Biznes Fakty
WSE. Debt of listed companies rises sharply
The liabilities of firms listed on the Warsaw Stock Exchange have surged by more than 144 percent over the past two years. As reported by the National Debt Register, the cumulative debt reaches nearly PLN 21 million, with the majority attributed to firms in the industrial production and construction/assembly industries.
While this figure constitutes a minor portion of the overall market valuation of these firms, specialists highlight its potentially significant impact on smaller suppliers, who frequently operate as subcontractors.
The analysis indicates that the industrial and construction sectors carry the highest debt, and the issue of delayed payments by large, seemingly stable companies poses a serious risk to micro- and small enterprises, which often lack the financial buffers or negotiating leverage necessary to reclaim their debts.
Insights into the debt of listed firms
According to the National Debt Register (KRD), out of 363 companies listed on the Warsaw Stock Exchange (GPW), 54 are in debt. Their creditors include 152 firms, with a total of 666 overdue obligations amounting to PLN 20.89 million. The aggregate market value of the three most indebted companies stands at PLN 1.4 billion, PLN 47 million, and PLN 773 million, and they owe their suppliers PLN 4.4 million, PLN 2.6 million, and PLN 2.3 million, respectively.
The total market valuation of all the unreliable firms assessed is PLN 61.1 billion. In comparison to this figure, PLN 20.89 million in liabilities represents 0.3 per mille.
When compared to September 2023, the debt of listed firms has nearly tripled. At that point, there were 290 overdue obligations totaling PLN 8.55 million, and the KRD database identified 47 companies listed on the Warsaw Stock Exchange. Currently, there are 54 such companies, the number of obligations has escalated to 666, and their total value has risen to PLN 20.89 million.
Dominance of construction and industrial production
As per the National Debt Register (KRD), the highest liabilities are found in the industrial production and construction/assembly sectors, totaling PLN 14.46 million. Sixteen listed companies within this sector are indebted, encompassing a total of 229 obligations and 52 creditors. Following closely are companies in the consumer goods sector (PLN 2.8 million), fuels and energy (PLN 2.2 million), and chemicals and raw materials (PLN 564,000).
In terms of market capitalization, firms with smaller valuations are the most indebted. Among companies valued at up to PLN 100 million, there are 30 indebted entities with combined liabilities of PLN 7.7 million. Conversely, 11 companies with valuations exceeding PLN 1 billion have total debts amounting to PLN 7.2 million.
The „Debts of Listed Companies” study was carried out on 363 domestic firms listed on the Warsaw Stock Exchange as of June 13, 2025. This marks the 12th edition of the study. The current ranking was compiled by the National Debt Register in collaboration with experts from Reliable Company.
