Warimpex (WXF) Q2 2025 earnings summary

Executive summary

• Total revenues for H1 2025 were EUR 10.2 million, stable year-over-year, with rental income up 14% and hotel revenues down 23%.

• EBITDA for H1 2025 increased 46% to EUR 0.6 million, and net loss narrowed to EUR -3.0 million from EUR -8.8 million year-over-year.

• Revenues from office properties rose due to new lettings and the completion and full leasing of Mogilska 35 Office in Krakow.

• The sale of Russian subsidiaries in late 2024 eliminated material geopolitical risks and allowed for debt reduction.

Financial highlights

• Investment Properties revenues: EUR 6.9 million (+14% YoY); Hotels revenues: EUR 2.3 million (-23% YoY); Development and Services revenues: EUR 1.0 million (-24% YoY).

• Gross income from revenues increased 4% to EUR 4.7 million.

• EBITDA improved to EUR 0.6 million, up from EUR 0.4 million in H1 2024.

• Net loss for the period was EUR -3.0 million, a significant improvement from EUR -8.8 million in H1 2024.

• Gross asset value (GAV): EUR 231.2 million (+1% from year-end 2024).

Outlook and guidance

• Key objectives for 2025 include developing land reserves, increasing sustainable assets, and advancing mixed-use concepts such as flexible office, co-working, and living spaces.

• Focus on obtaining building permits for new residential and mixed-use projects in Krakow, including Mogilska 31 in autumn 2025.

• Fully let Mogilska 35 Office will contribute more revenue as tenant fit-outs complete.

• Positive operational results are anticipated for 2025, despite challenging market conditions.

• Sustainability and environmental certifications remain a strategic priority.