WXF WARIMPEX FINANZ- UND BETEILIGUNGS AG Giełda Papierów Wartościowych w Warszawie · annual · publ. April 29, 2026

FY 2025 report

EBIT i EBITDA wróciły do wzrostu dzięki wyższym przychodom z segmentu Investment Properties i dodatniej rewaloryzacji nieruchomości (+4,2 mln EUR wobec -8,3 mln EUR rok wcześniej).

Sentiment

Positive No guidance change

Website

WXF FY 2025 report

Revenue

21.51 m EUR

— YoY

Net income

-84.8 m EUR

— YoY

EBITDA

1.12 m EUR

— YoY

Gross margin

43.1%

— YoY

Summary

Investment thesis

Strata netto skurczyła się z -84,8 mln EUR (obciążonej sprzedażą aktywów rosyjskich) do -2,4 mln EUR — pierwszy rok w pełni porównywalny po zamknięciu wątku rosyjskiego.
Spółka wchodzi w nowy segment — mieszkaniowy projekt MOG31 w Krakowie — finansowany głównie długiem, co dalej podnosi zadłużenie (dług finansowy 149,4 mln EUR, +8% r/r) przy już wysokim wskaźniku zadłużenia.
Rynkowa wycena (0,452 EUR) to głęboki, ok. 73-procentowy dyskont do NNNAV (1,69 EUR) i ok. 72-procentowy do EPRA NTA (1,63 EUR) na akcję.
Kowenanty kredytowe spełnione, ale płynność gotówkowa niska (1,5 mln EUR) względem 149 mln EUR długu finansowego — spółka pozostaje zależna od refinansowania i nowych emisji.

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Financials

BETA

FY 2025

WXF · FY 2025

Metric	FY 2025	FY 2024	Δ YoY	Value type	Segment	Conf.

Revenue	21.51	—	—	reported	—	1.00
Gross profit	9.27	—	—	reported	—	1.00
EBITDA	1.12	—	—	reported	—	1.00
EBIT	-8.54	—	—	reported	—	1.00
EBT	-16.2	—	—	reported	—	1.00
Net income	-84.8	—	—	reported	—	1.00
EPS (basic) (EUR)	-1.63	—	—	reported	—	1.00
EPS (diluted) (EUR)	-0.05	—	—	reported	—	1.00
D&A	1.39	—	—	reported	—	0.90
Interest expense	6.08	—	—	reported	—	0.90
Income tax	-0.52	—	—	reported	—	1.00
Shares (basic) (m units)	52.06	—	—	reported	—	1.00

Gross margin	43.1%	—	—	derived	—	0.90
EBITDA margin	5.2%	—	—	derived	—	0.90
EBIT margin	-39.72%	—	—	derived	—	0.90
EBT margin	-9.22%	—	—	derived	—	0.90
Net margin	-394.31%	—	—	derived	—	0.90

Cash	1.48	—	—	reported	—	1.00
Total debt	137.92	—	—	reported	—	1.00
Net debt	136.44	—	—	derived	—	0.90
Equity	73.08	—	—	reported	—	1.00
Total assets	229.19	—	—	reported	—	1.00
Current assets	4.1	—	—	reported	—	1.00
Current liabilities	24.44	—	—	reported	—	1.00
Non-current liabilities	148.54	—	—	reported	—	1.00
Inventory	9.01	—	—	reported	—	1.00
Trade receivables	4.73	—	—	reported	—	1.00
Trade payables	3.56	—	—	reported	—	1.00

CFO	15.87	—	—	reported	—	1.00
CapEx	6.51	—	—	reported	—	1.00
FCF	9.35	—	—	derived	—	0.90

ROE	-3.36%	—	—	derived	—	0.80
ROA	-1.03%	—	—	derived	—	0.80
ROIC	1.61%	—	—	derived	—	0.60
ROCE	2.09%	—	—	derived	—	0.80

Current ratio	0.17x	—	—	derived	—	0.90
Quick ratio	0.3x	—	—	derived	—	0.90
Cash ratio	0.07x	—	—	derived	—	0.90
Interest coverage	0.75x	—	—	derived	—	0.85

Net debt / EBITDA	81.95x	—	—	derived	—	0.60
Debt / equity	2.1x	—	—	derived	—	0.90
Debt / assets	0.62x	—	—	derived	—	0.90
Net debt / equity	2.08x	—	—	derived	—	0.90

Revenue growth (YoY)	-5.02%	—	—	derived	—	0.90
EBITDA growth (YoY)	61.36%	—	—	derived	—	0.90
EBIT growth (YoY)	153.74%	—	—	derived	—	0.85
Net income growth (YoY)	97.14%	—	—	derived	—	0.85
EPS growth (YoY)	96.93%	—	—	derived	—	0.85
FCF growth (YoY)	-148.79%	—	—	derived	—	0.85
Gross margin Δ (YoY)	3.36 pp	—	—	derived	—	0.90
EBITDA margin Δ (YoY)	3.63 pp	—	—	derived	—	0.90
EBIT margin Δ (YoY)	62.19 pp	—	—	derived	—	0.90
Net margin Δ (YoY)	382.45 pp	—	—	derived	—	0.90

Market cap	23.53	—	—	derived	—	0.70
Enterprise value	171.44	—	—	derived	—	0.65
P/E	-9.04x	—	—	derived	—	0.60
EV / EBITDA	95.03x	—	—	derived	—	0.50
EV / EBIT	37.34x	—	—	derived	—	0.65
EV / Revenue	8.39x	—	—	derived	—	0.65
P/BV	0.33x	—	—	derived	—	0.70
FCF yield	-19.39%	—	—	derived	—	0.60

FY 2025 · Δ YoY

Revenue

21.51 —

FY 2024: —

Gross profit

9.27 —

FY 2024: —

EBITDA

1.12 —

FY 2024: —

EBIT

-8.54 —

FY 2024: —

EBT

-16.2 —

FY 2024: —

Net income

-84.8 —

FY 2024: —

EPS (basic) (EUR)

-1.63 —

FY 2024: —

EPS (diluted) (EUR)

-0.05 —

FY 2024: —

D&A

1.39 —

FY 2024: —

Interest expense

6.08 —

FY 2024: —

Income tax

-0.52 —

FY 2024: —

Shares (basic) (m units)

52.06 —

FY 2024: —

Gross margin

43.1% —

FY 2024: —

EBITDA margin

5.2% —

FY 2024: —

EBIT margin

-39.72% —

FY 2024: —

EBT margin

-9.22% —

FY 2024: —

Net margin

-394.31% —

FY 2024: —

Cash

1.48 —

FY 2024: —

Total debt

137.92 —

FY 2024: —

Net debt

136.44 —

FY 2024: —

Equity

73.08 —

FY 2024: —

Total assets

229.19 —

FY 2024: —

Current assets

4.1 —

FY 2024: —

Current liabilities

24.44 —

FY 2024: —

Non-current liabilities

148.54 —

FY 2024: —

Inventory

9.01 —

FY 2024: —

Trade receivables

4.73 —

FY 2024: —

Trade payables

3.56 —

FY 2024: —

CFO

15.87 —

FY 2024: —

CapEx

6.51 —

FY 2024: —

FCF

9.35 —

FY 2024: —

ROE

-3.36% —

FY 2024: —

ROA

-1.03% —

FY 2024: —

ROIC

1.61% —

FY 2024: —

ROCE

2.09% —

FY 2024: —

Current ratio

0.17x —

FY 2024: —

Quick ratio

0.3x —

FY 2024: —

Cash ratio

0.07x —

FY 2024: —

Interest coverage

0.75x —

FY 2024: —

Net debt / EBITDA

81.95x —

FY 2024: —

Debt / equity

2.1x —

FY 2024: —

Debt / assets

0.62x —

FY 2024: —

Net debt / equity

2.08x —

FY 2024: —

Revenue growth (YoY)

-5.02% —

FY 2024: —

EBITDA growth (YoY)

61.36% —

FY 2024: —

EBIT growth (YoY)

153.74% —

FY 2024: —

Net income growth (YoY)

97.14% —

FY 2024: —

EPS growth (YoY)

96.93% —

FY 2024: —

FCF growth (YoY)

-148.79% —

FY 2024: —

Gross margin Δ (YoY)

3.36 pp —

FY 2024: —

EBITDA margin Δ (YoY)

3.63 pp —

FY 2024: —

EBIT margin Δ (YoY)

62.19 pp —

FY 2024: —

Net margin Δ (YoY)

382.45 pp —

FY 2024: —

Market cap

23.53 —

FY 2024: —

Enterprise value

171.44 —

FY 2024: —

P/E

-9.04x —

FY 2024: —

EV / EBITDA

95.03x —

FY 2024: —

EV / EBIT

37.34x —

FY 2024: —

EV / Revenue

8.39x —

FY 2024: —

P/BV

0.33x —

FY 2024: —

FCF yield

-19.39% —

FY 2024: —