Warimpex (WXF) Q1 2025 earnings summary

Executive summary

• Revenues increased by 9% year-over-year to EUR 5.4 million, driven by higher office property income following the completion of Mogilska 35 Office and new lease agreements.

• EBITDA more than doubled to EUR 0.4 million, mainly due to improved office segment performance.

• Net loss from continuing operations narrowed to EUR -1.2 million from EUR -2.6 million year-over-year, reflecting improved operational results and reduced financial expenses.

• The sale of Russian subsidiaries in late 2024 eliminated exposure to Russian market risks and improved the Group's financial position.

• Sustainability initiatives advanced, including the installation of a photovoltaic system in Budapest and ongoing renovations in Poland.

Financial highlights

• Total revenues: EUR 5.4 million (+9% year-over-year); office property revenues up 17%, hotel revenues down 20%.

• Gross income from revenues: EUR 2.5 million (+21% year-over-year).

• EBITDA: EUR 0.4 million (+112% year-over-year); EBIT: EUR 0.06 million (up from EUR -0.02 million).

• Financial result improved to EUR -1.5 million from EUR -1.8 million year-over-year.

• Net cash flow from operating activities: EUR 0.47 million (down from EUR 1.58 million year-over-year).

• Earnings per share: EUR -0.02.

Outlook and guidance

• Operational outlook for 2025 remains positive, with full occupancy at Mogilska 35 Office expected to boost revenues.

• New projects in Kraków and Darmstadt are in preparation, with a focus on obtaining permits and construction readiness.

• Market conditions remain challenging due to financing hesitancy and yield increases, but the Group expects positive operational results for 2025.

• Sustainability and climate protection are key strategic focuses, with ongoing efforts to certify properties.