Higher revenues from office properties due to new lettings (+8 per cent); operating result (EBITDA) rose from EUR 1.1 million to EUR 1.8 million
Consolidated result improved significantly from EUR -16.5 million to EUR -2.4 million
Core market Poland still robust, with economic growth above EU average
Warimpex’s first residential project in development in Kraków
Positive operational outlook for 2026
Vienna/Warsaw, 29 April 2026 – Warimpex saw a clear upward trend in the 2025 financial year, with the consolidated result improving from EUR -16.5 million to EUR -2.4 million, supported by an increase in office letting income (from EUR 13.2 million to EUR 14.3 million) and a positive property remeasurement result (from EUR -8.3 million to EUR 4.2 million).
“For the real estate sector, 2025 was a year of cautious recovery, as falling interest rates and a normalisation of inflation created more favourable conditions than in previous years, despite ongoing geopolitical uncertainty,” commented Warimpex CEO Franz Jurkowitsch. “Poland, our core market, continues to demonstrate resilience in this environment. Economic growth is above the EU average, and development projects and new lettings are progressing according to plan.While the office market is stabilising and letting activity is picking up again, we currently see greater earnings potential in the residential segment. Our development focus is shifting for the first time towards the residential market, where demand remains strong. We are developing our first residential project in Poland under the name MOG31, which has been very well received by the market.”
Financial metrics for 2025: significant improvement in result for the period
Revenues from office properties rose from EUR 13.2 million to EUR 14.3 million thanks to new lettings. Revenues at the hotel in Darmstadt declined due to weaker economic conditions in the German market and a strategic change in management. Overall, total revenues dropped from EUR 21.5 million in the previous year to EUR 20.4 million (−5 per cent). This was offset by an 11 per cent reduction in expenses directly attributable to revenues, which resulted in a 2 per cent increase in gross income from revenues to EUR 9.5 million (2024: EUR 9.3 million).
EBITDA advanced from EUR 1.1 million to EUR 1.8 million, driven by higher revenues from office properties. EBIT returned to positive territory, improving from EUR -8.5 million to EUR 4.6 million due to the property remeasurement result. The financial result benefited from the declining interest rate environment as well as loan repayments in the prior year and rose from EUR -7.7 million to EUR -6.5 million.
Overall, the result for the period from continuing operations improved significantly from EUR -16.5 million to EUR -2.4 million. Including the discontinued operation (in connection with the sale of the Russian properties in 2024), the result improved even more significantly year-on-year, from EUR -84.8 million to EUR -2.4 million.
Operational highlights in core market Poland
Warimpex is developing its first residential project in Poland – MOG31 in Kraków. The building permit was issued in October 2025, and construction has successfully started in March 2026. The project has a total area of roughly 8,000 square metres and will feature 145 privately owned apartments as well as retail space on the ground floor. Due to the variety of apartment sizes and the high quality of the entire development, it represents an attractive proposition for buyers and investors. Marketing activities have been underway since December 2025, and the offering has met with strong demand – more than a third of the apartments have already been sold or reserved.
At the same time, existing assets continue to be enhanced through targeted modernisation and sustainability measures: the Red Tower in the Polish city of Łódź is being renovated on an ongoing basis. The Cowork by Memos offerings in Łódź and Kraków were expanded by 1,500 square metres in 2025. In this context, key sustainability aspects are consistently taken into account: all locations are in BREEAM-certified buildings and thus meet the highest environmental standards.
Outlook for 2026
In 2026, the operational focus will be on the completion of MOG31 in Kraków, which is scheduled for mid-2028. The sales revenues will be recognised upon handover of the apartments. For the hotel in Darmstadt, Warimpex expects revenues to stabilise as a result of the completed change in management and the recent rebranding to ibis Styles, which is also an Accor Group brand. Longer-term projects in Kraków are currently in the preparation phase, including the Chopin co-living/office project and further developments on land reserves.
“Mogilska 35 Office in Kraków, which is now fully occupied, will once again make a significant contribution to results in 2026. Based on current budget figures, the operational outlook for 2026 is positive,” said Franz Jurkowitsch in closing.
Key financial figures for financial year 2025 at a glance:
| in EUR ’000 | 2025 | Change | 2024 |
| Investment Properties revenues | 14,279 | 8% | 13,172 |
| Hotels revenues | 4,475 | −26% | 6,061 |
| Development and Services revenues | 1,675 | −26% | 2,275 |
| Total revenues | 20,429 | −5% | 21,508 |
| Expenses directly attributable to revenues | −10,938 | −11% | −12,239 |
| Gross income from revenues | 9,491 | 2% | 9,270 |
| Gains or losses from the disposal of properties | - | - | −90 |
| EBITDA | 1,804 | 61% | 1,118 |
| Depreciation, amortisation, and remeasurement | 2,786 | - | −9,662 |
| EBIT | 4,590 | - | −8,544 |
| Financial result | −6,473 | −15% | −7,660 |
| Gains or losses from continuing operations | −2,403 | −85% | −16,485 |
| Profit or loss for the period (annual result) | −2,403 | −97% | −84,807 |
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| Net cash flow from operating activities | 2,384 | −85% | 15,865 |
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| Net assets as at 31 December | 240,392 | 5% | 229,189 |
| Equity as at 31 December | 71,052 | −3% | 73,081 |
| Equity ratio | 30% | −2 pp | 32% |
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| Number of shares | 54,000,000 | - | 54,000,000 |
| Earnings per share in EUR | −0.05 | - | −1.63 |
| Number of treasury shares as at 31 December | 1,939,280 | - | 1,939,280 |
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| Number of office and commercial properties | 6 | - | 6 |
| Lettable space | 85,000 m2 | - | 85,000 m2 |
| m² with sustainability certificates | 80,000 m2 | - | 80,000 m2 |
| in % of the total floor area | 94% | - | 94% |
| Number of hotels | 2 | - | 2 |
| Number of hotel rooms (adjusted for proportionate share of ownership) | 537 | - | 537 |
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31/12/2025 | Change | 31/12/2024 | |
Gross asset value (GAV) in EUR millions | 241.2
| 5% | 229.7
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| NNNAV per share in EUR | 1.69 | 1% | 1.68 |
| EPRA NTA per share in EUR | 1.63 | 1% | 1.62 |
| End-of-period share price in EUR | 0.452 | −21% | 0.572 |