Märkte & Kurse

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Original-Research: Warimpex Finanz- und Beteiligungs AG - from East Value
Research GmbH

03.09.2025 / 08:30 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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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
     Recommendation:              BUY
     from:                        03.09.2025
     Target price:                EUR 1.13
     Target price on sight of:    12-Monaten
     Last rating change:
     Analyst:                     Adrian Kowollik

1. Warimpex' (WXF) H1/25 results were significantly above the previous year,
however still negative on net income level and below our expectations.
Positive was the achieved cost reduction and a generally strong occupancy
rate of the Polish and Hungarian office buildings (Mogilska 35, 41 & 43 in
Cracow - 100%, Red Tower in Lodz - 43%, Ogrodowa in Lodz - 81%, Erzsebet in
Budapest - 96%), while the lower occupancy of the fully-owned greet hotel in
Darmstadt mainly due to - in our view - cessation of payments from the city
of Darmstadt for lodging Ukrainian refugees negatively impacted results.
When it comes to the Mogilska 31 residential project in Cracow, for which
Warimpex expects to receive the building permit in autumn this year, we
estimate the potential total revenue from the sale of the planned 146
apartments (= est. PUM of 7,554 sqm) at c. PLN 122m/EUR 28.6m (we will
include the project in our estimates as soon as construction work starts).
Despite lower forecasts for 2025E, our 12-months PT for WXF's stock (50%
NNNAV, 50% peer group) goes up from EUR 1.12 to EUR 1.13 (upside of 126%)
due to a higher peer-group-based FV. We believe that after the building
permit has been granted WXF will book a valuation gain for Mogilska 31.

2. In H1/25, Warimpex generated revenues of EUR 10.2m (-1.2% y-o-y, thereof
66.1% from Poland), an EBITDA of EUR 622k (+47.4%) and a net income (excl.
one-offs) of EUR -3m (EUR -8.8m). The Investment properties segment
accounted for EUR 6.9m (+14.4% y-o-y, EBITDA margin of 44.8% vs. 22.3% in
H1/24), the Hotels segment for EUR 2.3m (-22.9%, -2.6% vs. 18.1%) and
Development & Services for EUR 1m (-24.1%, -242.6% vs. -111.8%). 5.1% lower
direct expenses y-o-y resulted in a higher gross margin (45.8% vs. 43.5% in
H1/24), which together with an improved net financial result (EUR -2.9m vs.
EUR -3.9m) following the repayment of debt also positively affected net
income. Net gearing (200.6%, 31/12/2024: 187%) and equity ratio (30.3% vs.
31.8%) further deteriorated, which is negative. However, the share of
short-term interest-bearing debt remained low (9.5% vs. 13.7%).

3. While after discussions with management we now believe that our previous
revenue and net income estimates for 2025E are no longer achievable, we
expect that EBIT will be higher due to a likely positive revaluation effect
related to the Mogilska 31 project. With unchanged estimates for
2026E-2027E, for 2025E we now forecast revenues of PLN 20.4m (prev. PLN
21.3m), an EBITDA PLN 1.7m (PLN 1.7m), EBIT of PLN 1.2m (PLN 60k) and net
income of PLN -4.8m (PLN -3m).


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=7837eed03e77010d096d02cf3be74753
For additional information visit our website: https://eastvalueresearch.com/

Contact for questions:
Adrian Kowollik
Tel. +49 30 20609082
Email: ak@eastvalueresearch.com

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2192326 03.09.2025 CET/CEST

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