Report on the First Half of 2025
2 WARIMPEX REPORT ON THE FIRST HALF OF 2025 WARIMPEX GROUP
Key Figures
in EUR '000 | 1-6/2025 | Change 1-6/2024 |
adjusted1 | ||
Investment Properties revenues | 6,904 | 14% 6,033 |
Hotels revenues | 2,301 | -23% 2,983 |
Development and Services revenues | 995 | -24% 1,311 |
Total revenues | 10,200 | -1% 10,327 |
Expenses directly attributable to revenues | -5,534 | -5% 5,834 |
Gross income from revenues | 4,667 | 4% 4,493 |
EBITDA | 622 | 46% 422 |
Depreciation, amortisation, and remeasurement | -641 | -90% -6,495 |
EBIT | -20 | - -6,073 |
Financial result | -2,936 | -24% -3,867 |
Gains or losses from continuing operations | -2,998 | -71% -10,293 |
Profit or loss for the period | -2,998 | -66% -8,783 |
Net cash flow from operating activities | 1,092 | -78% 4,673 |
thereof discontinued operations | - | - 4,327 |
thereof continuing operations | 1,092 | 150% 436 |
Equity and liabilities | 231,262 | -38% 375,062 |
Equity | 70,155 | -40% 117,744 |
Equity ratio | 30% | -1 pp 31% |
Number of shares | 54,000,000 | - 54,000,000 |
Earnings per share in EUR | -0.06 | -65% -0.17 |
thereof discontinued operations | - | - 0.03 |
thereof continuing operations | -0.06 | -71% -0.20 |
Number of treasury shares | 1,939,280 | - 1,939,280 |
Number of office and commercial properties | 6 | -4 10 |
Lettable office space (adjusted for proportionate share of ownership) | 85,000 m2 | -53,200 m2 138,200 m2 |
m2 with sustainability certificates (adjusted for proportionate share of ownership) | 80,000 m2 | -38,700 m2 118,700 m2 |
in% of the total floor area | 94% | 8 pp 86% |
Number of hotels | 2 | -1 3 |
Number of rooms | 537 | -294 831 |
30/6/2025 | Change 31/12/2024 | |
Gross asset value (GAV) in EUR millions | 231.2 | 1% 229.7 |
NNNAV per share in EUR | 1.63 | -3% 1.68 |
EPRA NTA per share in EUR | 1.57 | -3% 1.62 |
End-of-period share price in EUR | 0.566 | -1% 0.572 |
1 The income statement was adjusted in accordance with IFRS 5 (discontinued operations).
REPORT ON THE FIRST HALF OF 2025 WARIMPEX 3
Contents
02 Key Figures 04 Foreword 06 Semi-Annual Consolidated Management Report 06 Economic Environment 06 Markets 09 Assets, Financial Position, and Earnings Situation 11 Real Estate Assets 14 Material Risks and Uncertainties and Other DisclosuresEvents after the Reporting Date
Outlook
- Condensed Consolidated Interim Financial Statements as at 30 June 2025
Condensed Consolidated Income Statement
Condensed Consolidated Statement of Comprehensive Income
Condensed Consolidated Statement of Financial Position
Condensed Consolidated Statement of Cash Flows
Condensed Consolidated Statement of Changes in Equity
Condensed Consolidated Segment Information
Łódź, PL
4 WARIMPEX REPORT ON THE FIRST HALF OF 2025 FOREWORD BY THE CHAIRMAN OF THE MANAGEMENT BOARD
Dear Shareholders,
The economic environment continues to be shaped by stagnation in the EU and geopolitical uncertainties. Economic growth in Poland is slightly higher than the EU average, and our development projects and new lettings at our office buildings in Poland are progressing according to plan. Warimpex significantly improved the profit or loss for the period in the first half of 2025.
The sale of our Russian subsidiaries at the start of the fourth quarter of 2024 allowed us to redeem financial liabilities within the Group and permanently put the risks associated with business activities in Russia behind us. The comparative figures for the previous year cited below have already been adjusted to reflect the continuing operations, i.e. excluding Russia.
Revenues from office properties up 14 per cent
Revenues from the rental of office properties increased by 14 per cent thanks to new lettings, whereas revenues declined at the hotel in Darmstadt. Total revenues remained nearly constant in the first half of 2025 at EUR 10.2 million (2024: EUR 10.3 million), while the expenses directly attributable to revenues were reduced by 5 per cent. This led to a 4 per cent increase in gross income from revenues to EUR 4.7 million (2024: EUR 4.5 million).
EBITDA improved from EUR 0.4 million to EUR 0.6 million, primarily due to higher revenues from office properties. EBIT was neutral during the reporting period, while losses from property remeasurement led to a negative EBIT of roughly EUR 6.1 million in the prior-year period. The financial result went from minus EUR 3.9 million to minus EUR 2.9 million due to lower average debt and reduced interest expenses.
All in all, this led to a significant improvement in the result from the continuing operations from minus EUR 10.3 million in the previous year to minus EUR 3.0 million in the first half of the year and an improvement in the result for the period from minus EUR 8.8 million to minus EUR 3.0 million.
Innovative office concepts with a focus on sustainability
Our office buildings are continuously evolving through targeted measures - always with the goal of combining sustainability and innovation. For example, the Red Tower in the Polish city of Łódź is continuously being renovated. In response to the increasing demand for flexible office space, we are expanding our Cowork by Memos offerings in Łódź and Kraków by an additional 1,500 square metres by the end of the year. We increased revenues in the coworking segment by roughly 70 per cent versus the first half of the previous year. Sustainability is also a central priority here: All Cowork by Memos locations are in BREEAM-certified buildings and meet the highest environmental standards.
Outlook
In our core market of Poland, we are focusing on new projects in the residential and office segment in Kraków. We expect to receive the building permit for our Mogilska 31 project - which will offer 146 residential units along with retail space and parking - in autumn 2025.
Our latest office building, Mogilska 35 Office in Kraków, is now fully occupied, and revenue contributions from the property will increase accordingly once the tenant adaptations are completed and all of the tenants have moved in. We expect the positive development of our operating business to continue in the current year.
Vienna, August 2025
Franz Jurkowitsch
REPORT ON THE FIRST HALF OF 2025 WARIMPEX 5
Franz
Jurkowitsch
CHAIRMAN OF THE MANAGEMENT BOARD| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |