Original-Research: Warimpex Finanz- und Beteiligungs AG (von East Value Resea...

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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

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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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