Warimpex recorded a clear improvement in its financial performance in 2025, supported by higher office rental income, a positive property valuation result and the resilience of its key Polish market. The company’s consolidated net result improved from a loss of EUR 16.5 million to a loss of EUR 2.4 million from continuing operations.
Revenue from office properties rose by 8%, from EUR 13.2 million to EUR 14.3 million, mainly due to the acquisition of new tenants. EBITDA increased from EUR 1.1 million to EUR 1.8 million, while EBIT returned to positive territory, reaching EUR 4.6 million compared with a loss of EUR 8.5 million a year earlier. This was largely the result of a positive property valuation effect, which improved from minus EUR 8.3 million to plus EUR 4.2 million.
Overall sales revenues declined by 5%, from EUR 21.5 million to EUR 20.4 million. The decrease was mainly linked to weaker hotel revenues in Darmstadt, caused by a weaker German market and a strategic change in the management of the property. At the same time, costs directly attributable to sales revenue fell by 11%, helping gross profit from sales rise by 2% to EUR 9.5 million.
According to Franz Jurkowitsch, CEO of Warimpex, 2025 was a year of cautious recovery for the real estate sector. Falling interest rates and a normalization of inflation improved the market environment compared with previous years, although geopolitical uncertainty remains a significant challenge. He emphasized that Poland, the company’s key market, continues to show resilience, with economic growth above the EU average.
A major operational milestone for Warimpex is MOG31 in Kraków, the company’s first residential project in Poland. The building permit was issued in October 2025, and construction work began in March 2026. The project will offer around 8,000 sqm of space, including 145 ownership apartments and retail and service premises on the ground floor. Sales began in December 2025, and more than one third of the apartments have already been sold or reserved.
Warimpex is also continuing to modernize its existing properties, with sustainability aspects playing an important role. The Red Tower office building in Łódź is undergoing ongoing revitalization. In 2025, the company expanded its Memos coworking space offer in Łódź and Kraków by another 1,500 sqm. All these spaces are located in BREEAM-certified buildings.
In 2026, Warimpex plans to focus on the further development of MOG31, whose completion is scheduled for mid-2028. Revenue from the project will be recognized when the apartments are handed over to buyers. In Darmstadt, the company expects the completion of management changes and the ongoing rebranding of the hotel to ibis Styles, part of the Accor group, to help stabilize revenues.
Long-term projects in Kraków, including Co-Living/Office Chopin and further developments on reserve plots, remain in preparation. The fully leased Mogilska 35 Office building in Kraków is also expected to contribute noticeably to the company’s results in 2026 once all tenants have moved in.
Based on current budget data, Warimpex assesses the outlook for its operating business in 2026 as positive.
