Blue Cap AG successfully concludes fiscal year 2025 and proposes record dividend of EUR 1.60 per share

Blue Cap AG successfully concludes fiscal year 2025 and proposes record dividend of EUR 1.60 per share

• Revenue from continuing operations reaches EUR 129.1 million 
• Adjusted EBITDA margin improved to 5.4% compared to previous year (4.9%) 
• Net Asset Value amounts to EUR 125.3 million or EUR 27.94 per share at year-end 
• Proposal of a record dividend of EUR 1.60, including a special dividend of EUR 0.95 per share following the successful exit of con-pearl 
• Forecast for 2026 confirmed: revenue of EUR 120–140 million and adjusted EBITDA margin between 5% and 6%

Munich, April 29, 2026 – Blue Cap AG (“Blue Cap”) today confirms the preliminary figures presented in mid-March for the past fiscal year. The company generated consolidated revenue from continuing operations⁽¹⁾ of EUR 129.1 million, compared to EUR 134.7 million in the previous year, and an improved adjusted⁽²⁾ EBITDA margin of 5.4% (previous year: 4.9%). Both figures are within the forecast ranges of EUR 120–140 million and 5–6%, respectively, which were adjusted in August 2025 due to a transaction. The increase in profitability compared to the previous year was mainly driven by successfully implemented strategic and operational transformation projects as well as efficiency measures in the Industrials and Business Services segments.

Blue Cap continues to have a strong balance sheet and financing structure. The equity ratio increased significantly to 55.2 % (December 31, 2024: 44.0%), primarily due to cash inflows from the sale of con-pearl. At the same time, net financial debt improved from EUR 18.9 million as of December 31, 2024 to EUR -50.9 million. The net debt ratio including lease liabilities is therefore 0.0 years and remains well within the target corridor of below 3.5 years.

Net Asset Value at EUR 27.94 per share 

Net Asset Value (NAV) amounted to EUR 125.3 million as of December 31, 2025 (June 30, 2025: EUR 130.6 million), corresponding to EUR 27.94 per share (June 30, 2025: EUR 29.11 per share). The slight decline compared to June 30, 2025 is mainly due to lower valuations of HY-LINE and Inheco, while the sale of con-pearl had a positive effect. NAV as of December 31, 2025 is above the level of December 31, 2024 (EUR 120.2 million).

Dividend proposal of EUR 1.60 per share – dividend yield of 9.3% 

With the successful sale of con-pearl during the reporting period, Blue Cap achieved a significant strategic milestone, in which shareholders are also to participate. The Management Board and Supervisory Board will therefore propose to the Annual General Meeting, scheduled for June 23, 2026, the payment of a dividend of EUR 1.60 per share for fiscal year 2025. This represents a significant increase compared to the previous year (EUR 1.10 per share) and marks the highest dividend in the company’s history. The dividend consists of a base dividend of EUR 0.65 plus a special dividend of EUR 0.95 from the successful sale of con-pearl. The dividend yield⁽³⁾ currently stands at an attractive 9.3%, with a total distribution amount of EUR 7.2 million. The remaining profit will be retained for future acquisitions and transformation measures.

Investment portfolio shows overall robust development 

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

The Industrials segment, consisting of Planatol and H+E, remains the segment with the highest revenue. Despite a challenging market environment, revenue levels slightly increased compared to the previous year. The main driver of improved profitability was margin improvement at Planatol, while H+E contributed slightly lower earnings.

In the Business Services segment, the generally weak market environment led to a decline in customer orders at HY-LINE and Transline and consequently to lower revenue. However, adjusted EBITDA increased significantly thanks to consistent cost and efficiency measures.

The minority investment Inheco showed solid operational development in 2025. While revenue remained stable, 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 divestment of con-pearl in 2025
(**) 2024 financial figures have been adjusted for comparability to exclude the divestments of Neschen and nokra in 2024 as well as con-pearl in 2025
(**) BP = base points

Forecast for 2026 confirmed 

The Management Board confirms the previously communicated forecast for fiscal year 2026, expecting revenue of EUR 120–140 million and an adjusted EBITDA margin between 5% and 6%. Given the ongoing challenging economic environment, geopolitical uncertainties, and particularly current developments in the Middle East, forecast uncertainty has increased significantly. In particular, frictions in the supply chain are clearly visible in the Industrials segment. This will have a short-term impact on working capital and potentially on revenue and earnings. Portfolio companies are operating with a forward-looking approach and have the necessary experience and management tools to handle these challenges and position themselves as strongly as possible relative to competitors.

⁽¹⁾ Figures refer to continuing operations unless otherwise stated. 
⁽²⁾ Adjusted for extraordinary, non-recurring and other effects from reorganization measures and one-off items, as well as purchase price allocation effects. 
⁽³⁾ Based on XETRA closing price of December 30, 2025 (EUR 17.30)

About Blue Cap AG

Blue Cap AG is a publicly listed investment company founded in 2006 and headquartered in Munich. The company acquires medium-sized B2B companies in special situations and supports them in their 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 and 200 million, and have a sustainably stable core business. Blue Cap typically holds majority stakes in five companies from 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