3U HOLDING AG: Audited Results for Financial Year 2025 – Intensive Investment Activity, Strategic Realignment and Clear Outlook for a Return to Profitability

3U HOLDING AG: Audited Results for Financial Year 2025 – Intensive Investment Activity, Strategic Realignment and Clear Outlook for a Return to Profitability

Marburg, 31 March 2026 – 3U HOLDING AG (ISIN DE0005167902) today published its 2025 Annual Report, presenting the final, audited figures for financial year 2025. The report confirms the preliminary figures communicated on 12 March 2026 as well as the outlook for financial year 2026, and underscores that 2025 was a transitional year characterised by intensive investment, restructuring and strategic realignment.

2025 Highlights

• Group revenue of EUR 53.0m (previous year: EUR 55.7m) – slightly below the revised forecast of EUR 54–56m.
• Group EBITDA of EUR –3.7m (previous year: EUR 3.8m), driven by higher costs, restructuring charges (EUR 1.6m) and elevated M&A advisory fees.
• Repowering of Langendorf Wind Farm completed on schedule: rated capacity increased from 22.5 MW to 43 MW; group-wide wind and solar capacity now 73 MW.
• Strategic Bitcoin holdings expanded to 427.1 BTC; carrying value: EUR 31.8m at an average acquisition cost of EUR 75,259/BTC.
• EMPUR Group successfully integrated: three-tier sales model (B2C / B2B / wholesale) established; HVAC revenue up +11.3% to EUR 36.2m despite a challenging market environment.
• Solid equity ratio of 49.8%; total assets expanded to EUR 158.6m (+EUR 31.8m).
• 2026 Guidance: group revenue EUR 55–60m, EBITDA EUR 6–8m (approx. 12% margin) – a significant return to operational profitability is expected.

Key Figures at a Glance

“2025 was a year of operational consolidation for 3U, in which we deliberately invested in our structures, our power generation capacities and our digital future in a challenging environment. With the integration of the EMPUR Group, completion of the repowering at Langendorf, the expansion of our Bitcoin position and the group-wide build-up of AI expertise, we have set the key levers for profitable growth – from 2026 onwards, this should again be reflected in rising earnings and significantly improved level of profitability.” 
Christoph Hellrung, CFO, 3U HOLDING AG

Business Development 2025

In financial year 2025, the 3U Group generated audited revenue of EUR 53.0m (previous year: EUR 55.7m; –4.9%), slightly below the revised forecast of EUR 54–56m issued in November 2025. The decline was primarily attributable to the planned reduction in revenues in the ICT segment following the near-complete phase-out of the voice-retail business, as well as a year in the HVAC segment shaped by restructuring measures and a persistently challenging market environment. These effects were partially offset by acquisition-driven revenue growth through the consolidation of the EMPUR Group in the HVAC segment, and by largely stable performance in Renewable Energy.

Group EBITDA fell to EUR –3.7m (previous year: EUR 3.8m). The main drivers were a significant increase in personnel expenses of 25.5% to EUR 13.7m – primarily acquisition-related due to the EMPUR transaction –, higher M&A advisory fees, and restructuring charges totalling EUR 1.6m (of which EUR 1.2m in the HVAC segment). Net income amounted to EUR –8.9m (previous year: EUR 0.7m), with earnings per share of EUR –0.26 (previous year: EUR 0.02).

Total assets expanded significantly to EUR 158.6m as of 31 December 2025 (31 December 2024: EUR 126.8m; +EUR 31.8m). Key drivers included an increase in property, plant and equipment of EUR 35.7m to EUR 74.1m related to the Langendorf repowering project, as well as the expansion of the strategic Bitcoin position to EUR 31.8m (previous year: EUR 12.1m). The equity ratio stood at 49.8% at year-end (previous year: 69.2%), reflecting the investment and restructuring-intensive nature of the year.

Liquid assets declined as planned from EUR 42.6m to EUR 12.5m. Investment cash flow amounted to EUR –59.6m, reflecting the high level of capital expenditure. Cash flow from financing activities was EUR +34.1m, supported by the drawdown of long-term loans to finance the fixed-asset investments.

Segment Overview

ICT – High-Margin Digitalisation Business Remains Profitable Backbone

The ICT segment generated revenue of EUR 13.2m in financial year 2025 (previous year: EUR 19.2m; –31.3%). The decline resulted as planned from the near-complete phase-out of the voice-retail business and from strategic adjustments in other areas. Managed Services, by contrast, grew by +3.0% to EUR 5.4m and forms the stable core of the segment. Segment EBITDA stood at EUR 2.8m (previous year: EUR 4.4m; –36.4%), while the EBITDA margin remained at an above-average 21.1% (previous year: 22.8%), making ICT an important cash generator for the Group. During the year, a comprehensive sales offensive was launched. In addition, the Group established a new entity within the ICT segment to build AI expertise across the Group – with the medium-term goal of offering AI-powered automation and efficiency solutions to external clients.

Renewable Energies – Langendorf Repowering Milestone Achieved

The Renewable Energies segment recorded only a slight revenue decline to EUR 4.6m in the reporting year 2025 (previous year: EUR 4.8m; –4.6%), attributable primarily to the planned conversion works at the Langendorf wind farm. EBITDA declined to EUR 2.9m (previous year: EUR 3.5m; –18.3%), while the EBITDA margin remained at an exceptionally high 63.3%. Total power generation from owned parks amounted to 45.3 GWh (previous year: 54.9 GWh), with the Adelebsen solar installation achieving growth of +10.9% to 10.3 GWh. The largest investment project to date – the Langendorf repowering – was completed on schedule with a total volume of approximately EUR 70m. All five new wind turbines with 6.2 MW each are now fully operational. Installed rated capacity at the site has nearly doubled from 22.5 MW to 43 MW; group-wide wind and solar capacity now stands at 73 MW. With the full commissioning of all five new turbines at Langendorf since the beginning of 2026, the foundation for rising earnings in the years ahead has been laid. This path will be continued with further projects, including the planned repowering at Klostermoor and a new-build project in North Rhine-Westphalia.

HVAC – Acquisition-Driven Growth; Consistent Restructuring Under Way

In the HVAC segment, revenue rose by +11.3% to EUR 36.2m (previous year: EUR 32.5m) due to the consolidation of EMPUR; on an organic basis, however, revenue was –12.9% below the previous year. The market environment remained burdened by subdued construction activity, high customer uncertainty and structural demand weakness. Segment EBITDA deteriorated to EUR –6.4m (previous year: EUR –2.0m; EBITDA margin: –17.6%). The main burdens were significantly higher personnel costs following the EMPUR acquisition (+67.2% to 107 FTE), increased advisory fees, and restructuring charges of EUR 1.2m. Immediately following the breakdown of acquisition negotiations in spring 2025, the Group launched a comprehensive restructuring programme. With the three-tier sales model (B2C / B2B / wholesale), the streamlining of the product portfolio, optimisation of procurement and logistics, and the EMPUR integration, the key prerequisites for a return to profitability have been established. The associated charges were recognised in the income statement as far as possible within financial year 2025.

Bitcoin Strategy – Digital Value Reserve Expanded

As part of its treasury strategy, the Group deliberately expanded its Bitcoin holdings during financial year 2025. As at 31 December 2025, 3U HOLDING AG held a total of 427.1 BTC (31 December 2024: 200.0 BTC). Total investment amounted to EUR 32.1m at an average acquisition cost of EUR 75,259/BTC. The carrying value after an impairment charge of EUR 0.3m amounted to EUR 31.8m as at the reporting date. 200 BTC are held as a long-term strategic reserve; a further 227.1 BTC serve as a flexible treasury position. The Group regards Bitcoin as a hedge against inflation and currency debasement through digital scarcity.

Outlook 2026

Despite the transitional nature of financial year 2025, the Management Board regards the starting position for 2026 as favourable. The full commissioning of the new wind turbines at Langendorf, the restructuring measures initiated in the HVAC segment, and the solid earnings power of the ICT segment form the foundation for a significant improvement in operating results.

For financial year 2026, the Management Board – excluding the impact of potential future acquisitions – expects Group revenues to increase to a range of approximately EUR 55m to EUR 60m, and Group EBITDA to a range of approximately EUR 6m to EUR 8m. This corresponds to an expected EBITDA margin of approximately 12%.

In the ICT segment, with revenues at the level of financial year 2025 of approximately EUR 13.0m, improved EBITDA of approximately EUR 3.5m is expected, reflecting continued high profitability; the focus remains on high-margin Managed Services, cybersecurity solutions and AI-powered process automation. In the Renewable Energies segment, the Management Board expects revenues to more than double to over EUR 10.0m and EBITDA to increase significantly to approximately EUR 8.0m, driven by the completed repowering at Langendorf and further measures. In the HVAC segment, revenues of approximately EUR 35.0m are expected, with EBITDA projected to improve significantly compared with the previous year but remain negative at approximately EUR –1.0m; positive effects from the restructuring and workforce adjustments are expected to materialise progressively during 2026. For the parent company 3U HOLDING AG, the Management Board expects revenues of EUR 2.0m to EUR 2.5m and EBITDA of between EUR –3.0m and EUR –4.0m, partly due to higher expenditure on transformation and digitalisation initiatives. Overall, the Management Board sees 3U as well positioned to return to a path of profitable growth from 2026, despite the continuing challenging environment.

This forecast is subject to the precondition that relevant market conditions remain unchanged or improve in certain areas and that the overall macroeconomic environment remains stable. Against the backdrop of the ongoing Iran conflict and the associated uncertainties – particularly regarding energy prices, supply chains and risk appetite in capital markets – there is an additional risk that an escalation could dampen global economic momentum and thereby negatively affect the business development of 3U HOLDING AG.

Earnings Call / Webcast

On 31 March 2026 at 10:00 a.m. CET, 3U HOLDING AG will hold a webcast with Christoph Hellrung, CFO, and Uwe Knoke, Member of the Management Board responsible for Strategy and Business Development, to discuss the results for financial year 2025 and the outlook for 2026. Interested participants can register for the webcast here.

The 2025 Annual Report and further information on the earnings call are available on the 3U HOLDING AG website at www.UUU.de in the Investor Relations section.

Contact
Thomas Fritsche, Investor Relations
Tel.: +49 6421 999-1200
E-mail: IR@UUU.de

About 3U
3U HOLDING AG, headquartered in Marburg, was founded in 1997. As an operational management and investment holding company, it stands at the head of the 3U Group. With the aim of creating value for its shareholders, employees, customers, suppliers and all stakeholders, it acquires, operates and divests companies in three segments: ICT (Information and Communications Technology), Renewable Energies, and HVAC (Heating, Ventilation and Air Conditioning). In all three segments, the 3U Group operates successful and profitable business models aligned with major megatrends, and is pursuing market-leading positions in particular with its e-commerce business model. The shares of 3U HOLDING AG are traded on XETRA, Tradegate and at the German regional stock exchanges (ISIN: DE0005167902; ticker: UUU). Further information is available at www.UUU.de.