Blue Cap AG Releases Half-Year Report and Maintains Full-Year Forecast

Blue Cap AG has presented its half-year report with revenues at EUR 129.2 million, slightly below the EUR 145.4 million from the previous year. However, the adjusted EBITDA margin improved to 8.4%, compared to 7.9% previously, driven by strong performances from con-pearl and Neschen. Although HY-LINE lagged after a record 2023, the annual forecast remains unchanged with projected revenues between EUR 270-290 million and an adjusted EBITDA margin of 8.5-9.5%.

The net asset value (NAV) saw a slight increase, reaching EUR 115.3 million or approximately EUR 26 per share as of June 30, 2024. Despite a slight rise in net financial debt to EUR 59.9 million, the balance sheet and financing structure remain solid.

Blue Cap's portfolio exhibited mixed results: while the Plastics sector showed stability and margin improvement, and Adhesives & Coatings saw notable gains due to Neschen's restructuring, Business Services experienced declines, primarily due to HY-LINE and Transline's lower earnings.