3U HOLDING AG: operational turning point in the first quarter of 2026 – EBITDA positive, Renewable Energies doubles operating result

3U HOLDING AG: operational turning point in the first quarter of 2026 – EBITDA positive, Renewable Energies doubles operating result  

• Consolidated revenue of EUR 12.4 million (Q1 2025: EUR 14.6 million) – decline in line with expectations due to HVAC restructuring
• Consolidated EBITDA of EUR 0.7 million marks return to positive territory (Q1 2025: EUR –0.2 million); EBITDA margin at 5.6 %
• Renewable Energies segment raises EBITDA to EUR 1.4 million; electricity production virtually doubled to 22.97 GWh
• Consolidated result of EUR –8.4 million mainly burdened by reporting-date-related write-downs on Bitcoin - operating performance significantly better
• 2026 annual guidance affirmed: consolidated revenue of EUR 55–60 million; EBITDA of EUR 6–8 million

Marburg, 12 May 2026 – 3U HOLDING AG (ISIN DE0005167902; ticker symbol: UUU) is publishing the results of the first quarter of the financial year 2026. Despite an environment challenging for revenue, the Group achieved a notable improvement in the operating result: consolidated EBITDA returned to positive territory for the first time following a negative year-earlier quarter. The main earnings driver proved to be Renewable Energies segment which more than doubled its contribution at EBITDA level following the completion of the repowering project in Langendorf. The consolidated result was significantly burdened by a reporting-date-related write-down of EUR 7.2 million on the Bitcoin holdings and is therefore not a reflection of the Group’s operational capacity.
 Christoph Hellrung, CFO of 3U HOLDING AG
 The 3U Group achieved revenue of EUR 12.4 million in the first quarter of 2026 (Q1 2025: EUR 14.6 million; –15.1 %). The decline essentially resulted from the ongoing subdued demand in the HVAC segment and from a slight downturn in the ITC segment’s revenue, as opposed to the Renewable Energies segment that recorded significant growth in line with expectations. At EUR 5.8 million, gross profit virtually repeated the year-earlier level; the gross profit margin improved notably despite the downtrend in revenue, from 39.5 % to 46.7 %, which highlights the greater percentage share of higher-margin segments.
Personnel expenses dropped to EUR 3.0 million (Q1 2025: EUR 3.3 million) as a result of the restructuring measures introduced the year before. Other operating expenses also declined to EUR 2.1 million (Q1/2025: EUR 2.7 million), due above all to the elimination of acquisition-related consultancy and transaction costs. These effects resulted in positive consolidated EBITDA of EUR 0.7 million, up from EUR –0.2 million year on year; the EBITDA margin improved to 5.6 % (Q1 2025: –1.2 %).
The consolidated result which came in at EUR –8.4 million (Q1 2025: EUR –1.3 million) was impacted first and foremost by unscheduled write-downs of EUR 7.2 million on the Bitcoin portfolio based on the reporting-date-related valuation as of 31 March 2026. Earnings per share stood at EUR –0.25 (Q1 2025: EUR –0.04). The Bitcoin price staged a strong recovery after the reporting date so that considerable write-up potential existed at the time of reporting which was limited by historical cost.
Total assets amounted to EUR 156.5 million as of 31 March 2026 (31 December 2025: EUR 158.6 million). The equity ratio posted 45.1 % versus 49.8 % as of 31 December 2025. Cash and cash equivalents increased slightly to EUR 16.5 million (31 December 2025: EUR 12.5 million). In the context of restructuring, the number of employees fell to 187.1 FTE as of the reporting date in line with planning (31 December 2025: 204.5 FTE).
 ITC – profitability reinforced, margin at a new record high
The ITC segment reported revenue of EUR 3.3 million in the first quarter of 2026 (Q1 2025: EUR 3.7 million; –11.0 %). The decline was mainly caused by lacklustre demand in the conventional Voice Business, which was only partly compensated by the more profitable Managed Services offering. At EUR 0.9 million, segment EBITDA remained virtually unchanged (Q1 2025: EUR 0.9 million); the EBITDA margin improved considerably, from 24.4 % to 27.5 %, thereby marking a new record high for a quarter. This development is proof of the systematic focus on profitable product segments flanked by strict cost discipline. The segment’s workforce remained largely stable at 59.9 FTE (31 December 2025: 60.8 FTE).

Renewable Energies – repowering Langendorf coming into its own
The Renewable Energies segment performed extremely well in the first quarter of 2026. Following the scheduled completion of the repowering project in Langendorf in March 2026, all five new wind turbines, each with the nominal output of 6.2 MW, were fully commissioned. 3U’s wind farms and solar park almost doubled their electricity production to 22.97 GWh (Q1 2025: 11.65 GWh), with the wind farms contributing 21.63 GWh (Q1 2025: 9.85 GWh). Segment revenue advanced to EUR 2.0 million (Q1 2025: EUR 1.1 million; + 73.9%), and segment EBITDA doubled to EUR 1.4 million (Q1 2025: EUR 0.7 million; +102.5 %). The EBITDA margin of 69.5 % reached a high level (Q1 2025: 59.7 %). The segment therefore affirmed its role as a key driver of the Group’s earnings at EBITDA level.

HVAC – restructuring taking effect, emphasis on stabilising earnings
Revenue in the HVAC segment came in at EUR 7.4 million in the first quarter of 2026, thus falling significantly short of the year-earlier figure of EUR 10.0 million (–26.1%). Persistently weak construction activities, muted demand for house technology products available online and the ongoing impact of restructuring measures proved burdensome. At EUR -0.8 million, segment EBITDA remained unchanged from the year-earlier quarter; the EBITDA margin posted –10.9% (Q1 2025: –8.3 %). The first effects of the efficiency measures are reflected in the decline in personnel expenses and in other operating expenses. Rigorous implementation of the restructuring measures is ongoing; emphasis is being placed on stabilising earnings and adjusting costs in the short term. The segment’s workforce declined further in the first three months of the year to 91.7 FTE (31 December 2025: 106.6 FTE).
 The Management Board is maintaining its expectations for the year 2026 as communicated in the 2025 Annual Report. As before, consolidated revenue for the 3U Group is anticipated in a range of between EUR 55 million and EUR 60 million and EBITDA between EUR 6 million and EUR 8 million, corresponding to an EBITDA margin of around 12 %. Sales revenue in the Renewable Energies segment is expected to more than double to over EUR 10 million, accompanied by EBITDA of approximately EUR 8 million. In the ITC segment, the Management Board assumes sales revenue of around EUR 13 million, unchanged from the year-earlier level, and a high EBITDA margin, as before. The HVAC segment is expected to generate revenue of around EUR 35 million, along with a significant improvement in, but still negative, EBITDA of approximately EUR –1.0 million.
The Management Board makes reference to the fact that the environment has become a great deal more challenging since the 2025 Annual Report was drawn up. The escalation of the US-Iran conflict, the blocking of the Strait of Hormus and the resulting hike in energy prices, along with the higher inflation rate in the euro area have resulted in greater planning uncertainty, particularly in the HVAC segment in terms of higher procurement and logistics costs. In the Renewable Energies segment higher market prices could fundamentally prove to be a support. The information currently available does not offer any reliable indications at present for formally adjusting guidance straight after the first quarter.
 Thomas Fritsche, Investor Relations
Tel.: +49 (0)6421 999 – 1200
email: IR@UUU.de
 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 in all three segments with business models in megatrends. 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.

  

	Q1 2026	Q1 2025	± in %
Consolidated revenue (EUR m)	12.4	14.6	-15.1
of which ITC	3.3	3.7	-11.0
of which Renewable Energies	2.0	1.1	+73.9
of which HVAC	7.4	10.0	-26.1
Consolidated EBITDA (EUR m)	0.7	-0.2	—
of which ITC	0.9	0.9	+0.6
of which Renewable Energies	1.4	0.7	+102.5
of which HVAC	-0.8	-0.8	-2.7
EBITDA margin	5.6 %	-1.2 %	—
ITC	27.5 %	24.4 %	—
Renewable Energies	69.5 %	59.7 %	—
HVAC	-10.9 %	-8.3 %	—
Net income (EUR m)	-8.4	-1.3	—
Earnings per share (EUR)	-0.25	-0.04	—

 

	31/03/2026	31/12/2025	± in %
Equity ratio	45.1 %	49.8 %	—
Cash & cash equivalents	16.5	12.5	+31.7
Working capital (EUR m)	28.3	21.9	+28.9
Net debt (EUR m)	53.9	49.1	+9.7
Employees (FTE)	187.1	204.5	-8.5