Warimpex's Mid-Year Performance and Future Prospects

Warimpex Finanz- und Beteiligungs AG reported its H1/25 results, showing significant improvement compared to the previous year. Despite these advancements, the company still faced a net income loss. A key positive factor was the substantial cost reduction and strong occupancy rates in Polish and Hungarian office buildings. However, the Darmstadt hotel underperformed due to ceased payments linked to Ukrainian refugee lodgings.

The upcoming Mogilska 31 project in Cracow, anticipated to receive its building permit in autumn, is expected to generate substantial revenue upon completion. Warimpex's stock target price has been slightly increased, reflecting a higher forecasted fair value.

For H1/25, Warimpex's revenues reached EUR 10.2m, with a notable EBITDA increase. While gearing and equity ratios worsened, the low share of short-term debt offers some stability. Revised 2025E forecasts predict higher EBIT, with anticipated positive effects from the Mogilska 31 project's revaluation.