PAUL Tech AG has presented its audited separate financial statements for the 2025 financial year. Following a strategic transformation initiated in 2024 towards the PAUL Net Zero business segment, the company was able to significantly improve its economic development and confirm its growth trajectory. Sales revenue in the reporting year rose to 81.8 million Euros, representing an increase of 156.1 per cent compared to the previous year (31.9 million Euros) and slightly exceeding the guidance of up to 80 million Euros.
This increase in revenue largely resulted from the successful market launch of PAUL Net Zero. In contrast, the predecessor product, PAUL Performance, played a planned subordinate role. EBITDA reached 10.9 million Euros; adjusted EBITDA after one-off transaction and consulting costs amounted to 15.0 million Euros, thus meeting the communicated expectations in the low double-digit millions. After a transformational year in 2024, PAUL Tech AG concluded the 2025 financial year with a positive net profit of 3.2 million Euros.
Order intake underpins the strategic realignment. While order intake for PAUL Performance decreased as expected to 2.0 million Euros (previous year: 37.2 million Euros), order intake for PAUL Net Zero increased by 89.8 million Euros to 312.6 million Euros (previous year: 222.9 million Euros). By the end of July 2026, the company had signed contracts for approximately 46,000 residential units with a contract volume of around 1.1 billion Euros over the term of the heating contracting. Letters of Intent exist for approximately another 9,000 units.
In mid-2026, PAUL Tech AG also concluded a long-term framework agreement with Adler Group S.A. This covers the conversion of approximately 17,500 residential and commercial units in the Berlin real estate portfolio to a climate-friendly heat supply. The implementation of this project has already begun. Significant milestones have also been achieved regarding the financing of further roll-outs. In 2025, MEAG, the asset manager of the Munich Re Group, provided 120 million Euros for long-term PNZ project financing. Berliner Volksbank expanded this volume by an additional 28 million Euros in 2026.
The PTF3 promissory note loan of 8.0 million Euros, due in September 2025, was initially extended and then repaid in March 2026 within the framework of new financing by Searchlight Capital amounting to 40.0 million Euros at PAUL Tech AG level. The existing PAUL Tech AG bond of 35.0 million Euros was extended by one year until 1 December 2026 in November 2025. The company is currently in talks with debt and equity providers regarding refinancing.
For the 2026 financial year, PAUL Tech AG forecasts revenues of up to 89 million Euros, which are to be generated from the construction and management of PAUL Net Zero facilities. After a first half of the year delayed by prototype construction and seasonal effects, around 15,000 residential units are planned for completion in the second half. An EBITDA in the low double-digit millions and a net profit in the low single-digit millions are expected. For the 2027 financial year, the company forecasts an EBITDA significantly exceeding 50 million Euros, based on over 30,000 installed units. With a robust order backlog, secured financing components for further roll-out, and ongoing negotiations for bond refinancing, PAUL Tech AG looks forward to the 2026 financial year with confidence after a successful growth year in 2025.
