3U : Quarterly Announcement 1/2024

Quarterly Announcement 1/2024

Group results at a glance

3U Group		Q1 2024	Q1 2023	+/-
Group revenue	EUR million	13.7	13.3	3.4 %
ITC		4.8	3.1	53.1 %
Renewable Energies		1.2	2.5	-54.6 %
SHAC		8.0	7.8	2.9 %
Group-EBITDA	EUR million	0.7	1.9	-59.8 %
ITC		1.2	0.9	27.5 %
Renewable Energies		0.7	1.9	-64.7 %
SHAC		-0.2	-0.1
EBITDA margin	%	5.5	14.0
ITC		24.7	29.7
Renewable Energies		58.1	74.7
SHAC		-2.7	-1.7
Net income for the period	EUR million	0.1	1.4	-95.1 %

3U Group		31/3/2024	31/12/2023	+/-
Equity ratio	%	75.2	75.1
Cash and cash equivalents	EUR million	51.2	55.4	-7.6 %
Working Capital	EUR million	68.7	68.9	-0.2 %
Net cash	EUR million	35.9	39.8	-9.7 %
Free Cashflow	EUR million	-3.5	-7.4
Employees	FTE	160	164	-2.4 %
ITC		63	68	-7.4 %
Renewable Energies		5	4	25.0 %
SHAC		64	65	-1.5 %
Holding		28	27	3.7 %

Rounding differences may occur in tables and charts for arithmetic reasons.

Contents

1

Records

1. Highlights
   Interim Group Management Report
2. Result of operations and financial position

1. Result of operations

1. Financial and asset position

1. Events after the balance sheet date
2. Outlook
3. Development of the 3U share price

Interim Consolidated Financial Statements

1. Consolidated statement of financial position

1. Consolidated statement of income
2. Segment information

Additional Information

1. Financial calendar
2. Contact
3. Imprint

1. Disclaimer
2. 3U Group

RECORDS|  INTERIM GROUP MANAGEMENT REPORT  |  INTERIM CONSOLIDATED FINANCIAL STATEMENTS  |  ADDITIONAL INFORMATION

2 Highlights

March 2024

• 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 2024

• www.selfio.de awarded 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.

RECORDS  |  INTERIM GROUP MANAGEMENT REPORT|  INTERIM CONSOLIDATED FINANCIAL STATEMENTS  |  ADDITIONAL INFORMATION

Result of operations and financial position	3
Result of operations

Result of the Group's operations

3U HOLDING AG started the new financial year on a positive note 2024, with its growth trajectory holding steady. Consolidated revenue from continued operations rose by 3.4 % to EUR 13.7 million in the first quarter of 2024 (Q1 2023 : EUR 13.3 million). The development of the two ITC and SHAC segments made a definitive contribution to the Group's success.

The ITC segment was the strongest driver of growth. Following weak construction activity in the previous year, the SHAC segment also reported a slight upturn in revenue in the first months of 2024. Unfavourable weather conditions, lower selling prices and outages in the wind farms resulted in the Renewable Energies segment being unable to match its good year-earlier performance in the first quarter of 2024. A technical defect in the Langendorf Wind Farm's substation in particular prevented electricity being fed into the grid in January. However, this defect was rectified at the beginning of February.

The ITC segment generated a share in sales revenue (net of consolidation effects) of 34.8 % (Q1 2023 : 23.5 %), while the Renewable

Energies segment delivered only 8.4 % (Q1 2023 : 19.2 %) and the SHAC segment 58.1 % (Q1 2023 : 58.4 %).

Revenue split by segment*

	23.5 %
	34.8 %
Q1 2024	Q1 2023
58.1 %	58.4 %

19.2 %

8.4 %

					*The difference to 100 percent results from
ITC		Renewable Energies		SHAC
		"Other Activities/Reconciliation"

Other operating income in the Group advanced by 53.9 % to EUR 0.6 million (Q1 2023 : EUR 0.4 million). This figure was mainly impacted by the compensation paid out as a result of technical defects in the Renewable Energies segment.

Changes in inventories of EUR 0.4 million in the reporting quarter (Q1 2023 : EUR 0.1 million) are also largely attributable to ongoing wind farm projects in the Renewable Energies segment.

RECORDS  |  INTERIM GROUP MANAGEMENT REPORT|  INTERIM CONSOLIDATED FINANCIAL STATEMENTS  |  ADDITIONAL INFORMATION

4

Measured against revenue, the cost of materials rose disproportionately by 15.3 %, with all segments contributing to this trend. The Group's cost of materials ratio (cost of materials as a percentage of sales) increased significantly, from 61.7 % to 68.8 %. Against this backdrop, gross profit declined marginally in the first quarter of 2024 versus the previous year's period, dropping from EUR 5.6 million to EUR 5.4 million. The gross profit margin declined accordingly, from 42.3 % to 39.1 %.

The personnel expenses ratio (personnel expenses as a percentage of revenue) came in at 19.3 % in the first quarter of 2024, up from 15.7 % in the year-earlier period. Compared with the first three months of 2023, other operating expenses as a proportion of sales increased from 12.5 % to 14.3 %, also due to higher maintenance costs and repairs to the wind energy facilities.

Along with the higher cost of materials, the increase in personnel expenses and other operating expenses by 27.4 % and 18.0 % respectively also contributed to the decline in EBITDA. In the first three months of 2024, earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at EUR 0.7 million compared with the year-earlier figure of EUR 1.9 million, which corresponds to an EBITDA margin of currently 5.5 % (Q1 2023 : 14.0 %).

Group result

Depreciation and amortisation totalled EUR 1.0 million in the first quarter of 2024 (Q1 2023 : EUR 0.9 million). During the period

under review 3U also continued to report a positive financial result of EUR 0.3 million (Q1 2023 : EUR 0.8 million), along with tax

income of EUR 0.1 million (Q1 2023 : tax expenses of EUR 0.2 million).

The proportion of the consolidated result attributable to shareholders of the parent company amounted to EUR 0.1 million (Q1 2023 : EUR 1.4 million). Consolidated earnings per share came in at EUR 0.00 (basic and diluted) following on from EUR 0.04 the year before.

Development in the Group in EUR million
16
		14.60
14	13.27	13.73
	12.66
12		11.82
10
8
6
4
2			1.86		1.85	1.41
			0.80		0.97
			0.73		0.75
0						0.20	0.07
						-0.02
-2
		Revenue		EBITDA			Net income*

Q1 2023		Q2 2023		Q3 2023		Q4 2023		Q1 2024	*After minority interest

RECORDS  |  INTERIM GROUP MANAGEMENT REPORT|  INTERIM CONSOLIDATED FINANCIAL STATEMENTS  |  ADDITIONAL INFORMATION

5

Employees

As of 31 March 2024, the 3U Group employed a workforce of 183 persons in total (including Management Board members, temporary employees and part-time staff; 31 March 2023 : 145 persons). The 26.2 % increase in the workforce is attributable on the one hand to the takeover of the cs companies in the previous year while, on the other, must be seen in the context of the growth plans for the three operating segments. Converted into full-time equivalents, the 3U Group employed 160 staff members at the end of the first quarter (31 March 2023 : 129 full-time equivalents).

They are distributed among the individual segments as follows :

200

150

100

50

0

160*

63

64

28

129*

37

2

63

27

		31 March 2024				31 March 2023
ITC		Renewable Energies		SHAC		Holding
*Full-time equivalents

RECORDS  |  INTERIM GROUP MANAGEMENT REPORT|  INTERIM CONSOLIDATED FINANCIAL STATEMENTS  |  ADDITIONAL INFORMATION

6

Segment results

ITC (Information and Telecommunications Technology) segment

In the first quarter of 2024, the ITC segment lifted its revenue significantly by 53.1 % in a year-on-year comparison, from EUR 3.1 million to EUR 4.8 million. The decline anticipated in the Voice Retail business was offset by notable growth in Managed Services and Voice Business. As a result, the segment's gross profit rose by 47.6 % and, by the end of the first three months of 2024, had achieved a figure of EUR 2.6 million (Q1 2023 : EUR 1.8 million). Personnel expenses in the ITC segment amounted to EUR 1.0 million (Q1 2023 : EUR 0.5 million). The increase is principally due to acquisitions and to the takeover of the cs companies. Other operating expenses also increased slightly. Having posted EUR 0.3 million in the first quarter of 2023, they amounted to EUR 0.5 million in the reporting period. Segment EBITDA rose to EUR 1.2 million (Q1 2023 : EUR 0.9 million). The EBITDA margin stood at 24.7 % in the reporting period compared with 29.7 % the year before. On the back of a positive financial result of EUR 0.1 million (Q1 2023 : EUR 0.0 million), the ITC segment generated earnings after taxes of EUR 1.2 million in the period under review, reflecting an increase of 41.7 % compared with the year-earlier figure (Q1 2023 : EUR 0.9 million).

Development in the ITC segment in EUR million

6
5		4.91	4.78
		4.09
4
3.12	3.21
3
2
						0.98	1.14	1.18			1.10	1.21
				0.93
1				0.88			0.86	0.77	0.90
0
	Revenue				EBITDA					Net income
Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024

RECORDS  |  INTERIM GROUP MANAGEMENT REPORT|  INTERIM CONSOLIDATED FINANCIAL STATEMENTS  |  ADDITIONAL INFORMATION

7

Renewable Energies segment

Due to the weather, and first and foremost because of a technical defect in the Langendorf Wind Farm's substation in January, the Renewable Energies segment recorded a significantly lower energy yield than in the strong first quarter of 2023. The power produced by the wind farms in the first three months of 2024 totalled 15.0 GWh as against 22.3 GWh in the year-earlier period, reflecting a decline of 32.7 %. The Adelebsen Solar Park generated electricity of 1.3 GWh in the reporting period, thereby matching the previous year's level (Q1 2023 : 1.3 GWh). The Renewable Energies segment's revenue dropped by 54.6 % as a consequence of considerably lower monthly market values and settled at a level of EUR 1.2 million (Q1 2023 : EUR 2.5 million). Other operating expenses that were again determined by unscheduled repair costs amounted to EUR 0.6 million in the reporting period (Q1 2023 : EUR 0.5 million). Segment EBITDA also declined substantially for the same reasons and, at EUR 0.7 million, fell 64.7 % short of the year-earlier figure (Q1 2023 : EUR 1.9 million). A negative financial result and profit participation by the limited partners translated into a segment result net of minority interest of EUR -0.3 million (Q1 2023 : EUR 0.8 million).

Development in the Renewable Energies segment in EUR million

3
2.55
		2.07
2	1.79			1.90
	1.65
				1.31	1.45
			1.16	1.17
1						0.78
					0.67
						0.39
						0.19
0						0.02
						-0.26
-1
	Revenue		EBITDA		Net income*
Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024		*After minority interest

RECORDS  |  INTERIM GROUP MANAGEMENT REPORT|  INTERIM CONSOLIDATED FINANCIAL STATEMENTS  |  ADDITIONAL INFORMATION

8

SHAC (Sanitary, Heating and Air Conditioning Technology) segment

The SHAC segment's revenue increased by a gratifying 2.9 % to EUR 8.0 million in the first three months of 2024 (Q1 2023 : EUR 7.8 million). Growing 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. At the same time, the SHAC segment's cost of materials ratio continued to run at a high level of 82.8 % (Q1 2023 : 82.2 %). The segment's gross profit nevertheless rose marginally by 1.5 % to EUR 1.5 million. Given the slight increase in operating expenses (personnel and other operating expenses), EBITDA came in at EUR -0.2 million (Q1 2023 : EUR -0.1 million). Against the backdrop of depreciation and amortisation remaining unchanged, but a rather more negative balance sheet, the segment result declined from EUR -0.5 million to EUR -0.6 million.

Development in the SHAC segment in EUR million

10
8	7.75		7.80	7.98
		6.97	7.10
6
4
2
0
					-0.13	-0.31	-0.47	-0.28	-0.21	-0.46	-0.66		-0.63	-0.61
									-0.81
-2
		Revenue				EBITDA					Net income*
	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024					*Segment result before profit transfer and after minority interest