | — | 28.02.2025 | download↗ |