Subscriptions for 5-year BEST series AF1 bonds, with a total nominal value of up to PLN 90 million and the potential to increase the issue to PLN 140 million, will be accepted from 3 to 16 March this year. This is the first public offering conducted under the Company’s new public bond issue programme, which has a total value of up to PLN 500 million and is based on a prospectus approved by the Polish Financial Supervision Authority in early February this year.
The forthcoming public offering of series AF1 bonds consists of securities with a nominal value of PLN 100 each, totalling up to PLN 90 million, with the option to increase this to PLN 140 million. These 5-year debt securities will carry a variable interest rate equal to the 3M WIBOR rate plus a margin ranging from 3.10 to 3.50 percentage points, with the final margin to be determined by the Company based on investor subscriptions. The subscription period will run from 3 to 16 March this year.
When subscribing, investors should specify their minimum acceptable margin within the 3.10 to 3.50 percentage point range, in increments of 0.10 percentage points. Based on the subscriptions received, BEST will determine and announce the final issue size and margin on 18 March this year. The conditional allotment of bonds will also take place on that date, with bonds being allocated only to those investors who specified a margin equal to or lower than the final margin set by the Company.
Interest on the series AF1 bonds will be paid to investors quarterly, and the bonds are due for redemption on 24 March 2031. As with previous public bond issues, the Company intends to list the series AF1 bonds on the Catalyst regulated market.
The investment firm coordinating the offering is Michael / Ström Dom Maklerski S.A. Subscriptions for BEST bonds will also be accepted by Dom Maklerski BDM S.A., Dom Maklerski Banku Ochrony Środowiska S.A., and Noble Securities S.A.
The series AF1 offering is the first to be conducted under BEST’s new public bond issue programme, which has a total value of up to PLN 500 million. It is being carried out on the basis of a base prospectus approved by the Polish Financial Supervision Authority on 9 February this year.
BEST intends to use the proceeds from the bond issue to finance the Group’s further development, specifically investments in claim portfolios. In the final quarter of last year, the BEST Group’s expenditure on claim portfolios reached a record high of nearly PLN 370 million, while for the full year 2025, it amounted to almost PLN 590 million.
– In 2026, we plan to continue strengthening our position and expanding the scale of BEST Group’s operations across all four markets where we are active: Poland, Italy, Romania, and Bulgaria. Following a highly successful fourth quarter last year, we maintain a strong appetite for further investment. We anticipate that public bond issues, targeted at a wide range of investors, will become an important source of financing for our development, states Marek Kucner, Vice-President of BEST S.A.
BEST has been an active issuer on the corporate bond market continuously since 2011, and since 2014 it has also conducted public bond offerings accessible to a wide range of individual investors. The total nominal value of bonds issued to date by the BEST Group has reached approximately PLN 1.8 billion, with securities worth approximately PLN 1.3 billion already redeemed. In the opinion of the Management Board, the Company’s long-standing market presence and history of timely debt servicing confirm its credibility as a bond issuer.
The BEST Group’s strong financial fundamentals are also reflected in its conservative debt levels. At the end of the third quarter of 2025, the net debt-to-equity ratio stood at 1.04, remaining significantly below the maximum level of 2.50 specified in the bond terms and conditions. This provides the Company with considerable scope to securely finance its further development while maintaining high creditworthiness.
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| Schedule for the public offering of BEST’s series AF1 bonds | |
| Subscription opening date | 03 March 2026 |
| Subscription closing date: | 16 March 2026 |
| Conditional allotment date | 18 March 2026 |
| Expected issue date | 24 March 2026 |
| Expected commencement of bond trading | April 2026 |
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About BEST
BEST Capital Group is one of the largest debt collection companies in Poland, and it invests actively in portfolios of non-performing debts using investment funds. BEST S.A. has been listed at the Warsaw Stock Exchange (GPW) since 1997.
BEST S.A., as a member and co-founder of the Association of Financial Companies in Poland, and a co-founder and moderator of the Good Debt Collection Practice actively contributes to the development and shaping of the claims market in Poland.
The BEST Capital Group aims to become a leader in the debt management industry in Europe. Apart from Poland, it has been operating in Italy since 2017, and since 2025 – following a merger with Kredyt Inkaso – also in Romania and Bulgaria.
For more information, visit www.best.com.pl or contact us:
NBS Communications
e-mail: [email protected]
Krzysztof Woch | phone + 48 516 173 691
Maciej Szczepaniak | phone + 48 514 985 845
IMPORTANT INFORMATION
This release is not a prospectus within the meaning of Regulation (EU) 2017/1129 (the ‘Prospectus Regulation’). The information contained in this release constitutes advertising within the meaning of the Prospectus Regulation. The information presented in this release is subject to change. No person may rely for any purpose on the information contained in this release, or on its accuracy, reliability or completeness.
This release is not intended to be published or distributed, directly or indirectly, in the United States of America. This release and any subsequent offer of securities may be subject to restrictions under the laws of certain jurisdictions, and persons receiving this release should familiarise themselves with and observe such restrictions. Failure to do so may constitute a violation of securities laws in the relevant jurisdiction. This release does not constitute or form part of any offer or invitation to sell or issue, or any invitation to make an offer to purchase or subscribe for any securities, and neither this release (nor any part thereof) nor its distribution shall form the basis of or be relied upon in connection with any contract.
The prospectus approved on 9 February 2026 by the Polish Financial Supervision Authority, as supplemented and updated (the ‘Prospectus’) is the only legally binding offering document containing information about the Company and the bonds, as well as their admission and introduction to trading on the regulated market operated by Giełda Papierów Wartościowych w Warszawie S.A. (Warsaw Stock Exchange) for debt securities – Catalyst. The Prospectus was published and the final terms and conditions of the bond issue will be published on 2 March 2026 on the Company’s website: www.best.com.pl, and additionally, for information purposes, on the website of Michael / Ström Dom Maklerski S.A: www.michaelstrom.pl. Approval of the Prospectus by the Polish Financial Supervision Authority shall not be construed as an endorsement of the securities offered in the offering or admitted to trading on a regulated market. Prospective investors are advised to first read and understand the Prospectus and the final terms and conditions of the bond issue before making an investment decision in order to fully consider the potential risks and benefits associated with investing in the securities described in the Prospectus and the final terms and conditions of the bond issue. Before subscribing for or purchasing any securities, persons reading this release should ensure that they fully understand and accept the risk factors described in the published Prospectus and in the final terms and conditions of the bond issue. This release does not represent a recommendation to purchase bonds. The value of bonds may increase or decrease.
