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:	03.09.2026
Target price:	EUR 0.92
Target price on sight of:	12 months
Last rating change:
Analyst:	Adrian Kowollik

In H1/26 – WXF now only releases financial statements twice a year – Warimpex’s results showed improvements on both the top and bottom line. However, net income would have been negative again had there not been a one-off remeasurement gain of EUR 3.9m related to the Mogilska 31 (MOG31) project. Of the 145 apartments in the MOG31 project, clients have so far purchased 57 and reserved another 3, compared with 57 purchased & reserved units as of May. Following our discussions with management, we expect WXF to sell 1–2 apartments per month, with a potential acceleration in sales around six months before project completion (from Q4/27E), driven by higher activity from customers buying for their own use. In the Hotels segment, WXF only expects a recovery in revenues next year. With adjusted estimates and a lower peer-group-based FV, we arrive at a new 12-months PT (50% NPV of MOG31 + NNNAV, 50% peer group) of EUR 0.92 (upside of 79.5%; previously EUR 0.93). While we do not see a refinancing risk at WXF, investors should be aware of the high net debt (EUR 149.4m vs. EUR 147.9m as of 31/12/2025) and rising interest rates due to inflationary pressure following the conflict in the Middle East.

In H1/26, WXF’s results were driven by a strong office rental business, 5.2% lower cost of sales y-o-y and a remeasurement gain. In the Investment properties segment, H1/26 revenues reached EUR 7.8m (+12.3% y-o-y) and EBITDA margin 43.1% (H1/25: 44.8%), driven by a strong rental activity, an increase of the average rent and cost discipline. In the Hotels segments, revenues declined by 3.7% to EUR 2.2m, but cost optimisations resulted in a return to positive EBITDA (EUR 165k in H1/26 vs. EUR -60k in H1/25). Finally, in the Development & Services segment, whose results are dependent on remeasurement gains/losses among others, revenues advanced by 12.2% to EUR 1.1m and EBITDA from EUR -2.4m in H1/25 to EUR -1.4m. Regarding the average occupancy rate, we believe that in H1/26 it was c. 86% in the most important Investment Property segment – thus below our previous full-year forecast of 90% - while in the Hotels segment it equalled 39% (our previous forecast: 60%).

Due to slower than expected recovery of the Hotels business, better-than-expected profitability of the Development & Services segment and increasing financing costs we have adjusted our estimates for WXF for 2026E-29E. For 2026E, we now expect revenues of EUR 21.3m (prev. EUR 22.7m), an EBITDA of EUR 4.5m (EUR 4.5m), EBIT of EUR 6.5m (EUR 6.5m) and net income of EUR 90k (EUR 1.1m).
 

You can download the research here: Warimpex_Update_03092026
For additional information visit our website: https://eastvalueresearch.com/

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