Warimpex Narrows Losses to EUR4.3 Million Amid Strategic Refocus

Real estate developer Warimpex has reported a significant reduction in its net losses for the first nine months of 2025, following a year marked by substantial write-downs related to the company's exit from the Russian market. The company's period result showed a loss of EUR4.3 million, a notable improvement compared to the EUR42.8 million deficit recorded during the same period in the previous year.

Revenue for the period declined by six percent to EUR14.8 million. This overall decrease was attributed to mixed performance across the company's business segments. The office leasing segment, which includes investment properties, demonstrated resilience, with revenue increasing from EUR9.4 million to EUR10.5 million. This growth was primarily driven by the full occupancy of the newly completed Mogilska 35 office building in Krakow, Poland.

Conversely, the hotel segment experienced a downturn, with revenues falling by 29 percent to EUR3.2 million. The decline was mainly due to reduced occupancy rates at the company's hotel in Darmstadt, Germany. Additionally, income from development projects and related services dropped sharply by 44 percent to EUR1.0 million, reflecting a slowdown in new project activity and service demand.

Despite the overall reduction in revenue, Warimpex reported an improvement in its financial structure. The company's total assets at the end of September stood at EUR235.4 million, compared to EUR319.4 million a year earlier. Equity increased to EUR68.5 million, raising the equity ratio from 24 percent to 29 percent. On a per-share basis, the company's earnings improved from a loss of EUR0.82 to a loss of EUR0.08 per share, indicating progress toward financial stabilization.

Following the completion of the sale of its Russian subsidiaries in 2024, Warimpex has shifted its strategic focus to its core markets of Poland, Hungary, and Germany. In Poland, the company is advancing several development projects, including the MOG31 residential complex in Krakow, which will feature approximately 146 condominium units. The project received final building permits in October 2025, with marketing activities scheduled to begin in December. Other initiatives include additional office and mixed-use property developments in the region.

Looking ahead, Warimpex expects to achieve a positive operating result for the full year 2025, based on current trends and budget forecasts. However, the company notes that the overall market environment remains uncertain due to ongoing geopolitical tensions and subdued economic growth within the European Union. These external factors are expected to continue influencing demand and project timelines in the near term.

The company's recent performance demonstrates the impact of its efforts to streamline operations and focus on markets with stable growth prospects. Warimpex's management remains cautious but optimistic about sustaining this recovery and capitalizing on new development opportunities as market conditions evolve.