Warimpex (WXF) Q3 2024 earnings summary

Executive summary

• Sale of Russian assets completed post-Q3, eliminating significant geopolitical and currency risks; Russian operations now classified as discontinued.

• Total revenues rose 13% year-over-year to €15.7 million, driven by new office completions and moderate hotel growth.

• Net loss for the period reached €42.8 million, mainly due to negative remeasurement of Russian assets; continuing operations posted a €12.4 million loss.

• Focus shifts to Poland, Germany, and Hungary, with new projects and sustainability initiatives underway.

Financial highlights

• Investment Properties revenues increased 10% to €9.4 million; Hotels revenues up 5% to €4.5 million year-over-year.

• EBITDA from continuing operations fell 16% to €0.9 million; EBIT dropped to -€6.0 million from -€2.4 million.

• Gross income from revenues stable at €6.8 million despite a 27% rise in attributable expenses.

• Net cash flow from operating activities was €17.0 million, down 18% year-over-year.

• Equity ratio declined to 24% from 36% at year-end 2023.

Outlook and guidance

• Positive operating result expected for 2024; optimistic outlook for 2025 with strong occupancy anticipated at Mogilska 35 Office in Krakow.

• Development focus on new projects in Krakow and Darmstadt; sustainability certifications prioritized.