PAUL Tech AG posts 2025 profit and outlines 2026 growth and bond refinancing

The Mannheim‑based PAUL Tech AG reported a 2025 after‑tax profit of €3.2 million, reversing the loss of the previous year. Revenue rose 156 % to €81.8 million, with EBITDA of €10.9 million and adjusted EBITDA of €15 million after one‑off costs. The company’s shift to the PAUL Net Zero heating‑contracting model drove order intake to €312.6 million and secured contracts for roughly 46,000 residential units, including a framework agreement with the Adler Group for about 17,500 units in Berlin.

PAUL Tech’s corporate bond was extended to 1 December 2026, and the firm is in refinancing talks with equity and debt investors. Earlier financing included €120 million from MEAG, €28 million from Berliner Volksbank, and an €8 million loan from Searchlight Capital that was repaid with new capital. For 2026 the company forecasts revenue up to €89 million, low‑double‑digit EBITDA and a low‑single‑digit profit, with around 15,000 units to be completed in the second half of the year. A 2027 outlook projects EBITDA above €50 million based on more than 30,000 installed units.