Blue Cap AG publishes preliminary financial figures for 2025: successful financial year 2025

• Adjusted EBITDA margin for continuing operations improved to 5.5% (previous year: 4.9%) (2025 forecast: 5.0–6.0%)
• Group revenue for continuing operations reached EUR 129.1 million (previous year: EUR 134.7 million) (2025 forecast: EUR 120–140 million)
• Despite a challenging market environment, a highly successful sale of con-pearl to a strategic buyer was achieved
• Adjustment of segment structure: future reporting of the portfolio in two segments (Industrials and Business Services)
• 2026 forecast: revenue of EUR 120–140 million and adjusted EBITDA margin between 5–6%

Munich, 18 März 2026 – With the publication of preliminary, unaudited figures, Blue Cap AG („Blue Cap“) looks back on a successful financial year 2025. The company succeeded in further improving the profitability of its continuing portfolio and implementing key strategic measures. Consolidated revenue after the exit amounts to EUR 129.1 million (previous year: EUR 134.7 million)⁽¹⁾. The Adjusted⁽²⁾ EBITDA margin increased to 5.5% (previous year: 4.9%). Adjusted EBITDA rose to EUR 7.2 million (previous year: EUR 6.7 million).

The preliminary financial figures are thus within the target corridor of the forecast adjusted in August 2025 due to the transaction and relating to continuing operations. The forecast for the Adjusted^{EBITDA margin had been set at between 5.0% and 6.0%. Revenue had been expected in a range of EUR 120–140 million.}

Blue Cap continues to have a strong balance sheet and financing structure. The equity ratio was further improved from 45% to 58%, primarily due to the proceeds from the sale of con-pearl. The sale also significantly increased liquidity, resulting in a noticeable reduction in net financial debt to EUR -52.1 million compared to year-end 2024 (31 December 2024: EUR 3.4 million). The net leverage ratio (including lease liabilities) consequently stands at 0.0 years (31 December 2024: 0.4) and thus remains clearly within the target corridor of below 3.5 years.

Reorganization of segments

Following the disposal of con-pearl, the Management Board decided to streamline the internal organization and composition of its operating business segments, resulting in a change to the reportable segments. In this context, Blue Cap will in future combine its industrial holdings, which were previously reported separately as the Plastics (H+E) and Adhesives & Coatings (Planatol) segments, into the Industrials segment.

The Business Services segment continues to comprise companies primarily engaged in the distribution of goods or the provision of services. It therefore continues to include the investments HY-Line and Transline.

Successful exit of con-pearl

A significant strategic milestone in the reporting year was the sale of con-pearl. With the successful transaction, Blue Cap once again demonstrated its ability to generate sustainable value creation through targeted operational development and to successfully monetize this within the framework of its buy-transform-sell strategy.

Portfolio of investments with overall robust development

As of 31 December 2025, Blue Cap’s continuing portfolio comprises four majority shareholdings allocated to the Industrials and Business Services segments, as well as one minority shareholding.

The Industrials segment, consisting of Planatol and H+E, continued to operate in a challenging market environment in financial year 2025. Planatol focused on operational stabilization and efficiency improvements, enabling an improvement in earnings development despite ongoing competitive market conditions. H+E developed in line with expectations in the volatile automotive supplier market, with efficiency measures and disciplined cost management supporting earnings quality.

In the Business Services segment, both HY-Line and Transline operated in an overall weak market environment. At HY-Line, subdued customer investment activity resulted in revenue development below expectations. However, consistent cost reduction and efficiency measures led to a significant improvement in EBITDA performance. Transline continued to face structural changes in the language services market, particularly due to an increasing trend toward in-house provision of translation services by customers. The focus was therefore on increasing productivity, adjusting cost structures, and further strengthening operational resilience.

The minority shareholding Inheco delivered solid operational performance in financial year 2025. While revenues remained at a stable level, margins improved significantly due to process optimizations and productivity measures.

Segment key figures (before consolidation) at a glance

Note: Rounding differences may occur

(*) Continuing operations, adjusted for the investment in con-pearl divested in 2025

(**) Figures for financial year 2024 have been adjusted for comparability to exclude the investments in Neschen and nokra divested in 2024 as well as con-pearl divested in 2025

(***) bps = basis points

Expectation of revenue and earnings in 2026 at prior-year level

For 2026, the Management Board of Blue Cap expects revenue and earnings to remain at the prior-year level. Accordingly, the Group’s forecast is revenue of EUR 120–140 million and an adjusted EBITDA margin of 5–6%.

The persistently tense economic environment, geopolitical uncertainties, and current developments in the Middle East are leading to more volatile market conditions. In particular, in the Industrials segment, frictions in supply chains are evident, which may be reflected in the short term in working capital as well as in revenue and earnings.

However, the portfolio companies operate with a high degree of operational flexibility and have the necessary experience and appropriate management tools to address these challenges and maintain their competitive position.

Important Note

On the occasion of the published figures, a virtual conference call with the Management Board of Blue Cap AG will take place today at 2:00 p.m. You can register via this link. The presentation will be available on our website at https://www.blue-cap.de/investor-relations/praesentationen/ following the conference call.

The key figures reported in this press release are preliminary and unaudited. The Annual Report 2025, including audited figures, further details, and the proposed dividend, is expected to be published at the end of April.

(1) Unless otherwise stated, the information in this release always refers to continuing operations.
(2) Adjustments: Adjusted for extraordinary, non-recurring, and other effects from reorganization measures and one-off items, as well as effects arising from purchase price allocations.

About  Blue Cap AG

Blue Cap AG is an investment company founded in 2006 and listed on the capital markets, with its headquarters in Munich. The Company acquires medium-sized B2B companies in special situations and supports them in their entrepreneurial development with the aim of selling them profitably at a later stage. The acquired companies are headquartered in the DACH region, generate revenues between EUR 20 million and EUR 200 million, and have a sustainably stable core business. Blue Cap typically holds majority stakes in five companies operating in the adhesives and plastics technology, life sciences, and business services sectors. The Group currently employs around 500 people in Germany and other European countries. Blue Cap AG is listed on the open market (Scale, Frankfurt and m:access, Munich; ISIN: DE000A0JM2M1; ticker symbol: B7E).www.blue-cap.de

Contact

Blue Cap AG
Annika Küppers
Corporate Affairs
Tel. +49 89 288909-24
akueppers@blue-cap.de