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3U Holding AG
Quarterly Report • Nov 12, 2024
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Quarterly Report
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$3 U \nrightarrow$ HOLDING
Group results at a glance
| 3U Group | 9M 2024 | 9M 2023 | $+/-$ | |
|---|---|---|---|---|
| Consolidated revenue | EUR million | 42.1 | 37.8 | $11.6 \%$ |
| ITC | 14.6 | 10.4 | $39.6 \%$ | |
| Renewable Energies | 3.7 | 6.0 | $-39.0 \%$ | |
| SHAC | 24.5 | 21.8 | $12.2 \%$ | |
| Consolidated EBITDA | EUR million | 3.5 | 3.4 | $2.0 \%$ |
| ITC | 3.3 | 2.8 | $19.4 \%$ | |
| Renewable Energies | 2.3 | 4.4 | $-47.7 \%$ | |
| SHAC | $-0.5$ | $-0.9$ | ||
| EBITDA margin | \% | 8.2 | 9.0 | |
| ITC | 22.8 | 26.6 | ||
| Renewable Energies | 62.9 | 73.3 | ||
| SHAC | $-2.1$ | $-4.1$ | ||
| Net income for the period | EUR million | 0.8 | 1.6 | $-51.6 \%$ |
| 3U Group | 30/09/2024 | 31/12/2023 | $+/-$ | |
| Equity ratio | \% | 73.5 | 74.7 | |
| Cash and cash equivalents | EUR million | 37.4 | 55.4 | $-32.5 \%$ |
| Working Capital | EUR million | 50.2 | 68.4 | $-26.6 \%$ |
| Net cash | EUR million | 18.5 | 39.8 | $-53.5 \%$ |
| Free cash flow | EUR million | $-18.6$ | $-3.7$ | |
| Employees | FTE | 165 | 163 | $1.2 \%$ |
| ITC | 68 | 67 | $1.5 \%$ | |
| Renewable Energies | 6 | 4 | $50.0 \%$ | |
| SHAC | 62 | 65 | $-4.6 \%$ | |
| Holding | 29 | 27 | $7.4 \%$ |
Table of contents
Highlights
2 Highlights 2024
Interim Group Management Report
4 Result of operations, financial position and net assets
4 Result of the Group's operations
8 Segment performance
11 Financial position and net assets
12 Significant events after the end of the reporting period
13 Outlook
Interim Consolidated Financial Statements
14 Statement of financial position
17 Consolidated statement of income
18 Segment information
Additional Information
20 Financial calendar
21 Contact
22 Imprint
22 Disclaimer
23 3U Group
Highlights 2024
March
- Selfio expands its online range
Just in time for spring, with sunnier days ahead, Selfio, a 3U HOLDING AG Group company, is expanding its range of photovoltaic systems and battery storage systems. From solar modules, inverters and power storage units through to kits with perfectly coordinated components, the company functions as a one-stop shop for a new photovoltaic system or for the upgrading of an existing system. Homeowners can procure all the components they need from the online shop to generate climate-compatible electricity.
- 3U obtains approval for repowering
3U ENERGY PE GmbH, a wholly owned subsidiary of 3U HOLDING AG, has obtained approval for the construction of new wind turbines on the Langendorf Wind Farm in Saxony-Anhalt, Germany. The approval covers the building and operating of turbines along with the construction of access roads to the individual turbine sites. There are also plans for building a substation for feeding the energy produced into the grid. Work on preparing the site for building is due to commence in the autumn of 2024. The repowering project provides for seven of the 15 existing wind turbines to be replaced by five new turbines. The new wind turbines have a nominal output of 6.2 MW. The installed wind turbine capacity in Langendorf will be raised from currently 22.5 MW to 43.0 MW.
April
- www.selfio.de honoured once again
www.selfio.de, the leading online shop for home technology products in the Group, has again been admitted to the ranks of Germany's best online shops by the COMPUTER BILD magazine and the market research portal Statista. selfio.de has been awarded a prize for the seventh time in a row in this competition. As a result, the 3U subsidiary's e-commerce shop ranks among the 36 Top Shops 2024 in the "Home Technology" segment. The "Technical Quality" and "User Friendliness" received "very high" ratings from the testers. The comprehensive offer of home technology products, flanked by numerous product innovations for saving energy, combined with a reliable customer service and unique advisory service are a central focus of the 3U Group's strategy.
June
- 3U awarded a contract in the Federal Network Agency's onshore wind energy tendering process
3U achieves yet another important milestone in implementing the repowering project planned in Langendorf. A subsidiary of 3U HOLDING AG in the Renewable Energies segment was also awarded a contract in May's pay-as-bid auction for onshore wind energy. Upgrading the facilities and ramping up capacity as envisaged is aimed at more than doubling the Langendorf Wind Farm's power production in the future. The new wind turbines are scheduled to go online by the end of 2025.
July
- Merger of Selfio GmbH with Selfio SE entered into the commercial register
Upon entry into the commercial register, Selfio GmbH, a wholly owned subsidiary of 3U HOLDING AG, was combined with Selfio SE (Societas Europaea, European Company). Selfio GmbH has transferred its entire assets by way of the merger to the new company. Accordingly, Selfio SE's share capital amounts to EUR 30 million. Upon completion and entry of the merger, 3U HOLDING AG as the Group's parent company holds $100 \%$ of the shares in Selfio SE.
August
- Arne Henne appointed to Selfio SE's Management Board
Selfio announces expansion of its Management Board. Arne Henne (born 1983) joins Selfio's Management Board as an industry expert. In his role as CEO, Arne Henne is responsible for developing the company's BZC online offering and for forging ahead with implementing the medium-to long-term growth initiatives. He contributes many years of experience in online marketing and in the sale of innovative technologies and has held senior management positions at international - also listed - companies and organisations.
September
- Management defines medium-term planning under MISSION 2026
3U management reviews and updates its medium-term objectives taking account of current business performance and with a view to future expectations. The concrete outcome of these deliberations now runs under the title of 3U MISSION 2026+. The Group is consistently aligned to dynamic revenue growth, flanked by a sustainable increase in earnings and value. The growth initiatives should continue to generate value potential of around EUR 510 million to EUR 620 million in the Group in the years ahead. Measures are based on an extensive investment programme of more than EUR 220 million.
October
- 3U adjusts guidance for 2024
Developments in the Renewable Energies and SHAC segments necessitate an adjustment to the annual forecast. Meteorological conditions, restrictions in the availability of wind turbines and the monthly market values for onshore wind energy are having a noticeable impact on the results of the Renewable Energies segment. Similarly, the current subdued demand in the SHAC sector is not meeting management expectations. The target figures for 2024 are therefore expected to be below the ranges originally communicated in March.
Result of operations, financial position and net assets
Result of the Group's operations
Consolidated revenue rose by $11.6 \%$ year on year in the first nine months of the financial year 2024, reaching an overall level of EUR 42.1 million (9M 2023: EUR 37.8 million). In the actual reporting quarter, 3U raised its revenues by $3.9 \%$ to EUR 13.2 million (Q3 2023: EUR 12.7 million). The ITC and SHAC segments made major contributions to this development.
The ITC segment was the strongest driver of growth. Following weak construction activity in the previous year, the SHAC segment also reported revenue growth. Lower wind yield, along with lower selling prices and technical defects negatively impacted the Renewable Energies segment's revenue.
The ITC segment generated a share in sales revenue (net of consolidation effects) of $34.1 \%$ (9M 2023: $27.3 \%$ ), while the Renewable Energies segment delivered only $8.6 \%$ (9M 2023: $15.7 \%$ ) and the SHAC segment $57.3 \%$ (9M 2023: $57.1 \%$ ).
Share of the segments in consolidated revenue in \%
Other operating income in the Group advanced by $92.5 \%$ to EUR 2.7 million (9M 2023: EUR 1.4 million). This figure was mainly impacted by the compensation paid out as a result of technical defects in the Renewable Energies segment and gains realised from selling the company's gold holdings in the second quarter of 2024.
The cost of materials rose disproportionately to revenue, by $17.9 \%$ to EUR 28.2 million (9M 2023: EUR 23.9 million), with all the segments contributing to this increase. In absolute terms, the ITC segment that delivered growth of EUR 2.2 million reported the largest increase in the Group's costs of materials. In a year-on-year comparison, the Group's cost of materials ratio (cost of materials as a percentage of sales) climbed by 3.6 percentage points, from $63.4 \%$ to $67.0 \%$ over the reporting period from January to September 2024.
Principally as a result of the increase in other operating income, gross profit rose by $15.1 \%$ in the first nine months of 2024, to EUR 17.6 million up from EUR 2.3 million, compared with the year-earlier period (9M 2023: EUR 15.3 million). The gross profit margin widened accordingly from $40.6 \%$ to $41.9 \%$.
The Group's personnel expenses came in at EUR 8.0 million in the reporting period, reflecting an increase of $22.5 \%$ in total (9M 2023: EUR 6.6 million), which was largely attributable to acquisitions. The personnel expenses ratio (personnel expenses as a percentage of revenue) stood at $19.1 \%$ in the reporting period, up from the year-earlier figure of $17.4 \%$. Despite the high level of maintenance expenses and repairs on the wind energy facilities, the proportion of other operating expenses in revenue posted $14.6 \%$, which is only marginally higher than the year-earlier level (9M 2023: $14.3 \%$ ).
Despite higher personnel expenses and an increase of $14.2 \%$ in other operating expenses over the nine month period, the improvement in gross profit resulted in marginally higher EBITDA. The Group's earnings before interest, taxes, depreciation and amortisation came in at EUR 3.5 million in the first three quarters of 2024, up from EUR 3.4 in the year-earlier period. The EBITDA margin currently posts $8.2 \%$ as against $9.0 \%$ in the 2023 reporting period.
Depreciation and amortisation amounted to EUR 3.0 million over the period from January to September 2024 (9M 2023: EUR 2.5 million). In the aforementioned period, 3U continued to generate a positive financial result, amounting to EUR 0.5 million (9M 2023: EUR 1.8 million). Tax expenses came in at EUR 0.2 million (9M 2023: EUR 0.7 million).
The proportion of the consolidated result attributable to shareholders of the parent company amounted to EUR 0.8 million (9M 2023: EUR 1.6 million). Consolidated earnings per share stood at EUR 0.02 (basic and diluted) following on from EUR 0.04 the year before.
Development of the Group in EUR million
As of 30 September 2024, the 3U Group employed a workforce of 186 persons in total (including Management Board members, temporary employees and part-time staff (31 December 2023: 186). Converted into full-time equivalents, the Group recorded 165 FTE at the end of the quarter, compared with 163 FTE as per 31 December 2023.
Employees
Segment performance
In the first nine months of 2024, the ITC segment raised its revenue substantially by $39.6 \%$ to EUR 14.6 million (9M 2023: EUR 10.4 million). Organic growth amounted to $7.8 \%$ in the reporting period. The decline in the Voice Retail business was offset by significant growth in the area of Managed Services and Voice Business. Consequently, the segment's gross profit also rose by $37.8 \%$ and, by the end of the first nine months of 2024, had reached a figure of EUR 7.8 million (9M 2023: EUR 5.7 million). Personnel expenses in the ITC segment totalled EUR 3.0 million (9M 2023: EUR 1.8 million), with the increase mainly attributable to acquisitions and to the takeover of the cs companies last year. Segment EBITDA improved considerably, rising by $19.4 \%$ (EUR 0.5 million) to EUR 3.3 million (9M 2023: EUR 2.8 million). The EBITDA margin posted $22.8 \%$ in the period under review compared with $26.6 \%$ in the same 2023 period.
Development of the ITC segment in EUR million
Due to unfavourable meteorological conditions and downtime due to technical failures, the Renewable Energies segment's yield fell considerably short of the year-earlier period. Furthermore, work on decommissioning seven wind turbines in the Langendorf Wind Farm commenced in the quarter, as scheduled. The electricity produced by 3U power plants declined accordingly in the first nine months of 2024, by $19.8 \%$ to 33.6 GWh compared with 41.9 GWh the year before. The Adelebsen Solar Park generated power of 8.5 GWh in the reporting period, thereby also not matching the year earlier figure of 9.0 GWh . The average monthly market value for onshore wind came in at $5.73 \mathrm{ct} / \mathrm{kWh}$ in the first nine months of 2024 (9M 2023: $8.31 \mathrm{ct} / \mathrm{kWh}$ ). As a result, the Renewable Energies segment's revenue dropped $39.0 \%$ to EUR 3.7 million (9M 2023: EUR 6.0 million). Consequently, segment EBITDA also fell significantly to EUR 2.3 million (9M 2023: EUR 4.4 million). The EBITDA margin contracted to $62.9 \%$, down from $73.3 \%$ in the previous year.
Development of the Renewable Energies segment in EUR million
The SHAC segment's revenue increased by a gratifying 12.2\% to EUR 24.5 million in the reporting period (9M 2023: EUR 21.8 million). Demand for photovoltaic modules, inverters and electricity storage right through to full-scale PV plants was especially evident in the upturn in e-commerce operations during the reporting period. In addition, the segment reported a slight uptrend in the demand for components for floor heating systems and air conditioning technology, particularly in the final weeks of the quarter. In general terms, however, the market has cooled considerably and demand in the other product areas was sluggish to trending down in the first nine months of 2024. The SHAC segment's gross margin improved notably to $19.3 \%$ over the reporting period, up from 17.1\%. The segment's gross profit advanced by $21.1 \%$ to EUR 5.0 million following on from EUR 4.1 million the year before. Against the backdrop of an increase in operating expenses, EBITDA improved marginally to EUR -0.5 million (9M 2023: EUR -0.9 million).
Development of the SHAC segment in EUR million
Financial position and net assets
The 3U Group's balance sheet structure is stable and, along with developments typical of the business, did not show any unexpectedly great changes in the reporting period. Accordingly, total assets amounted to EUR 119.6 million as of 30 September 2024, thus virtually unchanged from the level posted on 31 December 2023 (EUR 119.3 million). On the assets side, the increase in intangible assets by EUR 11.6 million to EUR 17.1 million is worth a mention. The Group acquired Bitcoin in the second and third quarter of 2024. In accounting terms, this long-term exposure is recorded on the assets side under intangible assets. The increase of EUR 27.0 million in property, plant and equipment to EUR 35.5 million is to be seen mainly in the context of disbursements for the Langendorf repowering project and for the construction of new company headquarters in Marburg. The final building activities here are progressing according to plan, so that the employees will be able to relocate to the premises in the Cappel district at the start of 2025. Other current assets declined by EUR 3.2 million to EUR 1.7 million in the period under review, which was mainly attributable to selling the company's gold holdings. The downturn of EUR 18.0 million in cash and cash equivalents to EUR 37.4 million is largely associated with the increase in inventories, investment in property, plant and equipment, along with acquiring Bitcoin in the period under review.
Equity dropped to EUR 87.9 million at the end of the third quarter compared with EUR 89.1 million as of 31 December 2023. The equity ratio stood at $73.5 \%$ on 30 September 2024, marking a slight decline to below $74.7 \%$, the level posted at year-end 2023. Non-current and current liabilities increased overall from EUR 30.2 million to EUR 31.7 million, which has raised the debt-to-equity ratio from $33.9 \%$ to $36.0 \%$. Compared with the year-earlier period, the sum total of current and non-current financial liabilities was increased by EUR 3.3 million to EUR 18.9 million, from EUR 15.6 million in the first nine months of 2024. The net cash position (cash and cash equivalents minus long- and short-term financial liabilities) declined due to the aforementioned investments and, at the end of the reporting period, came in at EUR 18.5 million (31 December 2023: EUR 39.8 million). Working capital (current assets minus current liabilities) was pared down in the first nine months of 2024 and is currently running at EUR 50.2 million (December 31, 2023: EUR 68.4 million).
Condensed statement of cash flows
3U Group (in kEUR)
Cash flow
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
| 1/1-30/9 | $1 / 1-30 / 9$ |
|---|---|
| 2024 | 2023 |
| -18,049 | -124,961 | |
|---|---|---|
| -18,049 | -124,961 | |
| 2,144 | 1,725 | |
| -20,708 | -8,302 | |
| 515 | -118,384 | |
| 0 | 10 | |
| 0 | -84 | |
| 0 | -125,035 | |
| 52,440 | 186,814 | |
| 34,391 | 61,779 |
12 Significant events after the end of the reporting period
To the exception of adjusting the guidance for the financial year 2024 in October, no further events of material significance for 3U HOLDING AG or that would have significantly impacted the Group's financial position, net assets and results of operations occurred after the balance sheet date of 30 September 2024.
Outlook
Following the successful decommissioning of seven of a total of 15 wind turbines belonging to the Langendorf Wind Farm in September and October, the Group can proceed with the scheduled implementation of the repowering project. Installed capacity in Langendorf be raised through the project from 22.5 MW to 43 MW . Under the current schedule, the new wind turbines are to have been connected to the grid by the end of 2025.
Developments in the Renewable Energies and SHAC segments necessitated that adjustments be made to the guidance for the financial year 2024. Meteorological conditions, for instance, along with restrictions on the availability of wind turbines and the development of monthly market values for onshore wind energy have had a significant impact on the results of the Renewable Energies segment. Similarly, lacklustre demand in the SHAC business failed to meet original expectations. Over the remainder of 2024, management nevertheless assumes that business in the ITC segment will continue to develop well. In the current year, the target parameters envisaged are therefore anticipated below the range communicated in March 2024. Consolidated revenue has been estimated at a minimum of EUR 55.0 million (previously: EUR 58.0 to EUR 62.0 million). In terms of profitability, management now assumes that the EBITDA margin will settle within a range of between $4 \%$ and $5 \%$ (previously: $7 \%$ to $8 \%$ ).
Beyond this, the Management Board will be implementing all the measures necessary for realising the company's medium-term growth strategy in accordance with specifications under the 3U MISSION 2026+. Management is currently focusing in particular on sharpening the company's competitive edge and on the expansion measures envisaged in the SHAC online business in preparation for a potential IPO.
14 Statement of financial position
Assets - 3U Group (in kEUR)
30/09/2024
31/12/2023
| Non-current assets | 59,373 | 39,647 |
|---|---|---|
| Intangible assets | 17,125 | 5,501 |
| Property, plant and equipment | 35,544 | 27,003 |
| Rights of use | 2,401 | 2,818 |
| Investment property | 3,556 | 3,596 |
| Other financial assets | 125 | 107 |
| Deferred tax assets | 564 | 537 |
| Other non-current assets | 58 | 85 |
| Current assets | 60,203 | 79,661 |
| Inventories | 14,918 | 13,707 |
| Trade receivables | 4,619 | 3,933 |
| Contract assets | 265 | 513 |
| Income tax receivables | 1,320 | 1,206 |
| Other current assets | 1,718 | 4,890 |
| Cash and cash equivalents | 37,363 | 55,412 |
| Total assets | 119,576 | 119,308 |
| Shareholders' equity and liabilities - 3U Group (in kEUR) | 30/09/2024 | 31/12/2023 |
|---|---|---|
| Shareholders' equity | 87,905 | 89,099 |
| Subscribed capital (Conditional Capital kEUR 2,029 / 31 December 2023: kEUR 2,032) | 36,816 | 36,813 |
| Treasury shares | $-3,241$ | $-3,241$ |
| Capital reserve | 7,709 | 7,708 |
| Retained earnings | 36,685 | 36,935 |
| Profit/loss carried forward | 8,381 | 7,508 |
| Net income | 767 | 2,552 |
| Total shareholders' equity attributable to the shareholders of 3U HOLDING AG | 87,117 | 88,275 |
| Minority interest | 788 | 824 |
| Non-current liabilities | 21,621 | 18,972 |
| Non-current provisions | 1,507 | 1,481 |
| Non-current financial liabilities | 17,432 | 14,146 |
| Non-current lease liabilities | 1,879 | 2,223 |
| Deferred tax liabilities | 439 | 740 |
| Other non-current liabilities | 364 | 382 |
| Current liabilities | 10,050 | 11,237 |
| Current provisions | 323 | 509 |
| Current income tax liabilities | 290 | 446 |
| Current financial liabilities | 1,463 | 1,463 |
| Current lease liabilities | 647 | 847 |
| Trade payables | 5,119 | 4,682 |
| Other current liabilities | 2,208 | 3,290 |
| Total shareholders' equity and liabilities | 119,576 | 119,308 |
Consolidated statement of income
| 3U Group (in kEUR) | Q3 | 9M | |||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| Revenue | 13,158 | 12,663 | 42,136 | 37,750 | |
| Other operating income | 660 | 566 | 2,714 | 1,410 | |
| Changes in inventories of finished services and work in progress | 408 | $-121$ | 982 | 88 | |
| Other capitalised services | 21 | 16 | 44 | 25 | |
| Cost of materials | $-8,827$ | $-8,176$ | $-28,230$ | $-23,938$ | |
| Gross profit/loss | 5,420 | 4,948 | 17,646 | 15,335 | |
| Personnel expenses | $-2,680$ | $-2,367$ | $-8,044$ | $-6,568$ | |
| Other operating expenses | $-1,934$ | $-1,785$ | $-6,150$ | $-5,384$ | |
| EBITDA | 806 | 796 | 3,452 | 3,383 | |
| Depreciation and amortisation | $-915$ | $-841$ | $-3,028$ | $-2,534$ | |
| EBIT | $-109$ | $-45$ | 424 | 849 | |
| Financial income | 221 | 492 | 918 | 2,193 | |
| Financial expenses | $-145$ | $-140$ | $-407$ | $-403$ | |
| Financial result | 76 | 352 | 511 | 1,790 | |
| EBT | $-33$ | 307 | 935 | 2,639 | |
| Income taxes | 11 | $-258$ | $-155$ | $-705$ | |
| Net profit/loss for the period | $-22$ | 49 | 780 | 1,934 | |
| Of which attributable to minority interest | $-25$ | 68 | 13 | 349 | |
| Of which consolidated net income | 3 | $-19$ | 767 | 1,585 | |
| Earnings per share, basic (in EUR) | 0.00 | 0.00 | 0.02 | 0.04 | |
| Earnings per share, diluted (in EUR) | 0.00 | 0.00 | 0.02 | 0.04 |
10 Segment information
| 9M 2024 (in KESIR) | ITC | Renewable Energies | SHAC | Subtotal | Other activities | Reconciliation | Group |
|---|---|---|---|---|---|---|---|
| Third-party revenue | 13,995 | 3,652 | 24,484 | 42,131 | 5 | 0 | 42,136 |
| Revenue from other segments/business areas | 560 | 0 | 0 | 560 | 1,544 | $-2,104$ | 0 |
| Intercompany revenue (intra-segment revenue) | 1,024 | 86 | 16,351 | 17,461 | 0 | $-17,461$ | 0 |
| Total revenue | 15,579 | 3,738 | 40,835 | 60,152 | 1,549 | $-19,565$ | 42,136 |
| Less intercompany revenue | $-1,024$ | $-86$ | $-16,351$ | $-17,461$ | 0 | 17,461 | 0 |
| Segment revenue/Group revenue | 14,555 | 3,652 | 24,484 | 42,691 | 1,549 | $-2,104$ | 42,136 |
| Other operating income | 864 | 434 | 269 | 1,567 | 1,281 | $-134$ | 2,714 |
| Changes in inventory | 0 | 958 | 0 | 958 | 0 | 24 | 982 |
| Other capitalised services | 0 | 0 | 24 | 24 | 20 | 44 | |
| Cost of materials | $-7,622$ | $-854$ | $-19,754$ | $-28,230$ | 0 | 0 | $-28,230$ |
| Gross profit/loss | 7,797 | 4,190 | 5,023 | 17,010 | 2,830 | $-2,194$ | 17,646 |
| Personnel expenses | $-2,983$ | $-405$ | $-2,569$ | $-5,957$ | $-2,087$ | 0 | $-8,044$ |
| Other operating expenses | $-1,498$ | $-1,489$ | $-2,976$ | $-5,963$ | $-2,020$ | 1,833 | $-6,150$ |
| EBITDA | 3,316 | 2,296 | $-522$ | 5,090 | $-1,277$ | $-361$ | 3,452 |
| Depreciation and amortisation | $-439$ | $-1,525$ | $-544$ | $-2,508$ | $-744$ | 224 | $-3,028$ |
| EBIT | 2,877 | 771 | $-1,066$ | 2,582 | $-2,021$ | $-137$ | 424 |
| Financial result* | 202 | $-1,026$ | $-673$ | $-1,497$ | 2,470 | $-462$ | 511 |
| Other financial result | 202 | $-1,026$ | $-673$ | $-1,497$ | 2,470 | $-462$ | 511 |
| Income tax | 38 | $-165$ | $-61$ | $-188$ | 0 | 33 | $-155$ |
| Result for the period* | 3,117 | $-420$ | $-1,800$ | 897 | 449 | $-566$ | 780 |
| Of which attributable to minority interest | 0 | 13 | 0 | 13 | 0 | 0 | 13 |
| Segment result*/Group result | 3,117 | $-433$ | $-1,800$ | 884 | 449 | $-566$ | 767 |
[^0]
[^0]: *Before profit transfer
| 9M 2023 (in $k E U R$ ) | ITC | Renewable Energies | SHAC | Subtotal | Other activities | Reconciliation | Group |
|---|---|---|---|---|---|---|---|
| Third-party revenue | 9,925 | 5,985 | 21,828 | 37,738 | 12 | 0 | 37,750 |
| Revenue from other segments/business areas | 498 | 0 | 1 | 499 | 1,408 | $-1,907$ | 0 |
| Intercompany revenue (intra-segment revenue) | 927 | 140 | 13,493 | 14,560 | 0 | $-14,560$ | 0 |
| Total revenue | 11,350 | 6,125 | 35,322 | 52,797 | 1,420 | $-16,467$ | 37,750 |
| Less intercompany revenue | $-927$ | $-140$ | $-13,493$ | $-14,560$ | 0 | 14,560 | 0 |
| Segment revenue/Group revenue | 10,423 | 5,985 | 21,829 | 38,237 | 1,420 | $-1,907$ | 37,750 |
| Other operating income | 916 | 20 | 388 | 1,324 | 209 | $-123$ | 1,410 |
| Changes in inventory | $-232$ | 294 | 26 | 88 | 0 | 0 | 88 |
| Other capitalised services | 0 | 0 | 0 | 0 | 0 | 25 | 25 |
| Cost of materials | $-5,452$ | $-390$ | $-18,096$ | $-23,938$ | 0 | 0 | $-23,938$ |
| Gross profit/loss | 5,655 | 5,909 | 4,147 | 15,711 | 1,629 | $-2,005$ | 15,335 |
| Personnel expenses | $-1,808$ | $-138$ | $-2,567$ | $-4,513$ | $-2,055$ | 0 | $-6,568$ |
| Other operating expenses | $-1,072$ | $-1,387$ | $-2,484$ | $-4,943$ | $-2,117$ | 1,676 | $-5,384$ |
| EBITDA | 2,775 | 4,384 | $-904$ | 6,255 | $-2,543$ | $-329$ | 3,383 |
| Depreciation and amortisation | $-328$ | $-1,530$ | $-548$ | $-2,406$ | $-453$ | 325 | $-2,534$ |
| EBIT | 2,447 | 2,854 | $-1,452$ | 3,849 | $-2,996$ | $-4$ | 849 |
| Financial result* | 152 | $-854$ | $-490$ | $-1,192$ | 4,230 | $-1,248$ | 1,790 |
| Other financial result | 152 | $-854$ | $-490$ | $-1,192$ | 4,230 | $-1,248$ | 1,790 |
| Income tax | $-69$ | $-636$ | 0 | $-705$ | 0 | 0 | $-705$ |
| Result for the period* | 2,530 | 1,364 | $-1,942$ | 1,952 | 1,234 | $-1,252$ | 1,934 |
| Of which attributable to minority interest | 0 | 367 | $-18$ | 349 | 0 | 0 | 349 |
| Segment result*/Group result | 2,530 | 997 | $-1,924$ | 1,603 | 1,234 | $-1,252$ | 1,585 |
[^0]
[^0]: *Before profit transfer
20 Financial calendar
- Publication of the Quarterly Announcement 3/2024
12 November 2024
- Participation in Deutsches Eigenkapitalforum, Frankfurt/Main 25-27 November 2024
- Publication of the 2024 Annual Report 28 March 2025
- Publication of the Quarterly Announcement 1/2025
13 May 2025
- Annual General Meeting 2025
28 May 2025
- Publication of 6 Month's Report 2025
14 August 2025
- Publication of the Quarterly Announcement 3/2025
11 November 2025
The current financial calendar is available on the 3U HOLDING AG website (www.3u.net).
Contact
Company address
3U HOLDING AG
Frauenbergstraße 31-33
35039 Marburg
Germany
Postal address
3U HOLDING AG
P.O. Box 2260
35010 Marburg
Germany
Investor relations
Thomas Fritsche
Tel. : +49 (0) 6421 999-1200
[email protected]
www.3u.net
Disclaimer
Published by
3U HOLDING AG
Frauenbergstraße 31-33
35039 Marburg
Germany
Photos
Kannapat - stock.adobe.com (title) // 3U ENERGY PE GmbH (page 16)
Font
Interstate by Tobias Frere-Jones (manufacturer: The Font Bureau)
Translation
Diana Polkinghorne mba, ba
DP Business \& Financial Translations Ltd
(c) 2024 3U HOLDING AG, Marburg
This quarterly announcement contains statements relating to the future which are subject to risks and uncertainties and which are assessments of the management of 3U HOLDING AG and reflect its current opinions with regard to future events. Such predictive statements can be recognised by the use of terms such as "expect", "assume", "estimate", "anticipate", "intend", "can", "plan", "project", "will" and similar expressions. Statements relating to the future are based on current and valid plans, estimates and expectations. Such statements are subject to risks and uncertainties, most of which are difficult to estimate and which are generally beyond the control of 3U HOLDING AG.
The following are - by no means exhaustive - examples of factors that may trigger or affect a deviation: the development of demand for our services, competitive factors - including price pressure -, technological changes, regulatory measures, risks in the integration of newly acquired companies. If any of these or other risks and uncertain factors occur, or if the assumptions on which the statements are based prove to be incorrect, the actual results of 3U HOLDING AG may differ materially from those outlined or implied in these statements. The company does not undertake to update predictive statements of this nature.
This quarterly announcement contains a range of figures which are not part of commercial regulations and the International Financial Reporting Standards (IFRS), such as EBT, EBIT, EBITDA and EBITDA adjusted for special influences, adjusted EBITDA margin, investments (capex). These figures are not intended to substitute the information for 3U HOLDING AG in accordance with the German Commercial Code (HGB) or IFRS. It should be noted that the figures for 3U HOLDING AG which are not part of commercial regulations and the IFRS, can only be compared to the corresponding figures of other companies to a certain extent.
The interim consolidated financial statements and the interim Group management report were neither audited in accordance with § 317 HGB nor reviewed by an auditor.
The English translation was prepared for convenience reasons. The only binding document is the original German quarterly announcement.
3U Group*
3U HOLDING AG
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|---|---|---|
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3U HOLDING
3U HOLDING AG
P.O. Box 2260
35010 Marburg
Germany
Tel.: +49 (0) 6421 999-0
www.3u.net