Original-Research: Warimpex Finanz- und Beteiligungs-AG (von East Value Research GmbH ):

Classification of East Value Research GmbH to Warimpex Finanz- und Beteiligungs-AG

Company Name:	Warimpex Finanz- und Beteiligungs-AG
ISIN:	AT0000827209
Reason for the research:	Update
from:	08.05.2026
Target price:	EUR 0.93
Target price on sight of:	12 months
Last rating change:
Analyst:	Adrian Kowollik

Warimpex’ 2025 results came in above our estimates. In particular, the EBIT and net income were a positive surprise due to a revaluation gain related to Mogilska 31 (MOG31). In the MOG31 project, WXF’s first residential real estate project, customers have already bought or reserved 56 of the total 145 apartments (38.6%) within four months. According to its management, the market environment for new office projects is unfavourable due to high costs and regulations; therefore, WXF plans to shift its focus to residential developments in the coming years. While inflation and financing costs are going up again due to the Iran war, we expect improving occupancy rates following strong demand for office space in Poland and a higher share of long-term stays in the company’s hotel in Darmstadt. With lower estimates for 2026E-2029E and peer-group-based FV, we arrive at a new 12-months PT (50% NPV of MOG31 + NNNAV, 50% peer group) of EUR 0.93 (upside of 81.5%, prev. EUR 1). While we expect a net profit in 2026E-2029E, investors should bear in mind the risks, especially the high net gearing of 208.6% and a potential economic downturn due to the Iran war, which could negatively affect demand for office space, hotel stays and apartments. In Q4/25, WXF reported the first net profit since Q3/23 and 2025 results beat our forecasts on all levels. In the Investment Properties segment, full-year 2025 revenues reached EUR 14.3m (+8.4% y-o-y) and EBITDA margin 43.7% (2024: 39.7%), driven by new leases. In the Hotels segments, which is now managed in-house and where the share of long-term stays of trainees increased, revenues declined by 26.2% to EUR 4.5m and the EBITDA from EUR 924k in 2024 to EUR -25k. Finally, in the Development & Services segment, whose results in 2024 were positively impacted especially by the sale of Russian assets, revenues declined by 26.4% to EUR 1.7m and EBITDA margin from -221.5% in 2024 to -263.3%. Regarding the average occupancy rate, in the most important Investment Property segment (69.9% share in total turnover) it increased from 84% to 87%, while in the Hotels segment (45% vs. 57%) it declined y-o-y. Although we expect average occupancy rates to improve, we have lowered our forecasts for 2026E–2029E following discussions with management and due to the rising likelihood of interest rate increases, as inflation in the Eurozone, Poland, and Hungary has recently picked up. For 2026E, we now expect revenues of EUR 22.7m (prev. EUR 22.9m), an EBITDA of EUR 4.5m (EUR 4.6m), EBIT of EUR 6.5m (EUR 9.6m) and net income of EUR 1.1m (EUR 4.4m). You can download the research here: Warimpex_Update_08052026 For additional information visit our website: https://eastvalueresearch.com/ Contact for questions: Adrian Kowollik Email: ak@eastvalueresearch.com Tel. +49 30 20609082