We earn a lot.
That is precisely why
our bond is so safe.

That we are not a real-estate agency. An agency is the traditional model: a broker who remembers a few neighborhoods in Prague and tries to close a sale for whoever calls. We do something completely different. VIAGEM is a system — software, a data warehouse, AI models, machine learning, our own portal — that covers the entire Czech real-estate market.

In practice that means our company closes the largest number of real-estate transactions in the Czech Republic. Not because we have the most brokers. Because we have the most data and can work with it faster and more precisely than anyone else.

It also means our structure does not resemble a real-estate agency. In a traditional agency the servicing back office is most of the team. With us it is the other way around.

Roughly fifty percent of our team works on developing the company — data analysis, AI tool development, process automation, platform optimization. Another forty percent are sales people in daily contact with owners and investors. And only about ten percent are classic back-office roles — accounting, legal, administration.

The goal of that structure is simple: to completely dominate our sector. So that every owner in the Czech Republic or Slovakia who wants to sell a plot knows they will get the fastest process and the most transparent deal with us. And so that on the other side an investor knows there is a company behind us that has not stopped at existing know-how but keeps accelerating its development.

In artificial intelligence we are today far ahead of the market standard and we keep accelerating. That directly results in high cost efficiency, which we additionally reinforce through significant productivity gains per employee. This is not an abstract goal — we measure it every month.

Let's start with the most visible layer — advanced algorithmic land pricing. An owner sends us a plot and within minutes knows the price we would offer, with a range reflecting current market conditions. A traditional appraiser would take three days for the same answer.

The second layer is our call centre. It is heavily automated — our agents work with tools that quite simply no one else on the market has. In real time they see the history of every plot, the pricing model, suggested negotiation scenarios, automatic preparation of contract variants. A call that would take half an hour elsewhere takes a few minutes with us and ends with a concrete offer.

Third layer — automated letter mailing. That is not as trivial as it sounds. Owner segmentation, offer personalization, timing, response evaluation — everything runs algorithmically. We send targeted offers to relevant people, not bulk spam.

Fourth — automation of our listings. Ads generate themselves, optimize by performance, pair up with cadastral data. Our portal is today the most modern real-estate platform in the Czech Republic; the advanced analytical tools built into it would deserve a separate interview.

Three layers. First — our own portfolio. We own the largest number of land plots in the Czech Republic and Slovakia, with complete data on each one. Every plot is not just an accounting entry; it is a point in a dataset with history, parameters, legal status and real-time pricing.

The second layer is data about the market as a whole. We map listings, realized sales, zoning plans, infrastructure projects, demographics. When we look at any plot in the Czech Republic, we see not only that plot but also thirty others around it, their history and their dynamics over recent years.

The third layer is process. Every buyback, every contract, every negotiation with an owner feeds the system with information about how the market really works — who is selling, at what price, why, how fast they agree, where the legal complications lie. Nobody else in the Czech Republic has that micro layer. Competitors see listings. We see how deals actually get closed.

Our buyback margins are today by far the highest on the Czech market. I'm saying that straight up. Yes, we buy land below market price — that's the whole essence of what we do. And we are simply the best at it. The data and technology edge we've been discussing shows itself precisely here: we know exactly what to buy, when to buy it, how much to pay.

No one conjures a margin out of thin air. The margin is made by the system — and the system here is something we have invested in for ten years.

What I call the stabilized part of the business is that we have seen for several years that this margin holds. It is not luck, not a bet on a rising market. It is a repeatable system that gives us the certainty of long-term sustainability of the portfolio yield. And directly from that follows that we can afford to guarantee an investor 7.1 percent for four years without over-leveraging ourselves in any way.

The other side of the same story — over the past years we have pushed out several players who had been in the land buyback segment for a long time. I won't name them. We pushed them out because we were faster, more precise and had a better margin that we knew how to keep systematically. This is not competitor bragging — it is a description of the market situation that anyone can verify from public data.

Three reasons, all connected.

First — entering Slovakia. The Slovak land market is structurally comparable to the Czech one; we have a data platform that can be extended and we see that the same model can be replicated there. To do it seriously requires capital — we won't go in half-heartedly. Slovakia is not meant to be next quarter; it's meant to be a company that dominates there in a few years, just like in the Czech Republic today.

Second — entering additional segments that we have only touched on so far. Forests, larger agricultural units, brownfields, specific types of speculative plots. Margins there are often even higher than on standard plots, but so are the entry transactions and the investment horizon. That requires a deeper capital base.

Third — the expected further growth of buyback volume in our existing domain. In 2025 we bought six million square metres in two thousand and eighty one contracts; for the coming period we expect that number to keep growing. And for the pace of growth ahead of us we need financing that doesn't tie us to banking conditions and gives us planning certainty.

Three reasons, one instrument. The CZK 500 million issue covers all three.

Because we walked through the portfolio history of the last four years in the data, calculated volatility, margins, capital turnover speed. From that comes a safe range in which we can pay the investor something and still keep capacity for growth. 7.1 percent is the result of that calculation — not an estimate, not a wish.

For the investor it means a yield that, in real terms after inflation, beats both savings accounts and most of today's bond alternatives. For us it means a rate that is economically defensible even if the market temporarily slowed down. Our margins create that reserve.

Three layers. First — the physical portfolio: 23,478 plots across the Czech Republic, 16 million square metres, at a current value of CZK 1.35 billion. And that is an important detail often overlooked in bond issues: land is not stock on a shelf. It has no expiration date, does not age, does not lose quality. On the contrary — by its nature it gains value over time. Our portfolio as a whole appreciated from CZK 358.9 million in 2022 to CZK 1.35 billion in 2026.

Second layer — the guarantee statement of the parent VIAGEM a.s. Equity CZK 493 million, EBITDA CZK 162 million, revenue CZK 430 million per year. Audited numbers, verifiable growth. And low leverage — a ratio of 9.1 percent, which is markedly below average in a sector that is typically financed up to three quarters by external sources.

Third layer, one that bond prospectuses usually don't mention — the data and technology infrastructure that made the portfolio buildable in the first place and that holds those margins we've been discussing. That is what guarantees the portfolio will not merely stagnate — it will keep growing, keep generating yield and keep sustaining return.

Let me start with who not. Not for someone who will need the money back in a year — maturity is four years. Not for a speculator looking to double their capital — the yield is fixed, there is no room for surprise. And not for anyone who won't read the prospectus.

For whom yes: for someone with part of their capital that they don't need for day-to-day operations and want to put into something backed by physical Czech assets and a functioning, profitable company. For someone who values a yield arriving on their account every month. And for someone who likes to see a system behind an investment — not a verbal promise.

The minimum nominal is fifty thousand crowns. Accessible even to an investor who has so far preferred to avoid bonds.

Let me start with a counter-question. What exactly is "controversial" in post-communist Czechia? It usually means precisely one thing: that according to some grumblers we earn too much. Yes. We earn enough. We have high margins. We optimize our business to keep them and reinforce them. That is no secret and I won't apologize for it.

And now the key point an investor should notice: a high margin is not a weakness of a bond issue. It is its greatest strength. Combine it with the company's very low leverage, with a portfolio worth CZK 1.35 billion which — unlike stock on a shelf — does not age with time. Land does not lose quality. Land does not age. On the contrary: by its nature it gains value with time.

The easiest route is via /investice-a-dluhopisy. There is a calculator — you enter an amount and immediately see the monthly, annual and total yield over four years. Right there you also have the complete documentation to study: the prospectus, the audited annual report, the notarial deed, the auditor's report.

Then there is a form; our investment specialist gets in touch within twenty-four hours. Nobody will call you to invest right away — that's not our style. We'll discuss your horizon, what you expect from the investment, whether a four-year maturity suits you. If yes, you sign a subscription agreement and your money starts working.

Or directly by phone 1200 or in person in Karlín.

Where we're heading. We want every plot in the Czech Republic and Slovakia — and gradually the other segments we're entering — to have a continuous real-time valuation in our system. So that an owner wishing to sell receives an offer within minutes. So that an investor deciding which plot to buy sees three variants with history, valuation and forecast. That is the VIAGEM we're building.

The fifty percent of the company working on development will by then bring things I can't talk about today, because we are only building them. But the direction is clear: AI and data are the only way to truly cover the segment we operate in across its full breadth.

The 2026 bond issue is one of the tools to get there faster. We will repay it on time and return the principal, and if we manage to complete what we have in progress over those four years, I believe some of today's investors will sign up on their own for the next one.