Warimpex (WXF) Q4 2024 earnings summary

Executive summary

• Revenue increased 14% year-over-year to EUR 21.5 million for FY 2024, with rental income up 13% and hotel revenues up 6%.

• EBITDA declined 27% to EUR 1.1 million, and loss from continuing operations widened to EUR -16.5 million from EUR -6.6 million.

• Major operational events included completion of Mogilska 35 office building, sale of Bialystok land plot, and exit from Russia via sale of Russian subsidiaries.

Financial highlights

• Gross income from revenues rose 3% to EUR 9.3 million, but expenses increased 24%.

• EBIT fell to EUR -8.5 million from EUR -1.5 million, and financial result deteriorated to EUR -7.7 million.

• Cash flow from operating activities dropped 36% to EUR 15.9 million; cash and cash equivalents at year-end were EUR 1.5 million, down 78%.

• Equity decreased 40% to EUR 73.1 million, and total assets declined 38% to EUR 229.2 million.

Outlook and guidance

• Key objectives for 2025 include increasing sustainable assets, advancing new developments, and obtaining building permits for projects like Mogilska 31 Living.

• Focus on mixed-use concepts (flexible office, co-working, living) and green building certifications (BREEAM, EU-Taxonomy).