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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

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

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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

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