Pyrum Innovations AG, a German company specializing in the thermolysis recycling of end-of-life tires, reported its interim results for the first half of 2026, revealing a mixed picture of revenue growth overshadowed by operational challenges that prompted a downward revision of its full-year forecast.
Revenue increased by approximately 37.6% to EUR 1,743 thousand in the first six months of 2026, up from EUR 1,267 thousand in the same period of 2025. However, this fell short of expectations due to the delayed ramp-up of the company's new grinding and pelletizing plant in Dillingen. Own work capitalized dropped to EUR 1,122 thousand from EUR 5,214 thousand, mainly because key plant components were completed and transitioned to regular operation in the second quarter of 2025. Total output decreased to EUR 3,787 thousand from EUR 6,712 thousand. Other operating income fell to EUR 496 thousand from EUR 2,303 thousand, as the prior-year figure included non-recurring effects from government investment grants for the completion of thermolysis plants TAD 2 and TAD 3.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at EUR -4,358 thousand, roughly on par with the adjusted prior-year figure of EUR -4,369 thousand. Earnings before interest and taxes (EBIT) were EUR -6,297 thousand, compared to EUR -3,942 thousand in the prior year (adjusted: EUR -5,954 thousand). The consolidated net result for the period was EUR -7,003 thousand. Available liquidity as of 30 June 2026 was EUR 6,102 thousand, down from EUR 17,006 thousand at the end of 2025.
CEO Pascal Klein highlighted progress in the project area, including the first plant purchase agreement signed with a Czech partner in late August and delivery approval from Continental for ThermoTireBlack® produced at the new plant. However, he acknowledged that the milling and pelletizing plant is currently achieving only up to 1,250 kg/h, below the manufacturer's guaranteed throughput of 1,650 kg/h. The bottleneck lies in the conveyance of ground material from the buffer hopper to downstream processes. The supplier is working on technical solutions, and Pyrum has temporarily extended production hours to 24 per day for two months, adding night shifts to mitigate the shortfall, though this will not fully compensate for lost production time and will incur higher operating costs.
Due to these delays, Pyrum adjusted its 2026 forecast. Full-year revenue is now expected to range from EUR 4.2 million to EUR 5.3 million, down from the previous guidance of EUR 6.5 million to EUR 9.5 million. Total output is projected at EUR 11.0 million to EUR 14.0 million, reduced from EUR 12.0 million to EUR 18.0 million. Consolidated EBIT is forecast at approximately EUR -10.0 million to EUR -12.5 million, compared to the earlier range of EUR -8.0 million to EUR -10.5 million.
On a positive note, Pyrum's Swedish project partner, GreenTech Recycling Tires AB, received a grant commitment of EUR 24 million. The two companies plan to build a joint thermolysis plant with an annual recycling capacity of 22,700 tons of end-of-life tires. Permit applications are under review, and a suitable site has been identified, adjacent to a thermal power plant that will utilize process gas. Klein expressed confidence that the project will gain momentum by the first quarter of 2027 at the latest.
The company is hosting a webcast today for investors, analysts, and media to discuss these developments, with registration available at https://www.appairtime.com/event/e33f9184-39e6-4246-a7ec-687ff05f5477. Pyrum's consolidated interim report for H1 2026 is available on its website at https://www.pyrum.net/en/investor-relations/financial-publications/.
