PAL Next AG: Business Performance in 2025 in Line with Plan
 

• Revenue and earnings in line with expectations, total operating performance above guidance
• Group equity significantly improved and equity ratio substantially strengthened

Munich, 31 March 2026. PAL Next AG (XETRA symbol: PAL; ISIN: DE000A12UPJ7) completed the 2025 financial year in line with its guidance. Revenue and earnings performance were driven by the exploitation of content developed and produced in previous years. At the same time, the Company significantly strengthened the Group’s capital base.

Exploitation year 2025 drives revenue and earnings performance

Revenues increased significantly in the 2025 financial year to EUR 23.0 million (2024: EUR 4.2 million), thus reaching the guided range of EUR 21.0 million to EUR 23.0 million. Total operating performance, including other operating income, rose to EUR 27.2 million (2024: EUR 5.4 million), exceeding the minimum guidance of EUR 24.0 million communicated during the year. Operating earnings (EBIT) improved to EUR -0.9 million (2024: EUR -3.3 million) and were in line with the adjusted expectations published in autumn 2025. In addition to the exploitation of productions, the cost optimization measures initiated in the previous year had a positive impact. Depreciation recorded in the 2025 financial year reflects the scheduled realization of capitalized production costs from prior years.

The development in the 2025 financial year illustrates the typical structure of the project-based business model, in which revenues and earnings are largely recognized upon completion and exploitation of productions.

Successful exploitation of productions and further development of AI-driven production processes

In the 2025 financial year, the Company successfully released several productions, including the theatrical releases of DER TIGER (The Tiger), NO HIT WONDER and DAS LEBEN DER WÜNSCHE (The Life of Wishes), as well as the second season of the successful series ASBEST.

At the same time, the Group further advanced its AI-supported production processes. The focus was particularly on the development of workflows and the evaluation of potential commercial applications.

Strengthened capital base and improved financial stability

In the 2025 financial year, the Company significantly strengthened the Group’s financial position. The conversion of bonds from the Company’s convertible bond as well as a capital increase in kind led to a substantial improvement in Group equity. As a result, the Group’s equity ratio increased to 11.8% (31 December 2024: -1.1%), enhancing financial stability and flexibility.

In the individual financial statements of PAL Next AG, the Company also recognized non-cash impairments on shares in affiliated companies, reflecting changed market conditions and updated planning assumptions. These effects have no direct impact on liquidity and relate exclusively to the individual financial statements of PAL Next AG.

The Annual Report 2025 of PAL Next AG is available on the Company website at www.pal-next.com.

About PAL Next AG:

PAL Next is an investment group headquartered in Munich and Berlin. The existing portfolio includes activities primarily in film and series production as well as technology-enabled content development. Through PANTALEON Films, the group has an established production company, while Storybook Studios advances technology-driven approaches in the development and execution of AI content. The PAL Next group collaborates with leading international partners such as Amazon, Apple, Netflix, Degeto, Paramount and Warner Bros. Discovery and benefits from a synergetic network within the media and entertainment industry. PAL Next AG is listed on the Frankfurt Stock Exchange under the XETRA symbol PAL and the ISIN DE000A12UPJ7.

For more information, please visit www.pal-next.com.

PAL Next Investor Relations

CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Phone: +49 89 125 09 03 30
Email: sh@crossalliance.de
Website: crossalliance.de