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

08.05.2026 / 08:30 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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invitation to conclude certain stock exchange transactions.

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:
https://eqs-cockpit.com/c/fncls.ssp?u=ed4f87e1504288a0feb9425394039770
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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2323676 08.05.2026 CET/CEST

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