Blue Cap AG with a strong start into fiscal year 2026

Blue Cap AG with a strong start into fiscal year 2026

• Adjusted EBITDA margin increases to 5.4% (PY: 4.8%)
• Revenue at EUR 31.0 million roughly at prior-year level (PY: EUR 32.4 million)
• Portfolio strategically expanded with Janoschka AG
• Guidance adjusted due to transaction

Munich, 19 May 2026 – Blue Cap AG (“Blue Cap”) has made a solid start to fiscal year 2026 and continued its profitable course in the first quarter of 2026. With stable revenue of EUR 31.0 million (PY: EUR 32.4 million), adjusted EBITDA⁽¹⁾ increased to EUR 1.7 million (PY: EUR 1.6 million). The adjusted EBITDA margin improved accordingly to 5.4% (PY: 4.8%).

The net debt ratio (including lease liabilities) amounted to 0.0 years (31 December 2025: 0.0 years), thus remaining well within the target corridor of below 3.5 years.

Portfolio: Industrials robust, Business Services still under pressure

As of 31 March 2026, Blue Cap’s portfolio comprised four majority shareholdings in the Industrials and Business Services segments, as well as one minority shareholding.

The Industrials segment developed overall in line with expectations in the first quarter. Short-term development remains only partially predictable due to uncertainties in supply chains resulting from geopolitical developments; the focus continues to be on stabilizing margins and acquiring new projects.

In the Business Services segment, the market environment remained challenging. Hy-Line achieved revenue and earnings in line with plan, but significantly below the previous year. Transline recorded a further decline in revenue but was able to meet its margin target.

The minority shareholding Inheco continued to develop positively and built on the progress made in the previous year.

Segment key figures before consolidation (continued operations) at a glance

Note: Differences may occur due to rounding; changes are based on calculations using exact values

(*) Q1 2025 figures reflect continuing operations as of 31 December 2025
(**) bps = basis points

Outlook for 2026 – Guidance increase following acquisition of Janoschka AG

The Management Board of Blue Cap confirms the transaction-related increased guidance published on 7 May 2026. Following completion of the transaction, the new investment Janoschka AG will be fully consolidated and will therefore proportionately increase Group revenue and margin. The Management Board expects full-year revenue of EUR 170–190 million and an adjusted EBITDA margin of 7.5–8.5%.

With the acquisition of Janoschka AG, Blue Cap is strategically strengthening its portfolio with a company that offers new value creation potential following the successful disposals of the past two years. Due to its business model and current situation, Janoschka AG fits very well with Blue Cap’s acquisition profile and strategy. Closing of the transaction is expected in the first half of 2026.

Dr. Henning von Kottwitz, CEO of Blue Cap, comments: “With the acquisition of Janoschka, we are executing the largest single acquisition in Blue Cap’s history in terms of revenue. Janoschka’s business model, positioning and potential underline our objectives for the further development of the Group. At the same time, we continue to have sufficient financial resources for further acquisitions.”

Henning Eschweiler, COO of Blue Cap, adds: “Janoschka is strongly positioned internationally and serves customer segments with stable demand. These are solid conditions for working together with the Janoschka team on the identified value levers for the company’s further development.”

A virtual conference call with the Management Board of Blue Cap AG will take place today at 2:00 p.m. (CEST) in connection with the published figures. Registration is available via the following link: https://www.appairtime.com/event/13b91eee-f945-4a9f-80fe-29e31da0055a

The presentation will be available after the conference call on the website at: https://www.blue-cap.de/investor-relations/praesentationen/

(1) Adjustments: Adjusted for extraordinary, non-recurring and other effects from reorganization measures and one-off effects, as well as effects arising from purchase price allocations

About Blue Cap AG

Blue Cap AG is a listed investment company founded in 2006 and headquartered in Munich. The Company acquires medium-sized B2B companies in special situations and supports their entrepreneurial development with the aim of selling them later at a profit. 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 currently holds mostly majority stakes in five companies operating in the adhesives & coatings technology, plastics technology, production technology, life sciences, and business services sectors. The Group currently employs around 550 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