5:35 12 December 2025
PGZ plans bonds, expansion
Polish Armaments Group (PGZ) is considering issuing corporate and retail bonds worth several billion złoty in 2026, potentially listed on the Catalyst market, as part of a broader internal financing strategy, Vice President Marcin Idzik told PAP Biznes. The group already has a PLN 12bn credit line from PKO BP, is finalising talks with Bank Pekao, and works closely with state development bank BGK, which provides PLN 7bn in guarantees for government contracts.
PGZ expects 2025 revenues to exceed PLN 20bn, with net profit of around PLN 2.5bn, up from PLN 1.8bn a year earlier. Ongoing investments exceed PLN 8bn, including ammunition production, air defence programmes Wisła and Narew, and Abrams tank maintenance facilities in Poznań.
The group is also analysing acquisitions, including outside Poland, to gain access to advanced technologies such as unmanned systems, cybersecurity and space capabilities, while restructuring operations to cut costs and improve efficiency.
