PAUL Tech AG reports net income after tax of EUR 3.2 million for fiscal year 2025 and issues a positive outlook for fiscal year 2026

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PAUL Tech AG reports net income after tax of EUR 3.2 million for fiscal year 2025 and issues a positive outlook for fiscal year 2026

Mannheim, 03 August 2026 – PAUL Tech AG today published its audited standalone financial statements for fiscal year 2025. Following the strategic transformation toward PAUL Net Zero initiated in 2024, the company significantly improved its economic performance in fiscal year 2025 and confirmed the growth trajectory of its new offering.

Revenue rose to EUR 81.8 million in 2025, an increase of 156.1% compared to the prior year (EUR 31.9 million) and slightly above the guidance of up to EUR 80 million. This was driven by the successful market launch of PAUL Net Zero, while the predecessor product PAUL Performance, as planned, played only a subordinate role. With EBITDA of EUR 10.9 million and adjusted EBITDA — after one-off transaction and advisory costs — of EUR 15.0 million, the company met its communicated expectations in the low double-digit million range. Following the 2024 transformation year, PAUL Tech AG once again achieved a positive net result of EUR 3.2 million.

Order intake likewise confirmed the strategic realignment: while order intake for PAUL Performance declined as expected to EUR 2.0 million (prior year: EUR 37.2 million), order intake for PAUL Net Zero rose by EUR 89.8 million to EUR 312.6 million (prior year: EUR 222.9 million). By the end of July 2026, the company held signed contracts for around 46,000 residential units with a contract volume of approximately EUR 1.1 billion over the term of the heat-contracting agreements; letters of intent (LOIs) are in place for a further approximately 9,000 units. In mid-2026, PAUL Tech AG also entered into a long-term framework agreement with Adler Group S.A. for the conversion of around 17,500 residential and commercial units in its Berlin real estate portfolio to a climate-friendly heat supply. Implementation of this project has already begun.

PAUL also achieved significant milestones in financing the further roll-out: in 2025, MEAG, the asset manager of the Munich Re Group, provided EUR 120 million for the long-term financing of PNZ projects, and in 2026 Berliner Volksbank expanded this financing volume by a further EUR 28 million. The PTF3 promissory note loan of EUR 8.0 million due in September 2025 was initially extended and, in March 2026, replaced at the level of PAUL Tech AG as part of a new EUR 40.0 million financing arrangement provided by Searchlight Capital. PAUL Tech AG's existing bond of EUR 35.0 million was extended by one year to 1 December 2026 in November 2025. The company is currently in discussions with debt and equity providers regarding refinancing.

For fiscal year 2026, PAUL Tech AG expects revenue of up to EUR 89 million from the construction and management of installed PAUL Net Zero systems. Following a first half of the year delayed by prototype construction and seasonal effects, around 15,000 residential units are expected to be completed in the second half. The company expects EBITDA in the low double-digit million range and net income in the low single-digit million range. For fiscal year 2027, based on more than 30,000 installed units, the company further expects EBITDA well above EUR 50 million.

With a robust order backlog, secured financing components for the further roll-out, and ongoing negotiations to refinance the bond, PAUL Tech AG looks confidently toward fiscal year 2026 following the successful growth year 2025.

PAUL Tech AG
PAUL Tech AG, based in Mannheim, is a decentralized heat provider for existing residential buildings. The company replaces fossil-based heating systems with a heat pump solution combined with its proprietary AI-based control technology (PAUL Net Zero) and is responsible for operation and heat supply. PAUL reduces emissions across the building stock and improves energy efficiency, enabling a near carbon-neutral heat supply. Contracts for the first 100,000 residential units are expected to be concluded by 2027.

Investor Relations Contact PAUL Tech AG:

Patrick Weiden, CFO
Theodor-Heuss-Anlage 12
68165 Mannheim
Tel.: +49 621 92 100 100
Fax: +49 621 92 100 101
E-Mail: ir@paul.tech

Media Inquiries to PAUL Tech AG:

Klaus Schmidtke, Head of Corporate Affairs / Spokesman
Theodor-Heuss-Anlage 12
68165 Mannheim, Deutschland
Tel.: +49 151 46680605
E-Mail: klaus.schmidtke@paul.tech

PAUL Tech AG – Pioneering Energy Transition
www.paul.tech


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