Warimpex Finanz- und Beteiligungs AG (von East Value Resea... 03.09.2026, 10:29 Uhr von dpa-AFX Jetzt kommentieren: 0

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



03.09.2026 / 10:29 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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
     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:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=f73156ee3ae88337d0078ada61637051
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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2393352 03.09.2026 CET/CEST