Warimpex increased its revenues from offices by 14 percent in the first half of 2025, and EBITDA also remained solidly in positive territory at €0.6 million. The result for the period improved significantly from minus €8.8 million in the previous year to minus €3.0 million. The market conditions continued to be shaped by stagnation in the EU and geopolitical uncertainties.
“Our core market of Poland is growing somewhat faster than the EU average. Our development projects and new lettings at our office buildings in the country are progressing according to plan. It is particularly encouraging that we recently let out the entire space at our Mogilska 35 Office and that, after completion of the tenant adaptations and after all tenants move in, we will see correspondingly higher revenue contributions“, noted Warimpex CEO Franz Jurkowitsch. “At the same time, we are focusing on the further diversification of our portfolio with new projects in the residential and office segments in Kraków.“
Financial metrics: Revenues from office properties up 14 percent
Revenues from the rental of office properties increased by 14 percent, thanks to new lettings, whereas revenues declined at the hotel in Darmstadt. Total revenues remained nearly constant in the first half of 2025 at €10.2 million (2024: €10.3 million), while the expenses directly attributable to revenues were reduced by 5 per cent. This led to a 4 percent increase in gross income from revenues to €4.7 million (2024: €4.5 million). EBITDA improved from €0.4 million to €0.6 million, primarily due to higher revenues from office properties. EBIT was neutral during the reporting period, while losses from property remeasurement led to a negative EBIT of roughly €6.1 million in the prior-year period. The financial result went from minus €3.9 million to minus €2.9 million due to lower average debt and reduced interest expenses. All in all, this led to a significant improvement in the result from the continuing operations from minus €10.3 million in the previous year to minus €3.0 million in the first half of the year and an improvement in the result for the period from minus €8.8 million to minus €3.0 million.
Innovative office concepts with a focus on sustainability
The office buildings are continuously evolving through targeted measures, always to combine sustainability and innovation. For example, the Red Tower in the Polish city of Łódź is being renovated on an ongoing basis. In response to the increasing demand for flexible office space, Warimpex is expanding its Cowork by Memos offerings in Łódź and Kraków by an additional 1,500 sqm by the end of the year. Revenues in the coworking segment increased by roughly 70 percent versus the first half of the previous year. Sustainability is also a central priority here: All Cowork by Memos locations are in BREEAM-certified buildings and meet the highest environmental standards.
Outlook
In Poland, Warimpex is focusing on new projects in the residential and office segments in Kraków. The building permit for the Mogilska 31 project – which will offer 146 residential units along with retail space and parking – is expected to be issued in autumn 2025. The latest office building, the Mogilska 35 Office in Kraków, is fully occupied, and the revenue contributions from the property will increase accordingly once the tenants have moved in.
“We expect the positive development of our operating business to continue in the current year,” Franz Jurkowitsch concluded.
