AB, the largest distributor of IT and consumer electronics in Central and Eastern Europe, has completed the issue of four-year, unsecured bonds worth 110 mln zł. The interest rate on the bonds has been set at WIBOR 6M plus a margin of 160 basis points. The bonds are due to be listed on the Catalyst market operated by the Warsaw Stock Exchange.
The new issue is primarily intended to replace earlier series of bonds maturing in July 2026 and February 2027. The total value of both issues is also PLN 110 million, although their margins were significantly higher, at 250 and 260 basis points respectively. This means that AB has secured financing on more favourable terms than a few years ago.
As Grzegorz Ochędzan, AB’s Vice-President for Finance, emphasises, investor interest confirms the positive assessment of the company’s financial health and its growth prospects. The lower margin is said to be the result of both an improvement in market conditions and institutional investors’ confidence in the issuer.
These improved financing terms are no coincidence. The AB Group ended the first half of the 2025/2026 financial year with significantly better results than the previous year. Revenue rose by over 8 per cent year-on-year, approaching PLN 9 billion. EBITDA rose by 28 per cent, reaching over PLN 209 million, whilst net profit increased by a third, to over PLN 135 million.
The company notes that the IT distribution market continues to be supported by several long-term trends. Among the most significant are growing investment in artificial intelligence, increased corporate spending on cybersecurity, and the ongoing digital transformation of businesses and public administration. An additional driver is the end of support for Windows 10, which is prompting many organisations to replace their computers and IT infrastructure. The market is also being affected by the limited availability of certain components, primarily RAM and SSDs, which increases the importance of large distributors with adequate stock levels.
Securing financing at a lower margin can be interpreted as a sign that the market views both AB’s current financial situation and its prospects for further growth favourably. In an environment where investment in AI, data centres and the modernisation of IT infrastructure is gathering pace, the company is confident that these favourable trends will continue in the coming quarters.
