olivLaw · European equity research
Warimpex Finanz- und Beteiligungs Aktiengesellschaft WXF.VI
Austria · Wiener Börse · ISIN AT0000827209 · Vertical: Listed companies from Austria
Warimpex is a Vienna-listed real estate group with office and hotel assets, concentrated mainly in Poland. For 2025 the company reports a Gross Asset Value of 241.2 mn EUR, and the move from a loss to a stronger operating result makes the period worth watching for investors.
At the close of 05 Nov 2026, Warimpex Finanz- und Beteiligungs Aktiengesellschaft (WXF.VI) stock was 0.47 EUR (+0.00% on the day), with market capitalisation 22.8 m EUR, beta 0.20, 52-week range 0.45–0.53 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 37.8
- weak (30–45)
- Bollinger (20, 2)
- 0.46 – 0.50
- in the lower half of the band · %B 0.25 · band width 9.3%
- SMA 50 / 200
- 0.50 / 0.50
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.6% | −0.6% | −5.0 pp | — |
| 3 months | −7.8% | −4.2% | −3.7 pp | — |
| 6 months | −6.0% | +4.3% | −10.3 pp | — |
| Year to date | +4.0% | +7.5% | −3.5 pp | — |
| 1 year | −7.8% | +9.9% | −17.8 pp | +5.6% |
| 3 years | −34.7% | +49.8% | −84.6 pp | +12.7% |
| 5 years | −62.1% | +42.8% | −104.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 18.8 m | 21.5 m | 20.4 m |
| Revenue YoY | unavailable | +14.1% | −5.0% |
| Net income | -23.8 m | -84.8 m | -2.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.46 | -1.63 | -0.05 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -126.3% | -394.3% | -11.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 71.1 m EUR
- Total assets
- 240.4 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.73x
- ROE
- -3.4%
- ROA
- -1.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 18.8 m | 21.5 m | 20.4 m | esef· 29 Apr 2026verified |
| Cost of revenue | 9.8 m | 12.2 m | 10.9 m | esef· 29 Apr 2026verified |
| Gross profit | 9.0 m | 9.3 m | 9.5 m | esef· 29 Apr 2026verified |
| Operating income | -1.5 m | -8.5 m | 4.6 m | esef· 29 Apr 2026verified |
| Interest expense | 6.8 m | 7.8 m | 6.7 m | esef· 29 Apr 2026verified |
| Pre-tax income | -6.1 m | -16.2 m | -1.9 m | esef· 29 Apr 2026verified |
| Income tax | -470.0 k | 281.0 k | 520.0 k | esef· 29 Apr 2026verified |
| Net income | -23.8 m | -84.8 m | -2.4 m | esef· 29 Apr 2026verified |
| Diluted EPS | -0.46 | -1.63 | -0.05 | esef· 29 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 6.9 m | 1.5 m | 1.5 m | esef· 29 Apr 2026verified |
| Receivables | 4.8 m | 2.6 m | 4.7 m | esef· 29 Apr 2026verified |
| Inventories | 161.0 k | 17.0 k | 9.0 m | esef· 29 Apr 2026verified |
| Current assets | 11.8 m | 4.1 m | 15.2 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 33.1 m | 15.1 m | 14.0 m | esef· 29 Apr 2026verified |
| Total assets | 371.3 m | 229.2 m | 240.4 m | esef· 29 Apr 2026verified |
| Current liabilities | 37.7 m | 24.4 m | 20.8 m | esef· 29 Apr 2026verified |
| Total liabilities | 249.2 m | 156.1 m | 169.3 m | esef· 29 Apr 2026verified |
| Equity | 122.0 m | 73.1 m | 71.1 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 51.7 m | 52.0 m | 48.5 m | esef· 29 Apr 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 22.8 m EUR
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -11.9% | 3 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.7x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial3/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Warimpex Finanz- und Beteiligungs Aktiengesellschaft (WXF.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 20.4 m EUR in 2025; YoY growth -5.0%; net margin -11.9%; ROE -3.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -11.9%
- Interest coverage: 0.7x
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for WXF.VI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Warimpex is a Vienna-listed real estate group with office and hotel assets, concentrated mainly in Poland. For 2025 the company reports a Gross Asset Value of 241.2 mn EUR, and the move from a loss to a stronger operating result makes the period worth watching for investors 1.
SWOT
Strengths
- Fully leased office portfolio in Krakow with rising revenue and an asset base diversified across several countries.
- Periodic external valuations by recognised firms provide a transparent basis for asset values.
- Governance structure that follows the Austrian and Polish codes, with a code of conduct and an anonymous reporting system.
Weaknesses
- Heavy reliance on long-term project loans, so debt dominates the balance sheet.
- The hotel segment recorded negative EBITDA because of weak occupancy at the Darmstadt hotel.
- Results of the development segment are volatile because they depend on occasional property sales.
Opportunities
- Completion of the MOG31 project in Krakow could bring sales revenue when apartments are handed over.
- Stabilisation of the Darmstadt hotel after the management change and rebranding could restore hotel revenue.
- Projects such as the Chopin co-living concept in Krakow and developments on land reserves are in preparation.
Threats
- High interest rates could raise the cost of financing for existing and future projects.
- Property valuations could fall if capitalisation rates rise, which would reduce reported net asset value.
- Demand for office space and hotels could weaken if economic activity in the region slows.
Risks
- High indebtednesshigh
Most properties are financed through long-term loans, which exposes the company to refinancing risk and to changes in loan costs.
- Valuation riskhigh
Asset values depend on external valuations and capitalisation rates, and changes in these could affect results and net asset value.
- Hotel occupancymedium
Lower occupancy at the Darmstadt hotel led to operating losses in the hotel segment, and recovery depends on the new management succeeding.
- Volatility of the development segmentmedium
Development results depend on the timing of property sales, which makes annual profit difficult to predict.
- Currency and political risklow
Activity in Poland, Hungary and Germany exposes the company to currency fluctuations and regulatory changes in these countries.
Investment thesis
What would need to be true (bull case)
- If office rents in Krakow remain high, revenue in the Investment Properties segment could keep growing and support group results.
- Completion of the MOG31 project could bring substantial sales revenue, provided apartment handovers proceed as planned.
- If the stabilisation of the Darmstadt hotel is confirmed, the hotel segment could return to positive results and reduce overall volatility.
What would break the thesis
- If interest rates stay high, debt costs could absorb a large part of rental income and limit profitability.
- If capitalisation rates rise, asset valuations could fall, reducing net asset value per share.
- If occupancy at the Darmstadt hotel does not improve, the hotel segment could keep recording operating losses.
What to watch
- Progress of construction at MOG31 in Krakow and any apartment handovers2026
- Occupancy and revenue trend of the Darmstadt hotel after the rebranding2026
- Level of interest costs and trend of long-term debtQ1 2027
- Portfolio valuations and development of net asset value per share (NNNAV)next annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Warimpex manages a portfolio of real estate, made up of leased office buildings and hotels operated by the group. As of 31 December 2025 the group had two hotels with 744 rooms and six office buildings with about 85,000 sqm of lettable space 1. Office rental revenue rose in 2025, while hotel revenue fell.
Activities are organised in three segments: Investment Properties, covering office leasing and property valuations, Hotels, covering the operation of owned hotels, and Development & Services, covering development, parent company activities and property sales. The group exited Russia in 2024 through the sale of its Russian subsidiaries 1.
Asset values are supported by independent valuations by Knight Frank and CB Richard Ellis, and most of the portfolio is located in Poland 1. Most properties are financed through long-term project loans, which is why long-term liabilities dominate the balance sheet 1.
Segments
Investment Properties
The office segment generated revenue of 14.3 mn EUR in 2025, up from the prior year, thanks to the completion of Mogilska 35 at the end of 2023 and new lease agreements. Segment EBITDA rose significantly 1.
Hotels
The hotel segment recorded lower revenue in 2025 because of weaker occupancy at the Darmstadt hotel, and segment EBITDA turned negative 1. The company expects revenue to stabilise after the management change and rebranding of the hotel.
Development & Services
Results in this segment depend on property and share sales, so they vary strongly from year to year. The operational focus for 2026 is the completion of the MOG31 residential project in Krakow, planned for mid-2028 1.
Market context
The company operates in the real estate markets of Poland, Germany and Hungary, where demand for office space and hotels depends on local economic activity. The gross rental yield, calculated as market rent over gross fair value, was 8.07 percent in 2025 1.
Property values are determined by income-based methods such as the investment method or discounted cash flow, and development projects by the residual method. The level of capitalisation rates directly affects the reported asset values 1.
Trends
- Rising office rents in Krakowtailwind
Completion and full letting of the Mogilska 35 building could support office segment revenue in the coming years, according to management's comment on its contribution to results in 2026.
- Weak hotel occupancyheadwind
Lower occupancy at the Darmstadt hotel reduced revenue and led to negative EBITDA in the hotel segment, and stabilisation depends on the success of the rebranding.
- Interest rates and financing costsmixed
Lower interest expense improved the financial result in 2025, but long-term debt remains high, so results could stay sensitive to the cost of loans.
- Property valuationsmixed
Revaluation gains on the Krakow properties turned the investment property result from a loss into a profit, but this effect depends on external valuations that can vary from year to year.
Competitive position
Warimpex operates as a relatively small group with a focus on niches in Central Europe, where it competes with other developers and property investors for office tenants and development land. Direct competition is described in the report only in general terms.
In the hotel segment the company operates hotels under brands of the Accor group, which places it in competition with other hotel operators in the same cities. Its position relative to these operators is not quantified in the source document.
- Other property developers in Poland
Compete for office tenants and development land in Krakow and other Polish cities, without named identification in the source document.
- Hotel operators in Darmstadt
Compete for guests of the Darmstadt hotel, where occupancy fell in 2025.
- Real estate investors in Central Europe
Compete for acquisitions and financing in the Polish, German and Hungarian markets.
- Other real estate companies listed in Vienna
Compete for investor attention on the Austrian capital market, where Warimpex is listed.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Warimpex Finanz- und Beteiligungs Aktiengesellschaft · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.