ROBYG Allots PLN 75 Million in Series PH Bonds; 2025 Bond Raising Reaches PLN 475 Million

ROBYG has completed the subscription and allotment of its Series PH bonds with a total value of PLN 75 million. The company allotted 75,000 bonds with a nominal value of PLN 1,000 each to 11 institutional investors. The bonds will be listed on the Catalyst market. In 2025, ROBYG has raised a total of PLN 475 million through bond issues.

“We have successfully completed another bond issue—Series PH—raising PLN 75 million from institutional investors. We’re pleased with the strong market interest, which confirms confidence in the ROBYG Group’s development strategy and our stable position in the real estate market. It’s worth noting that total funds raised from bond issues in 2025 have already reached PLN 475 million—an important support for advancing our investment projects and operational growth. Poland’s housing market is entering a new phase—more mature, balanced, and regulated. Although housing supply remains relatively high, the pace of new projects is clearly slowing due to rising construction costs, limited land availability in major cities, regulatory uncertainty, and greater investor caution amid still-elevated interest rates and demographic shifts. The market will professionalize, becoming more mature, diversified, and selective. Adapting to the new conditions—by developers and customers alike—will be key. Those who respond flexibly, invest in quality and innovation, will not only weather this transition but use it as a growth opportunity,” said Oscar Kazanelson, Chairman of the Supervisory Board of ROBYG and Vantage.

“At ROBYG, we see a stable, high level of sales. Clients are active, and our broad offering, flexible approach, and attractive locations keep demand strong. Our strategy foresees further growth—both in the for-sale segment at ROBYG and in the PRS model implemented exclusively by Vantage Development (under the Vantage Rent brand), allowing us to respond flexibly to changing market needs. We view the second half of the year and the years ahead with optimism. With further stabilization of interest rates and greater availability of mortgage credit, demand should remain strong. We are well prepared—our land bank is secured, projects are ready, and our team is highly experienced. This environment is an opportunity to further strengthen our market position and grow to the benefit of both clients and investors,” said Eyal Keltsh, CEO of ROBYG and Vantage.

“We are very pleased that investors have once again placed their trust in ROBYG. The Group maintains very strong financial and operational condition, reflected in sales performance, margins, and profitability. Our solid foundations, prudent financial management, and well-thought-out investment strategy are appreciated by investors, and the bond issue confirms this. Total funds raised in 2025 amount to PLN 475 million, enabling us to realize new residential projects and further strengthen ROBYG’s position in the development market. We thank all investors for participating—their support is both recognition and motivation to keep building ROBYG’s value,” said Marta Hejak, CFO and Vice President of ROBYG and Vantage.

Selected financial and operating highlights

• In H1 2025, ROBYG (TAG Immobilien Group) reported sales revenue of over PLN 491 million, gross margin on sales of nearly PLN 117 million, EBIT of about PLN 106 million, and net profit attributable to the parent’s shareholders of over PLN 87 million. TAG plans to sell 2,800 apartments in Poland in 2025.
• ROBYG continues to expand its land bank, which totaled over 21,500 units nationwide at end-H1 2025. The total value of signed land purchase agreements in Poland reached ~PLN 689 million at end-H1 2025.
• In H1 2025, TAG in Poland signed over 1,080 preliminary/development agreements plus ~160 reservation agreements; ROBYG accounted for ~960 preliminary/development agreements and ~160 reservations. TAG recognized over 640 units in revenue, 516 units were handed over to clients, and 130+ units were placed into rental. ROBYG handed over over 460 units. TAG currently has over 6,000 residential and commercial units under construction; the rental portfolio totals 3,349 units. ROBYG’s active offer is ~1,950 units.
• In 2024, TAG’s Polish platform (ROBYG and Vantage) obtained PLN 991.5 million in financing. In January 2025 ROBYG successfully issued PLN 250 million in new bonds, and in May 2025 completed another PLN 150 million series. ROBYG repaid PLN 210 million of bonds in 2024 and PLN 22.5 million in H1 2025.

Sustainability and customer initiatives

• In H1 2025 and 2024, all completed estates complied with the company’s internal Green Standard. 100% of construction-site electricity is zero-emission via guarantees of origin; 88% of multifamily buildings completed in H1 2025 and 2024 have primary energy demand (EP) 10% below the required threshold. From 2026, all new projects built by ROBYG for Vantage Rent’s portfolio aim to comply with EU Taxonomy.
• Workplace diversity: in 2024, women made up 73.8% of employees and 50% of senior management.
• ROBYG is the first Polish developer to appoint a Customer Ombudsperson, offering support at every stage of the client journey—part of broader efforts to enhance customer experience and set modern industry standards.
• The company also launched a premium Grand Selection sales segment, with top-tier apartments in prestigious locations: Royal Residence in Warsaw and Nowa Wałowa, Nadmotławie, Wendy in the Tri-City, with further sites planned in Poznań and other cities.

Key ROBYG data

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