Märkte & Kurse

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

20.03.2026 / 11:22 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
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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:     Q4/25 Preview
     from:                        20.03.2026
     Target price:                EUR 1
     Target price on sight of:    12-months
     Last rating change:
     Analyst:                     Adrian Kowollik

Based on our discussions with Warimpex (WXF) management, we see no negative
surprises in Q4/25 and consider our 2025E estimates to be conservative. The
MOG31 residential project in Cracow is progressing as planned, with
pre-sales having started in early January 2026. Apparently, >25% of all 145
apartments have already been reserved (according to mogilska31.pl, only 87
apartments are still available), which based on discussions with industry
representatives we view as a good result. Average prices have also exceeded
WXF management's expectations. While the MOG31 project will be visible in
WXF's results only after completion (thus, on its P&L 2028E), pre-sales
should bolster operating cash flow and secure debt repayment (30/09/2025:
interest-bearing debt equalled EUR 148m). However, if the current war in
Iran lasts longer than a few months, we see a risk that a resulting
stagflation could negatively affect Warimpex' business through higher
interest rates and weaker demand for office space and hotel rooms. Given a
lower peer-group-based FV and higher PLN-EUR rate, our 12-months SOTP-based
PT (50% NPV of MOG31 + NNNAV, 50% peer group) goes down from EUR 1.02 to EUR
1 (current share price: EUR 0.49).

Our Q4/25 and full-year 2025 estimates remain unchanged For Q4/25E, we
expect revenues of EUR 4.35m (-24.7% y-o-y following especially a weak
Hotels segment), an EBITDA of EUR 110k (EUR 230k) and a net income of EUR
-1.52m (EUR -42.1m, Q4/24 was impacted by the one-off from the Russian
transaction). In 2025E, WXF's revenues likely equalled EUR 19.1m (-11.1%
y-o-y), thereof EUR 13.5m (+2.4% y-o-y) from Investment Properties, EUR 1.3m
(-42%) from Development/services and EUR 4.3m (-29.2%) from Hotels, which we
believe in 2024 mainly reflected revenues from lodging of Ukrainian
refugees. EBITDA likely amounted to EUR 1.15m (Investment Properties: EUR
5.8m, Hotels: EUR -300k, Development/services: EUR -4.4m, 2024: EUR 1.12m)
and net income EUR -5.89m (EUR -84.8m).

Financing condition across WXF's markets are currently improving, however a
prolonged Iran war could negatively impact the company's business In Poland,
which accounts for >60% of WXF's revenues and Gross Asset Value, the central
bank is expected to lower rates by mid-2026E from 3.75% currently to 3.5%.
While in Hungary they are expected to decline from 6.25% to 5.5-5.75%, in
the Eurozone forecasts assume a stable rate of 2% this year. Nevertheless,
we believe that an Iran war and elevated energy prices that last longer than
2-3 months could curb GDP growth, fuel inflation, and thus worsen business
conditions for real estate companies.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=25cb5e5aa128eeedfbbd4538e2bc9863
For additional information visit our website: https://eastvalueresearch.com/

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

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2295248 20.03.2026 CET/CEST

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