EQS-News: 3U HOLDING AG: performance at the end of nine months

3U HOLDING AG: performance at the end of nine months
paints a mixed picture

• Development in line with planning and improved margins in the ITC and Renewable Energies segments
• Strategic realignment and restructuring in HVAC’s e-commerce business
• Bitcoin investment expanded as part of the treasury strategy
• Management Board revises outlook for 2025

Marburg, 11 November 2025 – 3U HOLDING AG (ISIN DE0005167902; identifier: UUU) is publishing its results for the first nine months of 2025. After a positive start to the year, the Group recorded slowing growth momentum in the second and third quarters. Business development during the reporting period was strongly impacted by economic uncertainty and structural challenges. Despite the difficult framework conditions, the Group delivered a sound operating performance in two of its three segments

From a cumulative standpoint, consolidated revenue declined slightly in the first nine months of 2025, by 1.9 % to EUR 41.3 million (9M 2024: EUR 42.1 million). While earnings in the ITC segment dropped in accordance with expectations, the Group achieved a stable development in its Renewable Energies segment. Revenue generated from renewable energies matched the year-earlier level despite the conversion work ongoing at the Langendorf location. During the reporting period, the HVAC’s e-commerce operations reported growth through acquiring EMPUR but continued to suffer from reticence in the industry caused by the economic environment. The Group’s EBITDA came in at EUR –1.9 million (9M 2024: EUR 3.5 million), which was attributable in particular to the necessary restructuring expenses, higher personnel costs and the sales trend. As of the reporting date, the 3U Group employed a total workforce of 234 employees (31 December 2024: 187). The significant growth in employee numbers is almost exclusively due to the takeover of the EMPUR companies in the first quarter of 2025.

As expected, the ITC segment did not achieve the year-earlier figures in the first nine months of 2025. Earnings in the reporting period which came in at EUR 10.2 million dropped by an overall 30.0 % below the year-earlier figure (9M 2024: EUR 14.6 million). Along with the virtual discontinuation of Voice Retail, this decline was also due to the modest development of segment’s other business lines. At the same time, important strategic initiatives were initiated over the course of the year to sustainably reinforce the segment’s competitiveness and promote future growth. Against the backdrop of the revenue trend, segment EBITDA declined to EUR 2.4 million, down from EUR 3.3 million in the first nine months of 2024. The EBITDA margin nevertheless improved in the period under review, rising from 22.8 % to 23.5 %.

As expected and due to the conversion to ramp up capacities at the Langendorf Wind Farm, the value of the wind energy generated by the Renewable Energies segment fell short of the year-earlier period. In the first nine months of 2025, the electricity produced by the wind farms declined by 28.4 % overall to 24.1 GWh compared with 33.6 GWh the year before. By contrast, there was a gratifyingly significant increase in the volume of solar energy generated during the period under review. Power production by the Adelebsen Solar Park rose to 9.5 GWh, thereby significantly exceeding the year-earlier figure of 8.5 GWh. The average monthly market price for onshore wind amounted to 7.50 ct/kWh in the months from January to September 2025 (9M 2024: 5.73 ct/kWh). As a result, the Renewable Energies segment’s revenue dipped only slightly year on year, dropping 0.5 % to EUR 3.6 million (9M 2024: EUR 3.7 million). Since, however, expenditure on maintenance and repairs to the wind energy facilities was significantly lower in the first nine months of 2025 than in the previous year, segment EBITDA also improved accordingly, rising by 6.3 % to EUR 2.4 million (9M 2024: EUR 2.3 million). The EBITDA margin increased notably from 62.9 % to 67.2 % in the period under review.

The business environment in the HVAC segment has continued to deteriorate in recent months due to the weak economy, which has prompted a significant decline in demand. The HVAC segment was unable to counteract this development despite the strategic measures initiated in the spring, including expanding the product range, tapping into new market segments, and stepping up sales activities. Owing to the acquisition of the EMPUR Group in February 2025, the segment’s total revenue nevertheless grew by a pleasing 15.2 % to EUR 28.2 million (9M 2024: EUR 24.5 million). In organic terms, segment revenue declined by 8.2 %, however. Against the backdrop of higher, structurally-induced costs, an increase workforce numbers as a result of company takeovers and the restructuring costs envisaged, EBITDA posted EUR –4.0 million in the first nine months of 2025 (9M 2024: EUR –0.5 million).

Extended Bitcoin strategy: dynamic trend and performance reinforcing balance sheet strength

3U HOLDING AG upped its Bitcoin investments slightly also in the third quarter of 2025. Along with the core holdings of 200 Bitcoin which continues to serve as a long-term strategic reservoir of value, the company held another 163.2 Bitcoin as of the end of the September 2025. Its Bitcoin holdings therefore increased to 363.2 Bitcoin in total, bringing the investment volume to EUR 27.1 million. With a purchase price averaging around EUR 74,700 per Bitcoin, the Group has already realised price gains of more than 20 %. These investments fulfil the function of investing surplus liquidity in the short- to medium-term while strengthening the company's financial and strategic position. With an equity ratio of 56.4% (31 December 2024: 69.2 %) and cash and cash equivalents of more than EUR 19.9 million (31 December 2024: EUR 42.6 million), 3U HOLDING AG continues to enjoy a sound financial position. Current information on 3U’s Bitcoin holdings can be found at https://www.3u.net/en

“We can look back business developing soundly and fully in line with planning in our ITC and Renewable Energies segments. Given the uncertainties in the environment, this is a good achievement,” commented Christoph Hellrung, 3U HOLDING AG’s Chief Financial Officer. “Conversely, the market environment in the HVAC business deteriorated further over the course of the year, sending demand down sharply. Along with the restructuring measures, this has left an additional mark on the accounts. These unforeseeable, massive upheavals in the economy have prompted us to adjust the expectations we communicated in March to current conditions.”

Outlook: revised targets for 2025

As communicated at the start of November, the target parameters envisaged for the full financial year 2025 are therefore anticipated below the range communicated back in March. According to current estimates, consolidated revenue is likely to amount to between EUR 54.0 million and EUR 56.0 million (original guidance: EUR 62.0 to EUR 66.0 million). In terms of profitability and given the non-recurrent expenditure necessitated by the restructuring measures in the HVAC’s e-commerce operations, the Management Board anticipates the Group’s EBITDA in a range of EUR –2.5 million to EUR –3.5 million (original guidance: negative EBITDA).

The focus in the coming months has been placed on implementing the aforementioned strategic measures in the three segments, most particularly the scheduled expansion of the electricity generating capacities in the Renewable Energies segment, developing the Managed Services portfolio in the ITC segment and reinforcing the HVAC segment through its own endeavours. Despite the challenges, the Management Board remains confident that, backed by a diversified business model and a sound financial basis, the Group will return to a sustainable and profitable growth trajectory while forging ahead with raising the long-term value of the company in the interest of all its shareholders.

Event announcement:

A webcast on 3U HOLDING AG’s results for the first nine months of 2025 and the outlook for 2025 will be held today at 10:00 CET with CFO Christoph Hellrung and Uwe Knoke, Board members responsible for Strategy and Business Development. Please register here to participate in the webcast: Earnings Call registration

A recording of the web cast will be available for viewing after the event at https://www.3u.net/newsroom/mediathek/.

More detailed information on the company’s performance in the first nine months of 2025 can be found in the financial report at https://www.3u.net/en/investor-relations/publications/

Group results at a glance

* As of 30/06/2024

About 3U:

3U HOLDING AG based in Marburg, Germany, was founded in 1997. As the operating management and investment holding company, it heads up the 3U Group. With a view to increasing the value for the shareholders, employees, customers, suppliers and all stakeholders, the company acquires, operates and sells companies in the three segments of ITC (Information and Telecommunications Technology), Renewable Energies and HVAC (Heating, Ventilation and Air Conditioning Technology. The 3U Group operates successfully and profitably with its business models in mega trends in all three segments and is striving to attain market leadership in particular with its e-commerce business model. 3U HOLDING AG shares are traded on XETRA, Tradegate and on German regional stock exchanges (ISIN: DE0005167902; identifier: UUU). More information can be found at www.UUU.de.

Contact:

Thomas Fritsche, Investor Relations

Tel.: +49 (0)6421 999 – 1200

email: IR@UUU.de